Staff Discussion Papers
Finished work on technical issues related to the functions of the Bank (Monetary Policy, Financial System, Currency and Funds Management) and its policy.
177
result(s)
Changing Fortunes: Long-Termism—G-Zero, Artificial Intelligence and Debt
Staff Discussion Paper 2019-12
Stephen S. Poloz
This paper discusses three long-term forces that are acting on the global economy and their implications for companies and policy-makers.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Financial stability,
International topics,
Monetary Policy,
Trade Integration,
Uncertainty and monetary policy
JEL Code(s):
E,
E6,
E63,
F,
F0,
F02,
F1,
F15,
F5,
F53,
F6,
H,
O,
O1,
O11,
O3,
O33
Technological Progress and Monetary Policy: Managing the Fourth Industrial Revolution
Staff Discussion Paper 2019-11
Stephen S. Poloz
This paper looks at the implications for monetary policy of the widespread adoption of artificial intelligence and machine learning, which is sometimes called the “fourth industrial revolution.”
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Economic models,
Financial stability,
Monetary policy framework,
Uncertainty and monetary policy
JEL Code(s):
C,
C5,
E,
E3,
O,
O1,
O11,
O3,
O33
2018 Bitcoin Omnibus Survey: Awareness and Usage
Staff Discussion Paper 2019-10
Christopher Henry,
Kim Huynh,
Gradon Nicholls,
Mitchell Nicholson
The Bank of Canada continues to use the Bitcoin Omnibus Survey (BTCOS) to monitor trends in Canadians’ awareness, ownership and use of Bitcoin. The most recent iteration was conducted in late 2018, following an 85 percent decline in the price of Bitcoin throughout the year.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Bank notes,
Digital Currencies and Fintech,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C12,
E,
E4,
O,
O5,
O51
A Comprehensive Evaluation of Measures of Core Inflation in Canada: An Update
Staff Discussion Paper 2019-9
Helen Lao,
Ceciline Steyn
We provide an updated evaluation of the value of various measures of core inflation that could be used in the conduct of monetary policy. We find that the Bank of Canada’s current preferred measures of core inflation—CPI-trim, CPI-median and CPI-common—continue to outperform alternative core measures across a range of criteria.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Inflation and prices,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E5,
E52
Exploring Wage Phillips Curves in Advanced Economies
Staff Discussion Paper 2019-8
Rose Cunningham,
Vikram Rai,
Kristina Hess
We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Inflation and prices,
Labour markets,
Monetary Policy
JEL Code(s):
C,
C3,
C33,
E,
E3,
E31,
E32
A Tale of Two Countries: Cash Demand in Canada and Sweden
Staff Discussion Paper 2019-7
Walter Engert,
Ben Fung,
Björn Segendorf
Cash use for payments has been steadily decreasing in many countries, including Canada and Sweden. This might suggest an evolution toward a cashless society. But in Canada, cash in circulation relative to GDP has been stable for decades and has even increased in recent years. By contrast, the cash-to-GDP ratio in Sweden has been falling steadily. What has caused this difference? Are there lessons to be learned from comparing the Canadian and Swedish experiences?
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Bank notes,
Digital Currencies and Fintech,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E42,
E5
How Oil Supply Shocks Affect the Global Economy: Evidence from Local Projections
Staff Discussion Paper 2019-6
Olivier Gervais
We provide empirical evidence on the impact of oil supply shocks on global aggregates. To do this, we first extract structural oil supply shocks from a standard oil-price determination model found in the literature.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Business fluctuations and cycles,
International topics
JEL Code(s):
C,
C2,
C22,
C5,
E,
E3,
E37,
Q,
Q4,
Q43
Canadian Securities Lending Market Ecology
Staff Discussion Paper 2019-5
Jesse Johal,
Joanna Roberts,
John Sim
This is the fourth of the Financial Markets Department’s descriptions of Canadian financial industrial organization. The paper discusses the organization of the securities lending market in Canada. We outline key characteristics of securities lending contracts, participants in the securities lending market, the market infrastructures that support securities lending activities, and aggregated statistics describing the Canadian market.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Financial Institutions,
Financial markets,
Financial system regulation and policies,
Market structure and pricing
JEL Code(s):
G,
G1,
G18,
G2,
G21,
G23
Financial Distress and Hedging: Evidence from Canadian Oil Firms
Staff Discussion Paper 2019-4
Kun Mo,
Farrukh Suvankulov,
Sophie Griffiths
The paper explores the link between financial distress and the commodity price hedging behaviour of Canadian oil firms.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Financial markets,
Firm dynamics
JEL Code(s):
G,
G3,
G32,
Q,
Q4,
Q40
Global Commodity Markets and Rebalancing in China: The Case of Copper
Staff Discussion Paper 2019-3
Jeannine Bailliu,
Doga Bilgin,
Kun Mo,
Kurt Niquidet,
Benjamin Sawatzky
Given that China accounts for about half of global copper consumption, it is reasonable to expect that any significant change in Chinese copper consumption will have an impact on the global market.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Econometric and statistical methods,
International topics
JEL Code(s):
O,
O1,
O13,
O14,
Q,
Q0,
Q02