Staff discussion papers are completed staff research studies on a wide variety of subjects relevant to central bank policy.
284
result(s)
The Consumer Value Proposition for a Hypothetical Digital Canadian Dollar
Staff Discussion Paper 2024-16
Martine Warren,
Bill Laur,
Ted Garanzotis,
Sebastian Hernandez
We explore the consumer value proposition of a hypothetical Digital Canadian Dollar, adoption considerations and the users who would benefit most from this potential new payment method. We employ a design-thinking consultation methodology, allowing participants to interact with research prototypes of increasing complexity to reveal user preferences, constraints and adoption influences.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Accessibility,
Bank notes,
Central bank research,
Digital currencies and fintech
JEL Code(s):
C,
C9,
D,
D1,
D12,
E,
E4,
E42,
E5,
E58,
O,
O3,
O33
Digital Payments: A Framework for Inclusive Design
Staff Discussion Paper 2024-15
Sebastian Hernandez,
Alexandra Sutton-Lalani,
John Miedema,
Virginie Cobigo,
Fatoumata Bah,
Munazza Tahir,
Danika Lévesque,
Badr Omrane
We propose a framework for designing cognitively accessible payment and banking interfaces through design guidelines, testing and proposed measures to optimize system learnability and user workload. We include, as a case study, the results of testing this framework with users with cognitive disabilities, using a prototype system for voice payments.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Accessibility,
Bank notes,
Central bank research,
Digital currencies and fintech,
Digitalization,
Financial services
Monetary Policy Governance: Bank of Canada Practices to Support Policy Effectiveness
Staff Discussion Paper 2024-14
Brigitte Desroches,
Sharon Kozicki,
Laure Simon
We examine different monetary policy governance structures and discuss the important roles of non-legislated processes and practices. We also provide an update on monetary policy governance at the Bank of Canada and how it has evolved over time.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Credibility,
Monetary policy communications,
Monetary policy framework
JEL Code(s):
E,
E0,
E02,
E5,
E58
Ecosystem Models for a Central Bank Digital Currency: Analysis Framework and Potential Models
Staff Discussion Paper 2024-13
Youming Liu,
Francisco Rivadeneyra,
Edona Reshidi,
Oleksandr Shcherbakov,
André Stenzel
This note analyzes different economic models of a central bank digital currency (CBDC) ecosystem where the central bank chooses different levels of market involvement and usage of policy levers. The analysis suggests that there are trade-offs between the costs to the central bank and its ability to achieve policy goals like universal access.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E5,
E58,
E6,
E61,
L,
L5
The Ecology of Automated Market Makers
Staff Discussion Paper 2024-12
Annetta Ho,
Cosmin Cazan,
Andrew Schrumm
This paper describes the ecology of automated market makers, which are the most popular decentralized exchange model for the pricing and trading of crypto assets within decentralized finance.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Digital currencies and fintech,
Financial markets,
Financial stability,
Financial system regulation and policies
JEL Code(s):
G,
G1,
G2
The Role of Public Money in the Digital Age
Staff Discussion Paper 2024-11
Francisco Rivadeneyra,
Scott Hendry,
Alejandro García
A well-functioning monetary system is characterized by public and private forms of money that exchange at par as value flows freely between them. A relevant retail public money—whether in the form of cash, a central bank digital currency or both—is a necessary component of such a monetary system.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E50,
E58
Analysis of DeFi Oracles
Staff Discussion Paper 2024-10
Xun Deng,
Sidi Mohamed Beillahi,
Cyrus Minwalla,
Han Du,
Andreas Veneris,
Fan Long
Oracles are constructs used in decentralized finance to price assets relative to each other. However, oracles contain defects that could lead to manipulation attacks. Such attacks exploit pricing models embedded within oracles to defraud creators and users. We automatically verify defects, which if mitigated, improves the security of digital currency.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E51,
G,
G1,
G15,
O,
O3,
O31
Deriving Longer-Term Inflation Expectations and Inflation Risk Premium Measures for Canada
Staff Discussion Paper 2024-9
Bruno Feunou,
Zabi Tarshi
We present two models for long-term inflation expectations and inflation risk premiums for Canada.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C5,
C58,
E,
E4,
E43,
E47,
G,
G1,
G12
2023 Methods-of-Payment Survey Report: The Resilience of Cash
Staff Discussion Paper 2024-8
Christopher Henry,
Matthew Shimoda,
Doina Rusu
We present key results from the 2023 Methods-of-Payment Survey. Results show that measures of cash management and use have remained stable since 2020, and that Canadians increased their adoption of payment alternatives such as mobile apps in 2023.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
D,
D8,
D83,
E,
E4,
E41