Bitcoin Awareness, Ownership and Use: 2016–20 Staff discussion paper 2022-10 Daniela Balutel, Marie-Hélène Felt, Gradon Nicholls, Marcel Voia In this paper, we examine trends in Canadian ownership of Bitcoin and other cryptocurrencies from 2016 to 2020 using data from surveys conducted by the Bank of Canada. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C1, C12, E, E4, O, O5, O51 Research Theme(s): Money and payments, Cash and bank notes, Digital assets and fintech
Uncertainty and Monetary Policy Experimentation: Empirical Challenges and Insights from Academic Literature Staff discussion paper 2022-9 Matteo Cacciatore, Dmitry Matveev, Rodrigo Sekkel Central banks face considerable uncertainty when conducting monetary policy. The COVID-19 pandemic brought this issue back to the forefront of policy discussions. We draw from academic literature to review key sources of uncertainty and how they affect the conduct of monetary policy. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E3, E5 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation, Real economy and forecasting
Cash and COVID-19: What happened in 2021 Staff discussion paper 2022-8 Heng Chen, Walter Engert, Kim Huynh, Daneal O’Habib, Joy Wu, Julia Zhu Using data from the Bank Note Distribution System and consumer surveys, we find that bank notes in circulation remained high through 2021. Canadians continued to rely on electronic methods of payment, but a significant share also continued using cash for payments. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C1, C12, C9, E, E4, O, O5, O54 Research Theme(s): Money and payments, Cash and bank notes, Retail payments
Assessing global potential output growth and the US neutral rate: April 2022 Staff analytical note 2022-4 Kyle Boutilier, Thomas J. Carter, Xin Scott Chen, Eshini Ekanayake, Louis Poirier, Peter Shannon, Akash Uppal, Lin Xiang We expect global potential output growth to increase from 2.7% in 2021 to 2.9% by 2024. Compared with the April 2021 assessment, global potential output growth is marginally slower. The current range for the US neutral rate is 2% to 3%, 0.25 percentage points higher than staff’s last assessment. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E1, E2, E4, E5, F, F0, O, O4 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
Potential output and the neutral rate in Canada: 2022 reassessment Staff analytical note 2022-3 Guyllaume Faucher, Christopher Hajzler, Martin Kuncl, Dmitry Matveev, Youngmin Park, Temel Taskin We expect potential output growth to be lower in 2021 than anticipated in the April 2021 assessment. By 2025, growth is expected to reach 2.3%. We assess that the Canadian nominal neutral rate increased slightly to lie in the range of 2.00% to 3.00%. Content Type(s): Staff research, Staff analytical notes Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting, Structural challenges, Demographics and labour supply
Benchmarks for assessing labour market health Staff analytical note 2022-2 Erik Ens, Corinne Luu, Kurt See, Shu Lin Wee We propose a range of benchmarks for assessing labour market strength for monetary policy. This work builds on a previous framework that considers how diverse and segmented the labour market is. We apply these benchmarks to the Canadian labour market and find that it has more than recovered from the COVID-19 shock. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E2, E24, J, J2, J21, J6 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
Exports and the Exchange Rate: A General Equilibrium Perspective Staff working paper 2022-18 Patrick Alexander, Abeer Reza How do a country’s exports change when its currency depreciates? Does it matter which forces drive the exchange rate deprecation in the first place? We find that this relationship varies greatly depending on what drives exchange rate movements, and we conclude that the direct relationship between the exchange rate and exports is weak for Canada. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F3, F31, F32, F33, F4, F41 Research Theme(s): Financial markets and funds management, International markets and currencies, Models and tools, Economic models, Structural challenges, International trade, finance and competitiveness
What COVID-19 May Leave Behind: Technology-Related Job Postings in Canada Staff working paper 2022-17 Alejandra Bellatin, Gabriela Galassi COVID-19 affects technology adoption: online job postings for technology-related occupations fall less during pandemic lockdowns and pick up faster during reopenings than postings for more traditional occupations. Content Type(s): Staff research, Staff working papers JEL Code(s): J, J2, J23, J24, O, O1, O14 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply, Digitalization and productivity
Addictive Platforms Staff working paper 2022-16 Shota Ichihashi, Byung-Cheol Kim We study competition for consumer attention, in which platforms can sacrifice service quality for attention. A platform can choose the “addictiveness” of its service. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D4, D40, L, L5, L51 Research Theme(s): Financial markets and funds management, Market functioning, Market structure, Structural challenges, Digitalization and productivity
Contribution of Human Capital Accumulation to Canadian Economic Growth Staff discussion paper 2022-7 Audra Bowlus, Youngmin Park, Chris Robinson This paper quantifies the contribution of human capital accumulation to the growth of real gross domestic product (GDP) in Canada. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D2, D24, E, E2, E24, J, J2, J24, J3, J31, O, O4, O47 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply, Digitalization and productivity