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 JEL Code(s): E, E4, E42, E5, E50, E58 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
Welfare Analysis of Equilibria With and Without Early Termination Fees in the US Wireless Industry Staff working paper 2020-9 Joseph Cullen, Nicolas Schutz, Oleksandr Shcherbakov The elimination of long-term contracts and early termination fees (ETFs) in the US wireless industry at the end of 2015 increased monthly service fees by 2 to 5 percent. Nevertheless, consumers are clearly better off without ETFs. While firms’ revenues from ETFs vanish, their profits from monthly fees increase. As a result, the overall effect on producer profits is less clear. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D2, D22, L, L1, L15, L9, L96 Research Theme(s): Financial markets and funds management, Market structure, Models and tools, Econometric, statistical and computational methods
October 20, 2025 Canadian Survey of Consumer Expectations—Third Quarter of 2025 Results of the third-quarter 2025 survey show that tariffs and trade tensions continue to affect consumers' perceptions about their financial health and spending plans. The CSCE indicator rose modestly from its most recent low, improved by slight gains in financial health and household spending intentions. But perceptions of labour market conditions deteriorated further, driven in part by a sharp drop in job-finding prospects for public sector workers. Consumers’ short-term inflation expectations remain above their pre-pandemic averages, and expectations for longer-term inflation have picked up again. Content Type(s): Publications, Canadian Survey of Consumer Expectations
Capital-Goods Imports and US Growth Staff working paper 2018-1 Michele Cavallo, Anthony Landry Capital-goods imports have become an increasing source of growth for the U.S. economy. To understand this phenomenon, we build a neoclassical growth model with international trade in capital goods in which agents face exogenous paths of total factor and investment-specific productivity measures. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, F, F2, F4, O, O3, O4 Research Theme(s): Models and tools, Economic models, Monetary policy, Real economy and forecasting, Structural challenges, Digitalization and productivity, International trade, finance and competitiveness
Responding to the First Era of Globalization: Canadian Trade Policy, 1870–1913 Staff working paper 2018-42 Ian Keay, Patrick Alexander In this paper we document Canada’s trade policy response to late-nineteenth- and earlytwentieth-century globalization. We link newly digitized annual product-specific data on the value of Canadian imports and duties paid from 1870–1913 to establishment-specific production and location information drawn from the manuscripts of the 1871 industrial census. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F13, F14, F4, F42, F6, F60, N, N7, N71 Research Theme(s): Structural challenges, International trade, finance and competitiveness
The Evolution of Unobserved Skill Returns in the U.S.: A New Approach Using Panel Data Staff working paper 2017-61 Lance Lochner, Youngmin Park, Youngki Shin Economists disagree about the factors driving the substantial increase in residual wage inequality in the United States over the past few decades. To identify changes in the returns to unobserved skills, we make a novel assumption about the dynamics of skills (especially among older workers) rather than about the stability of skill distributions across cohorts, as is standard. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C23, J, J2, J24, J3, J31 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
March 18, 2024 Fellowship Program: Award recipients Current and previous recipients of the Fellowship Program.
November 6, 2007 North America in Today's Global Economic Setting Remarks Paul Jenkins Canadian Association of New York New York, New York In recent months, much has been said, and written, about developments in financial markets. The turbulence in global credit markets, which had its roots in developments in the market for subprime mortgages here in the United States, has been a focal point of attention for market participants and policy-makers around the world. Content Type(s): Press, Speeches and appearances, Remarks
March 12, 2002 Monetary Policy Choices: The Canadian Experience Remarks David Dodge Chambre de Commerce France-Canada and Les Canadiens en Europe (France) Paris, France Over the years, both Canada and France have had to make decisions about the framework guiding monetary policy. The authorities in the two countries have made choices that reflect the differences in our economies. Content Type(s): Press, Speeches and appearances, Remarks
Home Equity Extraction and Household Spending in Canada Staff analytical note 2019-27 Anson T. Y. Ho, Mikael Khan, Monica Mow, Brian Peterson We use rich microdata to measure home equity extraction in Canada and track its evolution over time. We find home equity extraction has been rising in recent years and has likely contributed materially to dynamics in household spending. Content Type(s): Staff research, Staff analytical notes JEL Code(s): D, D1, D12, E, E2, E21, G, G2, G20 Research Theme(s): Financial system, Household and business credit, Monetary policy, Real economy and forecasting