January 29, 2000 Annual Report 1999 The Canadian economy regained strong momentum in 1999 as the U.S. economy remained vigorous, the global economy recovered, and commodity prices moved upwards. Content Type(s): Publications, Annual Report
Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment Staff working paper 2019-20 Jonathan Chiu, Mohammad Davoodalhosseini, Janet Hua Jiang, Yu Zhu We show that issuing a deposit-like central bank digital currency (CBDC) with a proper interest rate would encourage banks to pay higher interest to keep their customers. Banks would then attract more deposits and offer more loans. Hence, a CBDC would not necessarily crowd out private banking. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E50, E58 Research Theme(s): Financial markets and funds management, Market structure, Monetary policy, Monetary policy framework and transmission, Money and payments, Digital assets and fintech
Understanding Inflation Dynamics: The Role of Government Expenditures Staff working paper 2023-30 Chang Liu, Yinxi Xie We study the impact government expenditure has on inflation. We find that changes in government expenditure account for a substantial portion of inflation variations. We also find that inflation and inflation expectations respond negatively to fiscal spending shocks, reaffirming the supply-side channel through which inflation responds to fiscal expansions. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E6, E62, E63 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures
Repo transaction costs and balance sheet frictions Staff analytical paper 2026-10 Yanis Belkacem, Fabienne Schneider, Adrian Walton We develop an approach to quantify transaction costs in the repo market using OTC transaction data, where quoted bid-ask spreads are not observable. By estimating effective spreads at the level of individual trades, we construct a novel metric to evaluate intermediation costs across different segments of the market. Content Type(s): Staff research, Staff analytical paper JEL Code(s): G, G1, G10, G12, G2, G20 Research Theme(s): Financial markets and funds management, Financial system, Financial institutions and intermediation, Financial stability and systemic risk
Should the Central Bank Issue E-money? Staff working paper 2018-58 Charles M. Kahn, Francisco Rivadeneyra, Tsz-Nga Wong Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E42, E5, E51, E58 Research Theme(s): Monetary policy, Monetary policy tools and implementation, Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
January 31, 2019 Research Update - January 2019 This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. Content Type(s): Staff research, Research newsletters
July 19, 2010 Economic Research at the Bank of Canada, 1935-65 A retrospective of economic research at the Bank of Canada from 1935 to 1965. Content Type(s): Publications, Books and monographs
November 30, 2013 Research Update - November 2013 This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. Content Type(s): Staff research, Research newsletters
March 6, 2010 By All Accounts By All Accounts is the fifth and final book in the Bank's souvenir history series. This volume presents a portrait of the Bank from the perspective of outside observers, showing how Canadians have perceived the performance of their central bank over the decades through the eyes of those who monitor its work on the public's behalf. Content Type(s): Publications, Books and monographs, Souvenir books
Policy Rules for Capital Controls Staff working paper 2017-42 Gurnain Pasricha This paper attempts to borrow the tradition of estimating policy reaction functions in monetary policy literature and apply it to capital controls policy literature. Using a novel weekly dataset on capital controls policy actions in 21 emerging economies over the period 1 January 2001 to 31 December 2015, I examine the mercantilist and macroprudential motivations for capital control policies. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F3, F4, F5, G, G0, G1 Research Theme(s): Financial system, Financial stability and systemic risk, Financial system regulation and oversight, Monetary policy, Monetary policy framework and transmission, Structural challenges, International trade, finance and competitiveness