Unpacking Moving: A Quantitative Spatial Equilibrium Model with Wealth Staff working paper 2023-34 Elisa Giannone, Qi Li, Nuno Paixão, Xinle Pang We propose a model to understand low observed migration rates by considering the interaction between location and wealth decisions. We look at different policies and find that temporary moving vouchers only slightly increase welfare, while lower housing regulations can decrease the welfare gap by lowering house prices nationwide. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G5, G51, R, R1, R12, R13, R2, R3, R31, R5, R52 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
Composite Likelihood Estimation of an Autoregressive Panel Probit Model with Random Effects Staff working paper 2019-16 Kerem Tuzcuoglu Modeling and estimating persistent discrete data can be challenging. In this paper, we use an autoregressive panel probit model where the autocorrelation in the discrete variable is driven by the autocorrelation in the latent variable. In such a non-linear model, the autocorrelation in an unobserved variable results in an intractable likelihood containing high-dimensional integrals. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C23, C25, C5, C58, G, G2, G24 Research Theme(s): Financial system, Household and business credit, Models and tools, Econometric, statistical and computational methods, Economic models
Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies Staff working paper 2017-5 Ben Fung, Scott Hendry, Warren E. Weber This paper studies the period in Canada when both private bank notes and government-issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E41, E42, E5, E58 Research Theme(s): Money and payments, Cash and bank notes, Digital assets and fintech
June 14, 2012 The Resolution of Systemically Important Financial Institutions Financial System Review - June 2012 Alexandra Lai, Adi Mordel Content Type(s): Publications, Financial System Review articles
Bootstrapping Mean Squared Errors of Robust Small-Area Estimators: Application to the Method-of-Payments Data Staff working paper 2018-28 Valéry Dongmo Jiongo, Pierre Nguimkeu This paper proposes a new bootstrap procedure for mean squared errors of robust small-area estimators. We formally prove the asymptotic validity of the proposed bootstrap method and examine its finite sample performance through Monte Carlo simulations. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C13, C15, C8, C83, E, E4, E41 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Cash and bank notes
November 27, 1997 Final report on wartime gold transactions released Media Relations The Bank of Canada today released a report by Professor Duncan McDowall of Carleton University entitled Due Diligence: A report on the Bank of Canada's handling of foreign gold during World War II. Content Type(s): Press, Press releases
September 10, 2010 Renewed faith in the international monetary system is essential for G20 success, says Bank of Canada Governor Mark Carney Media Relations Calgary, Alberta Bank of Canada Governor Mark Carney today urged the world's leading nations to ensure that their domestic policies are consistent with the G-20 framework for strong, sustainable, and balanced growth and to support the G-20 financial system reforms. Content Type(s): Press, Press releases
May 19, 2002 Private Capital Flows to Emerging-Market Economies Bank of Canada Review - Spring 2002 Jean-François Perrault This article explores the evolution of capital flows to emerging markets over the last 30 years with emphasis on the past decade. Capital markets in emerging-market economies have evolved substantially over the period, becoming increasingly deep and resilient. The author looks at how capital flows to these countries have changed in terms of magnitude, geographical distribution, the financial instruments used, and the country of origin. He also examines how changes in the investor base have affected these flows and reviews the factors underlying the growth of private capital flows in the 1990s. Content Type(s): Publications, Bank of Canada Review articles
September 23, 2021 Amplifying our impact Leveraging the Bank’s expertise, achievements and reputation, we will forge and strengthen partnerships, share innovative tools and insights, and find opportunities to lead the conversation on major challenges facing the Canadian and global economies. By sharing the value of what we have learned with others, we will further advance our vision: to be a leading central bank.
May 24, 2022 An Overview of Lynx, Canada’s High-Value Payment System This document provides an overview of Lynx—Canada’s high-value payment system—and summarizes the system’s design. It explains the development and purpose of Lynx as well as the legal and regulatory framework governing its operation. It also describes the various settlement mechanisms and processes Lynx uses to allow system participants to meet their diverse payment needs while ensuring that risks that arise in the system are managed appropriately. Content Type(s): Background materials