The Economics of Cryptocurrencies—Bitcoin and Beyond Staff working paper 2019-40 Jonathan Chiu, Thorsten Koeppl Since the creation of Bitcoin in 2009, over 2,000 cryptocurrencies have been issued. We evaluate how well a cryptocurrency functions as a payment system. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E5, L, L5 Research Theme(s): Monetary policy, Monetary policy tools and implementation, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
Terms-of-Trade and House Price Fluctuations: A Cross-Country Study Staff working paper 2017-1 Paul Corrigan Terms-of-trade shocks are known to be key drivers of business cycles in open economies. This paper argues that terms-of-trade shocks were also important for house price fluctuations in a panel of developed countries over the 1994–2015 period. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, C32, E, E3, E32, E5, E51, F, F3, F36, F4, F41 Research Theme(s): Financial system, Household and business credit, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, International trade, finance and competitiveness
September 15, 2008 Productivity in Canada: Does Firm Size Matter? Bank of Canada Review - Autumn 2008 Danny Leung, Césaire Meh, Yaz Terajima The research findings highlighted in this article suggest that firm-size differences play a significant role in explaining the productivity gap between Canada and the United States. The authors review factors that lead to a positive relationship between productivity and size and then look at Canadian evidence of this relationship at the firm level. They quantify the extent to which the change in Canadian productivity as well as the Canada-U.S. productivity differences can be accounted for by the change in the importance of large firms and identify several factors that play a role in determining average firm size and aggregate productivity. Content Type(s): Publications, Bank of Canada Review articles
May 19, 2011 Unconventional Monetary Policy: The International Experience with Central Bank Asset Purchases Bank of Canada Review - Spring 2011 Sharon Kozicki, Lena Suchanek, Eric Santor As part of their policy response to the financial crisis of 2007–09, central banks introduced numerous unprecedented monetary policy measures to provide monetary easing. This article defines and documents these measures, focusing on central bank asset purchases and their impact on central bank balance sheets. It then discusses the challenges of identifying the effects of these measures and explores possible exit strategies. The potential costs of these policies are also analyzed, as well as the broader implications for monetary policy frameworks. Content Type(s): Publications, Bank of Canada Review articles
June 1, 2004 Liquidity in the Market for Government of Canada Bonds: An Empirical Analysis Financial System Review - June 2004 Chris D'Souza Content Type(s): Publications, Financial System Review articles
CBDC and Monetary Policy Staff analytical note 2020-4 Mohammad Davoodalhosseini, Francisco Rivadeneyra, Yu Zhu Improving the conduct of monetary policy is unlikely to be the main motivation for central banks to issue a central bank digital currency (CBDC). While some argue that a CBDC could allow more complex transfer schemes or the ability to break below the zero lower bound, we find these benefits might be small or difficult to realize in practice. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, E41, E5, E51, E52 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation, Money and payments, Digital assets and fintech
June 14, 2007 Efficiency and Competition in Canadian Banking Bank of Canada Review - Summer 2007 Jason Allen, Walter Engert Allen and Engert report on recent research at the Bank of Canada on various aspects of efficiency in the Canadian banking industry. This research suggests that, overall, Canadian banks appear to be relatively efficient producers of financial services and they do not exercise monopoly or collusive-oligopoly power. The authors note the value of continuing to investigate opportunities to improve efficiency and competition in financial services in Canada. Content Type(s): Publications, Bank of Canada Review articles
June 14, 2007 Bank of Canada Review - Summer 2007 Cover page Decimalization in Great Britain The Victorian florin on the cover is part of the National Currency Collection of the Bank of Canada. Content Type(s): Publications, Bank of Canada Review
CBDC adoption and usage: some insights from field and laboratory experiments Staff analytical note 2020-12 Janet Hua Jiang This note discusses insights from historical launches of new payment methods and related laboratory experiments on the potential adoption and use of a central bank digital currency in the Canadian context. Content Type(s): Staff research, Staff analytical notes JEL Code(s): C, C9, E, E4, E5, E58 Research Theme(s): Money and payments, Digital assets and fintech, Retail payments
Monetary Policy and Cross-Border Interbank Market Fragmentation: Lessons from the Crisis Staff working paper 2020-34 Tobias Blattner, Jonathan Swarbrick We present a two-country model featuring risky lending and cross-border interbank market frictions. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E5, E52, F, F3, F32, F36 Research Theme(s): Financial markets and funds management, International markets and currencies, Financial system, Financial institutions and intermediation, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation