January 14, 2008 Backgrounder on Questions in the Business Outlook Survey Concerning Past Sales and Credit Conditions Starting with the winter 2007–08 survey, the results of two additional questions became included in the Business Outlook Survey (BOS) publication: the balance of opinion on past sales and the balance of opinion on credit conditions. This backgrounder briefly describes the two questions and presents the correlations between the responses and relevant economic data. Content Type(s): Background materials
Central Bank Digital Currencies: A Framework for Assessing Why and How Staff discussion paper 2016-22 Ben Fung, Hanna Halaburda Digital currencies have attracted strong interest in recent years and have the potential to become widely adopted for use in making payments. Public authorities and central banks around the world are closely monitoring developments in digital currencies and studying their implications for the economy, the financial system and central banks. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E41, E42 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
August 25, 2009 The Canadian Economy Beyond the Recession Remarks Timothy Lane Canadian Association for Business Economics Kingston, Ontario The theme of the conference, "managing the recovery," is particularly timely: As we move past the gravest dangers of the financial crisis toward better days, attention has turned to the policy challenges posed by the recovery. Content Type(s): Press, Speeches and appearances, Remarks
Should Monetary Policy Lean Against Housing Market Booms? Staff working paper 2016-19 Sami Alpanda, Alexander Ueberfeldt Should monetary policy lean against housing market booms? We approach this question using a small-scale, regime-switching New Keynesian model, where housing market crashes arrive with a logit probability that depends on the level of household debt. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E5, E52, G, G0, G01 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers Staff discussion paper 2019-1 James Chapman, Carolyn A. Wilkins The market for cryptoassets has exploded in size in the 10 years since bitcoin was launched. The technology underlying cryptoassets, blockchain, has also been held up as a technology that promises to transform entire industries. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E41, E42, E5, E51, E58, H, H4, P, P4, P43 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Money and payments, Cash and bank notes, Digital assets and fintech, Payment and financial market infrastructures
Central Bank Liquidity Facilities and Market Making Staff working paper 2022-9 David Cimon, Adrian Walton We create a theoretical model of central bank asset purchases. The model helps explain how, in a crisis, these purchases ease pressures on investment dealers. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G10, G2, G20, L, L1, L10 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Financial stability and systemic risk, Monetary policy, Monetary policy tools and implementation
Price Caps in Canadian Bond Borrowing Markets Staff analytical note 2019-2 Léanne Berger-Soucy, Jean-Sébastien Fontaine, Adrian Walton Price controls, or caps, can lead to shortages, as 1970’s gasoline price controls illustrate. One million trades show that the market for borrowing bonds in Canada has an implicit price cap: traders are willing to pay no more than the overnight interest rate to borrow a bond. This suggests the probability of a shortage increases when interest rates are very low. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G1, G10, G12 Research Theme(s): Financial markets and funds management, Market functioning, Market structure
A Policy Framework for E-Money: A Report on Bank of Canada Research Staff discussion paper 2018-5 Mohammad Davoodalhosseini, Francisco Rivadeneyra We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E41, E5, E51, E52, E58 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
Complementarities Between Fiscal Policy and Monetary Policy—Literature Review Staff discussion paper 2021-4 Wei Dong, Geoffrey R. Dunbar, Christian Friedrich, Dmitry Matveev, Romanos Priftis, Lin Shao This paper surveys and summarizes the literature on how fiscal policy and monetary policy can complement each other in stabilizing economic activity. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E5, E52, E58, E6, E62, E63 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation, Real economy and forecasting
June 16, 2008 A Money and Credit Real-Time Database for Canada Bank of Canada Review - Summer 2008 Roobina Keshishbanoosy, Pierre St-Amant, Devin Ball, Ivan Medovikov Model-based forecasts of important economic variables are part of the range of information considered for monetary policy decision making. Content Type(s): Publications, Bank of Canada Review articles