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1149 Results

2022 Methods-of-Payment Survey Report: Cash Use Over 13 Years

Staff Discussion Paper 2024-1 Christopher Henry, Doina Rusu, Matthew Shimoda
We present results from the 2022 Methods-of-Payment Survey, including updated payment shares based on a three-day shopping diary. We also assess various factors associated with long-term trends in cash use.

Modelling Canadian mortgage debt and payments in a semi-structural model

Staff Analytical Note 2024-1 Fares Bounajm, Austin McWhirter
We show how Canadian mortgage debt dynamics can be modelled in a semi-structural macroeconomic model, such as the Bank of Canada’s LENS. The model we propose accounts for Canada’s unique mortgage debt structure.

Communicating Inflation Uncertainty and Household Expectations

Staff Working Paper 2023-63 Olena Kostyshyna, Luba Petersen
We examine the value of direct communication to households about inflation and the uncertainty around inflation statistics. All types of information about inflation are effective at immediately managing inflation expectations, with information about outlooks being more effective and relevant than that about recent inflation and Bank targets.

Monetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan Areas

Staff Working Paper 2023-62 Qi Li, Xu Zhang
We find that minority households see greater declines in housing returns and entries into homeownership than White households after a tightening of monetary policy. Our findings emphasize the unintended consequences of monetary policy on racial inequality in the housing market.
Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Housing, Monetary policy JEL Code(s): E, E4, E40, E5, E52, R, R0, R00

Perceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption Models

Staff Working Paper 2023-59 Tao Wang
Perceived income risks reported in a survey of consumer expectations are more heterogeneous and, on average, lower than indirectly calibrated risks based on panel data. They prove to be one explanation for why a large fraction of households hold very little liquid savings and why accumulated wealth is widely unequal across households.

The impact of higher interest rates on mortgage payments

Staff Analytical Note 2023-19 Maria teNyenhuis, Adam Su
We investigate how the increase in interest rates since early 2022 is affecting mortgage payments. By November 2023, less than half of mortgage holders had faced higher payments. Many borrowers will see a sizable increase in payments at renewal, although income growth could help mitigate the impact.

Supporting the Transition to Net-Zero Emissions: The Evolving Role of Central Banks

Staff Discussion Paper 2023-31 Karen McGuinness
While climate change was largely tackled by government policies in the past, central banks are increasingly grappling with the risks climate change poses. They are evaluating their operational policies to reflect these risks and the transition to a net-zero economy. This paper explores the trade-offs and considerations central banks face.

Central Bank Crisis Interventions: A Review of the Recent Literature on Potential Costs

Staff Discussion Paper 2023-30 Patrick Aldridge, David Cimon, Rishi Vala
Central banks’ actions to stabilize financial markets and implement monetary policy during crises may come with costs and side effects. We provide a literature review of these costs and discuss measures that may mitigate the negative impacts of crisis actions.

Making It Real: Bringing Research Models into Central Bank Projections

Staff Discussion Paper 2023-29 Marc-André Gosselin, Sharon Kozicki
Macroeconomic projections and risk analyses play an important role in guiding monetary policy decisions. Models are integral to this process. This paper discusses how the Bank of Canada brings research models and lessons learned from those models into the central bank projection environment.
Content Type(s): Staff research, Staff discussion papers Topic(s): Economic models, Monetary policy JEL Code(s): C, C3, C32, C5, C51, E, E3, E37, E4, E47, E5, E52
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