The Impact of Unemployment Insurance and Unsecured Credit on Business Cycles Staff working paper 2023-22 Michael Irwin This paper studies how unsecured consumer credit impacts the extent to which unemployment insurance (UI) policies smooth aggregate consumption fluctuations over the business cycle. Using a general equilibrium real business cycle model, I find that unsecured credit amplifies the extent to which UI smooths cyclical consumption fluctuations. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E24, E3, E32, E4, E44, E6, E62 Research Theme(s): Financial system, Household and business credit, Models and tools, Economic models, Monetary policy, Real economy and forecasting
March 31, 2023 Quarterly Research Update – 2023 Q1 This 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
February 27, 2023 CARR Meeting (February 27, 2023) Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
February 24, 2023 Merchant Acceptance Survey The Merchant Acceptance Survey (MAS) helps the Bank of Canada understand trends when it comes to the methods of payment accepted by Canadian businesses.
February 24, 2023 The lifespan of a bank note At the Bank of Canada, we assessed the life cycle of bank notes to confirm that polymer notes have a smaller environmental footprint than paper notes. Polymer notes have a longer life and then are recycled. Content Type(s): Background materials Subject(s): Currency, Bank notes
A central bank digital currency for offline payments Staff analytical note 2023-2 Cyrus Minwalla, John Miedema, Sebastian Hernandez, Alexandra Sutton-Lalani Offline functionality is a key consideration for a potential CBDC. We describe the different types of offline functionality based on their duration outside of network connection—either intermittent (for short periods) or extended (for longer periods). We discuss the advantages and drawbacks of each and consider implications for end-user devices, system resilience and universal accessibility. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, E42, E5, E51, E58, O, O3, O31 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
February 24, 2023 Bank of Canada announces 2022–23 scholarship recipients Media Relations Ottawa, Ontario The Bank of Canada is pleased to announce this year’s recipients of its scholarship awards for students with disabilities, Indigenous students, LGBTQ2S+ students, francophones and students who identify as a woman or as a member of a visible minority or racialized group. Content Type(s): Press, Press releases Source(s): Scholarship awards