Monetary Policy

• 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 Topic(s): Digital Currencies and Fintech, Monetary Policy, Payment clearing and settlement systems JEL Code(s): E, E4, E5, L, L5
• September 5, 2019

  Economic Progress Report: Inflation in Canada—Well Behaved and Well Controlled

  Remarks Lawrence L. Schembri Halifax Regional Chamber of Commerce Halifax, Nova Scotia

  Deputy Governor Lawrence Schembri discusses the Bank’s latest interest rate announcement and the behaviour of inflation in Canada.

  Content Type(s): Press, Speeches Topic(s): Inflation and prices, Inflation targets, Monetary Policy, Monetary policy framework, Recent economic and financial developments
• September 5, 2019

  Canadian economy resilient even as global outlook worsens

  Lawrence L. Schembri Halifax Chamber of Commerce Halifax, Nova Scotia

  Speaking a day after we decided to hold interest rates steady, Deputy Governor Lawrence Schembri discussed the key points Governing Council considered in their decision.

  Content Type(s): Press, Speeches Topic(s): Inflation and prices, Inflation targets, Monetary Policy, Monetary policy framework, Recent economic and financial developments

• Financial Frictions, Durable Goods and Monetary Policy

  Staff Working Paper 2019-31 Ugochi Emenogu, Leo Michelis

  Financial frictions affect how much consumers spend on durable and non-durable goods. Borrowers can face both loan-to-value (LTV) constraints and payment-to-income (PTI) constraints.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial system regulation and policies, Monetary Policy JEL Code(s): E, E4, E44, E5, E52

• Exploring Wage Phillips Curves in Advanced Economies

  Staff Discussion Paper 2019-8 Rose Cunningham, Vikram Rai, Kristina Hess

  We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework.

  Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Inflation and prices, Labour markets, Monetary Policy JEL Code(s): C, C3, C33, E, E3, E31, E32

• Online Job Seekers in Canada: What Can We Learn from Bing Job Queries?

  Staff Analytical Note 2019-18 André Binette, Karyne B. Charbonneau, Nicholas Curtis, Gabriela Galassi, Scott Counts, Justin Cranshaw

  Labour markets in Canada and around the world are evolving rapidly with the digital economy. Traditional data are adapting gradually but are not yet able to provide timely information on this evolution.

  Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Central bank research, Labour markets, Monetary Policy JEL Code(s): C, C8, C80, E, E2, E24, J, J2, J21

• Central Bank Digital Currency and Banking

  Staff Working Paper 2019-20 Jonathan Chiu, Mohammad Davoodalhosseini, Janet Hua Jiang, Yu Zhu

  Will a central bank digital currency (CBDC) reduce commercial banks’ intermediation? Responding to this widespread concern, we show—on the contrary—that when banks have market power, a CBDC can in fact promote bank intermediation.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Digital Currencies and Fintech, Market structure and pricing, Monetary Policy, Monetary policy framework JEL Code(s): E, E5, E50, E58
• May 30, 2019

  Economic Progress Report: Investing in Growth

  Remarks Carolyn A. Wilkins Calgary Chamber of Commerce Calgary, Alberta

  Senior Deputy Governor Carolyn A. Wilkins talks about the importance of business investment to the Canadian economy and reviews the latest interest rate decision.

  Content Type(s): Press, Speeches Topic(s): Interest rates, Monetary Policy, Potential output, Productivity, Recent economic and financial developments
• May 30, 2019

  Economic progress depends on business investment

  Carolyn A. Wilkins Calgary Chamber of Commerce Calgary, Alberta

  Senior Deputy Governor Carolyn A. Wilkins talks about the importance of business investment to the Canadian economy and reviews the latest interest rate decision.

  Content Type(s): Press, Speeches Topic(s): Interest rates, Monetary Policy, Potential output, Productivity, Recent economic and financial developments
• May 1, 2019

  Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

  Opening Statement Stephen S. Poloz Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario

  Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce.

  Content Type(s): Press, Speeches Topic(s): Inflation and prices, Monetary Policy, Recent economic and financial developments, Transmission of monetary policy