Posts

• Wait a Minute: The Efficacy of Discounting versus Non-Pecuniary Payment Steering

  Staff Working Paper 2016-8 Angelika Welte

  Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers.

  Content Type(s): Staff research, Staff working papers Topic(s): Bank notes, Market structure and pricing, Payment clearing and settlement systems JEL Code(s): D, D1, D12, E, E5, E58, G, G2, G28
• February 29, 2016

  Research Update - February 2016

  This monthly 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 26, 2016

  Weekly Financial Statistics - 26 February 2016

  Content Type(s): Publications, Historical: Weekly Financial Statistics

• Understanding Firms’ Inflation Expectations Using the Bank of Canada’s Business Outlook Survey

  Staff Working Paper 2016-7 Simon Richards, Matthieu Verstraete

  Inflation expectations are a key determinant of actual and future inflation and thus matter for the conduct of monetary policy. We study how firms form their inflation expectations using quarterly firm-level data from the Bank of Canada’s Business Outlook Survey, spanning the 2001 to 2015 period.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Credibility, Econometric and statistical methods, Firm dynamics, Inflation and prices, Inflation targets, Monetary policy framework JEL Code(s): C, C1, C2, C25, D, D2, D21, D8, D84, E, E3, E31, E5, E52, E58
• February 25, 2016

  Banking and Financial Statistics - February 2016

  Content Type(s): Publications, Historical: Banking and Financial Statistics

• A Microfounded Design of Interconnectedness-Based Macroprudential Policy

  Staff Working Paper 2016-6 Jose Fique

  To address the challenges posed by global systemically important banks (G-SIBs), the Basel Committee on Banking Supervision recommended an “additional loss absorbency requirement” for these institutions. Along these lines, I develop a microfounded design of capital surcharges that target the interconnectedness component of systemic risk.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial system regulation and policies JEL Code(s): D, D8, D82, D85, G, G2, G21, G28

• Macroeconomic Uncertainty Through the Lens of Professional Forecasters

  Staff Working Paper 2016-5 Soojin Jo, Rodrigo Sekkel

  We analyze the evolution of macroeconomic uncertainty in the United States, based on the forecast errors of consensus survey forecasts of different economic indicators. Comprehensive information contained in the survey forecasts enables us to capture a real-time subjective measure of uncertainty in a simple framework.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C3, C38, E, E1, E17, E3, E32
• February 24, 2016

  Connecting the Dots: Elevated Household Debt and the Risk to Financial Stability

  Remarks Lawrence L. Schembri Guelph Chamber of Commerce Guelph, Ontario

  Deputy Governor Lawrence Schembri discusses household debt, the risk it poses to financial stability and the role of the Bank of Canada.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Monetary policy, Recent economic and financial developments, Sectoral balance sheet
• February 23, 2016

  Bank of Canada Announces Deputy Governor Appointment

  Media Relations Ottawa, Ontario

  The Board of Directors of the Bank of Canada today announced the appointment of Sylvain Leduc as Deputy Governor, effective 2 May 2016.

  Content Type(s): Press, Press releases

• To Share or Not to Share? Uncovered Losses in a Derivatives Clearinghouse

  Staff Working Paper 2016-4 Radoslav Raykov

  This paper studies how the allocation of residual losses affects trading and welfare in a central counterparty. I compare loss sharing under two loss-allocation mechanisms – variation margin haircutting and cash calls – and study the privately and socially optimal degree of loss sharing.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Payment clearing and settlement systems JEL Code(s): G, G1, G19, G2, G21