Posts

• July 31, 2019

  Research Update - July 2019

  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

• An Application of Shapley Value Cost Allocation to Liquidity Savings Mechanisms

  Staff Working Paper 2019-26 Rodney J. Garratt

  Liquidity demands in real-time gross settlement payment systems can be enormous. To reduce the liquidity requirement, central banks around the world have implemented liquidity savings mechanisms (LSMs).

  Content Type(s): Staff research, Staff working papers Topic(s): Payment clearing and settlement systems JEL Code(s): C, C7, C72, E, E5, E58
• July 29, 2019

  Changes to Assets Eligible as Collateral under the Bank of Canada’s (the Bank) Standing Liquidity Facility

  As part of an ongoing review of the Bank’s collateral policy related to the Standing Liquidity Facility (SLF), the Bank is announcing two changes effective immediately. First, the Bank will introduce one new asset category (Other Public Sector), which combines the two previously-announced asset categories (Foreign Official Sector and Other Public Sector) into one category.

  Content Type(s): Press, Market notices Source(s): Standing Liquidity Facility
• July 29, 2019

  Historical Assets Eligible as Collateral under the Bank of Canada’s Standing Liquidity Facility – July 29, 2019 to April 8, 2020

  The Bank of Canada (the Bank), through its Standing Liquidity Facility (SLF), provides access to liquidity to those institutions that participate directly in the Large Value Transfer System (LVTS).

  Content Type(s): Collateral Policy Source(s): Standing Liquidity Facility

• Explaining Unusual Cash Patterns in 2018

  Staff Analytical Note 2019-22 Walter Engert, Ben Fung, Jozsef Molnar, Gradon Nicholls

  There was an unusually large decline of bank notes in circulation in October 2018. Some have argued that this was due to the legalization of cannabis in Canada in mid-October.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Bank notes, Digital currencies and fintech, Financial services JEL Code(s): E, E4, E41, E42, E5, E58

• Lending Standards, Productivity and Credit Crunches

  Staff Working Paper 2019-25 Jonathan Swarbrick

  We propose a macroeconomic model in which adverse selection in investment drives the amplification of macroeconomic fluctuations, in line with prominent roles played by the credit crunch and collapse of the asset-backed security market in the financial crisis.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Financial markets, Financial stability, Interest rates, Productivity JEL Code(s): E, E2, E22, E3, E32, E4, E44, G, G0, G01

• Privacy as a Public Good: A Case for Electronic Cash

  Staff Working Paper 2019-24 Rodney J. Garratt, Maarten van Oordt

  Cash gives users a high level of privacy when making payments, but the use of cash to make payments is declining. People increasingly use debit cards, credit cards or other methods to pay.

  Content Type(s): Staff research, Staff working papers Topic(s): Bank notes, Central bank research, Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): E, E4, E42, G, G2, G28

• How Oil Supply Shocks Affect the Global Economy: Evidence from Local Projections

  Staff Discussion Paper 2019-6 Olivier Gervais

  We provide empirical evidence on the impact of oil supply shocks on global aggregates. To do this, we first extract structural oil supply shocks from a standard oil-price determination model found in the literature.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Business fluctuations and cycles, International topics JEL Code(s): C, C2, C22, C5, E, E3, E37, Q, Q4, Q43
• July 23, 2019

  Bank of Canada publishes its 2020 schedule for policy interest rate announcements, the release of the Monetary Policy Report and other major publications

  Media Relations Ottawa, Ontario

  The Bank of Canada today published its 2020 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report and reconfirmed the scheduled interest rate announcement dates for the remainder of this year.

  Content Type(s): Press, Press releases
• July 22, 2019

  CARR Meeting (July 22, 2019)

  Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group