October 22, 2019
Posts
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October 17, 2019
Conference on the Economics of Central Bank Digital Currency by the Bank of Canada and Sveriges Riksbank
The Bank of Canada and Sveriges Riksbank jointly organized this conference on October 17 and 18, 2019 at the Bank of Canada headquarters in Ottawa, Ontario. The event aimed at providing a forum for central bankers and academic researchers to discuss the arguments for and against the issuance of CBDC and under what conditions, if any, governments should issue their own digital currencies. -
October 17, 2019
Advances in Fixed Income Macro-Finance Research
The Bank of Canada and the Federal Reserve Bank of San Francisco hosted the 7th Conference on Fixed Income Markets, discussing the implications for monetary policy of new research that focuses on bond and money markets. -
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Borrowing Costs for Government of Canada Treasury Bills
The cost of borrowing Government of Canada treasury bills (t-bills) in the repurchase (repo) market is mainly explained by the relationship between the parties involved. Some pairs of parties conduct most of their repos for t-bills rather than bonds, and at relatively high borrowing costs. We speculate that these pairs have formed a mutually beneficial service relationship in which one party consistently receives t-bills, while the other receives cash at a relatively cheap rate. -
October 4, 2019
Bank of Canada and Statistics Canada to move to a single set of credit statistics
Currently, the Bank of Canada and Statistics Canada both produce aggregate measures of borrowing, or credit, for sectors of the Canadian economy. -
A Macroprudential Theory of Foreign Reserve Accumulation
This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation. -
Amazon Effects in Canadian Online Retail Firm-Product-Level Data
I use firm-product-level data for Canadian online retailers to study how product scope (the average number of product categories per firm) evolved from 1999 to 2012. During this period, product scope dropped monotonically from 59 to 5 product categories. -
Trade Flows and Exchange Rates: Importers, Exporters and Products
Using highly disaggregated transaction-level trade data, we document the importance of new firm-level trade partner relationships and the addition of new products to existing relationships in driving aggregate trade flows.