Staff research, Publications
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March 24, 2020
COVID-19: Actions to Support the Economy and Financial System
Learn about the economic impact of the COVID-19 pandemic and the Bank’s actions to support the Canadian economy and financial system. -
The Effect of Oil Price Shocks on Asset Markets: Evidence from Oil Inventory News
We quantify the reaction of U.S. equity, bond futures, and exchange rate returns to oil price shocks driven by oil inventory news. -
Demand for Payment Services and Consumer Welfare: The Introduction of a Central Bank Digital Currency
Using a two-stage model, we study the determinants of Canadian consumers’ choices of payment method at the point of sale. We estimate consumer preferences and adoption costs for various combinations of payment methods. We analyze how introducing a central bank digital currency would affect the market equilibrium. -
A Uniform Currency in a Cashless Economy
A number of questions can arise when considering the implications of a cashless society. This note considers whether cash is necessary for a uniform currency. -
A Portfolio-Balance Model of Inflation and Yield Curve Determination
How does the supply of nominal government debt affect the macroeconomy? To answer this question, we propose a portfolio-balance model of the yield curve in which inflation is determined through an interest rate rule. -
IMPACT: The Bank of Canada’s International Model for Projecting Activity
We present the structure and features of the International Model for Projecting Activity (IMPACT), a global semi-structural model used to conduct projections and policy analysis at the Bank of Canada. Major blocks of the model are developed based on the rational error correction framework of Kozicki and Tinsley (1999), which allows the model to strike a balance between theoretical structure and empirical performance. -
Identifying Consumer-Welfare Changes when Online Search Platforms Change Their List of Search Results
Online shopping is often guided by search platforms. Consumers type keywords into query boxes, and search platforms deliver a list of products. Consumers' attention is limited, and exhaustive searches are often impractical. -
March 6, 2020
Evaluating our approach to monetary policy
Inflation targeting has been successful in Canada over the past 30 years. But is it the best we can do? The Bank of Canada asks itself, and Canadians, that question every five years. -
February 29, 2020
Research Update - February 2020
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.