Staff research

• Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies?

  Staff Working Paper 2024-35 Jonathan Chiu, Cyril Monnet

  This paper explores the implications of introducing digital public and private monies (e.g. tokenized central bank digital currency [CBDC] or tokenized deposits) for stablecoins and illicit crypto transactions.

  Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech, Financial stability, Monetary policy JEL Code(s): E, E5, E50, E58

• Estimating the Portfolio-Balance Effects of the Bank of Canada’s Government of Canada Bond Purchase Program

  Staff Working Paper 2024-34 Antonio Diez de los Rios

  Using a novel dynamic portfolio balance model of the yield curve for Government of Canada bonds, I find that the Bank of Canada’s Government of Canada Bond Purchase Program reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.

  Content Type(s): Staff research, Staff working papers Topic(s): Asset pricing, Central bank research, Coronavirus disease (COVID-19), Interest rates, Monetary policy JEL Code(s): E, E4, E43, E5, E52, G, G1, G12, H, H6, H63

• Evaluating the portfolio balance effects of the Government of Canada Bond Purchase Program on the Canadian yield curve

  Staff Analytical Note 2024-22 Antonio Diez de los Rios

  The Bank of Canada’s Government of Canada Bond Purchase Program, launched in response to the COVID-19 pandemic, lowered the weighted average maturity of the Government of Canada’s debt by approximately 1.4 years. This in turn reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Asset pricing, Central bank research, Coronavirus disease (COVID-19), Interest rates, Monetary policy JEL Code(s): E, E4, E43, E5, E52, G, G1, G12, H, H6, H63

• Digital Payments: A Framework for Inclusive Design

  Staff Discussion Paper 2024-15 Sebastian Hernandez, Alexandra Sutton-Lalani, John Miedema, Virginie Cobigo, Fatoumata Bah, Munazza Tahir, Danika Lévesque, Badr Omrane

  We propose a framework for designing cognitively accessible payment and banking interfaces through design guidelines, testing and proposed measures to optimize system learnability and user workload. We include, as a case study, the results of testing this framework with users with cognitive disabilities, using a prototype system for voice payments.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Accessibility, Bank notes, Central bank research, Digital currencies and fintech, Digitalization, Financial services