Uncategorized

• January 7, 2022

  The Logic

  

  Ron Morrow, Executive Director, Retail Payments Supervision
  Interview with The Logic

  Content Type(s): Press, Media activities Topic(s): Retail payments supervision

• Business Closures and (Re)Openings in Real Time Using Google Places

  Staff Working Paper 2022-1 Thibaut Duprey, Daniel E. Rigobon, Philip Schnattinger, Artur Kotlicki, Soheil Baharian, T. R. Hurd

  The COVID-19 pandemic highlighted the need for policy-makers to closely monitor disruptions to the retail and food business sectors. We present a new method to measure business opening and closing rates using real-time data from Google Places, the dataset behind the Google Maps service.

  Content Type(s): Staff research, Staff working papers Topic(s): Firm dynamics, Recent economic and financial developments JEL Code(s): C, C5, C55, C8, C81, D, D2, D22, E, E3, E32
• December 31, 2021

  Research Update - December 2021

  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

• Best Before? Expiring Central Bank Digital Currency and Loss Recovery

  Staff Working Paper 2021-67 Charles M. Kahn, Maarten van Oordt, Yu Zhu

  We consider introducing an expiry date for offline digital currency balances. Consumers whose digital cash expired would automatically receive the funds back into their online account. This functionality could increase demand for digital cash, with the time to expiry playing a key role.

  Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech JEL Code(s): E, E4, E41, E42
• December 24, 2021

  Understanding the output gap

  The output gap is the difference between what an economy actually produces and what it would produce in an ideal world.

  Content Type(s): Explainers Topic(s): Productivity
• December 24, 2021

  Understanding productivity

  High productivity helps raise our standard of living and keep our economy competitive.

  Content Type(s): Explainers Topic(s): Productivity

• News-Driven International Credit Cycles

  Staff Working Paper 2021-66 Galip Kemal Ozhan

  This paper examines the implications of positive news about future asset values that turn out to be incorrect at a later date in an open economy model with banking. The model captures the patterns of bank credit and current account dynamics in Spain between 2000 and 2010. The model finds that the use of unconventional policies leads to a milder bust.

  Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Economic models, Financial stability, Recent economic and financial developments, Sectoral balance sheet JEL Code(s): E, E4, E44, F, F3, F32, F4, F41, G, G1, G15, G2, G21
• December 22, 2021

  Operational details for upcoming secondary market purchases of Government of Canada securities (January 3-14)

  As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP).

  Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program

• Predicting the Demand for Central Bank Digital Currency: A Structural Analysis with Survey Data

  Staff Working Paper 2021-65 Jiaqi Li

  How much of a CBDC would Canadian households want to hold, and what design features of a CBDC would they care about?

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E5, E50, E58

• Quantifying the Economic Benefits of Payments Modernization: the Case of the Large-Value Payment System

  Staff Working Paper 2021-64 Neville Arjani, Fuchun Li, Zhentong Lu

  Canada is undertaking a major initiative to modernize its payments ecosystem. The modernized ecosystem is expected to bring significant benefits to Canadian financial markets and the overall economy. We develop an empirical framework to quantify the economic benefits of modernizing the payment system in Canada.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): C, C3, E, E4, E42, G, G1, G2, G28