Uncategorized

• Monetary Payoff and Utility Function in Adaptive Learning Models

  Staff Working Paper 2019-50 Erhao Xie

  When players repeatedly face an identical or similar game (e.g., coordination game, technology adoption game, or product choice game), they may learn through experience to perform better in the future. This learning behaviour has important economic implications.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Economic models JEL Code(s): C, C5, C57, C7, C72, C9, C92

• Creations and Redemptions in Fixed-Income Exchange-Traded Funds: A Shift from Bonds to Cash

  Staff Analytical Note 2019-34 Rohan Arora, Sébastien Betermier, Guillaume Ouellet Leblanc, Adriano Palumbo, Ryan Shotlander

  The creation and redemption activity of fixed-income exchange-traded funds listed in the United States has shifted. Funds of established issuers have traditionally exchanged their shares for baskets of bonds. In contrast, young funds managed by new issuers tend to create and redeem their shares almost exclusively in cash. Cash transactions imply that new funds are taking on exposure to liquidity risk. This has implications for financial stability.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Financial markets, Financial stability JEL Code(s): G, G1, G2, G20, G23

• On the Evolution of Multiple Jobholding in Canada

  Staff Working Paper 2019-49 Olena Kostyshyna, Etienne Lalé

  The number of workers who hold more than one job (a.k.a. multiple jobholders) has increased recently in Canada. While this seems to echo the view that non-standard work arrangements are becoming pervasive, the increase has in fact been trivial compared with the long-run rise of multiple jobholding that has occurred since the mid-1970s.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Labour markets JEL Code(s): E, E2, E24, J, J2, J21, J22, J6, J60

• Furor over the Fed : Presidential Tweets and Central Bank Independence

  Staff Analytical Note 2019-33 Antoine Camous, Dmitry Matveev

  We illustrate how market data can be informative about the interactions between monetary and fiscal policy. Federal funds futures are private contracts that reflect investor’s expectations about monetary policy decisions.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Credibility, Financial markets, Monetary policy JEL Code(s): E, E4, E44, E5, E52, E58

• Model Uncertainty and Wealth Distribution

  Staff Working Paper 2019-48 Edouard Djeutem, Shaofeng Xu

  This paper studies the implications of model uncertainty for wealth distribution in a tractable general equilibrium model with a borrowing constraint and robustness à la Hansen and Sargent (2008). Households confront model uncertainty about the process driving the return of the risky asset, and they choose robust policies.

  Content Type(s): Staff research, Staff working papers Topic(s): Asset pricing, Business fluctuations and cycles, Economic models JEL Code(s): D, D3, D8, E, E2
• December 16, 2019

  CARR Meeting (December 16, 2019)

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

• The Cyber Incident Landscape

  Staff Analytical Note 2019-32 Nikil Chande, Dennis Yanchus

  The Canadian financial system is vulnerable to cyber threats. But for many firms, cyber risk is difficult to quantify. We examine public information on past cyber incidents to better understand the current risk landscape and find that a holistic view is needed to fully grasp the nature of this risk.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Financial markets, Financial stability JEL Code(s): G, G2, G28, M, M1, M15, O, O3, O33, O38
• December 12, 2019

  The Bank of Canada’s plans for 2020

  Speech summary Stephen S. Poloz Empire Club of Canada Toronto, Ontario

  In his traditional year-end speech, Governor Stephen S. Poloz described some of the long-term forces affecting the global and Canadian economies that will shape the Bank’s work in 2020.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Digital currencies and fintech, Economic models, Inflation targets, International topics, Monetary policy framework, Productivity
• December 12, 2019

  Big Issues Ahead: The Bank’s 2020 Vision

  Remarks Stephen S. Poloz Empire Club of Canada Toronto, Ontario

  Governor Stephen S. Poloz discusses how long-term global economic forces will drive the Bank of Canada’s work agenda in 2020 and beyond.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Digital currencies and fintech, Economic models, Inflation targets, International topics, Monetary policy framework, Productivity
• December 12, 2019

  Inflation-target renewal, impact of technology highlight Bank of Canada’s 2020 work plan, Governor Poloz says

  Media Relations Toronto, Ontario

  Work toward renewing Canada’s inflation-targeting framework and understanding the impact of digital technology highlight a packed agenda for the Bank of Canada in 2020, Governor Stephen S. Poloz said today.

  Content Type(s): Press, Press releases