Uncategorized

• The Economics of Cryptocurrencies—Bitcoin and Beyond

  Staff working paper 2019-40 Jonathan Chiu, Thorsten Koeppl

  Since the creation of Bitcoin in 2009, over 2,000 cryptocurrencies have been issued. We evaluate how well a cryptocurrency functions as a payment system.

  Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E5, L, L5 Research Theme(s): Monetary policy, Monetary policy tools and implementation, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
• September 27, 2019

  Joint Macroeconomic Workshop in Tokyo

  The Bank of Canada, together with the Bank of Japan and the Federal Reserve Bank of Philadelphia, held the first joint workshop on macroeconomic issues for central banks. Participants discussed household inequality, labour-market dynamics, and monetary and fiscal policy.

• The BoC-BoE Sovereign Default Database: What’s New in 2019?

  Staff working paper 2019-39 David Beers, Patrisha de Leon-Manlagnit

  Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE).

  Content Type(s): Staff research, Staff working papers JEL Code(s): F, F3, F34, G, G1, G10, G14, G15 Research Theme(s): Financial markets and funds management, Funds management, Financial system, Financial stability and systemic risk

• What Does Structural Analysis of the External Finance Premium Say About Financial Frictions?

  Staff working paper 2019-38 Jelena Zivanovic

  I use a structural vector autoregression (SVAR) with sign restrictions to provide conditional evidence on the behavior of the US external finance premium (EFP). The results indicate that the excess bond premium, a proxy for the EFP, reacts countercyclically to supply and monetary policy shocks and procyclically to demand shocks.

  Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E32, E4, E44 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk, Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
• September 23, 2019

  CARR Meeting (September 23, 2019)

  Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
• September 23, 2019

  Financial System Research Centre Macrofinance Workshop

  The Bank of Canada’s Financial Research Centre hosted its second annual conference on macrofinance this past September. Top Canadian and international researchers discussed issues related to housing markets, pricing of risk, banking policies and regulations, and policy interactions.

• Bank Runs, Portfolio Choice, and Liquidity Provision

  Staff working paper 2019-37 Toni Ahnert, Mahmoud Elamin

  After the financial crisis of 2007–09, many jurisdictions introduced new banking regulations to make banks more resilient and less likely to fail. These regulations included tighter limits for the quality and quantity of bank capital and introduced minimum standards for liquidity. But what was the impact of these changes?

  Content Type(s): Staff research, Staff working papers JEL Code(s): G, G0, G01, G2, G21 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk

• Home Equity Extraction and Household Spending in Canada

  Staff analytical note 2019-27 Anson T. Y. Ho, Mikael Khan, Monica Mow, Brian Peterson

  We use rich microdata to measure home equity extraction in Canada and track its evolution over time. We find home equity extraction has been rising in recent years and has likely contributed materially to dynamics in household spending.

  Content Type(s): Staff research, Staff analytical notes JEL Code(s): D, D1, D12, E, E2, E21, G, G2, G20 Research Theme(s): Financial system, Household and business credit, Monetary policy, Real economy and forecasting
• September 19, 2019

  Bank of Canada announces Deputy Governor and Special Advisor appointments

  Media Relations Ottawa, Ontario

  The Board of Directors of the Bank of Canada today announced the appointment of Toni Gravelle as Deputy Governor, effective October 1, 2019. The Bank also today announced that Mark Hardisty will join the Bank as Special Advisor to the Governor for a two-year term beginning November 6, 2019.

  Content Type(s): Press, Press releases
• September 16, 2019

  Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Canada during April 2019

  Media Relations Ottawa, Ontario

  During the month of April, the Bank of Canada and 51 other central banks and monetary authorities conducted the latest survey of turnover activity in the foreign exchange and over-the-counter (OTC) derivatives markets in their respective countries. This worldwide effort was coordinated by the Bank for International Settlements (BIS) and is undertaken every three years.

  Content Type(s): Press, Press releases Source(s): Canadian Foreign Exchange Committee