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Potential benefits and key risks of fiat-referenced cryptoassets
Cryptoassets that reference a national currency (commonly known as stablecoins) aim to peg their value to the reference currency and typically use a reserve of traditional financial assets to maintain the peg. The market value of these fiat-referenced cryptoassets has grown more than thirtyfold between early 2020 and mid-2022. We explore some of their potential benefits and key risks. -
December 19, 2022
Bank of Canada Media Interview – Financial Post
Tiff Macklem, Governor of the Bank of Canada, gave an interview on Monday, December 19 to Kevin Carmichael of the Financial Post. The article will be available in the newspaper and online: https://financialpost.com/.
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December 19, 2022
Bank of Canada announces increases to the dealer and round limits for Overnight Repo operations
Effective Monday, December 19, 2022, limits for Overnight Repo (OR) operations will increase to $1 billion for each eligible participant. -
The Relative Benefits and Risks of Stablecoins as a Means of Payment: A Case Study Perspective
Our paper contributes to the discussion about the utility of stablecoins for retail payments through an objective, evidence-based approach that compares stablecoins with traditional retail payment methods. The paper also provides insights that could be useful in the design of central bank digital currencies. -
December 16, 2022
Bank of Canada Media Interview – Globe and Mail
Tiff Macklem, Governor of the Bank of Canada, gave an interview on Friday, December 16 to David Parkinson and Mark Rendell of the Globe and Mail. -
December 15, 2022
CARR’s CORRA-first initiatives for derivatives to begin on January 9 - update
The Canadian Alternative Reference Rate working group (CARR) has been laying the groundwork to ensure a smooth transition of financial products referencing the Canadian Dollar Offered Rate (CDOR). -
Understanding Post-COVID Inflation Dynamics
We propose a macroeconomic model with a nonlinear Phillips curve that has a flat slope when inflationary pressures are subdued and steepens when inflationary pressures are elevated. Our model can generate more sizable inflation surges due to cost-push and demand shocks than a standard linearized model when inflation is high. -
December 12, 2022
Fireside Chat with Tiff Macklem, Governor of the Bank of Canada
On Monday, December 12, 2022, Tiff Macklem, Governor of the Bank of Canada, will take part in a fireside chat hosted by the Business Council of British Columbia. -
December 12, 2022
Putting the resolute in resolutions: Looking ahead to lower inflation
Bank of Canada Governor Tiff Macklem discusses the important lessons from 2022 and explains what the Bank is doing to restore price stability for Canadians.