Staff research, Publications
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Monetary Policy Transmission during Financial Crises: An Empirical Analysis
This paper studies the effects of a monetary policy expansion in the United States during times of high financial stress. The analysis is carried out by introducing a smooth transition factor model where the transition between states (“normal” and high financial stress) depends on a financial conditions index. -
Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data
We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). -
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May 30, 2014
Research Update - May 2014
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. -
May 30, 2014
Quarterly Financial Report - First Quarter 2014
Quarterly Financial Report - First Quarter 2014 - For the period ended 31 March 2014 -
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May 13, 2014
The Canadian Dollar as a Reserve Currency
This article provides an overview of the growth of Canadian-dollar-denominated assets in official foreign reserves. Based on International Monetary Fund data and on internal Bank of Canada analysis, we estimate that the total reserve holdings of Canadian-dollar assets increased from negligible levels before 2008 to around US$200 billion in the third quarter of 2013. We discuss the determinants of this increase, as well as its potential impact on Canadian debt markets, for example, lower yields and therefore reduced financing costs for the Government of Canada, and the possible negative impact on market liquidity.