June 21, 2023
Posts
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June 21, 2023
Release of the Bank of Canada’s summary of deliberations
On Wednesday, June 21, 2023, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on June 7, 2023. -
June 20, 2023
The Daily Courier
Tiff Macklem, Governor of the Bank of Canada
Interview with the Kelowna Daily Courier -
Markups and inflation during the COVID-19 pandemic
We find that prices and costs for consumer-oriented firms moved roughly one-for-one during the COVID-19 pandemic. This means firms fully passed rising costs through to the prices they charged. However, our results are suggestive, given data limitations and the uncertainty associated with estimating markups. -
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June 14, 2023
Bank of Canada Media Interview – Kelowna Daily Courier
Tiff Macklem, Governor of the Bank of Canada, gave an interview to Barb Aguiar of The Daily Courier on Tuesday, June 13. The interview will be published online and in print in the coming days. -
What People Believe About Monetary Finance and What We Can(’t) Do About It: Evidence from a Large-Scale, Multi-Country Survey Experiment
We conduct a large-scale survey to shed light on what people believe about public finance. An experiment demonstrates that central bank communication can persistently shift views on monetary financing. It further suggests that views on monetary financing impact support for fiscal discipline. -
Monetary Policy Transmission, Bank Market Power, and Wholesale Funding Reliance
I study how banking market concentration and reliance on wholesale funding affect monetary policy transmission to mortgage rates. I find that this transmission is imperfect and dampens the response of consumption, output, and housing prices. -
Unpacking Moving: A Quantitative Spatial Equilibrium Model with Wealth
We propose a model to understand low observed migration rates by considering the interaction between location and wealth decisions. We look at different policies and find that temporary moving vouchers only slightly increase welfare, while lower housing regulations can decrease the welfare gap by lowering house prices nationwide. -
Privacy-Preserving Post-Quantum Credentials for Digital Payments
Digital payments and decentralized systems enable the creation of new financial products and services for users. One core challenge in digital payments is the need to protect users from fraud and abuse while retaining privacy in individual transactions. We propose a pseudonymous credential scheme for use in payment systems to tackle this problem.