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2358
result(s)
Non-bank financial intermediation: Canada’s submission to the 2023 global monitoring report
Staff Analytical Note 2024-15
Malcolm Fisher,
Alan Walsh
We share insights from Canadian data from 2002 to 2022 that the Bank of Canada collected. The Bank submits these data each year to the Financial Stability Board for inclusion in its Global Monitoring Report on Non-Bank Financial Intermediation.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial institutions,
Sectoral balance sheet
JEL Code(s):
G,
G2,
G21,
G22,
G23
Central Bank Liquidity Policy in Modern Times
Staff Discussion Paper 2024-6
Skylar Brooks
Across several dimensions of lender of last resort policy, I highlight broad changes that have occurred since the 2008–09 global financial crisis and discuss some of the key challenges, choices and considerations facing the designers of central bank liquidity tools today.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Financial institutions,
Financial markets,
Financial stability,
Lender of last resort
JEL Code(s):
D,
D5,
D53,
E,
E5,
E58,
E6,
E61,
G,
G0,
G01,
G2,
G21,
G23,
H,
H1,
H12
Impacts of interest rate hikes on the consumption of households with a mortgage
Staff Analytical Note 2024-14
Panagiotis Bouras,
Joaquín Saldain,
Xing Guo,
Thomas Michael Pugh,
Maria teNyenhuis
We assess how much the recent rate-hike cycle has and will affect mortgage borrowers' consumption through its impacts on mortgage payments. Our analysis provides insights into the effects of changes in monetary policy on the consumption of mortgage borrowers.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Interest rates,
Monetary policy,
Recent economic and financial developments
JEL Code(s):
D,
D1,
D13,
E,
E2,
E21,
G,
G5
Non-Parametric Identification and Testing of Quantal Response Equilibrium
Staff Working Paper 2024-24
Johannes Hoelzemann,
Ryan Webb,
Erhao Xie
We show that the utility function and the error distribution are non-parametrically over-identified under Quantal Response Equilibrium (QRE). This leads to a simple test for QRE. We illustrate our method in a Monte Carlo exercise and a laboratory experiment.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Economic models
JEL Code(s):
C,
C1,
C14,
C5,
C57,
C9,
C92
Demand for Canadian Banknotes from International Travel: Indirect Evidence from the COVID-19 Pandemic
Staff Working Paper 2024-23
Hongyu Xiao
This study uses the COVID-19 travel restrictions to estimate foreign demand for Canadian banknotes. It reveals that international visitors accounted for about 10% of all $100 CAD notes in circulation pre-pandemic, with each visitor carrying an average of $165 in hundred-dollar bills.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Central bank research,
Coronavirus disease (COVID-19),
Financial services,
International topics
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58,
F,
F2,
F22
The Role of Beliefs in Entering and Exiting the Bitcoin Market
Staff Working Paper 2024-22
Daniela Balutel,
Christopher Henry,
Jorge Vásquez,
Marcel Voia
We develop a model that links investors’ decisions to enter or exit the Bitcoin market with their beliefs about the survival of Bitcoin. Empirical testing using Canadian data reveals that beliefs strongly influence both entries and exits, and this impact varies with time and ownership status.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Econometric and statistical methods
JEL Code(s):
D,
D8,
D83,
E,
E4,
E41,
O,
O3,
O33
Sources of pandemic-era inflation in Canada: an application of the Bernanke and Blanchard model
Staff Analytical Note 2024-13
Fares Bounajm,
Jean Garry Junior Roc,
Yang Zhang
We explore the drivers of the surge in inflation in Canada during the COVID-19 pandemic. This work is part of a joint effort by 11 central banks using the model developed by Bernanke and Blanchard (2023) to identify similarities and differences across economies.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Economic models,
Inflation and prices,
Labour markets
JEL Code(s):
E,
E2,
E24,
E3,
E31,
E37,
E5,
E52,
E6
Assessing the Impact of the Bank of Canada’s Government Bond Purchases
Staff Discussion Paper 2024-5
Chinara Azizova,
Jonathan Witmer,
Xu Zhang
In March 2020, the Bank of Canada implemented the Government of Canada Bond Purchase Program, eventually purchasing approximately $340 billion of government bonds. In this paper, we analyze the impact of this program on financial market prices and yields as well as on GDP and inflation.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial markets,
Financial system regulation and policies,
Inflation and prices,
Monetary policy,
Monetary policy transmission
JEL Code(s):
E,
E5,
E52,
E58,
G,
G2,
G21,
G28
Saving after Retirement and Preferences for Residual Wealth
Staff Working Paper 2024-21
Giulio Fella,
Martin B. Holm,
Thomas Michael Pugh
We estimate a model of households in Norway with bequest motives, health-dependent utility, and uncertain longevity and health. Our estimates imply strong bequest motives for households both with and without offspring. We interpret this as suggestive evidence that utility from residual wealth represents forces beyond an altruistic bequest motive.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Fiscal policy,
Housing,
Labour markets
JEL Code(s):
D,
D1,
D11,
D12,
D14,
E,
E2,
E21