Monetary Policy and Cross-Border Interbank Market Fragmentation: Lessons from the Crisis
We present a two-country model featuring risky lending and cross-border interbank market frictions.
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2435
result(s)
Survival Analysis of Bank Note Circulation: Fitness, Network Structure and Machine Learning
Staff Working Paper 2020-33
Diego Rojas,
Juan Estrada,
Kim Huynh,
David T. Jacho-Chávez
Using the Bank of Canada's Currency Information Management Strategy, we analyze the network structure traced by a bank note’s travel in circulation and find that the denomination of the bank note is important in our potential understanding of the demand and use of cash.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Bank notes,
Econometric and statistical methods,
Payment clearing and settlement systems
JEL Code(s):
C,
C5,
C52,
C6,
C65,
C8,
C81,
E,
E4,
E42,
E5,
E51
The Interplay of Financial Education, Financial Literacy, Financial Inclusion and Financial Stability: Any Lessons for the Current Big Tech Era?
Staff Working Paper 2020-32
Nicole Jonker,
Anneke Kosse
The objective of this paper is twofold. First, we assess whether financial education might be a suitable tool to promote the financial inclusion opportunities that big techs provide. Second, we study how this potential financial inclusion could impact financial stability.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Development economics,
Digital currencies and fintech,
Financial markets,
Financial services,
Financial stability
JEL Code(s):
D,
D1,
D14,
D9,
D91,
D92,
G,
G2,
G21,
G23,
O,
O1,
O16
Sample Calibration of the Online CFM Survey
Technical Report No. 118
Marie-Hélène Felt,
David Laferrière
The Canadian Financial Monitor (CFM) survey uses non-probability sampling for data collection, so selection bias is likely. We outline methods for obtaining survey weights and discuss the conditions necessary for these weights to eliminate selection bias. We obtain calibration weights for the 2018 and 2019 online CFM samples.
Content Type(s):
Staff research,
Technical reports
Research Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C8,
C81,
C83
Strengthening Inflation Targeting: Review and Renewal Processes in Canada and Other Advanced Jurisdictions
Staff Discussion Paper 2020-7
Robert Amano,
Thomas J. Carter,
Lawrence L. Schembri
We summarize the review and renewal process at four central banks (Reserve Bank of New Zealand, Bank of England, Sveriges Riksbank and the US Federal Reserve Bank) and compare them with the process at the Bank of Canada, which has been well-established since 2001.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
Central bank research,
Inflation targets,
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58
What COVID-19 revealed about the resilience of bond funds
Staff Analytical Note 2020-18
Guillaume Ouellet Leblanc,
Ryan Shotlander
The liquidity management strategies of fund managers, supported by policy measures, have helped bond funds limit the increase in redemptions caused by COVID 19. This avoided further deterioration in liquidity in bond markets. Nevertheless, these funds were left with lower cash buffers, which could make them more vulnerable to additional large redemptions.
Content Type(s):
Staff research,
Staff analytical notes
Research Topic(s):
Financial markets,
Financial stability
JEL Code(s):
G,
G1,
G2,
G20,
G23
Is the stock market pricing in a V‑shaped recovery?
Staff Analytical Note 2020-17
James Kyeong
Major stock indexes have bounced back from their March 23 trough to about 10 percent below their peaks. However, stocks that are more sensitive to the business cycle have not performed as well during this market rally. This suggests that stock markets are pricing in a slower, shallower economic recovery.
Content Type(s):
Staff research,
Staff analytical notes
Research Topic(s):
Asset pricing,
Financial markets
JEL Code(s):
E,
E4,
E44,
G,
G1,
G12,
G14
Will exchange-traded funds shape the future of bond dealing?
Staff Analytical Note 2020-16
Rohan Arora,
Jean-Sébastien Fontaine,
Corey Garriott,
Guillaume Ouellet Leblanc
Bond dealers have traditionally kept bonds in an inventory until clients buy them. But now, dealers have another way to access bonds for their clients: the exchange-traded fund. We discuss this new way to manage bond dealing and what it might mean for bond markets.
Content Type(s):
Staff research,
Staff analytical notes
Research Topic(s):
Financial markets,
Financial stability,
Market structure and pricing
JEL Code(s):
G,
G1,
G2,
G20,
G23
Average is Good Enough: Average-inflation Targeting and the ELB
Staff Working Paper 2020-31
Robert Amano,
Stefano Gnocchi,
Sylvain Leduc,
Joel Wagner
The Great Recession and current pandemic have focused attention on the constraint on nominal interest rates from the effective lower bound.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Business fluctuations and cycles,
Economic models,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E32,
E5,
E52
Ten Isn’t Large! Group Size and Coordination in a Large-Scale Experiment
Staff Working Paper 2020-30
Jasmina Arifovic,
Cars Hommes,
Anita Kopányi-Peuker,
Isabelle Salle
Economic activities typically involve coordination among a large number of agents. These agents have to anticipate what other agents think before making their own decisions.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Financial markets,
Financial stability
JEL Code(s):
C,
C9,
C92,
D,
D8,
D83,
D9,
D90,
G,
G2,
G20