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1901
result(s)
A Portfolio-Balance Model of Inflation and Yield Curve Determination
Staff Working Paper 2020-6
Antonio Diez de los Rios
How does the supply of nominal government debt affect the macroeconomy? To answer this question, we propose a portfolio-balance model of the yield curve in which inflation is determined through an interest rate rule.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Debt management,
Inflation and prices,
Interest rates,
Monetary policy
JEL Code(s):
E,
E4,
E43,
E5,
E52,
G,
G1,
G12,
H,
H6,
H63
IMPACT: The Bank of Canada’s International Model for Projecting Activity
Technical Report No. 116
Patrick Blagrave,
Claudia Godbout,
Justin-Damien Guénette,
René Lalonde,
Nikita Perevalov
We present the structure and features of the International Model for Projecting Activity (IMPACT), a global semi-structural model used to conduct projections and policy analysis at the Bank of Canada. Major blocks of the model are developed based on the rational error correction framework of Kozicki and Tinsley (1999), which allows the model to strike a balance between theoretical structure and empirical performance.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods,
Economic models,
International topics
JEL Code(s):
C,
C6,
C68,
E,
E2,
E27,
E3,
E37,
F,
F0,
F01,
F3,
F32,
F4,
F47
Identifying Consumer-Welfare Changes when Online Search Platforms Change Their List of Search Results
Staff Working Paper 2020-5
Ryan Martin
Online shopping is often guided by search platforms. Consumers type keywords into query boxes, and search platforms deliver a list of products. Consumers' attention is limited, and exhaustive searches are often impractical.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Market structure and pricing
JEL Code(s):
C,
C1,
C14,
D,
D1,
D11,
D12,
D6,
D8,
D83,
L,
L4,
L40
Technology Approach for a CBDC
Staff Analytical Note 2020-6
Dinesh Shah,
Rakesh Arora,
Han Du,
Sriram Darbha,
John Miedema,
Cyrus Minwalla
In this note, we highlight a range of technical options and considerations in designing a contingent system for a central bank digital currency (CBDC) in Canada and explore how these options achieve stated public policy goals.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Central bank research,
Digital currencies and fintech
JEL Code(s):
E,
E4,
E42,
E5,
E51,
O,
O3,
O31
CBDC and Monetary Sovereignty
Staff Analytical Note 2020-5
Antonio Diez de los Rios,
Yu Zhu
In an increasingly digitalized world, issuers of private digital currency can weaken central banks’ ability to stabilize the economy. By continuing to make central bank money attractive as a payment instrument in a digital world, a central bank digital currency (CDBC) could help to maintain a country’s monetary sovereignty.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Digital currencies and fintech,
Monetary policy
JEL Code(s):
E,
E5,
E52,
E58,
F,
F5,
F55,
G,
G1,
G15
CBDC and Monetary Policy
Staff Analytical Note 2020-4
Mohammad Davoodalhosseini,
Francisco Rivadeneyra,
Yu Zhu
Improving the conduct of monetary policy is unlikely to be the main motivation for central banks to issue a central bank digital currency (CBDC). While some argue that a CBDC could allow more complex transfer schemes or the ability to break below the zero lower bound, we find these benefits might be small or difficult to realize in practice.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Digital currencies and fintech,
Monetary policy,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E5,
E51,
E52
A Financial Stability Analysis of Zombie Firms in Canada
Staff Analytical Note 2020-3
Timothy Grieder,
Juan Ortega
We measure the prevalence of zombie firms in Canada and assess how they could potentially affect the financial system.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Credit and credit aggregates,
Financial stability,
Sectoral balance sheet
JEL Code(s):
G,
G3,
G32
The Effect of Mortgage Rate Resets on Debt: Evidence from TransUnion (Part I)
Staff Analytical Note 2020-2
Katya Kartashova
This note studies how decreases in mortgage rates affect the behaviour of borrowers in terms of spending on durable goods and repaying debt.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Credit and credit aggregates,
Housing,
Interest rates,
Monetary policy,
Monetary policy transmission
JEL Code(s):
D,
D1,
D12,
D14,
E,
E4,
E43,
E5,
E52,
G,
G2,
G21,
R,
R3,
R31
The Power of Helicopter Money Revisited: A New Keynesian Perspective
Staff Discussion Paper 2020-1
Thomas J. Carter,
Rhys R. Mendes
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a “textbook” model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Credibility,
Economic models,
Fiscal policy,
Inflation targets,
Interest rates,
Monetary policy,
Monetary policy and uncertainty,
Monetary policy framework,
Monetary policy transmission
JEL Code(s):
E,
E1,
E12,
E4,
E41,
E43,
E5,
E51,
E52,
E58,
E6,
E61,
E63