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1934
result(s)
2023 Methods-of-Payment Survey Report: The Resilience of Cash
Staff Discussion Paper 2024-8
Christopher Henry,
Matthew Shimoda,
Doina Rusu
We present key results from the 2023 Methods-of-Payment Survey. Results show that measures of cash management and use have remained stable since 2020, and that Canadians increased their adoption of payment alternatives such as mobile apps in 2023.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
D,
D8,
D83,
E,
E4,
E41
The Output-Inflation Trade-off in Canada
Staff Discussion Paper 2024-7
Stefano Gnocchi,
Fanny McKellips,
Rodrigo Sekkel,
Laure Simon,
Yinxi Xie,
Yang Zhang
We explain how the Bank of Canada’s policy models capture the trade-off between output and inflation in Canada. We provide new estimates of the trade-off and contrast them with those in the Bank’s macroeconomic models.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods,
Inflation and prices,
Monetary policy transmission
JEL Code(s):
E,
E3,
E31,
E5,
E52
How big is cash-futures basis trading in Canada’s government bond market?
Staff Analytical Note 2024-16
Andreas Uthemann,
Rishi Vala
Cash-futures basis trading has grown alongside the Government of Canada bond futures market. We examine this growth over time in relation to Government of Canada bond and repurchase agreement markets and provide details on the type of market participants that engage in this type of trading activity.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial institutions,
Financial markets,
Financial stability,
Market structure and pricing
JEL Code(s):
D,
D4,
D47,
D5,
D53,
G,
G1,
G12,
G2,
G23
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