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2358
result(s)
Security and convenience of a central bank digital currency
Staff Analytical Note 2020-21
Charles M. Kahn,
Francisco Rivadeneyra
An anonymous token-based central bank digital currency (CBDC) would pose certain security risks to users. These risks arise from how balances are aggregated, from their transactional use and from the competition between suppliers of aggregation solutions.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Central bank research,
Digital currencies and fintech,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
G,
G2,
G21
Interbank Asset-Liability Networks with Fire Sale Management
Staff Working Paper 2020-41
Zachary Feinstein,
Grzegorz Halaj
Raising liquidity when funding is stressed creates pressure on the financial market. Liquidating large quantities of assets depresses their prices and may amplify funding shocks. How do banks weathering a funding crisis contribute to contagion risk?
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
C,
C6,
C62,
C63,
C7,
C72,
G,
G0,
G01,
G1,
G11
Forward Guidance and Expectation Formation: A Narrative Approach
Staff Working Paper 2020-40
Christopher S. Sutherland
How exactly does forward guidance influence interest rate expectations?
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Monetary policy,
Monetary policy communications,
Monetary policy transmission
JEL Code(s):
D,
D8,
D83,
D84,
E,
E3,
E37,
E5,
E52,
E58
The New Benchmark for Forecasts of the Real Price of Crude Oil
Staff Working Paper 2020-39
Amor Aniss Benmoussa,
Reinhard Ellwanger,
Stephen Snudden
How can we assess the quality of a forecast? We propose a new benchmark to evaluate forecasts of temporally aggregated series and show that the real price of oil is more difficult to predict than we thought.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
International topics
JEL Code(s):
C,
C1,
C5,
C53,
Q,
Q4,
Q47
Cyclicality of Schooling: New Evidence from Unobserved Components Models
Staff Working Paper 2020-38
Barbara Sadaba,
Sunčica Vujič,
Sofia Maier
What is the time-varying impact of economic cycles on decisions to invest in human capital?
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods
JEL Code(s):
C,
C3,
C32,
E,
E3,
I,
I2,
J,
J2
Predicting Payment Migration in Canada
Staff Working Paper 2020-37
Anneke Kosse,
Zhentong Lu,
Gabriel Xerri
Developments are underway to replace Canada’s two core payment systems with three new systems. We use a discrete choice model to predict migration patterns of end-users and financial institutions for future systems and discuss their policy implications.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial services,
Financial stability,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
C,
C3,
E,
E4,
E42,
G,
G1,
G2,
G28
Child Skill Production: Accounting for Parental and Market-Based Time and Goods Investments
Staff Working Paper 2020-36
Elizabeth Caucutt,
Lance Lochner,
Joseph Mullins,
Youngmin Park
Can daycare replace parents’ time spent with children? We explore this by using data on how parents spend time and money on children and how this spending is related to their child’s development.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Fiscal policy,
Labour markets,
Potential output,
Productivity
JEL Code(s):
D,
D1,
D13,
H,
H3,
H31,
J,
J2,
J22,
J24
What do high-frequency expenditure network data reveal about spending and inflation during COVID‑19?
Staff Analytical Note 2020-20
Kim Huynh,
Helen Lao,
Patrick Sabourin,
Angelika Welte
The official consumer price index (CPI) inflation measure, based on a fixed basket set before the COVID 19 pandemic, may not fully reflect what consumers are currently experiencing. We partnered with Statistics Canada to construct a more representative index for the pandemic with weights based on real-time transaction and survey data.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Inflation and prices,
Payment clearing and settlement systems
JEL Code(s):
D,
D1,
D12,
E,
E3,
E31,
E4,
E42,
E5,
E52
The Canadian corporate investment gap
Staff Analytical Note 2020-19
Chris D'Souza,
Timothy Grieder,
Daniel Hyun,
Jonathan Witmer
Business investment has been lower than expected in Canada and abroad since the financial crisis of 2007–09. This corporate investment gap is mirrored in firms’ other financing decisions, as they have increased cash holdings and dividend payments and decreased issuance of debt and equity.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Firm dynamics,
Monetary policy transmission
JEL Code(s):
D,
D2,
D22,
D9,
D92,
G,
G3,
G31,
G32