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2399
result(s)
The Bank of Canada COVID‑19 stringency index: measuring policy response across provinces
Staff Analytical Note 2021-1
Calista Cheung,
Jerome Lyons,
Bethany Madsen,
Sarah Miller,
Saarah Sheikh
We construct an index that systematically measures and tracks the stringency of government policy responses to the COVID-19 pandemic across Canadian provinces. Researchers can use this stringency index to analyze how the pandemic is affecting the economy.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Business fluctuations and cycles,
Coronavirus disease (COVID-19),
Domestic demand and components,
Recent economic and financial developments,
Regional economic developments
JEL Code(s):
E,
E2,
E20,
H,
H7,
I,
I1,
I18,
R,
R1
COVID-19 Crisis: Lessons Learned for Future Policy Research
Staff Discussion Paper 2021-2
Jean-Sébastien Fontaine,
Corey Garriott,
Jesse Johal,
Jessica Lee,
Andreas Uthemann
One year later, we review the events that took place in Canadian fixed-income markets at the beginning of the COVID-19 crisis and propose potential policy research questions for future work.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Coronavirus disease (COVID-19),
Financial markets,
Monetary policy
JEL Code(s):
D,
D4,
D47,
E,
E4,
E41,
E5,
G,
G0,
G01,
G1,
G14,
G2,
G20,
G21,
G23
Market Concentration and Uniform Pricing: Evidence from Bank Mergers
Staff Working Paper 2021-9
João Granja,
Nuno Paixão
We show that US banks price deposits almost uniformly across their branches and that this pricing practice is more important than increases in local market concentration in explaining the deposit rate dynamics following bank mergers.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial system regulation and policies,
Market structure and pricing
JEL Code(s):
D,
D4,
G,
G2,
G20,
G21,
G28,
G3,
G34,
L,
L1,
L11
Distributional Effects of Payment Card Pricing and Merchant Cost Pass-through in Canada and the United States
Staff Working Paper 2021-8
Marie-Hélène Felt,
Fumiko Hayashi,
Joanna Stavins,
Angelika Welte
Although credit cards are more expensive for merchants to accept than cash or debit cards, merchants typically pass through their costs evenly to all customers. Along with consumer card rewards and banking fees, this creates cross-subsidies between payment methods. Because higher-income individuals tend to use credit cards more than those with lower incomes, our results indicate that these cross-subsidies might lead to regressive distributional effects.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Financial institutions,
Financial services,
Market structure and pricing,
Payment clearing and settlement systems
JEL Code(s):
D,
D1,
D12,
D2,
D23,
D3,
D31,
E,
E4,
E42,
G,
G2,
G21,
L,
L8,
L81
Estimating Policy Functions in Payments Systems Using Reinforcement Learning
Staff Working Paper 2021-7
Pablo S. Castro,
Ajit Desai,
Han Du,
Rodney J. Garratt,
Francisco Rivadeneyra
We demonstrate the ability of reinforcement learning techniques to estimate the best-response functions of banks participating in high-value payments systems—a real-world strategic game of incomplete information.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Financial institutions,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
A,
A1,
A12,
C,
C7,
D,
D8,
D83,
E,
E4,
E42,
E5,
E58
Eggs in One Basket: Security and Convenience of Digital Currencies
Staff Working Paper 2021-6
Charles M. Kahn,
Francisco Rivadeneyra,
Tsz-Nga Wong
Digital currencies store balances in anonymous electronic addresses. This paper analyzes the trade-offs between the safety and convenience of aggregating balances in addresses, electronic wallets and banks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Digital currencies and fintech,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E51,
E58
(Optimal) Monetary Policy with and without Debt
Staff Working Paper 2021-5
Boris Chafwehé,
Rigas Oikonomou,
Romanos Priftis,
Lukas Vogel
How should policy be designed at high debt levels, when fiscal authorities have little room to adjust taxes? Assigning the monetary authority a role in achieving debt sustainability makes it less effective in stabilizing inflation and output.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Fiscal policy,
Monetary policy,
Monetary policy framework
JEL Code(s):
C,
C1,
C11,
E,
E3,
E31,
E5,
E52,
E58,
E6,
E62
Networking the Yield Curve: Implications for Monetary Policy
Staff Working Paper 2021-4
Tatjana Dahlhaus,
Julia Schaumburg,
Tatevik Sekhposyan
We study how different monetary policies affect the yield curve and interact. Our study highlights the importance of the spillover structure across the yield curve for policy-making.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Interest rates,
Monetary policy implementation
JEL Code(s):
C,
C1,
C18,
C2,
C21,
C5,
C53,
E,
E4,
E43,
E44,
E5,
E52
Chinese Monetary Policy and Text Analytics: Connecting Words and Deeds
Staff Working Paper 2021-3
Jeannine Bailliu,
Xinfen Han,
Barbara Sadaba,
Mark Kruger
What are the main drivers behind the monetary policy reaction function of the People’s Bank of China?
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
International topics,
Monetary policy communications,
Monetary policy framework
JEL Code(s):
C,
C6,
C63,
E,
E5,
E52,
E58