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2399
result(s)
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
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
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
Topic(s):
Financial markets,
Financial stability
JEL Code(s):
C,
C9,
C92,
D,
D8,
D83,
D9,
D90,
G,
G2,
G20
Maturity Composition and the Demand for Government Debt
Staff Working Paper 2020-29
Jason Allen,
Jakub Kastl,
Milena Wittwer
The main objectives of debt management are to raise stable and low-cost funding to meet the government’s financial needs and to maintain a well-functioning market for government securities.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Financial markets
JEL Code(s):
C,
C1,
C14,
D,
D4,
D44,
E,
E5,
E58,
G,
G1,
G12
Non-competing Data Intermediaries
Staff Working Paper 2020-28
Shota Ichihashi
I study a model of competing data intermediaries (e.g., online platforms and data brokers) that collect personal data from consumers and sell it to downstream firms.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models
JEL Code(s):
D,
D4,
D42,
D43,
D8,
D80,
L,
L1,
L12
Why Fixed Costs Matter for Proof-of-Work Based Cryptocurrencies
Staff Working Paper 2020-27
Rodney J. Garratt,
Maarten van Oordt
Can Bitcoin survive? Some say it will become vulnerable to attacks as the rewards for processing Bitcoin transactions continue to decline. The economics of fixed costs suggest the specialized hardware used to mine Bitcoin may be key to its survival.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
G,
G1,
G10,
L,
L1,
L11
The potential effect of a central bank digital currency on deposit funding in Canada
Staff Analytical Note 2020-15
Alejandro García,
Bena Lands,
Xuezhi Liu,
Joshua Slive
A retail central bank digital currency denominated in Canadian dollars could, in theory, create competition for bank deposit funding.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Digital currencies and fintech,
Financial institutions,
Financial stability
JEL Code(s):
E,
E4,
E41,
E44,
E5,
G,
G1,
G10,
G17,
G2,
G21,
G3,
G32,
O
COVID-19 and bond market liquidity: alert, isolation and recovery
Staff Analytical Note 2020-14
Jean-Sébastien Fontaine,
Hayden Ford,
Adrian Walton
The disruption due to COVID-19 reverberated through the bond markets in three phases. In the first phase, dealers met the rising demand for liquidity. In the second, dealers reduced the supply of liquidity, and trading conditions worsened significantly. Finally, the market returned to relative stability following several interventions by the Bank of Canada.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Coronavirus disease (COVID-19),
Financial markets,
Monetary policy
JEL Code(s):
E,
E4
Cash and COVID-19: The impact of the pandemic on demand for and use of cash
Staff Discussion Paper 2020-6
Heng Chen,
Walter Engert,
Kim Huynh,
Gradon Nicholls,
Mitchell Nicholson,
Julia Zhu
Consumer spending declined significantly during the recent COVID-19 pandemic. This negative shock likely reduced spending across all methods of payment (cash, debit, credit, etc.). The mix of payment methods consumers use could also be affected. We study how the pandemic has influenced the demand for and use of cash. We also offer insights into the use of other payment methods, such as debit and credit cards.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Central bank research,
Coronavirus disease (COVID-19),
Digital currencies and fintech,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C12,
C9,
E,
E4,
O,
O5,
O54