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2399
result(s)
2017 Methods-of-Payment Survey Report
Staff Discussion Paper 2018-17
Christopher Henry,
Kim Huynh,
Angelika Welte
Cash use is declining while contactless and mobile payments are on the rise.
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
Should the Central Bank Issue E-money?
Staff Working Paper 2018-58
Charles M. Kahn,
Francisco Rivadeneyra,
Tsz-Nga Wong
Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E51,
E58
The Cost of the Government Bond Buyback and Switch Programs in Canada
Staff Analytical Note 2018-41
Bo Young Chang,
Jun Yang,
Parker Liu
This note examines the costs of the Government of Canada bond buyback and switch programs between 1998 and 2016. Our analysis indicates that the auction design of the buyback program was effective in retiring government debt with minimal costs resulting from bid shading in auctions and price impact.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Debt management
JEL Code(s):
D,
D4,
D44
Fundamental Drivers of Existing Home Sales in Canada
Staff Discussion Paper 2018-16
Taylor Webley
Existing home sales’ share of Canada’s economic pie has been rising in recent years, and variation around this trend has resulted in outsized contributions to changes in real gross domestic product (GDP). In this context, we use a cointegration framework to estimate the level of resale activity across the Canadian provinces that is supported by fundamentals—namely, full-time employment, housing affordability and migration flows—to help look through the volatility.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods,
Economic models,
Housing
JEL Code(s):
C,
C2,
C22,
C23,
E,
E2,
E27,
R,
R2,
R21
Alternative Futures for Government of Canada Debt Management
Staff Discussion Paper 2018-15
Corey Garriott,
Sophie Lefebvre,
Guillaume Nolin,
Francisco Rivadeneyra,
Adrian Walton
This paper presents four blue-sky ideas for lowering the cost of the Government of Canada’s debt without increasing the debt’s risk profile. We argue that each idea would improve the secondary-market liquidity of government debt, thereby increasing the demand for government bonds and thus lowering their cost at issuance.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Debt management,
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G12,
G2,
G24,
H,
H6,
H63
GDP by Industry in Real Time: Are Revisions Well Behaved?
Staff Analytical Note 2018-40
Patrick Rizzetto
The monthly data for real gross domestic product (GDP) by industry are used extensively in real time both to ground the Bank of Canada’s monitoring of economic activity and in the Bank’s nowcasting tools, making these data one of the most important high-frequency time series for Canadian nowcasting.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Business fluctuations and cycles,
Central bank research,
Econometric and statistical methods
JEL Code(s):
C,
C5,
C53,
C8,
C82,
E,
E0,
E01
The Impact of Surprising Monetary Policy Announcements on Exchange Rate Volatility
Staff Analytical Note 2018-39
Adam Albogatchiev,
Jean-Sébastien Fontaine,
Jabir Sandhu,
Reginald Xie
We identify a few Bank of Canada press releases that had the largest immediate impact on the exchange rate market. We find that volatility increases after these releases, but the effect is short-lived and mostly dissipates after the first hour, on average. Beyond the first hour, the size of the effect is similar to what we observe for other economic releases, such as those for inflation or economic growth data.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Exchange rates,
Financial markets,
Monetary policy
JEL Code(s):
E,
E4,
E44,
F,
F3,
F31,
G,
G1,
G10,
G12,
G14,
G15
Does US or Canadian Macro News Drive Canadian Bond Yields?
Staff Analytical Note 2018-38
Bruno Feunou,
Rodrigo Sekkel,
Morvan Nongni-Donfack
We show that a large share of low-frequency (quarterly) movements in Canadian government bond yields can be explained by macroeconomic news, even though high-frequency (daily) changes are driven by other shocks. Furthermore, we show that US macro news—not domestic news— explains most of the quarterly variation in Canadian bond yields.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial markets,
International topics,
Monetary policy
JEL Code(s):
C,
C2,
C22,
E,
E4,
E43
The Trade War in Numbers
Staff Working Paper 2018-57
Karyne B. Charbonneau,
Anthony Landry
We build upon new developments in the international trade literature to isolate and quantify the long-run economic impacts of tariff changes on the United States and the global economy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Recent economic and financial developments,
Trade integration
JEL Code(s):
F,
F1,
F11,
F13,
F14,
F15,
F5,
F50,
F6,
F62,
F68