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2360
result(s)
Central Bank Digital Currency and Monetary Policy
Staff Working Paper 2018-36
Mohammad Davoodalhosseini
Many central banks are contemplating whether to issue central bank digital currency. This piece explores the implications as well as potential motivators of such a step.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Monetary policy
JEL Code(s):
E,
E4,
E42,
E5,
E50
Prudential Liquidity Regulation in Banking—A Literature Review
Staff Discussion Paper 2018-8
Adi Mordel
Prudential liquidity requirements are a relatively recent regulatory tool on the international front, introduced as part of the Basel III accord in the form of a liquidity coverage ratio (LCR) and a net stable funding ratio (NSFR). I first discuss the rationale for regulating bank liquidity by highlighting the market failures that it addresses while reviewing key theoretical contributions to the literature on the motivation for prudential liquidity regulation.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial system regulation and policies
JEL Code(s):
G,
G2,
G21,
G28
The Impact of Government Debt Supply on Bond Market Liquidity: An Empirical Analysis of the Canadian Market
Staff Working Paper 2018-35
Jeffrey Gao,
Jianjian Jin,
Jacob Thompson
This paper finds that Government of Canada benchmark bonds tend to be more illiquid over the subsequent month when there is a large increase in government debt supply. The result is both statistically and economically significant, stronger for the long-term than the short-term sector, and is robust when other macro factors are controlled for.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Debt management,
Financial markets
JEL Code(s):
D,
D5,
D53,
G,
G1,
G12,
G18,
G2,
G3,
G32
Incentive Compatibility on the Blockchain
Staff Working Paper 2018-34
Jonathan Chiu,
Thorsten Koeppl
A blockchain is a digital ledger that keeps track of a record of ownership without the need for a designated party to update and enforce changes to the record. The updating of the ledger is done directly by the users of the blockchain and is traditionally governed by a proof-of-work (PoW) protocol.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Economic models,
Payment clearing and settlement systems
JEL Code(s):
G,
G2,
H,
H4,
P,
P4,
P43
Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing
Staff Working Paper 2018-33
Itay Goldstein,
Jonathan Witmer,
Jing Yang
Recent research suggests that quantitative easing (QE) may affect a broad range of asset prices through a portfolio balance channel. Using novel security-level holding data of individual US mutual funds, we establish evidence that portfolio rebalancing occurred both within and across funds.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy,
Monetary policy implementation,
Monetary policy transmission
JEL Code(s):
E,
E5,
E58,
G,
G2,
G23
The Characteristics of Uninsured Mortgages and their Securitization Potential
Staff Analytical Note 2018-24
Adi Mordel,
Maria teNyenhuis
Following changes to housing finance policies that target insured mortgages, uninsured mortgage credit has been growing. This robust growth creates a larger pool of mortgages that may be suitable for private-label residential mortgage-backed securities (RMBS).
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial institutions,
Financial system regulation and policies,
Wholesale funding
JEL Code(s):
G,
G2,
G21,
G28
Sources of Borrowing and Fiscal Multipliers
Staff Working Paper 2018-32
Romanos Priftis,
Srecko Zimic
This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Economic models,
Fiscal policy,
International financial markets
JEL Code(s):
E,
E2,
E6,
E62,
F,
F4,
F41,
H,
H3
Assessing the Impact of Demand Shocks on the US Term Premium
Staff Discussion Paper 2018-7
Russell Barnett,
Konrad Zmitrowicz
During and after the Great Recession of 2008–09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more commonly known as quantitative easing or QE, to provide additional monetary stimulus.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial markets,
Interest rates,
Monetary policy framework,
Monetary policy implementation,
Monetary policy transmission
JEL Code(s):
E,
E4,
E43,
E5,
E52,
E58,
E6,
E61,
E65,
G,
G1,
G12
Does Outward Foreign Investment Matter for Canadian Productivity? Evidence from Greenfield Investments
Staff Working Paper 2018-31
Naveen Rai,
Lena Suchanek,
Maria Bernier
This paper seeks to understand how outward foreign direct investment (FDI) affects the productivity of Canadian firms. We estimate the impact of outward greenfield investment on measures of firm-level productivity using FDI data from roughly 2,000 Canadian firms and more than 4,000 outward FDI projects over the 2003–14 period.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Firm dynamics,
Productivity
JEL Code(s):
D,
D2,
D24,
F,
F2,
F21,
F23