Staff discussion papers are completed staff research studies on a wide variety of subjects relevant to central bank policy.
284
result(s)
Settlement Balances Deconstructed
Staff Discussion Paper 2022-13
Parnell Chu,
Grahame Johnson,
Scott Kinnear,
Karen McGuinness,
Matthew McNeely
Because of the COVID-19 pandemic, public interest in the Bank’s balance sheet and, more specifically, the size of settlement balances, has grown. This paper deconstructs the concept of settlement balances and provides some context on their history, current state and possible future evolution.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Coronavirus disease (COVID-19),
Financial markets,
Monetary policy implementation
JEL Code(s):
E,
E5,
E58,
E59,
E6,
G,
G0,
G01
Nowcasting Canadian GDP with Density Combinations
Staff Discussion Paper 2022-12
Tony Chernis,
Taylor Webley
We present a tool for creating density nowcasts for Canadian real GDP growth. We demonstrate that the combined densities are a reliable and accurate tool for assessing the state of the economy and risks to the outlook.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C5,
C52,
C53,
E,
E3,
E7
Identifying Financially Remote First Nations Reserves
Staff Discussion Paper 2022-11
Heng Chen,
Walter Engert,
Kim Huynh,
Daneal O’Habib
Chen et al. (2021) show that almost one-third of First Nations band offices in Canada are within 1 kilometre (km) of an automated banking machine (ABM) or financial institution (FI) branch and more than half are within 5 km.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial institutions,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E42,
E5,
G,
G2,
G21
Bitcoin Awareness, Ownership and Use: 2016–20
Staff Discussion Paper 2022-10
Daniela Balutel,
Marie-Hélène Felt,
Gradon Nicholls,
Marcel Voia
In this paper, we examine trends in Canadian ownership of Bitcoin and other cryptocurrencies from 2016 to 2020 using data from surveys conducted by the Bank of Canada.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C12,
E,
E4,
O,
O5,
O51
Uncertainty and Monetary Policy Experimentation: Empirical Challenges and Insights from Academic Literature
Staff Discussion Paper 2022-9
Matteo Cacciatore,
Dmitry Matveev,
Rodrigo Sekkel
Central banks face considerable uncertainty when conducting monetary policy. The COVID-19 pandemic brought this issue back to the forefront of policy discussions. We draw from academic literature to review key sources of uncertainty and how they affect the conduct of monetary policy.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Monetary policy and uncertainty,
Potential output
JEL Code(s):
E,
E3,
E5
Cash and COVID-19: What happened in 2021
Staff Discussion Paper 2022-8
Heng Chen,
Walter Engert,
Kim Huynh,
Daneal O’Habib,
Joy Wu,
Julia Zhu
Using data from the Bank Note Distribution System and consumer surveys, we find that bank notes in circulation remained high through 2021. Canadians continued to rely on electronic methods of payment, but a significant share also continued using cash for payments.
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
Contribution of Human Capital Accumulation to Canadian Economic Growth
Staff Discussion Paper 2022-7
Audra Bowlus,
Youngmin Park,
Chris Robinson
This paper quantifies the contribution of human capital accumulation to the growth of real gross domestic product (GDP) in Canada.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods,
Labour markets,
Potential output,
Productivity
JEL Code(s):
D,
D2,
D24,
E,
E2,
E24,
J,
J2,
J24,
J3,
J31,
O,
O4,
O47
Real Exchange Rate Decompositions
Staff Discussion Paper 2022-6
Bruno Feunou,
Jean-Sébastien Fontaine,
Ingomar Krohn
We break down the exchange rate based on an explicit link between fixed income and currency markets. We isolate a foreign exchange risk premium and show it is the main driver of the exchange rate between the Canadian and US dollars, especially on monetary policy and macroeconomic news announcement days.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Asset pricing,
Exchange rates,
International financial markets,
Monetary policy transmission
JEL Code(s):
E,
E4,
E43,
F,
F3,
F31,
G,
G1,
G12
COVID-19, Containment and Consumption
Staff Discussion Paper 2022-5
Tatjana Dahlhaus,
Daniel Hyun,
Antoine Poulin-Moore,
Jaime Trujillo,
Saarah Sheikh,
Benjamin Straus
We assess the impact of COVID-19 on consumption indicators by estimating the effects of government-mandated containment measures and of the willingness of individuals to voluntarily physically distance to prevent contagion.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Coronavirus disease (COVID-19),
Domestic demand and components
JEL Code(s):
C,
C2,
C23,
D,
D1,
D12,
E,
E6,
E65,
I,
I1,
I18