Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1320
result(s)
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
Monetary Policy Implementation and Payment System Modernization
Staff Working Paper 2020-26
Jonathan Witmer
Canada plans to adopt a retail payment system to allow Canadians to pay in real time (or near real time) 24 hours a day, 7 days a week. However, the traditional model for setting the overnight interest rate does not operate 24/7.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy implementation,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E40,
E42,
E43
Monetary Policy Independence and the Strength of the Global Financial Cycle
Staff Working Paper 2020-25
Christian Friedrich,
Pierre Guérin,
Danilo Leiva-Leon
We propose a new strength measure of the global financial cycle by estimating a regime-switching factor model on cross-border equity flows for 61 countries. We then assess how the strength of the global financial cycle affects monetary policy independence, which is defined as the response of central banks' policy interest rates to exogenous changes in inflation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Exchange rate regimes,
Financial system regulation and policies,
International financial markets,
Monetary policy
JEL Code(s):
E,
E4,
E5,
F,
F3,
F32,
F4,
F42,
G,
G1,
G15,
G18
An Economic Perspective on Payments Migration
Staff Working Paper 2020-24
Anneke Kosse,
Zhentong Lu,
Gabriel Xerri
Consumers, businesses and banks make millions of payments each day using a variety of instruments, such as debit cards, cheques and wires. Canada is currently developing three new systems to process these transactions: Lynx, Settlement Optimization Engine (SOE) and Real-Time Rail (RTR).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial services,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
G,
G2,
G21
Trading for Bailouts
Staff Working Paper 2020-23
Toni Ahnert,
Caio Machado,
Ana Elisa Pereira
In times of high uncertainty, governments often implement interventions such as bailouts to financial institutions. To use public resources efficiently and to avoid major spillovers to the rest of the economy, policy-makers try to identify which institutions should receive assistance.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial markets,
Financial system regulation and policies,
Lender of last resort
JEL Code(s):
D,
D8,
D83,
G,
G1,
G12,
G14,
G18