News-Driven International Credit Cycles Staff Working Paper 2021-66 Galip Kemal Ozhan This paper examines the implications of positive news about future asset values that turn out to be incorrect at a later date in an open economy model with banking. The model captures the patterns of bank credit and current account dynamics in Spain between 2000 and 2010. The model finds that the use of unconventional policies leads to a milder bust. Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Economic models, Financial stability, Recent economic and financial developments, Sectoral balance sheet JEL Code(s): E, E4, E44, F, F3, F32, F4, F41, G, G1, G15, G2, G21
Predicting the Demand for Central Bank Digital Currency: A Structural Analysis with Survey Data Staff Working Paper 2021-65 Jiaqi Li How much of a CBDC would Canadian households want to hold, and what design features of a CBDC would they care about? Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E5, E50, E58
Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design Staff Working Paper 2021-63 Jonathan Chiu, Mohammad Davoodalhosseini Should a CBDC be more like cash or bank deposits? An interest-bearing, cash-like CBDC not only makes payments more efficient but also increases total demand. This has positive effects on other transactions, inducing more deposit taking and lending and, thus, bank intermediation. Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Monetary policy, Monetary policy framework JEL Code(s): E, E5, E50, E58
November 30, 2021 Research Update - November 2021 This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. Content Type(s): Staff research, Research newsletters
February 22, 2022 Bank of Canada announces 2021-2022 scholarship recipients Media Relations Ottawa, Ontario The Bank of Canada is pleased to announce this year’s recipients of its scholarship awards for students with disabilities, Indigenous students and students who identify as a woman or as a member of a visible minority or racialized group. Content Type(s): Press, Press releases Source(s): Scholarship awards