October 29, 2021 Operational details for upcoming secondary market purchases of Government of Canada securities (November 1-12) As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP). Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program
October 25, 2021 CARR Meeting (October 25, 2021) Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
October 7, 2021 Investing in global progress Speech summary Tiff Macklem Council on Foreign Relations Washington, D.C. Governor Tiff Macklem makes the case for greater cooperation to shape a stronger international monetary and financial system. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Development economics, Exchange rate regimes, Financial system regulation and policies, Foreign reserves management, International financial markets, International topics, Trade integration
Covariates Hiding in the Tails Staff Working Paper 2021-45 Milian Bachem, Lerby Ergun, Casper G. de Vries We characterize the bias in cross-sectional Hill estimates caused by common underlying factors and propose two simple-to-implement remedies. To test for the presence, direction and size of the bias, we use monthly US stock returns and annual US Census county population data. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C0, C01, C1, C14, C5, C58
The Financial Origins of Non-fundamental Risk Staff Working Paper 2022-4 Sushant Acharya, Keshav Dogra, Sanjay Singh We explore the idea that the financial sector can be a source of non-fundamental risk to the rest of the economy. We also consider whether policy can be used to reduce this risk—either by increasing the supply of publicly backed safe assets or by reducing the demand for safe assets. Content Type(s): Staff research, Staff working papers Topic(s): Asset pricing, Financial markets, Financial stability JEL Code(s): D, D5, D52, D8, D84, E, E6, E62, G, G1, G10, G12
What Drives Bitcoin Fees? Using Segwit to Assess Bitcoin's Long-Run Sustainability Staff Working Paper 2022-2 Colin Brown, Jonathan Chiu, Thorsten Koeppl We explore what drives transaction fees in the Bitcoin system and consider whether Bitcoin can remain tamper proof in the long run. Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): E, E4, E42, G, G2
January 7, 2022 The Logic Ron Morrow, Executive Director, Retail Payments Supervision Interview with The Logic Content Type(s): Press, Media activities Topic(s): Retail payments supervision
Best Before? Expiring Central Bank Digital Currency and Loss Recovery Staff Working Paper 2021-67 Charles M. Kahn, Maarten van Oordt, Yu Zhu We consider introducing an expiry date for offline digital currency balances. Consumers whose digital cash expired would automatically receive the funds back into their online account. This functionality could increase demand for digital cash, with the time to expiry playing a key role. Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech JEL Code(s): E, E4, E41, E42
December 16, 2021 La Presse Tiff Macklem, Governor of the Bank of Canada Interview with La Presse Content Type(s): Press, Media activities
December 13, 2021 CARR Meeting (December 13, 2021) Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group