PayTech and the D(ata) N(etwork) A(ctivities) of BigTech Platforms Staff Working Paper 2022-35 Jonathan Chiu, Thorsten Koeppl Why do BigTech platforms introduce payment services? We explore this using a model in which a monopoly platform faces a trade-off between the costs associated with privacy concerns and the revenue from data services. We then analyze the feedback effects between data and payments. Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): D, D8, E, E4, E42, L, L1
E-Money: Efficiency, Stability and Optimal Policy Staff Working Paper 2014-16 Jonathan Chiu, Tsz-Nga Wong What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e-money system necessarily stable? What is the optimal way to design an efficient and stable e-money scheme? Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, L, L5, L51
Anchored Inflation Expectations: What Recent Data Reveal Staff Working Paper 2025-5 Olena Kostyshyna, Isabelle Salle, Hung Truong We analyze micro-level data from the Canadian Survey of Consumer Expectations through the lens of a heterogeneous-expectations model to study how inflation expectations form over the business cycle. We provide new insights into how households form expectations, documenting that forecasting behaviours, attention and noise in beliefs vary across socio-demographic groups and correlate with views about monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices JEL Code(s): D, D8, D84, E, E3, E31, E7, E70
April 9, 2009 Next Steps for Canadian Monetary Policy Bank of Canada Review - Spring 2009 Robert Amano, Thomas J. Carter, Donald Coletti In 2006, the Bank initiated a research program exploring two alternatives to the current inflation-targeting framework: (i) lowering the inflation target and (ii) shifting to a price-level target. This article discusses progress to date, places the Bank's findings in the context of a broader literature, and identifies avenues for future research. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Central bank research, Economic models, Inflation and prices, Inflation targets, Inflation: costs and benefits, Monetary policy framework
May 20, 1996 Monetary Policy Report – May 1996 This Report presents the Bank of Canada’s assessment of the trend of inflation in Canada and explains the monetary policy actions deemed necessary to keep inflation within the Bank’s inflation-control target range. Content Type(s): Publications, Monetary Policy Report
Monetary Policy Committees in Action: Is There Room for Improvement? Staff Working Paper 2007-6 Philipp Maier More than 80 central banks use a committee to take monetary policy decisions. The composition of the committee and the structure of the meeting can affect the quality of the decision making. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Monetary policy framework JEL Code(s): C, C9, C92, D, D7, D70, E, E5, E58
August 23, 2004 The Evolution of Liquidity in the Market for Government of Canada Bonds Bank of Canada Review - Summer 2004 Stacey Anderson, Stéphane Lavoie Using turnover ratios, Anderson and Lavoie describe the recent evolution of liquidity in various secondary government bond markets, focusing specifically on the market for Government of Canada securities. They attribute much of the recent variation in liquidity to such cyclical factors as changes in the interest rate environment and investors' appetite for risk, as well as developments in equity markets in the late 1990s. They also examine longer-term structural and policy-related trends, including the rate of adoption of financial and technological innovations and the level of government borrowing and debt-management initiatives. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Debt management, Financial markets, Recent economic and financial developments
The Syndicated Loan Market: Developments in the North American Context Staff Working Paper 2003-15 Jim Armstrong The author describes the rapid development of the syndicated corporate loan market in the 1990s. He explores the historical forces that led to the development of the contemporary U.S. syndicated loan market, which is effectively a hybrid of the investment banking and commercial banking worlds. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial markets JEL Code(s): G, G1, G10, G2, G21
December 6, 1999 The Canadian economy, productivity, and our standard of living Remarks Gordon Thiessen The Fraser Institute Vancouver, British Columbia Over the past couple of years, there has been considerable debate about productivity and our standard of living in Canada. For the most part, the discussion of these issues has been useful, but at times it has been somewhat confusing. Content Type(s): Press, Speeches and appearances, Remarks
Monetary Shocks in the G-6 Countries: Is There a Puzzle? Staff Working Paper 1997-7 Ben Fung, Marcel Kasumovich This paper attempts to reduce the uncertainty about the dynamics of the monetary transmission mechanism. Central to this attempt is the identification of monetary policy shocks. Recently, VAR approaches that use over-identifying restrictions have shown success in isolating such shocks. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, International topics, Monetary policy transmission JEL Code(s): E, E5, E52, E58