June 21, 2008 Financial System Review - June 2008 Although there has been some improvement in conditions over the past several weeks, strains in global credit markets have broadened since December.FSR Highlights - June 2008 Errata: Some factual errors in the June report "Bank of Canada Oversight Activities during 2007 under the Payment Clearing and Settlement Act" have been corrected. They concern (i) clarification of the U.S. Federal Reserve as lead overseer of CLS Bank and (ii) the steps taken by CDS on 14 August 2007 to assist issuers and participants holding defaulted ABCP. Content Type(s): Publications, Financial Stability Report
June 24, 2007 Price Formation and Liquidity Provision in the Markets for European and Canadian Government Securities Financial System Review - June 2007 Chris D'Souza, Ingrid Lo, Stephen Sapp Content Type(s): Publications, Financial System Review articles
Grasping De(centralized) Fi(nance) Through the Lens of Economic Theory Staff working paper 2022-43 Jonathan Chiu, Charles M. Kahn, Thorsten Koeppl We analyze the value proposition and limitations of decentralized finance (DeFi). Based on a distributed ledger and smart contracts, DeFi can guarantee the execution of financial contracts, potentially lowering the costs of intermediation and improving financial inclusion. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G2 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures
June 17, 2019 Flexible Exchange Rates, Commodity Prices and Price Stability Remarks Lawrence L. Schembri Economics Society of Northern Alberta (ESNA) Edmonton, Alberta Deputy Governor Lawrence Schembri speaks before the Economics Society of Northern Alberta (ESNA). Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
Technology Adoption in Input-Output Networks Staff working paper 2019-51 Xintong Han, Lei Xu We study how input-output networks affect the speed of technology adoption. In particular, we model the decision to adopt the programming language Python 3 by software packages. Python 3 provides advanced features but is not backward compatible with Python 2, which implies it comes with adoption costs. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C61, L, L2, L23, L8, L86, O, O1, O14, O3, O33 Research Theme(s): Models and tools, Economic models, Structural challenges, Digitalization and productivity
CBDC in the Market for Payments at the Point of Sale: Equilibrium Impact and Incumbent Responses Staff working paper 2024-52 Walter Engert, Oleksandr Shcherbakov, André Stenzel We simulate introducing a central bank digital currency (CBDC) and consider consumer adoption, merchant acceptance and usage at the point of sale. Modest adoption frictions significantly inhibit CBDC market penetration along all three dimensions. Incumbent responses to restore pre-CBDC market shares are moderate to small and further reduce the impact of a CBDC. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C51, D, D1, D12, E, E4, E42, L, L1, L14, L5, L52 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
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 JEL Code(s): D, D8, E, E4, E42, L, L1 Research Theme(s): Financial markets and funds management, Market functioning, Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
How Do Households Respond to Expected Inflation? An Investigation of Transmission Mechanisms Staff working paper 2024-44 Janet Hua Jiang, Rupal Kamdar, Kelin Lu, Daniela Puzzello We conduct surveys to study how consumer spending responds to higher inflation expectations. Most respondents spend the same, sticking to fixed budget plans or not considering inflation for spending decisions. About 20% decrease spending because they feel poorer and cut spending to invest in inflation-proof assets. Very few increase spending. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D15, D8, D84, E, E2, E5, E52, E7 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Real economy and forecasting
Bitcoin Adoption and Beliefs in Canada Staff working paper 2021-60 Daniela Balutel, Christopher Henry, Jorge Vásquez, Marcel Voia Using an economic model as well as survey data from the Bank of Canada, we study what factors influence the adoption of Bitcoin in Canada. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D83, O, O3, O33 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Money and payments, Digital assets and fintech
Assessing global potential output growth: April 2025 Staff analytical note 2025-15 Samuel Boulanger, Raheeb Dastagir, Daniel de Munnik, Eshini Ekanayake, Kun Mo, Walter Muiruri, Faiza Noor, Sabreena Obaid, Louis Poirier This note presents the annual update of Bank of Canada staff estimates for growth in global potential output. These estimates served as key inputs to the analysis supporting the April 2025 Monetary Policy Report. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E1, E2, F, F0, F1, O, O3, O33, O4 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply, Digitalization and productivity, International trade, finance and competitiveness