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2126 Results

April 5, 2009

Unexpected Inflation and Redistribution of Wealth in Canada

One of the most important arguments in favour of price stability is that unexpected inflation generates changes in the distribution of income and wealth among different economic agents. These redistributions occur because many loans are specified in fixed dollar terms and unexpected inflation redistributes wealth from creditors to debtors by reducing the real value of nominal assets and liabilities.

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.
May 13, 2014

The Art and Science of Forecasting the Real Price of Oil

Forecasts of the price of crude oil play a significant role in the conduct of monetary policy, especially for commodity producers such as Canada. This article presents a range of recently developed forecasting models that, when pooled together, can generate, on average, more accurate forecasts of the price of oil than the oil futures curve. It also illustrates how policy-makers can evaluate the risks associated with the baseline oil price forecast and how they can determine the causes of past oil price fluctuations.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): C, C5, C53, E, E3, E32, Q, Q4, Q43

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.

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.

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.

Assessing global potential output growth: April 2025

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.
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