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3035 Results

Globalization and Inflation: The Role of China

Staff Working Paper 2008-35 Denise Côté, Carlos De Resende
In this paper, we develop a theoretical model which identifies four channels–import prices, competition with domestic suppliers and workers, and commodity prices–through which price- and wage-setting conditions in country j may affect inflation in country i.
Content Type(s): Staff research, Staff working papers Research Topic(s): International topics JEL Code(s): E, E2, E22, E3, E32, E4, E44

Should Central Banks Worry About Nonlinearities of their Large-Scale Macroeconomic Models?

Staff Working Paper 2017-21 Vadym Lepetyuk, Lilia Maliar, Serguei Maliar
How wrong could policymakers be when using linearized solutions to their macroeconomic models instead of nonlinear global solutions?

On the Programmability and Uniformity of Digital Currencies

Staff Working Paper 2025-18 Jonathan Chiu, Cyril Monnet
Central bankers argue that programmable digital currencies may compromise the uniformity of money. We develop a stylized model to examine this argument and the trade-offs involved in circulating programmable money.

Finding a Needle in a Haystack: A Machine Learning Framework for Anomaly Detection in Payment Systems

Staff Working Paper 2024-15 Ajit Desai, Anneke Kosse, Jacob Sharples
Our layered machine learning framework can enhance real-time transaction monitoring in high-value payment systems, which are a central piece of a country’s financial infrastructure. When tested on data from Canadian payment systems, it demonstrated potential for accurately identifying anomalous transactions. This framework could help improve cyber and operational resilience of payment systems.
May 11, 2017

The Life Cycle of Government of Canada Bonds in Core Funding Markets

Data on the use of government securities in the repo, securities lending and cash markets suggest there are bond market clienteles in Canada. Shorter-term bonds are more prevalent in the repo market, while longer-maturity securities are more active in the securities lending market—consistent with the preferred habitat hypothesis. These results could help design better debt-management strategies and more-effective policies to maintain well-functioning financial markets.
Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Debt management, Financial markets JEL Code(s): G, G1, G12, G2, G23

Improving Overnight Loan Identification in Payments Systems

Staff Working Paper 2014-25 Mark Rempel
Information on the allocation and pricing of over-the-counter (OTC) markets is scarce. Furfine (1999) pioneered an algorithm that provides transaction-level data on the OTC interbank lending market.

Foreign Flows and Their Effects on Government of Canada Yields

Foreign investment flows into Government of Canada (GoC) bonds have surged since the financial crisis. Our empirical analysis suggests that foreign flows of $150 billion lowered the 10-year GoC bond yield by 100 basis points between 2009 and 2012.
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