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2143 Results

Competing Currencies in the Laboratory

Staff working paper 2017-53 Janet Hua Jiang, Cathy Zhang
We investigate competition between two intrinsically worthless currencies as a result of decentralized interactions between human subjects. We design a laboratory experiment based on a simple two-country, two-currency search model to study factors that affect circulation patterns and equilibrium selection.

Assessing tariff pass-through to consumer prices in Canada: Lessons from 2018

Staff analytical note 2025-18 Alexander Lam
US trade protectionism is making the economic outlook increasingly uncertain. To assess how consumer prices may respond to tariffs, we examine a tariff episode from 2018 using detailed microdata and the synthetic control method.

Managing GDP Tail Risk

Staff working paper 2020-3 Thibaut Duprey, Alexander Ueberfeldt
Models for macroeconomic forecasts do not usually take into account the risk of a crisis—that is, a sudden large decline in gross domestic product (GDP). However, policy-makers worry about such GDP tail risk because of its large social and economic costs.
December 10, 2005

A History of the Canadian Dollar - by James Powell

The history of Canada's money provides a unique perspective from which to view the growth and development of the Canadian economy and Canada as a nation. Author James Powell traces the evolution of Canadian money form its pre-colonial origins to the present day, highlighting the currency chaos of the colonial period, as well as the effects of two world wars and the Great Depression.

The Political Impact of Immigration: Evidence from the United States

Staff working paper 2018-19 Anna Maria Mayda, Giovanni Peri, Walter Steingress
In this paper we study the impact of immigration to the United States on the vote for the Republican Party by analyzing county-level data on election outcomes between 1990 and 2010. Our main contribution is to separate the effect of high-skilled and low-skilled immigrants, by exploiting the different geography and timing of the inflows of these two groups of immigrants.

Estimating Discrete Choice Demand Models with Sparse Market-Product Shocks

Staff working paper 2025-10 Zhentong Lu, Kenichi Shimizu
We propose a novel approach to estimating consumer demand for differentiated products. We eliminate the need for instrumental variables by assuming demand shocks are sparse. Our empirical applications reveal strong evidence of sparsity in real-world datasets.

Demand for Payment Services and Consumer Welfare: The Introduction of a Central Bank Digital Currency

Using a two-stage model, we study the determinants of Canadian consumers’ choices of payment method at the point of sale. We estimate consumer preferences and adoption costs for various combinations of payment methods. We analyze how introducing a central bank digital currency would affect the market equilibrium.

An Optimal Macroprudential Policy Mix for Segmented Credit Markets

Staff working paper 2021-31 Jelena Zivanovic
How can macroprudential policy and monetary policy stabilize segmented credit markets? Is there a trade-off between financial stability and price stability? I use a theoretical model to evaluate the performance of alternative policies and find the optimal mix of macroprudential and monetary policy in response to aggregate shocks.

The aggregate and heterogeneous effects of responding to shelter inflation

Staff analytical paper 2026-5 Michael Irwin, Matías Vieyra
This note examines how monetary policy responses to shelter inflation affect both the overall economy and different households. We find that the aggregate macroeconomic effects of responding to shelter inflation are modest, whereas the redistributive consequences across households are substantially larger.

Anonymous Credentials: Secret-Free and Quantum-Safe

Staff working paper 2023-50 Raza Ali Kazmi, Cyrus Minwalla
An anonymous credential mechanism is a set of protocols that allows users to obtain credentials from an organization and demonstrate ownership of these credentials without compromising users’ privacy. In this work, we construct the first secret-free and quantum-safe credential mechanism.
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