Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies? Staff working paper 2024-35 Jonathan Chiu, Cyril Monnet This paper explores the implications of introducing digital public and private monies (e.g. tokenized central bank digital currency [CBDC] or tokenized deposits) for stablecoins and illicit crypto transactions. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E50, E58 Research Theme(s): Monetary policy, Monetary policy tools and implementation, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
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. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C9, C92, D, D8, D83, E, E4, E40 Research Theme(s): Financial markets and funds management, International markets and currencies, Models and tools, Economic models, Money and payments, Digital assets and fintech
Borrow Now, Pay Even Later: A Quantitative Analysis of Student Debt Payment Plans Staff working paper 2023-54 Michael Boutros, Nuno Clara, Francisco Gomes We investigate alternative student debt contracts that defer payments and ease the burden of student loans on US households by preserving disposable income early in borrowers’ lives. Our model shows substantial welfare gains from these contracts relative to existing plans and gains similar to the Biden administration's proposals but with a significantly lower cost. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, G, G5, H, H3 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Models and tools, Economic models, Monetary policy, Real economy and forecasting
The contribution of firm profits to the recent rise in inflation Staff analytical note 2023-12 Panagiotis Bouras, Christian Bustamante, Xing Guo, Jacob Short We measure the contribution to inflation from the growth in markups of Canadian firms. The dynamics of inflation and markups suggest that changes in markups could account for less than one-tenth of inflation in 2021. Further, they suggest that peak inflation was driven primarily by changes in the costs of firms. Content Type(s): Staff research, Staff analytical notes JEL Code(s): D, D2, D22, D4, E, E3, E31, L, L1, L11 Research Theme(s): Financial markets and funds management, Market functioning, Monetary policy, Inflation dynamics and pressures
More Money for Some: The Redistributive Effects of Open Market Operations Staff working paper 2021-46 Christian Bustamante I use a search-theoretic model of money to study how open market operations affect the conduct of monetary policy and what this means for households along the wealth distribution. In the model, households vary in the size and composition of their portfolios, which in turn implies that they may be unevenly affected by open market operations. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E3, E32, E5, E52 Research Theme(s): Financial system, Household and business credit, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
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. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, E, E4, E44, E5, E52, E58, G, G0, G01 Research Theme(s): Financial system, Financial stability and systemic risk, Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
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. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F2, F22, J, J6, J61 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
Resolving Failed Banks: Uncertainty, Multiple Bidding & Auction Design Staff working paper 2019-30 Jason Allen, Robert Clark, Brent Hickman, Eric Richert Bank resolution is costly. In the United States, the Federal Deposit Insurance Corporation (FDIC) typically resolves failing banks by auction. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C57, D, D4, D44, G, G2, G21 Research Theme(s): Financial markets and funds management, Market structure, Financial system, Financial stability and systemic risk, Financial system regulation and oversight
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. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E3, E30, E31, F, F1, F10, F13, F14 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Structural challenges, International trade, finance and competitiveness
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. Content Type(s): Publications, Books and monographs, Souvenir books