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2143 Results

The Usage of Security Lending Facilities under Unconventional Monetary Policy: Evidence from Sweden

This paper examines the interaction between quantitative easing (QE) and the securities lending facility (SLF) using a detailed dataset on Riksbank QE purchases, Swedish DMO SLF transactions and OTC repo deals. A theoretical model further shows how excess demand for assets and search frictions shift the SLF from a backstop to a first-resort tool.

Is a Cashless Society Problematic?

Staff discussion paper 2018-12 Walter Engert, Ben Fung, Scott Hendry
The use of bank notes in Canada for payments has declined consistently for some time, and similar trends are evident in other countries. This has led some observers to predict a cashless society in the future.
February 21, 2025

Tariffs, structural change and monetary policy

Remarks Tiff Macklem Mississauga Board of Trade-Oakville Chamber of Commerce Mississauga, Ontario
Governor Tiff Macklem discusses the potential impact of a trade conflict with the United States. He also launches the review of the Bank’s monetary policy framework.

Monetary Policy Transmission with Endogenous Central Bank Responses in TANK

Staff working paper 2025-21 Lilia Maliar, Chris Naubert
We study how the transmission of monetary policy innovations is affected by the endogenous response of the central bank to macroeconomic aggregates in a two-agent New Keynesian model. We focus on how the stance of monetary policy and the fraction of savers in the economy affect transmission.

Channels of Transmission: How Mortgage Rates Affect House Prices and Rents in Canada

Staff analytical paper 2026-2 Nishaad Rao, Tao Wang
We use Canadian data to examine how monetary policy affects house prices and the consumer price index for rent through exogenous changes in the mortgage interest rates. It finds that the price and rent impacts operate through various channels and that these impacts vary by region.

Monetary Policy Tradeoffs Between Financial Stability and Price Stability

Staff working paper 2016-49 Malik Shukayev, Alexander Ueberfeldt
We analyze the impact of interest rate policy on financial stability in an environment where banks can experience runs on their short-term liabilities, forcing them to sell assets at fire-sale prices.

Are Bank Bailouts Welfare Improving?

Staff working paper 2021-56 Malik Shukayev, Alexander Ueberfeldt
Financial sector bailouts, while potentially beneficial during a crisis, might lead to excessive risk taking if anticipated. Taking expectations and aggregate risk implications into account, we show that bailouts can be welfare improving, but only if capital adequacy constraints are sufficiently tight.

Adverse Selection with Heterogeneously Informed Agents

Staff working paper 2018-7 Mohammad Davoodalhosseini
A model of over-the-counter markets is proposed. Some asset buyers are informed in that they can identify high quality assets. Heterogeneous sellers with private information choose what type of buyers they want to trade with.

Did the Renewable Fuel Standard Shift Market Expectations of the Price of Ethanol?

Staff working paper 2017-35 Christiane Baumeister, Reinhard Ellwanger, Lutz Kilian
It is commonly believed that the response of the price of corn ethanol (and hence of the price of corn) to shifts in biofuel policies operates in part through market expectations and shifts in storage demand, yet to date it has proved difficult to measure these expectations and to empirically evaluate this view.

Technological Progress and Monetary Policy: Managing the Fourth Industrial Revolution

Staff discussion paper 2019-11 Stephen S. Poloz
This paper looks at the implications for monetary policy of the widespread adoption of artificial intelligence and machine learning, which is sometimes called the “fourth industrial revolution.”
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