The Usage of Security Lending Facilities under Unconventional Monetary Policy: Evidence from Sweden Staff working paper 2026-9 Marianna Blix Grimaldi, Fabienne Schneider, David Vestin 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. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E52, E58, G, G2, G21 Research Theme(s): Financial markets and funds management, Market functioning, Market structure, Financial system, Financial institutions and intermediation, Monetary policy, Monetary policy tools and implementation
The Financial Origins of Non-fundamental Risk Staff working paper 2022-4 Sushant Acharya, Keshav Dogra, Sanjay Singh We explore the idea that the financial sector can be a source of non-fundamental risk to the rest of the economy. We also consider whether policy can be used to reduce this risk—either by increasing the supply of publicly backed safe assets or by reducing the demand for safe assets. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D5, D52, D8, D84, E, E6, E62, G, G1, G10, G12 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk, Household and business credit, Monetary policy, Monetary policy tools and implementation
Crowdfunding and Risk Staff working paper 2023-28 David Cimon Crowdfunding may enable unique products to reach the consumer market. I model a crowdfunding technology that publicly screens consumer demand early in the production process. In this model, entrepreneurs like crowdfunding for risky projects where demand is uncertain, but not for large, safe projects or for projects where production costs are uncertain. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G2, G21, G24, G3, G32 Research Theme(s): Financial system, Financial institutions and intermediation, Household and business credit, Money and payments, Digital assets and fintech
A Portfolio-Balance Model of Inflation and Yield Curve Determination Staff working paper 2020-6 Antonio Diez de los Rios How does the supply of nominal government debt affect the macroeconomy? To answer this question, we propose a portfolio-balance model of the yield curve in which inflation is determined through an interest rate rule. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E43, E5, E52, G, G1, G12, H, H6, H63 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Monetary policy tools and implementation
Survival Analysis of Bank Note Circulation: Fitness, Network Structure and Machine Learning Staff working paper 2020-33 Diego Rojas, Juan Estrada, Kim Huynh, David T. Jacho-Chávez Using the Bank of Canada's Currency Information Management Strategy, we analyze the network structure traced by a bank note’s travel in circulation and find that the denomination of the bank note is important in our potential understanding of the demand and use of cash. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C52, C6, C65, C8, C81, E, E4, E42, E5, E51 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Cash and bank notes
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. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C61, C62, C63, E, E3, E31, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
Identifying Nascent High-Growth Firms Using Machine Learning Staff working paper 2023-53 Stéphanie Houle, Ryan Macdonald Firms that grow rapidly have the potential to usher in new innovations, products or processes (Kogan et al. 2017), become superstar firms (Haltiwanger et al. 2013) and impact the aggregate labour share (Autor et al. 2020; De Loecker et al. 2020). We explore the use of supervised machine learning techniques to identify a population of nascent high-growth firms using Canadian administrative firm-level data. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C55, C8, C81, L, L2, L25 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Structural challenges, Digitalization and productivity
August 15, 2000 Restructuring in the Canadian Economy: A Survey of Firms Bank of Canada Review - Summer 2000 Carolyn Kwan Towards the end of the 1980s and into the early 1990s, the Canadian economy experienced a number of structural changes. These included free trade agreements (both the FTA and NAFTA), significant technological advances, deregulation in many sectors of the economy, the arrival of large, U.S.-based retailers, and the introduction of the GST. Content Type(s): Publications, Bank of Canada Review articles
The Mutable Geography of Firms’ International Trade Staff working paper 2025-11 Lu Han Exporters frequently change their market destinations. This paper introduces a new approach to identifying the drivers of these decisions over time. Analysis of customs data from China and the UK shows most changes are driven by demand rather than supply-related shocks. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F12, F14, L, L1, L11 Research Theme(s): Models and tools, Economic models, Structural challenges, International trade, finance and competitiveness
Partial Identification of Heteroskedastic Structural Vector Autoregressions: Theory and Bayesian Inference Staff working paper 2025-14 Helmut Lütkepohl, Fei Shang, Luis Uzeda, Tomasz Woźniak We consider structural vector autoregressions that are identified through stochastic volatility. Our analysis focuses on whether a particular structural shock can be identified through heteroskedasticity without imposing any sign or exclusion restrictions. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C11, C12, C3, C32, E, E6, E62 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Real economy and forecasting