Adoption Costs of Financial Innovation: Evidence from Italian ATM Cards Staff working paper 2017-8 Kim Huynh, Philipp Schmidt-Dengler, Gregor W. Smith, Angelika Welte The discrete choice to adopt a financial innovation affects a household’s exposure to inflation and transactions costs. We model this adoption decision as being subject to an unobserved cost. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, C35, D, D1, D14, E, E4, E41 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Cash and bank notes, Digital assets and fintech
August 22, 2012 Globalisation, Financial Stability and Employment Remarks Mark Carney Canadian Auto Workers (CAW) Toronto, Ontario Governor Mark Carney discusses globalization, financial stability and employment. Content Type(s): Press, Speeches and appearances, Remarks
From LVTS to Lynx: Quantitative Assessment of Payment System Transition Staff working paper 2023-24 Ajit Desai, Zhentong Lu, Hiru Rodrigo, Jacob Sharples, Phoebe Tian, Nellie Zhang We quantitatively assess the changes in participants’ payment behaviour from modernizing Canada's high-value payments system to Lynx. Our analysis suggests that Lynx's liquidity-saving mechanism encourages liquidity pooling and early payments submission, resulting in improved efficiency for participants but with slightly increased payment delays. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C10, E, E4, E42, G, G2, G28 Research Theme(s): Money and payments, Payment and financial market infrastructures
Labour Force Participation: A Comparison of the United States and Canada Staff analytical note 2017-9 James Ketcheson, Natalia Kyui, Benoit Vincent This note explores the drivers behind the recent increase in the US participation rate in the labour market and assesses the likelihood of a similar gain in Canada. The growth in the US participation rate has largely been due to a pickup in the participation of prime-age workers following a post-recession decline. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E2, E24, J, J2, J21 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
Potential benefits and key risks of fiat-referenced cryptoassets Staff analytical note 2022-20 Hugh Ding, Natasha Khan, Bena Lands, Cameron MacDonald, Laura Zhao Cryptoassets that reference a national currency (commonly known as stablecoins) aim to peg their value to the reference currency and typically use a reserve of traditional financial assets to maintain the peg. The market value of these fiat-referenced cryptoassets has grown more than thirtyfold between early 2020 and mid-2022. We explore some of their potential benefits and key risks. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, G, G2, G28, L, O, O3 Research Theme(s): Financial system, Financial stability and systemic risk, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
Do Protectionist Trade Policies Integrate Domestic Markets? Evidence from the Canada-U.S. Softwood Lumber Dispute Staff working paper 2020-10 Jinggang Guo, Craig Johnston We consider the effects of protectionist trade policies on international and domestic market integration, using evidence from the long-standing softwood lumber trade dispute between Canada and the United States. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F13, Q, Q1, Q17 Research Theme(s): Financial markets and funds management, Market structure, Structural challenges, International trade, finance and competitiveness
Monetary Policy Transmission amid Demand Reallocations Staff working paper 2024-42 Julien Bengui, Lu Han, Gaelan MacKenzie We analyze the transmission of monetary policy during different phases of a sectoral demand reallocation episode when there are frictions to increasing production in a sector. Monetary policy is more effective in reducing inflation when a larger proportion of sectors are expanding or expect to expand in the near future. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E1, E12, E2, E24, E3, E31, E5, E52 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Real economy and forecasting
Evaluating Real GDP Growth Forecasts in the Bank of Canada Monetary Policy Report Staff analytical note 2017-21 André Binette, Dmitri Tchebotarev This paper examines the quality of projections of real GDP growth taken from the Bank of Canada Monetary Policy Report (MPR) since they were first published in 1997. Over the last decade, it has become common practice among the central banking community to discuss forecast performance publicly. Content Type(s): Staff research, Staff analytical notes JEL Code(s): C, C5, C52, E, E3, E32, E37, E5, E52 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Real economy and forecasting
Assessing the Business Outlook Survey Indicator Using Real-Time Data Staff discussion paper 2017-5 Lise Pichette, Marie-Noëlle Robitaille Every quarter, the Bank of Canada conducts quarterly consultations with businesses across Canada, referred to as the Business Outlook Survey (BOS). A principal-component analysis conducted by Pichette and Rennison (2011) led to the development of the BOS indicator, which summarizes survey results and is used by the Bank as a gauge of overall business sentiment. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C5, C53, C8, C82, E, E3, E37 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Real economy and forecasting
Information Contagion and Systemic Risk Staff working paper 2017-29 Co-Pierre Georg, Toni Ahnert We examine the effect of ex-post information contagion on the ex-ante level of systemic risk defined as the probability of joint bank default. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G0, G01, G1, G11, G2, G21 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk