November 13, 2014 Bank of Canada Review - Autumn 2014 In this issue, Bank staff discuss recent developments in experimental macroeconomics, research results on price-level and unemployment thresholds in forward guidance, and the spillover effects of quantitative easing in advance economies. Articles also explore the competitiveness strategies of Canadian firms as well as their use of financial derivatives. Content Type(s): Publications, Bank of Canada Review
Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring Staff Working Paper 2007-10 Philipp Maier This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider – a “third party”, such as the IMF – to organise and facilitate debt restructurings. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, International topics JEL Code(s): E, E5, F, F3, N, N1, N2
Banking Crises and Contagion: Empirical Evidence Staff Working Paper 2003-1 Eric Santor Recent events, such as the East Asian, Mexican, Scandinavian, and Argentinian crises, have sparked considerable interest in exploring how shocks experienced by one country can spread vis-à-vis real and nominal links to other countries' banking systems. Given the large costs associated with banking-system failures, both economists and policy-makers are interested in predicting the onset of banking crises and assessing the likelihood of contagion during crisis events. Content Type(s): Staff research, Staff working papers Research Topic(s): International topics JEL Code(s): F, F3, F30, G, G2, G20
Transmission of Cyber Risk Through the Canadian Wholesale Payment System Staff Working Paper 2022-23 Anneke Kosse, Zhentong Lu This paper studies how the impact of a cyber attack that paralyzes one or multiple banks' ability to send payments would transmit to other banks through the Canadian wholesale payment system. Based on historical payment data, we simulate a wide range of scenarios and evaluate the total payment disruption in the system. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability, Payment clearing and settlement systems JEL Code(s): C, C4, C49, E, E4, E42, E47, G, G2, G21
May 25, 2020 Monetary policy in unknowable times Lecture Stephen S. Poloz Eric J. Hanson Memorial Lecture University of Alberta Edmonton, Alberta Governor Stephen S. Poloz discusses the evolution of the way the Bank takes a risk-management approach in the conduct of monetary policy, and what this implies for the recovery from the pandemic. Content Type(s): Press, Speeches and appearances, Lectures Research Topic(s): Coronavirus disease (COVID-19), Financial stability, Inflation targets, Monetary policy, Monetary policy and uncertainty, Monetary policy framework, Monetary policy implementation
March 28, 2011 The “Great” Recession in Canada: Perception vs. Reality Remarks Jean Boivin Montréal CFA Society Montréal, Quebec Barely three years ago, the financial crisis was a source of major concern worldwide. This unprecedented event had serious and costly repercussions, which we continue to feel today. Content Type(s): Press, Speeches and appearances, Remarks
May 11, 2017 The Digital Economy Bank of Canada Review - Spring 2017 Chris D'Souza, David Williams Digital technologies—cloud computing, the Internet of Things, advanced robotics, big data analytics, artificial intelligence and machine learning, social media, 3D printing, augmented reality, virtual reality, e-money and distributed ledgers—are transforming the way busi-nesses operate. How does this transformation compare with past industrial revolutions? How are digital technologies changing production systems across industries? Agile firms that use knowledge intensively and have high levels of both organizational and human capital appear set to realize the greatest benefits from digitalization. Finally, what are the implications for productivity, labour markets, inflation and monetary policy as we transition to the digital economy? Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Firm dynamics, Monetary policy, Productivity JEL Code(s): D, D2, D24, L, L1, L10, O, O1, O3, O33
An Evaluation of Core Inflation Measures Staff Working Paper 2006-10 Jamie Armour The author provides a statistical evaluation of various measures of core inflation for Canada. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices JEL Code(s): E, E3, E31
Canadians’ Access to Cash Before and During the COVID-19 Pandemic Staff Discussion Paper 2022-15 Heng Chen, Marie-Hélène Felt This paper studies Canadians’ access to cash using the geographical distribution of automated banking machines (ABMs). During the pandemic, there have been no sustained adverse effects on cash accessibility. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial services, Regional economic developments JEL Code(s): J, J1, J15, O, O1, R, R5, R51