December 14, 2009 Financial System Review - December 2009 Conditions in the international financial system have improved considerably since June in response to the forceful actions taken by policy-makers around the world.FSR Highlights - December 2009 Content Type(s): Publications, Financial Stability Report
Labor Market Shocks and Monetary Policy Staff Working Paper 2023-52 Serdar Birinci, Fatih Karahan, Yusuf Mercan, Kurt See We develop a heterogeneous-agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the positive and normative implications of employer-to-employer transitions for inflation. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Inflation and prices, Labour markets, Monetary policy JEL Code(s): E, E1, E12, E2, E24, E5, E52, J, J3, J31, J6, J62, J64
A Financial Stability Analysis of Zombie Firms in Canada Staff Analytical Note 2020-3 Timothy Grieder, Juan Ortega We measure the prevalence of zombie firms in Canada and assess how they could potentially affect the financial system. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Credit and credit aggregates, Financial stability, Sectoral balance sheet JEL Code(s): G, G3, G32
November 21, 2004 Summary of the G-20 Workshop on Developing Strong Domestic Financial Markets, 26-27 April 2004 Bank of Canada Review - Autumn 2004 Joerg Stephan, James Powell, Robert Lafrance, James Haley G-20 representatives, academics, market participants, and members of international financial institutions were brought together in Ottawa to explore the connection between robust financial markets and economic growth and development, share experiences, and to develop policy recommendations, where possible. Participants identified several areas they deemed critical for fostering strong domestic financial markets and reducing external vulnerability: sound macroeconomics policies, strengthened financial infrastructures and banking systems, and exchange rate flexibility for countries with widely open capital accounts. Papers presented in the six sessions and keynote address highlighted a number of issues, including currency mismatches, the sequence of financial liberalization and supervisory reforms, the development of local financial markets, infrastructure building and governance, and appropriate incentives. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Development economics, Financial institutions, International topics
Debt-Relief Programs and Money Left on the Table: Evidence from Canada's Response to COVID-19 Staff Working Paper 2021-13 Jason Allen, Robert Clark, Shaoteng Li, Nicolas Vincent During the COVID-19 pandemic, Canadian financial institutions offered debt-relief programs to help borrowers cope with job losses and economic insecurity. We consider the low take-up rates for these programs and suggest that to be effective, such programs must be visible and easy to use. Content Type(s): Staff research, Staff working papers Research Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Debt management JEL Code(s): G, G3, G31, H, H5
Cashless Bank Branches in Canada Staff Analytical Note 2019-29 Walter Engert, Ben Fung Cashless or tellerless bank branches have proliferated in several countries in recent years. In a cashless bank branch, teller or counter services such as cash withdrawals, deposits and cheque-cashing are not available. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Bank notes, Digital currencies and fintech, Financial services JEL Code(s): E, E4, E41, E42, E5, E51
What Fed Funds Futures Tell Us About Monetary Policy Uncertainty Staff Working Paper 2016-61 Jean-Sébastien Fontaine The uncertainty around future changes to the Federal Reserve target rate varies over time. In our results, the main driver of uncertainty is a “path” factor signaling information about future policy actions, which is filtered from federal funds futures data. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Financial markets, Interest rates JEL Code(s): E, E4, E43, E44, E47, G, G1, G12, G13
A Stochastic Volatility Model with Conditional Skewness Staff Working Paper 2011-20 Bruno Feunou, Roméo Tedongap We develop a discrete-time affine stochastic volatility model with time-varying conditional skewness (SVS). Importantly, we disentangle the dynamics of conditional volatility and conditional skewness in a coherent way. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Econometric and statistical methods JEL Code(s): C, C1, C5, G, G1, G12
Cash and COVID-19: What happened in 2021 Staff Discussion Paper 2022-8 Heng Chen, Walter Engert, Kim Huynh, Daneal O’Habib, Joy Wu, Julia Zhu Using data from the Bank Note Distribution System and consumer surveys, we find that bank notes in circulation remained high through 2021. Canadians continued to rely on electronic methods of payment, but a significant share also continued using cash for payments. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Central bank research, Coronavirus disease (COVID-19), Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C1, C12, C9, E, E4, O, O5, O54
Analyzing Default Risk and Liquidity Demand during a Financial Crisis: The Case of Canada Staff Working Paper 2011-17 Jason Allen, Ali Hortaçsu, Jakub Kastl This paper explores the reliability of using prices of credit default swap contracts (CDS) as indicators of default probabilities during the 2007/2008 financial crisis. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial markets, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, G, G0, G01, G2, G28