Should the Central Bank Issue E-money? Staff Working Paper 2018-58 Charles M. Kahn, Francisco Rivadeneyra, Tsz-Nga Wong Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Financial services, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E51, E58
Understanding Productivity: A Review of Recent Technical Research Staff Discussion Paper 2008-3 Richard Dion, Robert Fay The authors provide an extensive review of the rapidly expanding research on productivity, both at the macro and micro levels. They focus primarily on papers written about Canada, but also draw on selected studies from other countries, especially the United States, where such work sheds important light on particular aspects of productivity growth. The authors […] Content Type(s): Staff research, Staff discussion papers Research Topic(s): Productivity JEL Code(s): D, D2, D24, O, O3, O31, O4, O40, O47
The Institutional and Political Determinants of Fiscal Adjustment Staff Working Paper 2006-1 Robert Lavigne The author empirically assesses the effects of institutional and political factors on the need and willingness of governments to make large fiscal adjustments. Content Type(s): Staff research, Staff working papers Research Topic(s): Development economics, Econometric and statistical methods, Fiscal policy, International topics JEL Code(s): E, E6, E62, O, O1, O17, O19
December 27, 2005 Analyzing the Evolution of Financial Instability Risk Financial System Review - December 2005 Céline Gauthier, Pierre St-Amant Content Type(s): Publications, Financial System Review articles
May 11, 2017 Unconventional Monetary Policy: The Perspective of a Small Open Economy Bank of Canada Review - Spring 2017 Jean-Sébastien Fontaine, Lena Suchanek, Jing Yang How do unconventional monetary policies like quantitative easing and negative interest rates affect domestic financial conditions and the broader economy in small open econo-mies, such as Canada? These policies are effective in depreciating the exchange rate in small open economies, while lower interest rates are also passed through to the economy, albeit only partially. When conventional monetary policy is close to its limits, fiscal policy may be a more important complement to monetary policy in a small economy, particularly if global demand for safe assets compresses long-term interest rates. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Interest rates, Monetary policy framework, Monetary policy implementation, Monetary policy transmission JEL Code(s): E, E5, E52, E58, E6, E61, E65
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
Explaining and Forecasting Inflation in Emerging Markets: The Case of Mexico Staff Working Paper 2003-17 Jeannine Bailliu, Daniel Garcés, Mark Kruger, Miguel Messmacher The authors apply existing inflation models that have worked well in industrialized countries to Mexico, an emerging market that has recently moved to adopt an inflation-targeting framework for monetary policy. They compare the performance of these models with a mark-up model that has been used extensively to analyze inflation in Mexico. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, International topics JEL Code(s): E, E3, E31, E37
November 26, 2024 Sticking the landing: Keeping inflation at 2% Remarks Rhys R. Mendes Greater Charlottetown Area Chamber of Commerce Charlottetown, Prince Edward Island Deputy Governor Rhys Mendes discusses how monetary policy worked to bring inflation back down to target and why the Bank wants inflation to stay close to 2%. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Credibility, Expectations, Inflation and prices, Inflation targets, Interest rates, Monetary policy, Monetary policy communications, Price stability
February 17, 2011 Bank of Canada Review - Winter 2010-2011 This issue features a summary of the Bank’s annual conference, which this year dealt with financial globalization, and three articles that present research by Bank staff on Canada’s mortgage market, the role of adverse selection in financial crises, and payment networks. 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