December 13, 2010 Living with Low for Long Remarks Mark Carney Economic Club of Canada Toronto, Ontario Current turbulence in Europe is a reminder that the crisis is not over, but has merely entered a new phase. In a world awash with debt, repairing the balance sheets of banks, households and countries will take years. Content Type(s): Press, Speeches and appearances, Remarks
December 10, 2005 A History of the Canadian Dollar - by James Powell The history of Canada's money provides a unique perspective from which to view the growth and development of the Canadian economy and Canada as a nation. Author James Powell traces the evolution of Canadian money form its pre-colonial origins to the present day, highlighting the currency chaos of the colonial period, as well as the effects of two world wars and the Great Depression. Content Type(s): Publications, Books and monographs, Souvenir books
On the Welfare Effects of Credit Arrangements Staff Working Paper 2012-43 Jonathan Chiu, Mei Dong, Enchuan Shao This paper studies the welfare effects of different credit arrangements and how these effects depend on the trading mechanism and inflation. In a competitive market, a deviation from the Friedman rule is always sub-optimal. Moreover, credit arrangements can be welfare-reducing, because increased consumption by credit users will drive up the price level so that money users have to reduce consumption when facing a binding liquidity restraint. Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Payment clearing and settlement systems JEL Code(s): E, E4, E40, E5, E50
Competing Currencies in the Laboratory Staff Working Paper 2017-53 Janet Hua Jiang, Cathy Zhang We investigate competition between two intrinsically worthless currencies as a result of decentralized interactions between human subjects. We design a laboratory experiment based on a simple two-country, two-currency search model to study factors that affect circulation patterns and equilibrium selection. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): C, C9, C92, D, D8, D83, E, E4, E40
Cyclical Behavior of Debt and Equity Using a Panel of Canadian Firms Staff Working Paper 2007-44 Francisco Covas, Wouter den Haan We document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm-level Canadian data. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles JEL Code(s): E, E3, E32, G, G3, G32
February 15, 2018 Anchoring Expectations: Canada’s Approach to Price Stability Remarks Lawrence L. Schembri Manitoba Association for Business Economists Winnipeg, Manitoba Deputy Governor Lawrence Schembri examines the success of the Bank’s monetary policy framework and explains the review being undertaken before its renewal in 2021. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Credibility, Fiscal policy, Inflation and prices, Inflation targets, Monetary policy framework
A Dynamic Factor Model for Commodity Prices Staff Analytical Note 2017-12 Doga Bilgin, Reinhard Ellwanger In this note, we present the Commodities Factor Model (CFM), a dynamic factor model for a large cross-section of energy and non-energy commodity prices. The model decomposes price changes in commodities into a common “global” component, a “block” component confined to subgroups of economically related commodities and an idiosyncratic price shock component. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Econometric and statistical methods, Recent economic and financial developments JEL Code(s): C, C5, C51, Q, Q0, Q02
Decentralized finance: Innovations and challenges Staff Analytical Note 2023-15 Jonathan Chiu, Hanna Yu Decentralized finance surged in popularity around 2020. We explore its value and limitations and highlight some potential regulatory concerns. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Digital currencies and fintech, Financial stability, Payment clearing and settlement systems JEL Code(s): G, G1, G2
Do High-Frequency Financial Data Help Forecast Oil Prices? The MIDAS Touch at Work Staff Working Paper 2014-11 Christiane Baumeister, Pierre Guérin, Lutz Kilian The substantial variation in the real price of oil since 2003 has renewed interest in the question of how to forecast monthly and quarterly oil prices. There also has been increased interest in the link between financial markets and oil markets, including the question of whether financial market information helps forecast the real price of oil in physical markets. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, International topics JEL Code(s): C, C5, C53, G, G1, G14, Q, Q4, Q43
COVID-19 Hasn’t Killed Merchant Acceptance of Cash: Results from the 2023 Merchant Acceptance Survey Staff Discussion Paper 2024-2 Angelika Welte, Katrina Talavera, Liang Wang, Joy Wu The Bank of Canada’s Merchant Acceptance Survey finds that 96% of small and medium-sized businesses in Canada accepted cash in 2023. Acceptance of debit and credit cards has increased to 89%, and acceptance of digital payments has also increased. However, Canada is far from being a cashless society. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C8, D, D2, D22, E, E4, L, L2