Monetary Policy Pass-Through with Central Bank Digital Currency Staff working paper 2021-10 Janet Hua Jiang, Yu Zhu Many central banks are considering issuing a central bank digital currency (CBDC). This would introduce a new policy tool—interest on CBDC. We investigate how this new tool would interact with traditional monetary policy tools, such as the interest on central bank reserves. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E50, E52 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Money and payments, Digital assets and fintech
June 14, 2007 Efficiency and Competition in Canadian Banking Bank of Canada Review - Summer 2007 Jason Allen, Walter Engert Allen and Engert report on recent research at the Bank of Canada on various aspects of efficiency in the Canadian banking industry. This research suggests that, overall, Canadian banks appear to be relatively efficient producers of financial services and they do not exercise monopoly or collusive-oligopoly power. The authors note the value of continuing to investigate opportunities to improve efficiency and competition in financial services in Canada. Content Type(s): Publications, Bank of Canada Review articles
June 14, 2007 Bank of Canada Review - Summer 2007 Cover page Decimalization in Great Britain The Victorian florin on the cover is part of the National Currency Collection of the Bank of Canada. Content Type(s): Publications, Bank of Canada Review
CBDC adoption and usage: some insights from field and laboratory experiments Staff analytical note 2020-12 Janet Hua Jiang This note discusses insights from historical launches of new payment methods and related laboratory experiments on the potential adoption and use of a central bank digital currency in the Canadian context. Content Type(s): Staff research, Staff analytical notes JEL Code(s): C, C9, E, E4, E5, E58 Research Theme(s): Money and payments, Digital assets and fintech, Retail payments
Digitalization: Definition and Measurement Staff discussion paper 2023-20 Guyllaume Faucher, Stéphanie Houle This paper provides an overview of digitalization and its economic implications. We assess the scope of digitalization in Canada as well as the challenges related to its measurement. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E0, E01, O, O3, O33, O5, O51 Research Theme(s): Models and tools, Economic models, Structural challenges, Digitalization and productivity
February 24, 2015 Lessons New and Old: Reinventing Central Banking Remarks Stephen S. Poloz Western University President's Lecture London, Ontario Governor Stephen S. Poloz discusses the need to integrate financial stability concerns with inflation control in conducting monetary policy after the financial crisis. Content Type(s): Press, Speeches and appearances, Remarks
The “Too Big to Fail” Subsidy in Canada: Some Estimates Staff working paper 2018-9 Patricia Palhau Mora Implicit government guarantees of banking-sector liabilities reduce market discipline by private sector stakeholders and temper the risk sensitivity of funding costs. This potentially increases the likelihood of bailouts from taxpayers, especially in the absence of effective resolution frameworks. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G13, G2, G21, G28 Research Theme(s): Financial system, Financial stability and systemic risk, Financial system regulation and oversight
January 15, 2008 Bank of Canada Review - Winter 2007-2008 Cover page Roman Antoninianus The coins form part of the National Currency Collection of the Bank of Canada. Photography by Gord Carter, Ottawa. Content Type(s): Publications, Bank of Canada Review
August 18, 2011 Mortgage Debt and Procyclicality in the Housing Market Bank of Canada Review - Summer 2011 Ian Christensen This article focuses on the role that loans backed by housing collateral play in amplifying housing booms and, more generally, procyclicality in the housing market. The author uses a model developed to include borrower and lender households, as well as a housing market, to examine the impact that altering the loan-to-value ratio (either permanently or countercyclically) might have on the volatility of house prices and mortgage debt. Content Type(s): Publications, Bank of Canada Review articles
How Do Central Bank Projections and Forward Guidance Influence Private-Sector Forecasts? Staff working paper 2018-2 Monica Jain, Christopher S. Sutherland We construct a 23-country panel data set to consider the effect of central bank projections and forward guidance on private-sector forecast disagreement. We find that central bank projections and forward guidance matter mainly for private-sector forecast disagreement surrounding upcoming policy rate decisions and matter less for private-sector macroeconomic forecasts. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D83, E, E3, E37, E5, E52, E58 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation, Real economy and forecasting