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2172 Results

Three things we learned about the Lynx payment system

Staff analytical note 2023-14 Nikil Chande, Zhentong Lu, Hiru Rodrigo, Phoebe Tian
Canada transitioned to a new wholesale payment system, Lynx, in August 2021. Lynx is based on a real-time settlement model that eliminates credit risk in the system. This model can require more liquidity; however, Lynx’s design allows Canada’s wholesale payments to settle efficiently.

Extreme Downside Risk in Asset Returns

Staff working paper 2019-46 Lerby Ergun
Financial markets can experience sudden and extreme downward movements. Investors are highly concerned about the performance of their assets in such scenarios. Some assets perform badly in a downturn in the market; others have milder reactions.

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.

CBDC and Monetary Sovereignty

Staff analytical note 2020-5 Antonio Diez de los Rios, Yu Zhu
In an increasingly digitalized world, issuers of private digital currency can weaken central banks’ ability to stabilize the economy. By continuing to make central bank money attractive as a payment instrument in a digital world, a central bank digital currency (CDBC) could help to maintain a country’s monetary sovereignty.
May 16, 2016

The Micro and Macro of Downward Nominal Wage Rigidity

The article examines the extent of downward nominal wage rigidity in Canada and its implications for monetary policy. The authors ask whether its existence is a sufficient argument for a higher inflation target if concerns about the effective lower bound are adequately addressed.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E3, E4, E5, J, J2, J23, J3, J30

Assessment of the Effects of Macroprudential Tightening in Canada

Staff analytical note 2016-12 Martin Kuncl
During the period of 2008 to 2012, the rules for government-backed mortgage insurance were tightened on four occasions. In this note, we estimate the effects through a simple econometric exercise using a vector error-correction model (VECM).

Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing

Staff working paper 2018-33 Itay Goldstein, Jonathan Witmer, Jing Yang
Recent research suggests that quantitative easing (QE) may affect a broad range of asset prices through a portfolio balance channel. Using novel security-level holding data of individual US mutual funds, we establish evidence that portfolio rebalancing occurred both within and across funds.

Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers

Staff discussion paper 2019-1 James Chapman, Carolyn A. Wilkins
The market for cryptoassets has exploded in size in the 10 years since bitcoin was launched. The technology underlying cryptoassets, blockchain, has also been held up as a technology that promises to transform entire industries.
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