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 Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): C, C9, E, E4, E5, E58
High-Frequency Real Economic Activity Indicator for Canada Staff Working Paper 2013-42 Gitanjali Kumar I construct a weekly measure of real economic activity in Canada. Based on the work of Aruoba et al. (2009), the indicator is extracted as an unobserved component underlying the co-movement of four monthly observed real macroeconomic variables - employment, manufacturing sales, retail sales and GDP. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C3, C38, E, E3, E32
A Comparison of Alternative Methodologies for Estimating Potential Output and the Output Gap Staff Working Paper 1997-5 Chantal Dupasquier, Alain Guay, Pierre St-Amant In this paper, the authors survey some of the recent techniques proposed in the literature to measure the trend component of output or potential output. Given the reported shortcomings of mechanical filters and univariate approaches to estimate potential output, the paper focusses on three simple multivariate methodologies: the multivariate Beveridge-Nelson methodology (MBN), Cochrane's methodology (CO), and the structural VAR methodology with long-run restrictions applied to output (LRRO). Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C13, C5, C52, E, E5, E52
Competition in Banking: A Review of the Literature Staff Working Paper 2004-24 Carol Ann Northcott The author reviews the theoretical and empirical literature to examine the traditional perception that the following trade-off exists between economic efficiency and stability in the banking system: a competitive banking system is more efficient and therefore important to growth, but market power is necessary for stability in the banking system. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services, Market structure and pricing JEL Code(s): G, G2, G21, G28, L, L1, L11, L12, L13, L16
June 21, 2007 Modelling Payments Systems: A Review of the Literature Financial System Review - June 2007 Jonathan Chiu, Alexandra Lai Content Type(s): Publications, Financial System Review articles
Inventories, Markups, and Real Rigidities in Menu Cost Models Staff Working Paper 2009-6 Oleksiy Kryvtsov, Virgiliu Midrigan Real rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is directly related to that of inventories, data on which is readily available. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Monetary policy transmission JEL Code(s): E, E3, E31, F, F1, F12
On the Advantages of Disaggregated Data: Insights from Forecasting the U.S. Economy in a Data-Rich Environment Staff Working Paper 2010-10 Nikita Perevalov, Philipp Maier The good forecasting performance of factor models has been well documented in the literature. While many studies focus on a very limited set of variables (typically GDP and inflation), this study evaluates forecasting performance at disaggregated levels to examine the source of the improved forecasting accuracy, relative to a simple autoregressive model. We use the latest revision of over 100 U.S. time series over the period 1974-2009 (monthly and quarterly data). Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): C, C5, C50, C53, E, E3, E37, E4, E47
Non-linéarité de la courbe de Phillips : un survol de la littérature Staff Analytical Note 2018-3 Renaud St-Cyr The paper reviews evidence from the economic literature on the nature of the relationship between excess capacity and inflation, better known as the Phillips curve. In particular, we examine the linearity of this relationship. This is an important issue in the current economic context in which advanced economies are approaching or exceed their potential output. Content Type(s): Staff research, Staff analytical notes Topic(s): Inflation and prices, International topics JEL Code(s): E, E3, E31, E32
June 1, 2004 Liquidity in the Market for Government of Canada Bonds: An Empirical Analysis Financial System Review - June 2004 Chris D'Souza Content Type(s): Publications, Financial System Review articles
November 16, 2016 Follow the Money: A Canadian Perspective on Financial Globalization Remarks Timothy Lane Centre for International Governance Innovation (CIGI) Waterloo, Ontario Deputy Governor Timothy Lane discusses the benefits and challenges of international capital mobility. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Balance of payments and components, Exchange rates, Financial markets, International financial markets, Market structure and pricing, Trade integration