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3045 Results

The Microstructure of Multiple-Dealer Equity and Government Securities Markets: How They Differ

Staff Working Paper 2002-9 Toni Gravelle
Although dealership government and equity securities have, on the surface, similar market structures, the author demonstrates that some subtle differences exist between them that are likely to significantly affect the way market-makers trade, and as such have an impact on the liquidity that they provide.

The Common Component of CPI: An Alternative Measure of Underlying Inflation for Canada

Staff Working Paper 2013-35 Mikael Khan, Louis Morel, Patrick Sabourin
In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly factor model on individual components of the CPI. This measure, labelled the common component of CPI, has intuitive appeal and a number of interesting features.

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 Research Topic(s): Inflation and prices, International topics JEL Code(s): E, E3, E31, E32

Uncertainty and Monetary Policy Experimentation: Empirical Challenges and Insights from Academic Literature

Staff Discussion Paper 2022-9 Matteo Cacciatore, Dmitry Matveev, Rodrigo Sekkel
Central banks face considerable uncertainty when conducting monetary policy. The COVID-19 pandemic brought this issue back to the forefront of policy discussions. We draw from academic literature to review key sources of uncertainty and how they affect the conduct of monetary policy.

Revisiting the Monetary Sovereignty Rationale for CBDCs

Staff Discussion Paper 2021-17 Skylar Brooks
One argument for central bank digital currencies (CBDCs) is that without them, private and foreign digital monies could displace domestic currencies, threatening the central bank’s monetary policy and lender of last resort capabilities. I revisit this monetary sovereignty rationale and offer a wider view—one that considers a broader set of currency functions and captures important cross-country variation.

CBDC and Monetary Policy

Staff Analytical Note 2020-4 Mohammad Davoodalhosseini, Francisco Rivadeneyra, Yu Zhu
Improving the conduct of monetary policy is unlikely to be the main motivation for central banks to issue a central bank digital currency (CBDC). While some argue that a CBDC could allow more complex transfer schemes or the ability to break below the zero lower bound, we find these benefits might be small or difficult to realize in practice.

The Bank of Canada's New Quarterly Projection Model, Part 4. A Semi-Structural Method to Estimate Potential Output: Combining Economic Theory with a Time-Series Filter

Technical Report No. 77 Leo Butler
The level of potential output plays a central role in the Bank of Canada's new Quarterly Projection Model (QPM). This report, the fourth in a series documenting QPM, describes a general method to measure potential output, as well as its implementation in the QPM system.
Content Type(s): Staff research, Technical reports Research Topic(s): Economic models JEL Code(s): C, C5, C51, E, E2, E23
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