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2094 Results

Central Bank Liquidity Facilities and Market Making

Staff working paper 2022-9 David Cimon, Adrian Walton
We create a theoretical model of central bank asset purchases. The model helps explain how, in a crisis, these purchases ease pressures on investment dealers.
September 20, 2024

Artificial intelligence, the economy and central banking

Remarks Tiff Macklem National Bureau of Economic Research, Economics of Artificial Intelligence Conference Toronto, Ontario
Bank of Canada Governor Tiff Macklem discusses how artificial intelligence could impact the economy, and outlines some of the implications for monetary policy.

The Impact of Unemployment Insurance and Unsecured Credit on Business Cycles

Staff working paper 2023-22 Michael Irwin
This paper studies how unsecured consumer credit impacts the extent to which unemployment insurance (UI) policies smooth aggregate consumption fluctuations over the business cycle. Using a general equilibrium real business cycle model, I find that unsecured credit amplifies the extent to which UI smooths cyclical consumption fluctuations.
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

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.

Evaluating the portfolio balance effects of the Government of Canada Bond Purchase Program on the Canadian yield curve

Staff analytical note 2024-22 Antonio Diez de los Rios
The Bank of Canada’s Government of Canada Bond Purchase Program, launched in response to the COVID-19 pandemic, lowered the weighted average maturity of the Government of Canada’s debt by approximately 1.4 years. This in turn reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.

On the Nexus of Monetary Policy and Financial Stability: Effectiveness of Macroprudential Tools in Building Resilience and Mitigating Financial Imbalances

Staff discussion paper 2016-11 H. Evren Damar, Miguel Molico
This paper reviews the Canadian and international evidence of the effectiveness of macroprudential policy measures in building resilience and mitigating financial imbalances. The analysis concludes that these measures have broadly achieved their goal of increasing the overall resilience of the financial system to the buildup of imbalances and increasing the financial system’s ability to withstand adverse shocks.
November 17, 2016

Structural Reforms and Economic Growth in Emerging-Market Economies

Growth has slowed in many emerging-market economies (EMEs) since the 2007–09 global financial crisis, reflecting both cyclical and structural factors. In this context, it will be in-creasingly important for EMEs to raise potential growth by maintaining steady progress on structural reforms. How do structural reforms generally support growth? What are the re-form priorities for EMEs over recent history and today? Finally, what will be the impact of planned structural reforms on potential output growth among the world’s larger EMEs? These are some of the questions considered by the authors.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E0, E02, E6, E61, E65, O, O1, O11, O4, O41
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