Recent Evidence on the Resiliency of Flexible Inflation Targeting Staff analytical paper 2026-23 Edoardo Briganti, Wei Dong, Olena Kostyshyna, Soyoung Lee, Florent Samson, Rodrigo Sekkel This paper assesses the resilience of flexible inflation targeting in the presence of large and persistent supply shocks. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E5, E52 Research Theme(s): Monetary policy, Monetary policy framework and transmission
AI Agents for Cash Management in Payment Systems Staff working paper 2025-35 Iñaki Aldasoro, Ajit Desai Can artificial intelligence (AI) think and act like a cash manager? In this paper we explore how generative AI agents can help manage liquidity, prioritize payments and optimize efficiency in real-time gross settlement systems. Content Type(s): Staff research, Staff working papers JEL Code(s): A, A1, A12, C, C7, D, D8, D83, E, E4, E42, E5, E58 Research Theme(s): Financial system, Financial system regulation and oversight, Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Structural challenges, Digitalization and productivity
May 16, 2013 Explaining Canada’s Regional Migration Patterns Bank of Canada Review - Spring 2013 David Amirault, Daniel de Munnik, Sarah Miller Understanding the factors that determine the migration of labour between regions is crucial for assessing the economy’s response to macroeconomic shocks and identifying policies that will encourage an efficient reallocation of labour. By examining the determinants of migration within Canada from 1991 to 2006, this article provides evidence that regional differences in employment rates and household incomes tend to increase labour migration, and that provincial borders and language differences are barriers to migration. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): J, J6, J61, R, R2, R23
August 22, 2009 Some Considerations on Using Monetary Policy to Stabilize Economic Activity Remarks Mark Carney symposium sponsored by the Federal Reserve Bank of Kansas City Jackson Hole, Wyoming Walsh's paper highlights many useful lessons that can be learned from the conventional framework and its various extensions. However, the financial crisis provides a stark and costly reminder of just how incomplete the standard model is. Content Type(s): Press, Speeches and appearances, Remarks
Bitcoin Awareness and Usage in Canada: An Update Staff analytical note 2018-23 Christopher Henry, Kim Huynh, Gradon Nicholls The results of our 2017 Bitcoin Omnibus Survey (December 12 to 15, 2017) when compared with those from 2016 show that Bitcoin “awareness” increased from 64 to 85 per cent, while ownership increased from 2.9 to 5.0 per cent. Most Bitcoin purchasers are using the cryptocurrency as an investment and not as a means of payment for goods or services. Content Type(s): Staff research, Staff analytical notes JEL Code(s): C, C1, C12, E, E4 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Cash and bank notes, Digital assets and fintech
Why Fixed Costs Matter for Proof-of-Work Based Cryptocurrencies Staff working paper 2020-27 Rodney J. Garratt, Maarten van Oordt Can Bitcoin survive? Some say it will become vulnerable to attacks as the rewards for processing Bitcoin transactions continue to decline. The economics of fixed costs suggest the specialized hardware used to mine Bitcoin may be key to its survival. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G10, L, L1, L11 Research Theme(s): Financial markets and funds management, Market functioning, Money and payments, Digital assets and fintech
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. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, E43, E5, E52, G, G1, G12, H, H6, H63 Research Theme(s): Financial markets and funds management, Market functioning, Monetary policy, Monetary policy tools and implementation
Central Bank Digital Currency and Banking Choices Staff working paper 2024-4 Jiaqi Li, Andrew Usher, Yu Zhu To what extent does a central bank digital currency (CBDC) compete with bank deposits? To answer this question, we develop and estimate a structural model where each household chooses which financial institution to deposit their digital money with. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E50, E58 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
Supply Drivers of US Inflation Since the COVID-19 Pandemic Staff working paper 2023-19 Serdar Kabaca, Kerem Tuzcuoglu This paper examines the contribution of several supply factors to US headline inflation since the start of the COVID-19 pandemic. We identify six supply shocks using a structural VAR model: labor supply, labor productivity, global supply chain, oil price, price mark-up and wage mark-up shocks. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, C32, E, E3, E31, E32 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Inflation dynamics and pressures
The Interplay of Financial Education, Financial Literacy, Financial Inclusion and Financial Stability: Any Lessons for the Current Big Tech Era? Staff working paper 2020-32 Nicole Jonker, Anneke Kosse The objective of this paper is twofold. First, we assess whether financial education might be a suitable tool to promote the financial inclusion opportunities that big techs provide. Second, we study how this potential financial inclusion could impact financial stability. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D14, D9, D91, D92, G, G2, G21, G23, O, O1, O16 Research Theme(s): Financial system, Financial stability and systemic risk, Money and payments, Digital assets and fintech