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
January 23, 2007 Bank of Canada Review - Winter 2006-2007 Cover page French Provincial Issues in Canada The coins pictured on the cover are part of the National Currency Collection, Bank of Canada. Photography by Gord Carter, Ottawa. Content Type(s): Publications, Bank of Canada Review
December 14, 2009 Towards a Stress-Testing Model Consistent with the Macroprudential Approach Financial System Review - December 2009 Céline Gauthier, Alfred Lehar, Moez Souissi Content Type(s): Publications, Financial System Review articles
Estimating the Appropriate Quantity of Settlement Balances in a Floor System Staff discussion paper 2023-26 Narayan Bulusu, Matthew McNeely, Kaetlynd McRae, Jonathan Witmer This paper presents two complementary approaches to estimating the appropriate quantity of settlement balances needed to effectively operate monetary policy under a floor system in Canada. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E41, E42, E5, E52, E58, G, G2, G21, G28 Research Theme(s): Monetary policy, Monetary policy tools and implementation, Money and payments, Payment and financial market infrastructures
January 11, 2009 Bank of Canada Review - Winter 2008-2009 Cover page Chargex The artefacts on the cover are part of the National Currency Collection of the Bank of Canada. Photography by Gord Carter Content Type(s): Publications, Bank of Canada Review
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
November 13, 2014 Recent Developments in Experimental Macroeconomics Bank of Canada Review - Autumn 2014 Robert Amano, Oleksiy Kryvtsov, Luba Petersen This article describes experimental economics, in general, and new developments in experimental macroeconomics, in particular. The approach has a clear niche in providing evidence on economic phenomena that cannot be observed directly or that are difficult to measure. Experimental work conducted by Bank of Canada economists has shed light on a number of issues important to monetary policy, such as the relative efficacy between price-level and inflation targeting, and the nature of inflation expectations formation. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): C, C9, E, E3, E31, E5, E52
June 23, 2005 Efficiency and Economies of Scale of Large Canadian Banks Financial System Review - June 2005 Jason Allen, Ying Liu Content Type(s): Publications, Financial System Review articles
November 15, 2012 Monetary Policy and the Risk-Taking Channel: Insights from the Lending Behaviour of Banks Bank of Canada Review - Autumn 2012 Teodora Paligorova, Jesus Sierra The financial crisis of 2007-09 and the subsequent extended period of historically low real interest rates have revived the question of whether economic agents are willing to take on more risk when interest rates remain low for a prolonged time period. This increased appetite for risk, which causes economic agents to search for investment assets and strategies that generate higher investment returns, has been called the risk-taking channel of monetary policy. Recent academic research on banks suggests that lending policies in times of low interest rates can be consistent with the existence of a risk-taking channel of monetary policy in Europe, South America, the United States and Canada. Specifically, studies find that the terms of loans to risky borrowers become less stringent in periods of low interest rates. This risk-taking channel may amplify the effects of traditional transmission mechanisms, resulting in the creation of excessive credit. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E5, E58, G, G2, G21
June 25, 2005 Changes in the Indicator Properties of Narrow Monetary Aggregates Bank of Canada Review - Summer 2005 Tracy Chan, Ramdane Djoudad, Jackson Loi Although many countries have abandoned monetary targeting in recent decades, monetary aggregates are still useful indicators of future economic activity. Past research has shown that, compared with other monetary aggregates and expressed in real terms, net M1 and gross M1 have traditionally provided superior leading information for output growth. Content Type(s): Publications, Bank of Canada Review articles