Payments on Digital Platforms: Resiliency, Interoperability and Welfare Staff Working Paper 2021-19 Jonathan Chiu, Tsz-Nga Wong This paper studies the business model choice between running a cash platform and a token platform, as well as its welfare and policy implications. Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Monetary policy, Payment clearing and settlement systems JEL Code(s): E, E4, E5, L, L5
May 17, 2012 Bank of Canada Review - Spring 2012 This issue features a summary of the Bank’s annual conference, which took place in November 2011 and dealt with payments systems, and two articles that present research by Bank staff on global current account imbalances and macrofinancial risk assessment. The fourth article in this issue reviews the recent experience with inflation targeting. Content Type(s): Publications, Bank of Canada Review
April 9, 2009 Bank of Canada Review - Spring 2009 Examination of progress in the Bank’s exploration of two alternatives to the current inflation-targeting framework: (i) lowering the inflation target and (ii) shifting to a price-level target; a review of arguments for and against price-level targeting, focusing on its costs and benefits compared with inflation targeting; assessing the merits of price-level targeting vis-à-vis inflation targeting from a debt-revaluation perspective; quantifying redistribution of wealth in Canada in the face of unexpected inflation. Content Type(s): Publications, Bank of Canada Review
Learning-by-Doing or Habit Formation? Staff Working Paper 2005-15 Hafedh Bouakez, Takashi Kano In a recent paper, Chang, Gomes, and Schorfheide (2002) extend the standard real business cycle (RBC) model to allow for a learning-by-doing (LBD) mechanism whereby current labour supply affects future productivity. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Economic models, Labour markets JEL Code(s): C, C5, C52, E, E3, E32, J, J2, J22
December 21, 2006 Credit in a Tiered Payments System Financial System Review - December 2006 Alexandra Lai, Nikil Chande, Sean O'Connor Content Type(s): Publications, Financial System Review articles
Exchange Rate Pass-Through and the Inflation Environment in Industrialized Countries: An Empirical Investigation Staff Working Paper 2004-21 Jeannine Bailliu, Eiji Fujii This paper investigates the question of whether a transition to a low-inflation environment, induced by a shift in monetary policy, results in a decline in the degree of pass-through of exchange rate movements to consumer prices. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Inflation and prices, International topics JEL Code(s): E, E3, E31, E4, E42, F, F3, F31
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 Research Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E5, E50, E58
May 16, 2016 The Micro and Macro of Downward Nominal Wage Rigidity Bank of Canada Review - Spring 2016 Robert Amano, Dany Brouillette, Stefano Gnocchi, Natalia Kyui 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 Research Topic(s): Inflation and prices, Inflation targets, Labour markets, Monetary policy framework JEL Code(s): E, E3, E4, E5, J, J2, J23, J3, J30
Inflation Changes, Yield Spreads, and Threshold Effects Staff Working Paper 2002-40 Greg Tkacz Using interest rate yield spreads to explain changes in inflation, we investigate whether such relationships can be modelled using two-regime threshold models. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Interest rates JEL Code(s): C, C5, C51, E, E3, E31