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
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
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
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
Turning Words into Numbers: Measuring News Media Coverage of Shortages Staff Discussion Paper 2023-8 Lin Chen, Stéphanie Houle We develop high-frequency, news-based indicators using natural language processing methods to analyze news media texts. Our indicators track both supply (raw, intermediate and final goods) and labour shortages over time. They also provide weekly time-varying topic narratives about various types of shortages. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Coronavirus disease (COVID-19), Econometric and statistical methods, Monetary policy and uncertainty, Recent economic and financial developments JEL Code(s): C, C5, C55, C8, C82, E, E3, E37
June 17, 2016 Fintech and the Financial Ecosystem: Evolution or Revolution? Remarks Carolyn A. Wilkins Payments Canada Calgary, Alberta Senior Deputy Governor Carolyn Wilkins calls for the public and private sectors to work closely together to realize fintech’s full benefits and minimize its risks. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Digital currencies and fintech, Financial institutions, Financial services, Financial stability, Financial system regulation and policies, Payment clearing and settlement systems
February 1, 2012 Governance and Financial Fragility Financial System Review - December 2003 Michael Francis Content Type(s): Publications, Financial System Review articles
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
Domestic versus External Borrowing and Fiscal Policy in Emerging Markets Staff Working Paper 2007-33 Garima Vasishtha Domestic public debt issued by emerging markets has risen significantly relative to international debt in recent years. Some recent empirical evidence also suggests that sovereigns have defaulted differentially on debt held by domestic and external creditors. Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, International topics JEL Code(s): F, F3, F30, H, H2, H21, H6, H63
Are Counterparty Arrangements in Reinsurance a Threat to Financial Stability? Staff Working Paper 2016-39 Matt Davison, Darrell Leadbetter, Bin Lu, Jane Voll Interconnectedness among insurers and reinsurers at a global level is not well understood and may pose a significant risk to the sector, with implications for the macroeconomy. Models of the complex interactions among reinsurers and with other participants in the financial system and the real economy are at a very early stage of development. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial services, Financial stability, Financial system regulation and policies JEL Code(s): C, C6, C63, G, G1, G10, G15, G18, G2, G22, G28