November 1, 2006 Renewal of the Inflation-Control Target (November 2006) Commentary and technical data relating to the 2006 target renewal. Content Type(s): Background materials Research Topic(s): Inflation and prices, Monetary policy
The Federal Reserve's Dual Mandate: A Time-Varying Monetary Policy Priority Index for the United States Staff Working Paper 2006-11 René Lalonde, Nicolas Parent In the United States, the Federal Reserve has a dual mandate of promoting stable inflation and maximum employment. Since the Fed directly controls only one instrument - the federal funds rate - the authors argue that the Fed's priorities continuously alternate between inflation and economic activity. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Monetary policy framework, Monetary policy implementation JEL Code(s): C, C2, C22, C5, C52, E, E5, E52
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
The Role of Card Acceptance in the Transaction Demand for Money Staff Working Paper 2014-44 Kim Huynh, Philipp Schmidt-Dengler, Helmut Stix The use of payment cards, either debit or credit, is becoming more and more widespread in developed economies. Nevertheless, the use of cash remains significant. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods, Financial services JEL Code(s): C, C3, C35, C8, C83, E, E4, E41
Inflation Dynamics and the New Keynesian Phillips Curve: An Identification-Robust Econometric Analysis Staff Working Paper 2005-27 Jean-Marie Dufour, Lynda Khalaf, Maral Kichian The authors use identification-robust methods to assess the empirical adequacy of a New Keynesian Phillips curve (NKPC) equation. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C52, E, E3, E31
A Policy Framework for E-Money: A Report on Bank of Canada Research Staff Discussion Paper 2018-5 Mohammad Davoodalhosseini, Francisco Rivadeneyra We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Digital currencies and fintech, Monetary policy, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E5, E51, E52, E58
January 25, 2012 Bank of Canada Oversight Activities during 2006 under the Payment Clearing and Settlement Act Financial System Review - June 2007 Clyde Goodlet Content Type(s): Publications, Financial System Review articles
On What States Do Prices Depend? Answers from Ecuador Staff Working Paper 2016-43 Craig Benedict, Mario J. Crucini, Anthony Landry In this paper, we argue that differences in the cost structures across sectors play an important role in firms’ decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Monetary policy transmission JEL Code(s): E, E3, E5, F, F3, F33
August 23, 2011 How People Think and How It Matters Remarks Jean Boivin Canadian Association for Business Economics Kingston, Ontario In his speech entitled “How People Think and How it Matters,” delivered to the Canadian Association for Business Economics, Deputy Governor Jean Boivin reviews various ways people form expectations and how these affect monetary policy. Content Type(s): Press, Speeches and appearances, Remarks
Non-Bank Dealing and Liquidity Bifurcation in Fixed-Income Markets Staff Working Paper 2025-2 Michael Brolley, David Cimon We model non-bank entry into fixed-income markets and state-dependent liquidity. Non-bank financial institutions improve liquidity more during normal times than in stress. Banks may become less reliable to marginal clients, exacerbating the difference in liquidity between normal and stressed times. Central bank lending during stress may limit this harmful division. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial institutions, Financial markets, Market structure and pricing JEL Code(s): G, G1, G10, G2, G20, G21, G23, L, L1, L10, L13, L14