COVID-19 and Financial Stability: Practice Ahead of Theory Staff discussion paper 2022-18 Jing Yang, Hélène Desgagnés, Grzegorz Halaj, Yaz Terajima The COVID-19 pandemic uncovered policy challenges related to the economic measures that were taken to support the economy. Two years later, we attempt to identify the broader impact of these measures and research that needs to follow. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E5, E58, E6, E61, G, G2, G21, H, H3, H8, H84 Research Theme(s): Financial system, Financial stability and systemic risk, Financial system regulation and oversight, Household and business credit, Monetary policy, Real economy and forecasting
March 16, 2008 Bank of Canada Review - Spring 2008 Cover Page Canada's First Coinage Photography by Gord Carter, Ottawa. Content Type(s): Publications, Bank of Canada Review
August 19, 2010 Should Monetary Policy Be Used to Counteract Financial Imbalances? Bank of Canada Review - Summer 2010 Jean Boivin, Césaire Meh, Timothy Lane The authors examine whether monetary policy should and could do more to lean against financial imbalances (such as those associated with asset-price bubbles or unsustainable credit expansion) as they are building up, or whether its role should be limited to cleaning up the economic consequences as the imbalances unwind. Content Type(s): Publications, Bank of Canada Review articles
On the Value of Virtual Currencies Staff working paper 2016-42 Wilko Bolt, Maarten van Oordt This paper develops an economic framework to analyze the exchange rate of virtual currency. Three components are important: first, the current use of virtual currency to make payments; second, the decision of forward-looking investors to buy virtual currency (thereby effectively regulating its supply); and third, the elements that jointly drive future consumer adoption and merchant acceptance of virtual currency. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E42, E5, E51, F, F3, F31, G, G1 Research Theme(s): Financial markets and funds management, Market functioning, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
February 1, 2012 Income Trusts: Understanding the Issues Financial System Review - December 2003 Michael R. King Content Type(s): Publications, Financial System Review articles
December 9, 2010 Contingent Capital and Bail-In Debt: Tools for Bank Resolution Financial System Review - December 2010 Chris D'Souza, Liane Orsi, Toni Gravelle, Walter Engert Content Type(s): Publications, Financial System Review articles
The Paul Storer Memorial Lecture—Cross-Border Trade Integration and Monetary Policy Staff discussion paper 2016-20 Stephen S. Poloz In this paper we explore the nexus between cross-border trade integration and monetary policy. We first review the evidence that trade liberalization has increased the degree of integration in North America and conclude that, while robust structural inferences remain elusive, there is sufficient supporting evidence for central banks to treat the issue seriously. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E3, E37, E5, F, F1, F4, F41, F6 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Structural challenges, International trade, finance and competitiveness
Incentive Compatibility on the Blockchain Staff working paper 2018-34 Jonathan Chiu, Thorsten Koeppl A blockchain is a digital ledger that keeps track of a record of ownership without the need for a designated party to update and enforce changes to the record. The updating of the ledger is done directly by the users of the blockchain and is traditionally governed by a proof-of-work (PoW) protocol. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G2, H, H4, P, P4, P43 Research Theme(s): Models and tools, Economic models, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
January 31, 2019 A Look Under the Hood of Canada’s Job Market Remarks Carolyn A. Wilkins Toronto Region Board of Trade Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins discusses developments in the Canadian labour market and factors that may help explain why wage growth is slower than expected. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
June 11, 2009 The Changing Pace of Labour Reallocation in Canada: Causes and Consequences Bank of Canada Review - Summer 2009 Danny Leung, Shutao Cao The number of job gains and losses across firms in Canada each year is roughly one-fifth the total number of jobs and generally occurs within sectors (industries) rather than across sectors. Since labour reallocation within sectors has been strongly related to productivity growth in Canada, defining the key drivers of this type of reallocation is important, given the higher rates of reallocation and productivity growth in the Untied States than in Canada. This article finds that the appreciation of the Canadian dollar and rising commodity prices led to above-average reallocation of labour across sectors over the 2005-08 period, but that the impact on productivity has been minor. Labour reallocation across firms, however, generates substantial labour productivity gains in manufacturing and the business sector as a whole. Content Type(s): Publications, Bank of Canada Review articles