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August 25, 2020

Perceived inflation and reality: understanding the difference

Remarks (delivered virtually) Lawrence L. Schembri Canadian Association for Business Economics Kingston, Ontario
In a virtual address to the Canadian Association for Business Economics, Deputy Governor Lawrence Schembri discusses the difference between how Canadians perceive inflation and the actual measured rate. He explains why that gap may exist and what it could mean for monetary policy and the economy.

From Micro to Macro Hysteresis: Long-Run Effects of Monetary Policy

Staff working paper 2024-39 Felipe Alves, Giovanni L. Violante
We explore the long-run effects of a monetary policy shock in a Heterogeneous Agent New Keynesian model built on the micro evidence that job losses lead to persistently lower individual earnings through a combination of skill decay and abandonment of the labour force.

COVID-19 and Implications for Automation

Staff working paper 2021-25 Alex Chernoff, Casey Warman
Occupations held by females with mid-level education face the highest risk of accelerated automation as a result of the COVID-19 pandemic.

Sources of Borrowing and Fiscal Multipliers

Staff working paper 2018-32 Romanos Priftis, Srecko Zimic
This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents).

The Government of Canada Debt Securities Data Set

We present the daily time series of the outstanding amounts of all Government of Canada marketable debt securities from July 2001 to June 2017.

Policy Rules for Capital Controls

Staff working paper 2017-42 Gurnain Pasricha
This paper attempts to borrow the tradition of estimating policy reaction functions in monetary policy literature and apply it to capital controls policy literature. Using a novel weekly dataset on capital controls policy actions in 21 emerging economies over the period 1 January 2001 to 31 December 2015, I examine the mercantilist and macroprudential motivations for capital control policies.

Security and convenience of a central bank digital currency

Staff analytical note 2020-21 Charles M. Kahn, Francisco Rivadeneyra
An anonymous token-based central bank digital currency (CBDC) would pose certain security risks to users. These risks arise from how balances are aggregated, from their transactional use and from the competition between suppliers of aggregation solutions.
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