Bitcoin Awareness and Usage in Canada Staff working paper 2017-56 Christopher Henry, Kim Huynh, Gradon Nicholls There has been tremendous discussion of Bitcoin, digital currencies and FinTech. However, there is limited empirical evidence of Bitcoin’s adoption and usage. We propose a methodology to collect a nationally representative sample using the Bitcoin Omnibus Survey (BTCOS) to track the ubiquity and usage of Bitcoin in Canada. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C12, E, E4 Research Theme(s): Money and payments, Cash and bank notes, Digital assets and fintech
February 5, 2020 Our Economic Destiny: Written in R-stars? Remarks Carolyn A. Wilkins Economic Club of Canada Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins talks about how to navigate slow growth and discusses the types of policies that would help secure long-term prosperity. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economic models, Economy/Economic growth, Inflation targeting framework
September 18, 2017 How Canada’s International Trade is Changing with the Times Remarks Timothy Lane Saskatoon Regional Economic Development Authority Saskatoon, Saskatchewan Deputy Governor Timothy Lane discusses the changing nature of international trade and the factors that are propelling it. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Financial stability, Monetary policy, Economy/Economic growth
Limited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting Staff working paper 2018-61 Gino Cateau, Malik Shukayev This paper studies the cost of limited commitment when a central bank has the discretion to adjust policy whenever the costs of honoring its past commitments become high. Specifically, we consider a central bank that seeks to implement optimal policy in a New Keynesian model by committing to a price-level target path. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E31, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
Early signs of AI-driven adjustments in Canada’s labour market Sparks at Bank article Dany Brouillette, Tatjana Dahlhaus, Gabriela Galassi AI has the potential to reshape the labour market by automating some tasks for many workers. Even though evidence of a significant impact on the labour market remains limited, AI appears to be making it harder for some Canadians to find work in occupations that are most exposed to it. Content Type(s): Staff research, Sparks at Bank article Research Theme(s): Structural challenges, Demographics and labour supply, Digitalization and productivity
Perceived Unemployment Risks over Business Cycles Staff working paper 2025-23 William Du, Adrian Monninger, Xincheng Qiu, Tao Wang Aggregate consumption impacts of heightened job risks during recessions can arise either from ex-ante responses to the fear of unemployment or from ex-post consumption declines due to realized income losses. We use survey-based perceptions of job risk and actual labor market transitions to quantify the relative contributions of these two channels. We further show that belief stickiness limits the extent of ex-ante insurance against job risks. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D14, E, E2, E21, E7, E71, G, G5, G51 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Real economy and forecasting, Structural challenges, Demographics and labour supply
Estimating Systematic Risk Under Extremely Adverse Market Conditions Staff working paper 2016-22 Maarten van Oordt, Chen Zhou This paper considers the problem of estimating a linear model between two heavy-tailed variables if the explanatory variable has an extremely low (or high) value. We propose an estimator for the model coefficient by exploiting the tail dependence between the two variables and prove its asymptotic properties. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C14, G, G0, G01 Research Theme(s): Financial system, Financial stability and systemic risk, Models and tools, Econometric, statistical and computational methods
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. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F3, F4, F5, G, G0, G1 Research Theme(s): Financial system, Financial stability and systemic risk, Financial system regulation and oversight, Monetary policy, Monetary policy framework and transmission, Structural challenges, International trade, finance and competitiveness
Improving the Efficiency of Payments Systems Using Quantum Computing Staff working paper 2022-53 Christopher McMahon, Donald McGillivray, Ajit Desai, Francisco Rivadeneyra, Jean-Paul Lam, Thomas Lo, Danica Marsden, Vladimir Skavysh We develop an algorithm and run it on a hybrid quantum annealing solver to find an ordering of payments that reduces the amount of system liquidity necessary without substantially increasing payment delays. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C61, C63, D, D8, D83, E, E4, E42, E5, E58 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures
The MacroFinancial Risk Assessment Framework (MFRAF), Version 2.0 Technical report No. 111 Jose Fique This report provides a detailed technical description of the updated MacroFinancial Risk Assessment Framework (MFRAF), which replaces the version described in Gauthier, Souissi and Liu (2014) as the Bank of Canada’s stress-testing model for banks with a focus on domestic systemically important banks (D-SIBs). Content Type(s): Staff research, Technical reports JEL Code(s): C, C7, C72, E, E5, E58, G, G0, G01, G2, G21, G28 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk, Financial system regulation and oversight