Market structure of cryptoasset exchanges: Introduction, challenges and emerging trends Staff analytical note 2024-2 Vladimir Skavysh, Jacob Sharples, Sofia Priazhkina, Salman H. Hasham This paper provides an overview of cryptoasset exchanges. We contrast their design with exchanges in traditional financial markets and discuss emerging regulatory trends and innovations aimed at solving the problems cryptoasset exchanges face. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G1, G15, L, L1 Research Theme(s): Financial markets and funds management, Market structure, Money and payments, Digital assets and fintech
July 21, 2010 Why Monetary Policy Matters: A Canadian Perspective This paper provides a non-technical introduction to monetary policy - what it is, how it works, and why it matters. It discusses inflation volatility and why this is damaging to the economy, as well as why increased stability of output growth is desirable. Content Type(s): Publications, Books and monographs
October 20, 2006 MUSE: The Bank of Canada's New Projection Model of the U.S. Economy Bank of Canada Review - Autumn 2006 Marc-André Gosselin, René Lalonde, Nicolas Parent Staff projections provided for the Bank of Canada's monetary policy decision process take into account the integration of Canada's very open economy within the global economy, as well as its close real and financial linkages with the United States. To provide inputs for this projection, the Bank has developed several models, including MUSE, NEUQ (the New European Quarterly Model), and BoC-GEM (Bank of Canada Global Economy Model), to analyze and forecast economic developments in the rest of the world. The authors focus on MUSE, the model currently used to describe interaction among the principal U.S. economic variables, including gross domestic product, inflation, interest rates, and the exchange rate. Brief descriptions are also provided of NEUQ and BoC-GEM. Content Type(s): Publications, Bank of Canada Review articles
Gazing at r-star: A Hysteresis Perspective Staff working paper 2023-5 Paul Beaudry, Katya Kartashova, Césaire Meh Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to show that the major change driving household asset demand over this period is instead an increased desire—for a given age and income level—to hold assets. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E3, E31, E4, E43, E5, E52, E58, E6, E62, G, G5, G51, H, H6 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
Firm Heterogeneity, Technological Adoption, and Urbanization: Theory and Measurement Staff working paper 2017-27 Alex Chernoff This paper develops a model of firm heterogeneity, technological adoption, and urbanization. In the model, welfare is measured by household real income, and urbanization is measured by population density. I use the model to derive statistics that measure the effect of a new technology on productivity, welfare, and urbanization. Content Type(s): Staff research, Staff working papers JEL Code(s): N, N6, N61, O, O1, O14, R, R1, R13 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Digitalization and productivity
On the Programmability and Uniformity of Digital Currencies Staff working paper 2025-18 Jonathan Chiu, Cyril Monnet Central bankers argue that programmable digital currencies may compromise the uniformity of money. We develop a stylized model to examine this argument and the trade-offs involved in circulating programmable money. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E50, E58 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures
The Productivity Slowdown in Canada: An ICT Phenomenon? Staff working paper 2019-2 Jeffrey Mollins, Pierre St-Amant We ask whether a weaker contribution of information and communication technologies (ICT) to productivity growth could account for the productivity slowdown observed in Canada since the early 2000s. To answer this question, we consider several methods capturing channels through which ICT could affect aggregate productivity growth. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D2, D24, O, O4, O41, O47 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Digitalization and productivity
October 26, 2018 Staff economic projections These forecasts are provided to Governing Council in preparation for monetary policy decisions. They are released once a year with a five-year lag.
A Macroeconomic Model of an Epidemic with Silent Transmission and Endogenous Self-isolation Staff working paper 2020-50 Antonio Diez de los Rios We study the interaction between epidemics and economic decisions in a model that has silent transmission of the virus. We find that rational behaviour strongly diminishes the severity of the epidemic but worsens the economic recession. We also find that the detection and isolation of not only symptomatic individuals but also those who are infected and asymptomatic or mildly symptomatic can reduce the severity of the recession caused by the pandemic. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E1, H, H0, I, I1 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, Demographics and labour supply
What Drives Interbank Loans? Evidence from Canada Staff working paper 2018-5 Narayan Bulusu, Pierre Guérin We identify the drivers of unsecured and collateralized loan volumes, rates and haircuts in Canada using the Bayesian model averaging approach to deal with model uncertainty. Our results suggest that the key friction driving behaviour in this market is the collateral reallocation cost faced by borrowers. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C55, E, E4, E43, G, G2, G23 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Monetary policy, Monetary policy framework and transmission