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2166 Results

Occasionally Binding Constraints in Large Models: A Review of Solution Methods

Staff discussion paper 2021-5 Jonathan Swarbrick
Solving macroeconomic models is difficult. One challenge is the occasionally binding constraint of the zero lower bound on nominal interest rates. This paper reviews various ways to solve models that include this feature.

Privacy in CBDC technology

Staff analytical note 2020-9 Sriram Darbha, Rakesh Arora
Privacy is a key aspect of a potential central bank digital currency system. We outline different technical choices to enact various privacy models while complying with the appropriate regulations. We develop a framework to evaluate privacy models and list key risks and trade-offs in privacy design.
November 16, 2017

An Update on the Neutral Rate of Interest

The neutral rate serves as a benchmark for measuring monetary stimulus and provides a medium- to long-run anchor for the real policy rate. Global neutral rate estimates have been falling over the past few decades. Factors such as population aging, high corporate savings, and low trend productivity growth are likely to continue supporting a low global neutral rate. These global factors as well as domestic factors are exerting downward pres-sure on the Canadian real neutral rate, which is estimated to be between 0.5 to 1.5 per cent. This low neutral rate has important implications for monetary policy and financial stability.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E4, E43, E5, E52, E58, F, F0, F01, F4, F43, O, O4

The Heterogeneous Effects of COVID-19 on Canadian Household Consumption, Debt and Savings

Staff working paper 2020-51 James (Jim) C. MacGee, Thomas Michael Pugh, Kurt See
The impact of COVID-19 on Canadian households’ debt and unplanned savings varies by household income. Low-income and high-income households accrued unplanned savings, while middle-income households tended to accumulate more debt.

Bank Screening Heterogeneity

Staff working paper 2016-56 Thibaut Duprey
Production efficiency and financial stability do not necessarily go hand in hand. With heterogeneity in banks’ abilities to screen borrowers, the market for loans becomes segmented and a self-competition mechanism arises. When heterogeneity increases, the intensive and extensive margins have opposite effects.
August 4, 2010

Fellowship Award

Annual research grants and expense allowances for a term of up to five years.

An Empirical Analysis of Bill Payment Choices

Staff working paper 2021-23 Anneke Kosse
How do Canadians pay their bills? 2019 survey data collected from over 4,000 Canadian consumers show how people’s bill payment choices vary with consumer characteristics and types of bills. The data also reveal that many consumers feel limited in their choices, which suggests that preferences of billers might play an important role as well.

Macroeconomic Predictions Using Payments Data and Machine Learning

Staff working paper 2022-10 James Chapman, Ajit Desai
We demonstrate the usefulness of payment systems data and machine learning models for macroeconomic predictions and provide a set of econometric tools to overcome associated challenges.

Women in economics: What data from top universities reveal about gender equity

Sparks at Bank article Gabriela Galassi
In the field of economics, on average, women tend to produce fewer research articles and be cited less often than men. But this appears to be changing. A newly compiled dataset about scholars at top universities around the world helps us identify where individual gender gaps exist.
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