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2111 Results

The Relative Benefits and Risks of Stablecoins as a Means of Payment: A Case Study Perspective

Staff discussion paper 2022-21 Annetta Ho, Sriram Darbha, Yuliya Gorelkina, Alejandro García
Our paper contributes to the discussion about the utility of stablecoins for retail payments through an objective, evidence-based approach that compares stablecoins with traditional retail payment methods. The paper also provides insights that could be useful in the design of central bank digital currencies.

Variance Premium, Downside Risk and Expected Stock Returns

We decompose total variance into its bad and good components and measure the premia associated with their fluctuations using stock and option data from a large cross-section of firms.
May 16, 2018

The (Mostly) Long and Short of Potential Output

Remarks Lawrence L. Schembri Ottawa Economics Association and CFA Society Ottawa Ottawa, Ontario
Deputy Governor Lawrence Schembri discusses the importance of potential output to monetary policy, as well as policy challenges and opportunities in a world of low potential output growth.

The Neutral Rate in Canada: 2018 Estimates

Staff analytical note 2018-22 Xin Scott Chen, José Dorich
The neutral nominal policy rate serves as a benchmark for assessing the degree of monetary stimulus and provides a medium- to long-run anchor for the policy rate. Since quantitative measures of the neutral rate are subject to considerable uncertainty, Bank staff rely on four different approaches to estimate the Canadian neutral rate.

House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data

Staff working paper 2022-39 Denis Gorea, Oleksiy Kryvtsov, Marianna Kudlyak
Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response.

Let’s Get Physical: Impacts of Climate Change Physical Risks on Provincial Employment

Staff working paper 2024-32 Thibaut Duprey, Soojin Jo, Geneviève Vallée
We analyze 40 years’ worth of natural disasters using a local projection framework to assess their impact on provincial labour markets in Canada. We find that disasters decrease hours worked within a week and lower wage growth in the medium run. Our study highlights that disasters affect vulnerable workers through the income channel.

Estimating the Portfolio-Balance Effects of the Bank of Canada’s Government of Canada Bond Purchase Program

Staff working paper 2024-34 Antonio Diez de los Rios
Using a novel dynamic portfolio balance model of the yield curve for Government of Canada bonds, I find that the Bank of Canada’s Government of Canada Bond Purchase Program reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.
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