June 8, 2015 Panel remarks for round table discussion at the 21st Conference of Montréal Remarks Carolyn A. Wilkins 21st Conference of Montréal: International Economic Forum of the Americas Montréal, Quebec Introduction Thank you for the invitation to be here today. I’m honoured to be part of this panel. It’s been more than seven years since the global financial crisis began, and we’re still coping with its aftermath. One of the consequences of the crisis has been a disruption of financial globalization. Global capital flows—to give […] Content Type(s): Press, Speeches and appearances, Remarks
The Effect of Oil Price Shocks on Asset Markets: Evidence from Oil Inventory News Staff working paper 2020-8 Ron Alquist, Reinhard Ellwanger, Jianjian Jin We quantify the reaction of U.S. equity, bond futures, and exchange rate returns to oil price shocks driven by oil inventory news. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D83, E, E4, E44, G, G1, G14, G15, Q, Q4, Q41, Q43 Research Theme(s): Financial markets and funds management, International markets and currencies, Market functioning, Monetary policy, Inflation dynamics and pressures
Net Send Limits in the Lynx Payment System: Usage and Implications Staff discussion paper 2025-13 Virgilio B Pasin, Anna Wyllie We study how participants in the Lynx payment system use the net send limit (NSL) tool to control their intraday payment outflow levels. Our results show that participants typically adopt a “set it and forget it” approach to scheduling NSLs and sometimes have distinct intraday NSL adjustment behaviours. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C1, C10, D, D8, D82, E, E4, E42, E5, E58, G, G2, G21, G4, G41 Research Theme(s): Financial system, Financial institutions and intermediation, Money and payments, Payment and financial market infrastructures
Differentiable, Filter Free Bayesian Estimation of DSGE Models Using Mixture Density Networks Staff working paper 2025-3 Chris Naubert I develop a method for Bayesian estimation of globally solved, non-linear macroeconomic models. The method uses a mixture density network to approximate the initial state distribution. The mixture density network results in more reliable posterior inference compared with the case when the initial states are set to their steady-state values. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C61, C63, E, E3, E37, E4, E47 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models
How Do Agents Form Macroeconomic Expectations? Evidence from Inflation Uncertainty Staff working paper 2024-5 Tao Wang The uncertainty regarding inflation that is observed in density forecasts of households and professionals helps macroeconomists understand the formation mechanism of inflation expectations. Shocks to inflation take time to be perceived by all agents in the economy, and such rigidity is lower in a high-inflation environment. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D84, E, E3, E31, E7, E71 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
Lending Standards, Productivity and Credit Crunches Staff working paper 2019-25 Jonathan Swarbrick We propose a macroeconomic model in which adverse selection in investment drives the amplification of macroeconomic fluctuations, in line with prominent roles played by the credit crunch and collapse of the asset-backed security market in the financial crisis. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E22, E3, E32, E4, E44, G, G0, G01 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Models and tools, Economic models, Monetary policy, Real economy and forecasting
Markov‐Switching Three‐Pass Regression Filter Staff working paper 2017-13 Pierre Guérin, Danilo Leiva-Leon, Massimiliano Marcellino We introduce a new approach for the estimation of high-dimensional factor models with regime-switching factor loadings by extending the linear three-pass regression filter to settings where parameters can vary according to Markov processes. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C22, C23, C5, C53 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Real economy and forecasting
June 21, 2008 Bank of Canada Oversight Activities during 2007 under the Payment Clearing and Settlement Act Financial System Review - June 2008 Walter Engert, Dinah Maclean Content Type(s): Publications, Financial System Review articles
Canadian Financial Stress and Macroeconomic Conditions Staff discussion paper 2020-4 Thibaut Duprey Severe disruptions in the financial markets, as observed during the 2008 global financial crisis or the COVID-19 pandemic, can impair the stability of the entire financial system and worsen macroeconomic downturns. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C3, C32, E, E4, E44, G, G0, G01 Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Real economy and forecasting
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. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D7, D78, O, O3, O38 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments