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3045 Results

Estimating and Projecting Potential Output Using Structural VAR Methodology: The Case of the Mexican Economy

Staff Working Paper 1995-2 Alain DeSerres, Alain Guay, Pierre St-Amant
In this paper the authors show how potential output can be estimated and projected through an approach derived from the structural vector autoregression methodology. This approach is applied to the Mexican economy. To identify demand, supply and world oil shocks, the authors assume that demand shocks do not have a permanent effect on output and […]

Drivers of Weak Wage Growth in Advanced Economies

Since the global financial crisis, advanced-economy wage growth has been generally low relative to past recoveries, especially after accounting for the evolution of labour market conditions over this period. This paper investigates a variety of potential explanations for this weakness, drawing on findings from the literature as well as analysis of recent labour market data in advanced economies.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): International topics, Labour markets JEL Code(s): E, E3, E31, F, F0, J, J3

The Role of Public Money in the Digital Age

Staff Discussion Paper 2024-11 Francisco Rivadeneyra, Scott Hendry, Alejandro García
A well-functioning monetary system is characterized by public and private forms of money that exchange at par as value flows freely between them. A relevant retail public money—whether in the form of cash, a central bank digital currency or both—is a necessary component of such a monetary system.

The Impact of Retail Payment Innovations on Cash Usage

Staff Working Paper 2012-14 Ben Fung, Kim Huynh, Leonard Sabetti
Many predict that innovations in retail payment may render cash obsolete. We investigate this possibility in the context of recent payment innovations such as contactless-credit and stored-value cards.

Non-homothetic Preferences and the Demand Channel of Inflation

Staff Working Paper 2025-30 Stephen Murchison
An alternative to the standard CES aggregator, based on non-homothetic household preferences, is proposed. Specifically, the elasticity of substitution between goods declines during periods of strong per-capita consumption and vice versa, giving firms an incentive to adjust their desired markup in response to the state of demand. Empirical evidence favouring a direct role for per-capita consumption demand in inflation determination for Canada is presented.

Portfolio Rebalancing Channel and the Effects of Large-Scale Stock and Bond Purchases

Staff Working Paper 2025-38 Sami Alpanda, Serdar Kabaca
We quantify the effects of large-scale stock purchases by a central bank and compare these to bond purchases. We find that the central bank’s equity purchases would lower the risk and term premiums on stocks and long-term bonds, respectively, and thereby stimulate economic activity.

Payment Habits During COVID-19: Evidence from High-Frequency Transaction Data

Staff Working Paper 2021-43 Tatjana Dahlhaus, Angelika Welte
We examine how consumers have adjusted their payment habits during the COVID-19 pandemic. They seem to perform fewer transactions, spend more in each transaction, use less cash at the point of sale and withdraw cash from ATMs linked to their financial institution more often than from other ATMs.
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