A Structural VAR Approach to Core Inflation in Canada Staff Discussion Paper 2008-10 Sylvain Martel The author constructs a measure of core inflation using a structural vector autoregression containing oil-price growth, output growth, and inflation. This "macro-founded" measure of inflation forecasts total inflation at least as well as other, atheoretical measures. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices JEL Code(s): C, C5, C53, E, E3, E31
What Does the Convenience Yield Curve Tell Us about the Crude Oil Market? Staff Working Paper 2014-42 Ron Alquist, Gregory Bauer, Antonio Diez de los Rios Using the prices of crude oil futures contracts, we construct the term structure of crude oil convenience yields out to one-year maturity. The crude oil convenience yield can be interpreted as the interest rate, denominated in barrels of oil, for borrowing a single barrel of oil, and it measures the value of storing crude oil over the borrowing period. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, International topics JEL Code(s): C, C5, C53, G, G1, G12, G13, Q, Q4, Q43
November 15, 2012 The Changing Landscape for Retail Payments in Canada and the Implications for the Demand for Cash Bank of Canada Review - Autumn 2012 Carlos Arango, Kim Huynh, Ben Fung, Gerald Stuber Over the past 20 years, there has been a major shift away from the use of paper-based retail payment instruments, such as cash and cheques, toward electronic means of payment, such as debit cards and credit cards. Recent Bank of Canada research on consumers’ choice of payment instruments indicates that cash is frequently used for transactions with low values because of its speed, ease of use and wide acceptance, while debit and credit cards are more commonly used for transactions with higher values because of perceived attributes such as safety and record keeping. While innovations in retail payments currently being introduced into the Canadian marketplace could lead to a further reduction in the use of cash over the longer term, the implications for the use of cash of some of the structural and regulatory developments under way are less clear. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Bank notes, Econometric and statistical methods, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): C, C8, C83, E, E4, E42, G, G2, G28
Credit Constraints and Consumer Spending Staff Working Paper 2009-25 Kimberly Beaton This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rises) in response to a reduction (increase) in credit availability. Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Domestic demand and components, Recent economic and financial developments JEL Code(s): E, E2, E21, E27, E4, E44, E5, E51, E58
The Commodity-Price Cycle and Regional Economic Performance in Canada Staff Working Paper 1996-12 Mario Lefebvre, Stephen S. Poloz This paper attempts to provide one interpretation of the broad regional economic history of Canada since the early 1970s. As the title of the paper suggests, we believe that, to a significant degree, regional diversity in economic performance reflects movements in Canada's terms of trade, which very frequently are tied to developments in world commodity markets. Content Type(s): Staff research, Staff working papers Research Topic(s): Regional economic developments JEL Code(s): E, E3, E32
2018 Bitcoin Omnibus Survey: Awareness and Usage Staff Discussion Paper 2019-10 Christopher Henry, Kim Huynh, Gradon Nicholls, Mitchell Nicholson The Bank of Canada continues to use the Bitcoin Omnibus Survey (BTCOS) to monitor trends in Canadians’ awareness, ownership and use of Bitcoin. The most recent iteration was conducted in late 2018, following an 85 percent decline in the price of Bitcoin throughout the year. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C1, C12, E, E4, O, O5, O51
June 23, 2005 Understanding the Benefits and Risks of Synthetic Collateralized Debt Obligations Financial System Review - June 2005 Jim Armstrong, John Kiff Content Type(s): Publications, Financial System Review articles
Bond Funds and Fixed-Income Market Liquidity: A Stress-Testing Approach Technical Report No. 115 Rohan Arora, Guillaume Bédard-Pagé, Guillaume Ouellet Leblanc, Ryan Shotlander This report provides a detailed technical description of a stress test model for investment funds called Ceto. Content Type(s): Staff research, Technical reports Research Topic(s): Economic models, Financial institutions, Financial markets, Financial stability JEL Code(s): G, G1, G12, G14, G2, G20, G23
Import Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-Through Staff Working Paper 2008-39 Stephane Dees, Matthias Burgert, Nicolas Parent This paper aims at showing heterogeneity in the degree of exchange rate pass-through to import prices in major advanced economies at three different levels: 1) across destination markets; 2) across types of exporters (distinguishing developed economy from emerging economy exporters); and 3) over time. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Inflation and prices JEL Code(s): E, E3, E31, F, F3, F4, F41
November 18, 2010 Trends in Issuance: Underlying Factors and Implications Bank of Canada Review - Autumn 2010 Jonathan Witmer Trends in debt issuance have changed significantly over the past decade, both prior to the financial crisis and subsequently. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Financial markets, Financial system regulation and policies