September 18, 2025 Making change—Accelerating payments innovation Remarks Ron Morrow CPA The One conference Ottawa, Ontario Ron Morrow, Executive Director of Payments, Supervision and Oversight, talks about innovations in the payments ecosystem. He also highlights the Bank’s new role as supervisor of payment service providers. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Digital currency, Financial system, Financial markets, Financial stability, Fintech, Retail payments
November 18, 2002 Promoting Canada's Economic and Financial Welfare Remarks David Dodge Calgary Chamber of Commerce Calgary, Alberta It's been a difficult year for many sectors of the Alberta economy. Certainly, the severe drought hurt many western farmers, and investment in the energy sector was held back by low oil and gas prices. In addition, the slump in the telecom sector has affected Calgary. Content Type(s): Press, Speeches and appearances, Remarks
Understanding DeFi Through the Lens of a Production-Network Model Staff working paper 2023-42 Jonathan Chiu, Thorsten Koeppl, Hanna Yu, Shengxing Zhang We develop a production-network model to capture how decentralized finance (DeFi) has evolved across different sectors of financial services. The model allows us to measure the value added by different DeFi sectors and to study how the connections across the sectors influence token prices. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G2 Research Theme(s): Models and tools, Economic models, Money and payments, Digital assets and fintech
A Tale of Two Countries: Cash Demand in Canada and Sweden Staff discussion paper 2019-7 Walter Engert, Ben Fung, Björn Segendorf Cash use for payments has been steadily decreasing in many countries, including Canada and Sweden. This might suggest an evolution toward a cashless society. But in Canada, cash in circulation relative to GDP has been stable for decades and has even increased in recent years. By contrast, the cash-to-GDP ratio in Sweden has been falling steadily. What has caused this difference? Are there lessons to be learned from comparing the Canadian and Swedish experiences? Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E41, E42, E5 Research Theme(s): Money and payments, Cash and bank notes, Payment and financial market infrastructures, Retail payments
December 10, 2013 The Residential Mortgage Market in Canada: A Primer Financial System Review - December 2013 Allan Crawford, Césaire Meh, Jie Zhou Content Type(s): Publications, Financial System Review articles
The Dynamic Canadian Debt Strategy Model Technical report No. 127 Nicolas Audet, Joe Ning, Adam Epp, Jeffrey Gao We present a dynamic debt strategy model framework designed to assist sovereign debt portfolio managers in choosing an optimal debt issuance strategy. The main innovation of this framework is the introduction of dynamic issuance strategies, which allow issuance decisions to vary over time based on the model’s simulated state variables. Content Type(s): Staff research, Technical reports JEL Code(s): C, C6, C61, G, G1, G11, G17, H, H6, H63, H68 Research Theme(s): Financial markets and funds management, Funds management, Models and tools, Econometric, statistical and computational methods
Online Privacy and Information Disclosure by Consumers Staff working paper 2019-22 Shota Ichihashi A consumer discloses information to a multi-product seller, which learns about the consumer’s preferences, sets prices, and makes product recommendations. While the consumer benefits from accurate product recommendations, the seller may use the information to price discriminate. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D82, D83 Research Theme(s): Financial markets and funds management, Market functioning, Models and tools, Economic models, Structural challenges, Digitalization and productivity
A Review of the Bank of Canada’s Market Operations Related to COVID-19 Staff discussion paper 2023-6 Grahame Johnson This paper reviews the range of extraordinary programs launched by the Bank of Canada in response to the pandemic-related financial market disruption. It provides some recommendations for future interventions to ensure the programs are appropriately structured for the financial and economic stresses they are intended to address. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D4, D47, E, E4, E41, E5, G, G0, G01, G1, G14, G2, G21, G23, H, H1, H12 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy tools and implementation
Measuring the AI Economy Staff working paper 2026-20 Anton Korinek, Patrick McKelvey We construct a macroeconomic estimate of total AI production in the United States, combining inference and R&D/training activities with quality adjustments to account for algorithmic progress. We then develop a nascent framework for "AI GDP" that tracks the AI economy as a coherent whole, complementing traditional national accounts. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C4, C43, E, E0, E01, E2, E22, E3, E31, O, O3, O33, O4, O47 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Real economy and forecasting, Structural challenges, Digitalization and productivity
Cash and COVID-19: The impact of the second wave in Canada Staff discussion paper 2021-12 Heng Chen, Walter Engert, Marie-Hélène Felt, Kim Huynh, Gradon Nicholls, Daneal O’Habib, Julia Zhu The COVID-19 pandemic significantly increased the demand for cash. Cash in circulation increased sharply from March through December 2020, particularly in the early months of this period. Although use of electronic methods of payment also increased significantly, cash use for payments remains high for low-value transactions and among certain demographic groups. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C1, C12, C9, E, E4, O, O5, O54 Research Theme(s): Money and payments, Cash and bank notes, Retail payments