Non-competing Data Intermediaries Staff Working Paper 2020-28 Shota Ichihashi I study a model of competing data intermediaries (e.g., online platforms and data brokers) that collect personal data from consumers and sell it to downstream firms. Content Type(s): Staff research, Staff working papers Topic(s): Economic models JEL Code(s): D, D4, D42, D43, D8, D80, L, L1, L12
Why Fixed Costs Matter for Proof-of-Work Based Cryptocurrencies Staff Working Paper 2020-27 Rodney J. Garratt, Maarten van Oordt Can Bitcoin survive? Some say it will become vulnerable to attacks as the rewards for processing Bitcoin transactions continue to decline. The economics of fixed costs suggest the specialized hardware used to mine Bitcoin may be key to its survival. Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): G, G1, G10, L, L1, L11
July 6, 2020 A road map to payment systems Paul Miller, Ariel Olivares Your money on the move Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Payment clearing and settlement systems
July 6, 2020 Business Outlook Survey—Summer 2020 Results from the summer Business Outlook Survey suggest that business sentiment is strongly negative in all regions and sectors due to impacts from the COVID 19 pandemic and the drop in oil prices. Firms reported that weak demand is reducing both capacity pressures and expectations for price growth. Content Type(s): Publications, Business Outlook Survey
July 6, 2020 Canadian Survey of Consumer Expectations—Second Quarter of 2020 The Canadian Survey of Consumer Expectations (CSCE) focuses on respondents’ views on inflation, the labour market and household finances. The survey for the second quarter of 2020 was conducted from May 11 to June 1, 2020. Given the ongoing pandemic, in this survey, specific questions were added about the impact on Canadians of COVID‑19 and the measures to contain the spread of the virus. Content Type(s): Publications, Canadian Survey of Consumer Expectations
The potential effect of a central bank digital currency on deposit funding in Canada Staff Analytical Note 2020-15 Alejandro García, Bena Lands, Xuezhi Liu, Joshua Slive A retail central bank digital currency denominated in Canadian dollars could, in theory, create competition for bank deposit funding. Content Type(s): Staff research, Staff analytical notes Topic(s): Digital currencies and fintech, Financial institutions, Financial stability JEL Code(s): E, E4, E41, E44, E5, G, G1, G10, G17, G2, G21, G3, G32, O
COVID-19 and bond market liquidity: alert, isolation and recovery Staff Analytical Note 2020-14 Jean-Sébastien Fontaine, Hayden Ford, Adrian Walton The disruption due to COVID-19 reverberated through the bond markets in three phases. In the first phase, dealers met the rising demand for liquidity. In the second, dealers reduced the supply of liquidity, and trading conditions worsened significantly. Finally, the market returned to relative stability following several interventions by the Bank of Canada. Content Type(s): Staff research, Staff analytical notes Topic(s): Coronavirus disease (COVID-19), Financial markets, Monetary policy JEL Code(s): E, E4
July 3, 2020 Protecting yourself from scams Here’s how to recognize and report a scam. Content Type(s): Press, Announcements
Cash and COVID-19: The impact of the pandemic on demand for and use of cash Staff Discussion Paper 2020-6 Heng Chen, Walter Engert, Kim Huynh, Gradon Nicholls, Mitchell Nicholson, Julia Zhu Consumer spending declined significantly during the recent COVID-19 pandemic. This negative shock likely reduced spending across all methods of payment (cash, debit, credit, etc.). The mix of payment methods consumers use could also be affected. We study how the pandemic has influenced the demand for and use of cash. We also offer insights into the use of other payment methods, such as debit and credit cards. Content Type(s): Staff research, Staff discussion papers Topic(s): Bank notes, Central bank research, Coronavirus disease (COVID-19), Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C1, C12, C9, E, E4, O, O5, O54