February 4, 2021 Monitoring payment deferrals during the COVID-19 pandemic—update, December 2020 Geneviève Vallée During the COVID-19 pandemic, Canada’s financial institutions have allowed households to defer payments on a range of loans. We present updated details of debt payment deferrals by borrowers through to December 2020. Content Type(s): Publications, Financial System Hub articles
February 4, 2021 CORRA Advisory Group Meeting (February 4, 2021) Content Type(s): Meetings Source(s): CORRA Advisory Group
Estimating Policy Functions in Payments Systems Using Reinforcement Learning Staff working paper 2021-7 Pablo S. Castro, Ajit Desai, Han Du, Rodney J. Garratt, Francisco Rivadeneyra We demonstrate the ability of reinforcement learning techniques to estimate the best-response functions of banks participating in high-value payments systems—a real-world strategic game of incomplete information. Content Type(s): Staff research, Staff working papers JEL Code(s): A, A1, A12, C, C7, D, D8, D83, E, E4, E42, E5, E58 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
January 31, 2021 Research Update - January 2021 This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. Content Type(s): Staff research, Research newsletters
Eggs in One Basket: Security and Convenience of Digital Currencies Staff working paper 2021-6 Charles M. Kahn, Francisco Rivadeneyra, Tsz-Nga Wong Digital currencies store balances in anonymous electronic addresses. This paper analyzes the trade-offs between the safety and convenience of aggregating balances in addresses, electronic wallets and banks. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E42, E5, E51, E58 Research Theme(s): Financial system, Financial stability and systemic risk, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
January 26, 2021 CFIF Meeting (January 26, 2021) Content Type(s): Meetings Source(s): Canadian Fixed-Income Forum
(Optimal) Monetary Policy with and without Debt Staff working paper 2021-5 Boris Chafwehé, Rigas Oikonomou, Romanos Priftis, Lukas Vogel How should policy be designed at high debt levels, when fiscal authorities have little room to adjust taxes? Assigning the monetary authority a role in achieving debt sustainability makes it less effective in stabilizing inflation and output. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C11, E, E3, E31, E5, E52, E58, E6, E62 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation, Real economy and forecasting