00000nam 2200000zi 4500 9.888895 CaOODSP 20221107172126 m o d f cr |n||||||||| 200703t20202020onc ob f|0| 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-5/2020-26E-PDF Witmer, Jonathan, 1975- author. Monetary policy implementation and payment system modernization / by Jonathan Witmer. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2020. ©2020 1 online resource (iii, 21 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2020-26 Cover title. "Last updated: June 30, 2020." Includes bibliographical references (page 21). "24/7 payment settlement may impact the demand for central bank reserves and thus could have an effect on monetary policy implementation. Using the standard workhorse model of monetary policy implementation (Poole, 1968), we show that 24/7 payment settlement induces a precautionary demand for central bank balances. Absent any changes or response by the central bank, this will put upward pressure on the overnight interest rate in a standard corridor system of monetary policy implementation. A floor system is much less sensitive to this change, as long as excess balances are large enough"--Abstract. Monetary policy. Politique monétaire. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2020-26. (CaOODSP)9.806221 PDF 414 KB https://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-26-eng.pdf