The (un)demand for money in Canada / by Geoffrey Dunbar and Casey Jones. : FB3-5/2018-20E-PDF
"A novel dataset from the Bank of Canada is used to estimate the deposit functions for banknotes in Canada for three denominations: $1,000, $100 and $50. The broad flavour of the empirical findings is that denominations are different monies, and the structural estimates identify the underlying sources of the non-neutrality. There is evidence of large and significant deposit costs for the highest-value denomination, the $1,000 banknote, but insignificant costs for the $100 and $50 denominations. The results imply that the interest rate elasticity of deposit is positive for the $1,000 but negative for the $100 and the $50. Third, 5 percent of the $1,000, 30 percent of the $100 and 22 percent of the $50 banknotes ever issued by the Bank of Canada do not circulate through financial institutions (in Canada). Finally, we find evidence that the Lehman Brothers crisis increased the deposit probability by a factor of 2–3 for the $1,000 banknote for a majority of the population in Canada"--Abstract, p. ii.
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Ministère/Organisme | Bank of Canada. |
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Titre | The (un)demand for money in Canada / by Geoffrey Dunbar and Casey Jones. |
Titre de la série | Bank of Canada staff working paper, 1701-9397 ; 2018-20 |
Type de publication | Série - Voir l'enregistrement principal |
Langue | [Anglais] |
Format | Électronique |
Document électronique | |
Note(s) | "May 2018." Includes bibliographical references (p. 28-30). Includes abstract in French. |
Information sur la publication | [Ottawa] : Bank of Canada, 2018. |
Auteur / Contributeur | Dunbar, Geoffrey R. Jones, Casey. |
Description | ii, 42 p. : col. charts. |
Numéro de catalogue |
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Descripteurs | Currency Bank deposits Econometrics |
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