central bank seigniorage income. While this scheme may or may not improve efficiency, it can always increase seigniorage …

risks implied by the cross-sectional heterogeneity in bank behavior in short-term lending markets. Strategies in, and … reliance on the payments system as well as special liquidity-supplying tools provided by the central bank seem to be more …

bank issued its own notes. E-money shares many of the characteristics of these bank notes. This paper describes some … lessons relevant to e-money from the U.S. experience with national bank notes. It examines historical evidence on how well the … bank notes - a privately-issued currency system with multiple issuers - functioned with respect to ease of transacting …

In the United States prior to 1863 each bank issued its own distinct notes. E-money shares many of the characteristics … of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes …. It examines historical evidence on how well the bank notes - a privately-issued currency system with multiple issuers …

mid-2000s. The Bank’s estimates of the real neutral policy rate currently stand in the 1 to 2 per cent range, or 3 to 4 …

interest rate will achieve a social optimum and that the central bank has an incentive to achieve it. …

tends to be at the lower end of the six- to eight-quarter range that has characterized the Bank of Canada's policy since the …