Since the advent of standard national accounts data over 60 years ago, economists have traditionally relied on monthly or quarterly data supplied by central statistical agencies for macroeconomic modelling and forecasting. However, technological advances of the past several years have resulted...

We exploit the panel dimension of the Canadian Financial Monitor (CFM) data to estimate the impact of retail payment innovations on cash usage. We estimate a semiparametric panel data model that accounts for unobserved heterogeneity and allows for general forms of non-random attrition. We use...

This paper investigates the impact that the emergence of Automated Funds Transfer (AFT) payments has had on cheque use in Canada. We find that AFT payments have played a role in the declining use of cheques during the past decade. Nevertheless the use of cheques remains moderately high in Canada...

I investigate the impact of contactless credit cards (CTCs) on cash use in Canada, using panel data between 2010 and 2017. I show that ignoring unobserved heterogeneity would lead to overstating the impact of CTCs on cash usage in a linear model. Using finite mixture modelling, I provide...

We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately...

Elektronisches Geld stellt die (vorerst) neueste Innovation im Bereich des Zahlungsverkehrs dar. Inwieweit sich aus seiner Verbreitung Konsequenzen für die Geldpolitik ergeben, hängt nicht zuletzt davon ab, in welchem Umfang elektronisches Geld vom Publikum tatsächlich zu Zahlungszwecken...