We find that Segwit reduced fee revenue by about 70%. Fee revenue is maximized at a block size of about 0.6 megabytes when Segwit adoption remains at current levels. In addition, large sustained price increases are required to keep mining rewards constant in the long run.

The paper is available as a PDF:
https://www.bankofcanada.ca/wp-content/uploads/2022/01/swp2022-2.pdf

Is it just me or is the article completely confusing correlation and causation of segwit adoption? It also seems to be setting fiat price of BTC at current levels as a constant.

tl;dr: BOC predicts bitcoin's market cap in year 2040 to be about $30T, but only as long as security budget doesn't increase.

so the canadian central bank wrote a whole ass paper on the effect of segwit on Bitcoin fees (!?)

https://www.bankofcanada.ca/2022/01/staff-working-paper-2022-2/

this directly relates to a discussion @Truthcoin and I recently had about the convexity of fees relative to block space, and whether you can strategically curtail block space to target higher fee revenue.

https://onthebrink-podcast.com/drivechains