Bio

Christopher Sutherland is a Principal Researcher in the Monetary Policy and Fiscal Agent Studies Division in the Financial Markets Department at the Bank of Canada. His primary research and policy interest is central bank communication. Specific topics include forward guidance, central bank projections, and monetary policy communication tactics.

Research Field(s): Applied Econometrics Applied Microeconomics Central Bank Communication Monetary Economics Time Series Unconventional Monetary Policy

Staff discussion papers

What Explains Month-End Funding Pressure in Canada?

Staff Discussion Paper 2017-9 Christopher S. Sutherland
The Canadian overnight repo market persistently shows signs of latent funding pressure around month-end periods. Both the overnight repo rate and Bank of Canada liquidity provision tend to rise in these windows. This paper proposes three non-mutually exclusive hypotheses to explain this phenomenon.
Content Type(s): Staff research, Staff discussion papers Topic(s): Financial markets, Interest rates, Monetary policy framework, Monetary policy implementation, Monetary policy transmission JEL Code(s): E, E4, E41, E43, E5, E52, E58, F, F3, F36, G, G1, G14, G15, G2, G21

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Staff working papers

How Do Central Bank Projections and Forward Guidance Influence Private-Sector Forecasts?

Staff Working Paper 2018-2 Monica Jain, Christopher S. Sutherland
We construct a 23-country panel data set to consider the effect of central bank projections and forward guidance on private-sector forecast disagreement. We find that central bank projections and forward guidance matter mainly for private-sector forecast disagreement surrounding upcoming policy rate decisions and matter less for private-sector macroeconomic forecasts.
Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Inflation targets, Monetary policy, Monetary policy communications, Monetary policy transmission JEL Code(s): D, D8, D83, E, E3, E37, E5, E52, E58

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Journal publications

"Forward guidance and expectation formation: A narrative approach". Journal of Applied Econometrics, 38, no. 2 (2023): 222-241.

"How Do Central Bank Projections and Forward Guidance Influence Private-Sector Forecasts?", (with Monica Jain), International Journal of Central Banking (2020).