Gino Cateau

Senior Policy Director

Gino Cateau is a Senior Policy Director of the International Economic Analysis Department. His primary research interest centers on the optimal design of monetary policy frameworks. He has worked extensively on the implications of uncertainty on decision making, on the design of robust policy frameworks and the implications of financial stability concerns for monetary policy. Gino holds a PhD in Economics from the University of Chicago.


Gino Cateau

Senior Policy Director
International Economic Analysis
Strategic Leadership and Support

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Curriculum vitae


15 December 2015 Indebted Households and Potential Vulnerabilities for the Canadian Financial System: A Microdata Analysis

Over the past decade, an increasing proportion of households in Canada have become highly indebted relative to their income. These highly indebted households now hold one-fifth of total Canadian household debt.Simulations suggest that this greater degree of household indebtedness could exacerbate the impact of shocks to income and interest rates relative to the pre-crisis period. However, an assessment of the vulnerability of the Canadian financial system should, among other factors, account for the ability of Canadian financial institutions to withstand losses from the household sector.

A Policy Model to Analyze Macroprudential Regulations and Monetary Policy

Staff Working Paper 2014-6 Sami Alpanda, Gino Cateau, Césaire Meh
We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features.

9 March 2010 Monetary Policy Rules in an Uncertain Environment

This article examines recent research on the influence of various forms of economic uncertainty on the performance of different classes of monetary policy rules: from simple rules to fully optimal monetary policy under commitment. The authors explain why uncertainty matters in the design of monetary policy rules and provide quantitative examples from the recent literature. They also present results for several policy rules in ToTEM, the Bank of Canada's main model for projection and analysis, including rules that respond to price level, rather than to inflation.

Adopting Price-Level Targeting under Imperfect Credibility in ToTEM

Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period.

Optimal Policy under Commitment and Price Level Stationarity

Staff Working Paper 2009-8 Gino Cateau
This paper proposes a simple analytical method to determine the stationarity of an unnormalized variable from the solution to a normalized model i.e. a model whose variables must be expressed in relative terms or must be differenced for a solution to exist.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Monetary policy framework JEL Code(s): E, E5, E52, E58

See More



  • "Price-level versus Inflation Targeting under Model Uncertainty"
    Canadian Journal of Economics, vol. 50(2), p.2083-2101, May 2017.
  • "Monetary Policy under Model and Data-Parameter Uncertainty"
    Journal of Monetary Economics, vol. 54(7), p.2083-2101, October 2007.


  • PhD., (Economics), University of Chicago (2004)
  • MSc., (Econometrics and Mathematical Economics), London School of Economics (1999)
  • BSc., (Econometrics and Mathematical Economics), London School of Economics (1995)

Research Interests

  • Macroeconomics
  • Monetary policy
  • Uncertainty


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