Jing Yang

Deputy Managing Director

Jing Yang was appointed Deputy Managing Director of the Bank’s Canadian Economic Analysis Department (CEA), effective June 2016. In this capacity, Ms. Yang is responsible for the management and strategic direction of the department, which includes providing rigorous and timely analysis of economic conditions in Canada as well as advice on the conduct of monetary policy. In addition, the department also conducts longer-term research into issues relevant to monetary policy, including how to best design Canada's monetary policy framework and linkages between real and financial variables.

Jing Yang also held the Research Director position in Financial Market Department (FMD) at the Bank of Canada before becoming the Deputy Chief. In that capacity, she led the internal study on assessing the effective lower bound (ELB) for Canada for which she received the Governor’s Awards of Excellence in 2016. Before joining the Bank, Jing had worked in Bank for International Settlements and Bank of England where she held various positions with increasing responsibilities including a senior monetary policy adviser for MPC members at the Bank of England.

As a researcher, Jing’s research has spanned almost every area of central banking. Her work on optimal level of bank capital was covered by Financial Times and The Economist Magazine and replicated by a number of central banks. She developed the first generation of network models to measure contagion risks in banking system which has become a key component of the RAMSAY model at the Bank of England. She also developed a DSGE model with financial frictions which has become part of the new forecast model COMPASS at the Bank of England. During this period, she also had a short span at the European Central Bank. Jing holds a Doctorate in Economics from Concordia University in Montreal and MA and BA in Economics from Fudan University in Shanghai, China.


Jing Yang

Deputy Managing Director
Canadian Economic Analysis

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


May 11, 2017 Unconventional Monetary Policy: The Perspective of a Small Open Economy

How do unconventional monetary policies like quantitative easing and negative interest rates affect domestic financial conditions and the broader economy in small open econo-mies, such as Canada? These policies are effective in depreciating the exchange rate in small open economies, while lower interest rates are also passed through to the economy, albeit only partially. When conventional monetary policy is close to its limits, fiscal policy may be a more important complement to monetary policy in a small economy, particularly if global demand for safe assets compresses long-term interest rates.

May 16, 2016 Estimating Canada’s Effective Lower Bound

Recently, the Bank of Canada has estimated the effective lower bound (ELB) on its policy interest rate to be about -50 basis points. This article outlines the analysis that underpins that estimate by quantifying the costs of storing and using cash in Canada. It also explores how some international markets have adapted to negative interest rates, issues surrounding their implementation, as well as their transmission to other interest rates in the economy. Finally, it discusses theoretical ideas on how the ELB could be reduced further.

Estimating Canada’s Effective Lower Bound

Staff Analytical Note 2015-2 Jonathan Witmer, Jing Yang
In 2009, the Bank of Canada set its effective lower bound (ELB) at 25 basis points (bps). Given the recent experience of Sweden, Denmark, Switzerland and the euro area with negative interest rates, we examine the economics of negative interest rates and suggest that cash storage costs are the source of a negative lower bound on interest rates.

An Empirical Analysis of Liquidity and Order Flow in the Brokered Interdealer Market for Government of Canada Bonds

Staff Working Paper 2003-28 Chris D'Souza, Charles Gaa, Jing Yang
The authors empirically measure Canadian bond market liquidity using a number of indicators proposed in the literature and detail, for the first time, price and trade dynamics in the Government of Canada secondary bond market. They find, consistent with Inoue (1999), that the Canadian brokered interdealer fixed-income market is relatively liquid for its size.

Alternative Trading Systems: Does One Shoe Fit All?

Staff Working Paper 2002-33 Nicolas Audet, Toni Gravelle, Jing Yang
This paper examines the factors that lead liquidity-motivated investors to choose the type of market structure they prefer.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets JEL Code(s): G, G1, G10, G14, G18

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Journal Refereed Publications

  • "Optimal Bank Capital"
    (with D. Miles and G Marcheggiano), The Economic Journal, Volume 123, Issue 567, March 2013, pages 1–37.
  • "Diversification and bank profitability: a nonlinear approach"
    (with L. Gambacorta and M Scatigna), Applied Economics Letters, vol 21(6), 2014, pp 438-41.
  • "Network Theory and Financial Instability"
    (with A. Alentorn and E. Nier), Journal of Economic Dynamics and Control, Volume 31, Issue 6, 2007.
  • "Non-linear, Non-parametric and Non-fundamental Exchange Rate Forecasting"
    (with N. Gradojevic), Journal of Forecasting, Vol25, Issue 4, 2006, pages 227-245.
  • "Horizontal and Vertical Integration in Security Trading and Settlement Systems"
    (with J. Tapking), Journal of Money, Credit and Banking, October 2006, pages 1765-1797.

Other Publications

  • "Financial intermediaries in an estimated DSGE model for the UK"
    (with S. Villa, in Interest Rates, Prices and Liquidity, J. Chadha and S. Holly (eds)), Cambridge University Press, 2012.
  • "The Intraday Interbank Liquidity Management Game Design Challenges and Policy Issues"
    (with A. Alentorn, S. Markaos, and S. Millard in Automaton, Human and Economic – Computational Microstructure Design, S. Sunder and S. Markaos (eds.)), The Cambridge University Press (forthcoming).
  • “Financial Structure and Growth”
    (with Leonardo Gambacorta and Kostas Tsatsaronis), BIS Quarterly Review, March 2014.
  • "Bank Stock Returns, Leverage and Business Cycle", with K. Tsatsaronis, BIS Quarterly Review, March 2012.
  • "International Financial Transmission: Emerging and Mature Markets"
    (with G. Felices and C. Grisse), Bank of England Working Paper, No 273, 2009.
  • "Capital Flows to Emerging Markets: Recent Trends and Potential Financial Stability Implications"
    (with G. Hoggarth and C De-Alessi), Bank of England Financial Stability Review, December, 2005
  • "Central Bank Interest Calculating Conventions: Deviating From the Intraday/overnight Status Quo"
    (with G. Speight, M. Willison and M. Bech), in The future of payment systems (edited by A Haldane, S Millard and V Saporta), London: Routledge (2008).
  • "Assessing the Impact of Operational Incidents in Large-value Payment Systems; A simulation approach"
    (with P Bedford and S Millard). In H Leinonen (ed.), Liquidity, risks and speed in payment and settlement systems: A simulation approach Bank of Finland, 2005.
  • "Assessing Operational Risk in CHAPS Sterling: A simulation approach"
    (with s. Millard, and P Bedford), in Bank of England Financial Stability Review, June 2004.
  • "An Empirical Analysis of Liquidity and Order Flow in the Brokered Inter-dealer Market for Government of Canada bonds"
    (with C. Gaa and C. D’Souza), Bank of Canada Working Paper, No. 28, 2003.
  • "The Efficiency of a Double Auction Stock Market with Neural Learning Agents", in S. Chen (ed.), Evolutionary Computation in Economics and Finance, Springer-Verlag (2002). p.100-125.
  • "Alternative trading systems: does one size fit all?"
    (with N. Audet and T. Gravelle) Bank of Canada Working Paper, No. 33, 2002.
  • "Price efficiency and risk sharing in two inter-dealer markets: An Agent-Based Approach", in Proceedings of a workshop on Simulation of Social Agents: Architectures and Institutions, University of Chicago, 2001, page 52-61.
  • "The application of artificial neural networks to exchange rate forecasting: the role of market microstructure variables"
    (with N. Gradojevic), Bank of Canada Working Paper No. 23. 2000.
  • "Trade liberalization in eastern European countries and the prospects of their integration into the world trading system"
    (with J. Ahmad, C. Paraskevopoulos) (ed.), Global Trading Arrangements in Transition, London: Edward Elgar Publishers, 1998. p.101-111.
  • "Exports and economic growth in the ASEAN countries: co-integration and causality tests"
    (with J. Ahmad), Rivista Interzionale Di Scienze Economiche E Commerciali, 1997, XLIV (2): 419-431.


  • Ph.D., Concordia University, Montreal
  • M.A., Fudan University, Shanghai
  • B.A. (Honours), Fudan University, Shanghai

Research Interests

  • market microstructure
  • auction design
  • agent-based computational modelling
  • non-parametric estimation
  • foreign exchange rate forecasting


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