Narayan Bulusu

Senior Analyst

Narayan Bulusu is a Senior Analyst in the Funds Management and Banking Department at the Bank of Canada, working on models supporting the management of Canada’s foreign exchange reserves. His research interests include equities pricing models, and the term structure of interest rates. He obtained a PhD in financial economics from IESE Business School.


Narayan Bulusu

Senior Analyst
Funds Management and Banking

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

Curriculum vitae


May 11, 2017 The Life Cycle of Government of Canada Bonds in Core Funding Markets

Data on the use of government securities in the repo, securities lending and cash markets suggest there are bond market clienteles in Canada. Shorter-term bonds are more prevalent in the repo market, while longer-maturity securities are more active in the securities lending market—consistent with the preferred habitat hypothesis. These results could help design better debt-management strategies and more-effective policies to maintain well-functioning financial markets.
Content Type(s): Publications, Bank of Canada Review Article Topic(s): Debt Management, Financial markets JEL Code(s): G, G1, G12, G2, G23

Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?

Staff Working Paper 2016-62 Narayan Bulusu, Jefferson Duarte, Carles Vergara-Alert
The common-factor hypothesis is one possible explanation for the housing wealth effect. Under this hypothesis, house price appreciation is related to changes in consumption as long as the available proxies for the common driver of housing and non-housing demand are noisy and housing supply is not perfectly elastic.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Housing JEL Code(s): E, E2, E21, R, R3, R31

Booms and Busts in House Prices Explained by Constraints in Housing Supply

Staff Working Paper 2013-18 Narayan Bulusu, Jefferson Duarte, Carles Vergara-Alert
We study the importance of supply constraints in explaining the heterogeneity in house price cycles across geographies in the United States.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Asset Pricing, Economic models JEL Code(s): R, R3, R31

May 16, 2013 Modelling the Asset-Allocation and Liability Strategy for Canada’s Foreign Exchange Reserves

The Bank of Canada recently developed an asset-liability-matching model to aid in the management of Canada’s foreign exchange reserves. The model allows policy-makers at the Bank and the Department of Finance to analyze asset-allocation and funding-mix decisions by quantifying both the risk-return and liquidity trade-offs for the assets, as well as the risk-cost trade-offs of the funding liabilities.

See More


Other Research

  • "Frequency of consumption adjustment and the equity premium"
    (with Javier Gómez Biscarri), Working Paper, 2012.
  • "Booms-and-busts in house prices explained by constraints in housing supply"
    (with Jefferson Duarte and Carles Vergara-Alert), Working Paper, 2012.
  • “Forecasting the equity premium with state variables estimated from the yield curve”
    Working Paper, 2011.

SSRN webpage


  • Ph.D. (Finance), IESE Business School, Spain (2011)
  • M.B.A., Indian Institute of Management-Lucknow, India (2004)
  • B.Tech. (Mechanical), Osmania University, India (2001)

Research Interests

  • Financial economics


Follow the Bank