Oleksiy Kryvtsov

Senior Research Director

Oleksiy Kryvtsov is the Senior Research Director in the International Economic Analysis Department. His research interests center on business cycle fluctuations, with a special focus on monetary theory and policy. Oleksiy contributed to topics including consumer price behaviour, real effects of monetary policy shocks, dynamics of markups and costs over the business cycle. Oleksiy received his PhD in Economics from the University of Minnesota in 2004.

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Oleksiy Kryvtsov

Senior Research Director
International Economic Analysis
Strategic Leadership Group

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

Curriculum vitae

Latest

Leaning Within a Flexible Inflation-Targeting Framework: Review of Costs and Benefits

Staff Discussion Paper 2016-17 Denis Gorea, Oleksiy Kryvtsov, Tamon Takamura
This note examines the merits of monetary policy adjustments in response to financial stability concerns, taking into account changes in the state of knowledge since the renewal of the inflation-targeting agreement in 2011. A key financial system vulnerability in Canada is elevated household indebtedness: as more and more households are nearing their debt-capacity limits, the likelihood and severity of a large negative correction in housing markets are also increasing.

The Optimal Level of the Inflation Target: A Selective Review of the Literature and Outstanding Issues

Staff Discussion Paper 2015-8 Oleksiy Kryvtsov, Rhys R. Mendes
Bank of Canada research done prior to the most recent renewal of the inflation-control agreement in 2011 concluded that the benefits associated with a target below 2 per cent were insufficient to justify the increased risk of being constrained by the zero lower bound (ZLB) on nominal interest rates.

On the Nexus of Monetary Policy and Financial Stability: Recent Developments and Research

Staff Discussion Paper 2015-7 Oleksiy Kryvtsov, Miguel Molico, Ben Tomlin
Because financial and macroeconomic conditions are tightly interconnected, financial stability considerations are an important element of any monetary policy framework. Yet, the circumstances under which it would be appropriate for the Bank to use monetary policy to lean against financial risks need to be more fully specified (Côté 2014).

November 13, 2014 Recent Developments in Experimental Macroeconomics

This article describes experimental economics, in general, and new developments in experimental macroeconomics, in particular. The approach has a clear niche in providing evidence on economic phenomena that cannot be observed directly or that are difficult to measure. Experimental work conducted by Bank of Canada economists has shed light on a number of issues important to monetary policy, such as the relative efficacy between price-level and inflation targeting, and the nature of inflation expectations formation.

On the Importance of Sales for Aggregate Price Flexibility

Staff Working Paper 2014-45 Oleksiy Kryvtsov, Nicolas Vincent
Macroeconomists have traditionally ignored the behavior of temporary price markdowns (“sales”) by retailers. Although sales are common in the micro price data, they are assumed to be unrelated to macroeconomic phenomena and generally filtered out.

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Journal Articles

Education

  • Ph.D. in Economics, University of Minnesota, 2004
  • M.A. in Economics, Bowling Green State University (Ohio), 1999
  • Specialist (M.S.) in Physics, Kyiv State University, Kyiv, Ukraine, 1997

Research Interests

  • macroeconomics
  • monetary economics

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