Tatjana Dahlhaus is a Senior Research Advisor in the Canadian Economic Analysis Department at the Bank of Canada. Her research interests lie in the fields of applied Macroeconomics and Econometrics, time series analysis, monetary policy, and climate change. Tatjana received her PhD in Economics from Universitat Autonoma de Barcelona, Spain.
Extreme weather events contribute to increased volatility in both economic activity and prices, interfering with the assessment of the true underlying trends of the economy. With this in mind, we conduct a timely assessment of the impact of natural disasters on Canadian gross domestic product (GDP).
We explore the implications of digitalization for monetary policy, both in terms of how monetary policy affects the economy and in terms of data analysis and communication with the public.
We assess the impact of COVID-19 on consumption indicators by estimating the effects of government-mandated containment measures and of the willingness of individuals to voluntarily physically distance to prevent contagion.
This paper introduces a new tool to monitor economic and financial vulnerabilities in emerging-market economies. We obtain vulnerability indexes for several early warning indicators covering 26 emerging markets from 1990 to 2017 and use them to monitor the evolution of vulnerabilities before, during and after an economic or financial crisis.
We examine how consumers have adjusted their payment habits during the COVID-19 pandemic. They seem to perform fewer transactions, spend more in each transaction, use less cash at the point of sale and withdraw cash from ATMs linked to their financial institution more often than from other ATMs.
We study how different monetary policies affect the yield curve and interact. Our study highlights the importance of the spillover structure across the yield curve for policy-making.
We document a strong asymmetry in the evolution of federal funds rate expectations and map this observed asymmetry into measures of monetary policy uncertainty. We show that periods of monetary policy tightening and easing are distinctly related to downside (policy rate is higher than expected) and upside (policy rate is lower than expected) uncertainty.
We introduce limited information in monetary policy. Agents receive signals from the central bank revealing new information (“news") about the future evolution of the policy rate before changes in the rate actually take place. However, the signal is disturbed by noise.
Emerging-market economies have become increasingly important in driving global GDP growth over the past 10 to 15 years. This has made timely and accurate assessment of current and future economic activity in emerging markets important for policy-makers not only in these countries but also in advanced economies.
The Federal Reserve’s path for withdrawal of monetary stimulus and eventually increasing interest rates could have substantial repercussions for capital flows to emerging-market economies (EMEs).
The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process.
This paper studies the effects of a monetary policy expansion in the United States during times of high financial stress. The analysis is carried out by introducing a smooth transition factor model where the transition between states (“normal” and high financial stress) depends on a financial conditions index.
"Survey-based Monetary Policy Uncertainty and its Asymmetric Effects," (with Tatevik Sekhposyan), Journal of Money, Credit, and Banking, accepted.
"From Online Job Postings to Economic Insights: A Machine Learning Approach to Structuring Naturally Occurring Data," (with Reinhard Ellwanger, Gabriela Galassi, and Pierre-Yves Yanni), AEA Papers and Proceedings, Volume 115, pp. 73–78, 2025.
"Noisy Monetary Policy Announcements," (with Luca Gambetti), Journal of Applied Econometrics, Volume 40, pp. 164-180, 2025.
"Payment Habits during Covid-19: Evidence from High-Frequency Transaction Data," (with Angelika Welte), Jahrbücher für Nationalökonomie und Statistik, Volume 245(6), pp. 599-621, 2025.
"Monetary Policy News in the US: Effects on Emerging Markets’ Capital Flows," (with Garima Vasishtha), Journal of International Money and Finance, Volume 109, 2020.
"International Transmission Channels of U.S. Quantitative Easing: Evidence from Canada," (with Kristina Hess and Abeer Reza), Journal of Money, Credit and Banking, Volume 50(2-3), pp. 545-563, 2018.
"Nowcasting the BRIC+M in Real Time," (with Justin-Damien Guenette and Garima Vasishtha), International Journal of Forecasting, Volume 33(4), pp 915-935, 2017.
"Conventional Monetary Policy Transmission during Financial Crises: An Empirical Analysis," Journal of Applied Econometrics, Volume 32(2), pp. 401–421, 2017.
"Key Features and Determinants of Credit-less Recoveries", (with Martin Bijsterbosch), Empirical Economics, Volume 49(4), pp. 1245-1269, 2015.
Other
Publications
“Determinants of Credit-less Recoveries” (with Martin Bijsterbosch), ECB Working Paper No. 1358, June 2011.
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