Sharon Kozicki

Former Deputy Governor (2021 – 2026)

Bio

Sharon Kozicki served as Deputy Governor from August 2021 until her retirement from the Bank of Canada in July 2026. In this role, she oversaw the Bank’s analysis of domestic economic developments and, as a member of Governing Council, shared responsibility for decisions about monetary policy, the stability of the financial system and the strategic direction of the Bank.

At the time of her appointment, Ms. Kozicki was Secretary to Governing Council and Advisor to the Governor on subjects related to the Canadian economy and monetary policy. She also led the Bank’s review of the monetary policy framework for the 2016 renewal of the inflation-targeting agreement with the Government of Canada.

Between 2010 and 2013, Ms. Kozicki was Managing Director of the Bank’s Canadian Economic Analysis Department, responsible for briefing Governing Council about developments in the Canadian economy to inform monetary policy decisions. She oversaw long-term research on the operation of the economy, inflation, macrofinancial linkages, and the transmission channels of domestic and international monetary policies. Ms. Kozicki also served as Deputy Managing Director of the Bank’s International Economic Analysis Department between 2008 and 2010.

Before joining the Bank in 2006, Ms. Kozicki was an economist with the Board of Governors of the Federal Reserve System in Washington, D.C., and Vice President and Economist at the Federal Reserve Bank of Kansas City.

Born in Ottawa, Ms. Kozicki has a bachelor of science degree and a master’s degree in economics from the University of Toronto and a PhD from the University of California San Diego.

Speeches

March 2, 2026

Canada’s monetary policy framework in a world of supply-driven trade-offs

Remarks Sharon Kozicki Norges Bank Monetary Policy Mandate Conference Oslo, Norway
Deputy Governor Sharon Kozicki discusses the challenges of setting monetary policy in a world where supply-side developments are important drivers of inflation.
Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework
September 19, 2023

Rebalancing the economy while managing risks

Remarks Sharon Kozicki University of Regina Regina, Saskatchewan
Bank of Canada Deputy Governor Sharon Kozicki talks about how household differences have affected the way that monetary policy is transmitted. She also discusses how the Bank is considering the role of mortgage interest costs in inflation.
Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
December 8, 2022

Economic progress report: More transparency in uncertain times

Remarks Sharon Kozicki Urban Development Institute of Quebec Montréal, Quebec
Speaking a day after the Bank of Canada’s latest interest rate decision, Deputy Governor Sharon Kozicki discusses the current state of the economy and talks about how the Bank is improving both its use of data and the way we communicate with Canadians.
Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
March 25, 2022

A world of difference: Households, the pandemic and monetary policy

Remarks (delivered virtually) Sharon Kozicki Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference San Francisco, California
Bank of Canada Deputy Governor Sharon Kozicki discusses how differences among households affect economic outcomes, how shocks can have important uneven effects across households, and why these things matter for monetary policy.
Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework

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Staff research

Monetary Policy Governance: Bank of Canada Practices to Support Policy Effectiveness

Staff discussion paper 2024-14 Brigitte Desroches, Sharon Kozicki, Laure Simon
We examine different monetary policy governance structures and discuss the important roles of non-legislated processes and practices. We also provide an update on monetary policy governance at the Bank of Canada and how it has evolved over time.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E0, E02, E5, E58 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation

Making It Real: Bringing Research Models into Central Bank Projections

Staff discussion paper 2023-29 Marc-André Gosselin, Sharon Kozicki
Macroeconomic projections and risk analyses play an important role in guiding monetary policy decisions. Models are integral to this process. This paper discusses how the Bank of Canada brings research models and lessons learned from those models into the central bank projection environment.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C3, C32, C5, C51, E, E3, E37, E4, E47, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting

Summaries of Central Bank Policy Deliberations: A Canadian Context

Staff discussion paper 2023-2 Monica Jain, Walter Muiruri, Jonathan Witmer, Sharon Kozicki, Jeremy Harrison
This paper provides the context, rationale and key considerations that informed the Bank of Canada’s decision to publish a summary of monetary policy deliberations. It includes an analysis of how other central banks disclose minutes and summaries of their monetary policy deliberations.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D8, D83, E, E5, E58 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation

Implementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature

Staff discussion paper 2020-16 Grahame Johnson, Sharon Kozicki, Romanos Priftis, Lena Suchanek, Jonathan Witmer, Jing Yang
This paper summarizes the literature on the performance of various extended monetary policy tools when conventional policy rates are constrained by the effective lower bound. We highlight issues that may arise when these tools are used by central banks of small open economies.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E5, E52, E58, E6, E63 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation

Communicating Uncertainty in Monetary Policy

Staff discussion paper 2017-14 Sharon Kozicki, Jill Vardy
While central banks cannot provide complete foresight with respect to their future policy actions, it is in the interests of both central banks and market participants that central banks be transparent about their reaction functions and how they may evolve in response to economic developments, shocks, and risks to their outlooks.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E5, E52, E58, E6, E61, E65 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation

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Bank publications

Bank of Canada Review articles

May 19, 2011

Unconventional Monetary Policy: The International Experience with Central Bank Asset Purchases

Bank of Canada Review - Spring 2011 Sharon Kozicki, Lena Suchanek, Eric Santor
As part of their policy response to the financial crisis of 2007–09, central banks introduced numerous unprecedented monetary policy measures to provide monetary easing. This article defines and documents these measures, focusing on central bank asset purchases and their impact on central bank balance sheets. It then discusses the challenges of identifying the effects of these measures and explores possible exit strategies. The potential costs of these policies are also analyzed, as well as the broader implications for monetary policy frameworks.
Content Type(s): Publications, Bank of Canada Review articles

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The Economy, Plain and Simple

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