Barbara Sadaba

Senior Analyst

Barbara Sadaba is a Senior Analyst in the International Economic Analysis Department at the Bank of Canada. Her research interests lie in the fields of applied Macroeconomics and Econometrics. She focuses on studying the hidden drivers of asset prices in International Financial Markets using time-series state-space models in both frequentist and Bayesian approaches. Barbara received her PhD in Economics from Erasmus University Rotterdam and the Tinbergen Institute in The Netherlands.


Senior Analyst
International Economic Analysis
Advanced Economies Division

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

Curriculum vitae


Detecting Scapegoat Effects in the Relationship Between Exchange Rates and Macroeconomic Fundamentals

Staff Working Paper 2017-22 Lorenzo Pozzi, Barbara Sadaba
This paper presents a new testing method for the scapegoat model of exchange rates that aims to tighten the link between the theory on scapegoats and its empirical implementation. This new testing method consists of a number of steps.

Assessing the Predictive Ability of Sovereign Default Risk on Exchange Rate Returns

Staff Working Paper 2017-19 Claudia Foroni, Francesco Ravazzolo, Barbara Sadaba
Increased sovereign credit risk is often associated with sharp currency movements. Therefore, expectations of the probability of a sovereign default event can convey important information regarding future movements of exchange rates.

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Refereed journals

  • “Assessing the predictive ability of sovereign default risk on exchange rate returns”.
    (with C. Foroni, and F. Ravazzolo). Journal of International Money and Finance, 2018, 81: 242-264.
  • “Detecting scapegoat effects in the relationship between exchange rates and macroeconomic fundamentals: a new approach”. (with L. Pozzi). Macroeconomic Dynamics, 2018, 1-44.


  • MSc. Economics, Tilburg University
  • Research Master Economics, Tilburg University
  • PhD. Economics, Erasmus University Rotterdam - Tinbergen Institute

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