Ben Tomlin

Senior Research Director

Ben Tomlin is a Senior Research Director in the International Economic Analysis Department at the Bank of Canada. His primary research interests centre on the analysis of price adjustment, firm dynamics, and international trade in open economies using large micro data sets. Specific topics include exchange rate pass-through, the role of firm relationships in driving aggregate outcomes, and the use of structural models to explore the relationship between international shocks, firm-level adjustment and aggregate productivity. Ben Tomlin received his PhD in economics from Boston University.


Senior Research Director
International Economic Analysis

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


Trade Flows and Exchange Rates: Importers, Exporters and Products

Staff Working Paper 2019-41 Michael Devereux, Wei Dong, Ben Tomlin
Using highly disaggregated transaction-level trade data, we document the importance of new firm level trade partner relationships and the addition of new products to existing relationships in driving long-run import flows.

Alternative Scenario to the October 2017 MPR Base-Case Projection: Higher Potential Growth

Staff Analytical Note 2017-18 Jing Yang, Ben Tomlin, Olivier Gervais
We construct an alternative scenario in which trend labour input and business investment are stronger than that expected in the Bank of Canada’s base-case projection in the October 2017 Monetary Policy Report.

April 2017 Annual Reassessment of Potential Output Growth in Canada

This note summarizes the Bank of Canada’s annual reassessment of potential output growth, conducted for the April 2017 Monetary Policy Report. Potential output growth is projected to increase from 1.3 per cent in 2017 to 1.6 per cent by 2020.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Labour markets, Potential output, Productivity JEL Code(s): E, E0, E00, E2, E22, E23, E24, E3, E37, E6

Firm-Specific Shocks and Aggregate Fluctuations

Staff Working Paper 2016-51 Leonid Karasik, Danny Leung, Ben Tomlin
In order to understand what drives aggregate fluctuations, many macroeconomic models point to aggregate shocks and discount the contribution of firm-specific shocks. Recent research from other developed countries, however, has found that aggregate fluctuations are in part driven by idiosyncratic shocks to large firms.

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).

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Refereed Journal

  • “Importers and Exporters in Exchange Rate Pass-Through and Currency Invoicing”
    (with Michael Devereux and Wei Dong), Journal of International Economics, 2017, Vol. 105, pp. 187-204.
  • “House Prices, Consumption and the Role of Non-Mortgage Debt”
    (with Katya Kartashova), Journal of Banking and Finance, 2017, Vol. 83, pp. 121-134.
  • "Pricing-to-Market, Currency Invoicing and Exchange Rate Pass-Through to Producer Prices"
    (with S. Cao and W. Dong), Journal of International Money and Finance, 2015, Vol. 58, pp. 128-149.
  • "Exchange Rate Movements and the Distribution of Productivity"
    (with L. Fung), Review of International Economics, 2015, Vol. 23, pp. 782-809.
  • "Exchange Rate Fluctuations, Plant Turnover and Productivity," International Journal of Industrial Organization, 2014, Vol. 35, pp. 12-28.

Other Publications

  • "Exchange Rate Pass-Through, Currency of Invoicing and Market Share"
    (with Michael Devereux and Wei Dong), NBER Working Paper No. 21413, July 2015.


  • Ph.D., Boston University (2010)
  • M.Sc., London School of Economics (2002)
  • B.A. (Honours), Queen’s University (2001)

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