Brigitte Desroches

Senior Policy Director

Brigitte Desroches is a Senior Policy Director in the Canadian Economic Analysis Department. In this capacity, she is a member of the senior leadership team overseeing the Bank's analysis of the Canadian economy and its research on monetary policy. In addition, she conducts analysis and research on current economic issues and monetary policy more generally. Her primary interests include economic forecasting and policy analysis.

Brigitte became an Economist in the International Economic Analysis Department in 2003. Over the years, she has held increasingly senior positions in the International Economic Analysis Department and the Canadian Economic Analysis Department. She developed a particular expertise in forecasting and macroeconomic modelling, contributing to policy-relevant research and analysis.

More recently, Ms. Desroches was the Director of the Canadian Projections and Policy Analysis Division. In this capacity, she oversaw the analysis of economic developments in Canada, assessed their impact on the outlook and provided a recommendation to Governing Council for the setting of monetary policy. She subsequently became Senior Policy Adviser in the Canadian Economic Analysis Department, leading the departments’ contributions to the Bank of Canada’s Monetary Policy Report (MPR).


Senior Policy Director
Canadian Economic Analysis

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


Financial Spillovers Across Countries: The Case of Canada and the United States

Staff Discussion Paper 2011-1 Kimberly Beaton, Brigitte Desroches
The authors investigate financial spillovers across countries with an emphasis on the effect of shocks to financial conditions in the United States on financial conditions and economic activity in Canada. These questions are addressed within a global vector autoregression model.
March 9, 2010

Inflation Expectations and the Conduct of Monetary Policy: A Review of Recent Evidence and Experience

This article explores the role of inflation expectations in the conduct of monetary policy. It reviews the various measures of inflation expectations used by central banks, including surveys and market-based indicators, and considers their advantages and disadvantages. It examines the critical role of inflation expectations in the framework that central banks use to understand, forecast, and control inflation. It also looks at their role as an indicator of central bank credibility. The behaviour of inflation expectations over the past two years is analyzed and policy conclusions are offered.

World Real Interest Rates: A Global Savings and Investment Perspective

Staff Working Paper 2007-16 Brigitte Desroches, Michael Francis
Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. This paper explores possible shifts in global savings and investment that have led to this fall in the world real interest rate.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Interest rates, International topics JEL Code(s): E, E2, E4, F, F3
December 23, 2006

Global Savings, Investment, and World Real Interest Rates

Over the past 25 years, world long-term interest rates have declined to levels not seen since the 1960s. This decline has been accompanied by falling world investment and savings rates. The authors explore global saving and investment outcomes that have led to the fall in the world real interest rate. The results show that the key factors explaining movements in savings and investment are variables that evolve relatively slowly over time, such as labour force growth and the age structure of the world economy. The conclusions suggest that, over the coming years, it is unlikely that these slowly changing variables will be a source of significant changes in world real interest rates.

Institutional Quality, Trade, and the Changing Distribution of World Income

Staff Working Paper 2006-19 Brigitte Desroches, Michael Francis
Conventional wisdom holds that institutional changes and trade liberalization are two main sources of growth in per capita income around the world.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Development economics, International topics JEL Code(s): F, F1, F11, F15, O, O1, O11, P, P4, P48

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Refereed Journals

  • World Real Interest Rates: A Global Savings and Investment Perspective
    (with Michael Francis), Applied Economics, forthcoming in 2008H2.
  • Evaluating Threshold Effects in Consumer Sentiment
    (with Marc-André Gosselin), Southern Economic Journal, Vol. 70, April 2004.

Other Publications

  • "The Transmission of World Shocks to Emerging-Market Countries: An Empirical Analysis"
    Money Affairs, Vol. XVIII, No. 2, July-December 2005.
  • "Explicación de cómo se transmiten los choques mundiales a los países de mercados emergentes: un análisis empírico"
    Monetaria, Vol. XXVIII, No. 3, July-September 2005.
  • "Institutional Reform, Trade and Growth: The Experiences of India and China in a Global Economy"
    (with Michael Francis and Francois Painchaud). Proceedings of the International Conference on Economic Reforms in India and China, Indira Gandhi Institute, February 2005.


  • M.A. Economics, Carleton University (2003)
  • B.A. Economics (Honours), McGill University (2001)

Research Interests

  • International macroeconomics
  • Forecasting

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