Calista Cheung was appointed as Regional Director (Economics) at the Bank of Canada's Regional Office for British Columbia and the Yukon in June 2014. In this capacity, she directs research and analysis on economic and financial developments in the region. She also plays a major role in communicating the Bank's messages to a variety of external audiences and promoting an exchange of views on the economy and monetary policy.
Ms. Cheung first joined the Bank in 2003 as an economist in the Current Analysis Division of the Research Department and then became a senior analyst in the Asia-Europe Division of the International Department. She moved to the Organisation for Economic Co-operation and Development (OECD) in Paris in 2009 as an economist in the Economics Department and was subsequently promoted to senior economist there. Ms. Cheung has also worked at the European Central Bank in a secondment, and at the Federal Reserve Bank of Boston as a research intern.
Ms. Cheung was born in Ottawa. She received a Master’s degree in Economics from Boston University and a Bachelor of Commerce with Joint Honours in Economics and Finance from McGill University.
Staff analytical notes
We construct an index that systematically measures and tracks the stringency of government policy responses to the COVID-19 pandemic across Canadian provinces. Researchers can use this stringency index to analyze how the pandemic is affecting the economy.
This note reviews the channels through which scheduled minimum wage increases over the coming years may affect Canadian economic activity and inflation and assesses their macroeconomic impacts. From reduced-form estimates of direct minimum wage pass-through, we find that consumer price index (CPI) inflation could be boosted by about 0.1 percentage point (pp) on average in 2018.
Staff discussion papers
We investigate whether questions in the Bank of Canada’s Business Outlook Survey can provide useful signals for the output gap.
This paper estimates a three‐frequency dynamic factor model for nowcasting Canadian provincial gross domestic product (GDP). Canadian provincial GDP is released by Statistics Canada on an annual basis only, with a significant lag (11 months).
Housing starts and building permits data are commonly used as leading indicators of economic activity. In British Columbia, all new homes must be registered with the Homeowner Protection Office, a branch of BC Housing, before the issuance of building permits and the start of construction.
This paper discusses broad trends in labour force participation and part-time employment across different age groups since the Great Recession and uses provincial data to identify changes related to population aging, cyclical effects and other factors.
Commodity prices have increased dramatically and persistently over the past several years, followed by a sharp reversal in recent months. These large and persistent movements in commodity prices raise questions about their implications for global inflation. The process of globalization has motivated much debate over whether global factors have become more important in driving the […]
Staff working papers
Over the past 5 years, real energy and non-energy commodity prices have trended sharply higher. These relative price movements have had important implications for inflation and economic activity in both Canada and the rest of the world. China has accounted for the bulk of incremental demand for oil and many base metals over this period.
This paper evaluates the performance of static and dynamic factor models for forecasting Canadian real output growth and core inflation on a quarterly basis. We extract the common component from a large number of macroeconomic indicators, and use the estimates to compute out-of-sample forecasts under a recursive and a rolling scheme with different window sizes.
Bank of Canada Review articles
September 15, 2008
Offshoring has become an increasingly prominent aspect of the globalization process. Evidence over the past two decades suggests that offshoring has not exerted a noticeable impact on overall employment and earnings growth in advanced economies, but it has likely contributed to shifting the demand for labour towards higher-skilled jobs. There appear to be some positive effects of offshoring on productivity, but such effects differ by country.
- "Deconstructing Canada's Housing Markets: Finance, Affordability and Urban Sprawl",
OECD Economics Department Working Papers, No. 1145, OECD Publishing, 2014.
- “Policies to support sustainable long-term growth in New Zealand”,
OECD Economics Department Working Papers, No. 1076, OECD Publishing, 2013.
- “Tertiary Education: Developing Skills for Innovation and Long-Term Growth in Canada”,
(with Y. Guillemette and S. Mobasher-Fard), OECD Economics Department Working Papers, No. 991, OECD Publishing, 2012.
- “Policies to Rebalance Housing Markets in New Zealand”,
OECD Economics Department Working Papers, No. 878, OECD Publishing, 2011.
- “Structural and Cyclical Factors behind Current-Account Balances”,
(with Davide Furceri and Elena Rusticelli), OECD Economics Department Working Papers, No. 775, OECD Publishing, 2010.
- "Understanding the World Trade Collapse,"
(with Stéphanie Guichard), OECD Economics Department Working Papers 729, OECD Publishing, 2009.