Calista Cheung

Regional Director (Economics)

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 (2003) and a Bachelor of Commerce with Joint Honours in Economics and Finance from McGill University (1998).


Calista Cheung

Regional Director (Economics)
Canadian Economic Analysis
Regional Analysis

Bank of Canada
200 Granville Street, Suite 2710
Vancouver, BC, V6C 1S4


The Impacts of Minimum Wage Increases on the Canadian Economy

Staff Analytical Note 2017-26 Dany Brouillette, Calista Cheung, Daniel Gao, Olivier Gervais
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.

A Three‐Frequency Dynamic Factor Model for Nowcasting Canadian Provincial GDP Growth

Staff Discussion Paper 2017-8 Tony Chernis, Calista Cheung, Gabriella Velasco
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).

New Housing Registrations as a Leading Indicator of the BC Economy

Staff Discussion Paper 2016-3 Calista Cheung, Dmitry Granovsky
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.

Changing Labour Market Participation Since the Great Recession: A Regional Perspective

Staff Discussion Paper 2015-2 Calista Cheung, Dmitry Granovsky, Gabriella Velasco
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.

Are Commodity Prices Useful Leading Indicators of Inflation?

Staff Discussion Paper 2009-5 Calista Cheung
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 […]

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Refereed Journal

Other Research Papers


  • M.A. Economics, Boston University, 2003
  • B.Com. Honours Economics and Finance, McGill University, 1998

Research Interests

  • Macroeconomics, international trade, housing, labour markets


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