Césaire Meh

Senior Economist

Césaire Meh was appointed Managing Director of the International Economic Analysis Department (INT), effective 4 May 2015. In this capacity, he is responsible for the management and strategic direction of the department, which involves analyzing current and prospective developments in foreign countries and commodity prices, as well as providing analysis and policy advice on global economic and financial issues. The department is also actively engaged in conducting in-depth research on topics related to the global economy, including the effects of unconventional monetary policy, the international monetary system and global financial architecture, real-financial linkages, exchange rates, and the design of Canada’s monetary policy framework.

Mr. Meh represents the Bank of Canada on the G-20 Framework Working Group. He previously represented the Bank on the Macroprudential Supervision Group of the Basel Committee on Banking Supervision (BCBS) and chaired the working group on the implementation of the Basel III countercyclical capital buffer. He also represented Canada on the Macroeconomic Assessment Group of the Financial Stability Board and the BCBS. In that capacity, he led the production of the Bank of Canada report entitled Strengthening International Capital and Liquidity Standards: A Macroeconomic Impact Assessment for Canada.

Mr. Meh’s research has focused on bank capital in macroeconomic models, macroprudential policy, the nexus between financial stability and monetary policy, fiscal policy, wealth distribution, and economic growth. He has extensively published in high-quality academic journals on these issues.

Mr. Meh joined the Bank in 2001 as an economist in the former Monetary and Financial Analysis Department (MFA) and assumed increasing responsibilities through his roles as Principal Researcher, Assistant Chief of the monetary financial modelling division in MFA, Research Director in the Canadian Economic Analysis Department and Director in the Financial Stability Department (FSD). Most recently, he was the Deputy Managing Director of FSD, where he was responsible for the Systemic Risk Assessment and Regulatory Policy divisions and oversaw FSD’s contributions to the Bank’s semi-annual Financial System Review, to the work on bail-ins of large Canadian banks and to the Bank’s role as lender of last resort.

Born in Yamoussoukro, Ivory Coast, Mr. Meh holds a Ph.D. in economics from Western University and a master’s degree in economics from Université Laval.

Biographical note: Césaire Meh


Césaire Meh

Senior Economist
International Economic Analysis

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

Curriculum vitae


The Welfare Cost of Inflation Revisited: The Role of Financial Innovation and Household Heterogeneity

We document that, across households, the money consumption ratio increases with age and decreases with consumption, and that there has been a large increase in the money consumption ratio during the recent era of very low interest rates. We construct an overlapping generations (OLG) model of money holdings for transaction purposes subject to age (older households use more money), cohort (younger generations are exposed to better transaction technology), and time effects (nominal interest rates affect money holdings).
Content Type(s): Staff Research, Staff Working Papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E2, E21, E4, E41

Housing Market Dynamics and Macroprudential Policy

Staff Working Paper 2016-31 Gabriel Bruneau, Ian Christensen, Césaire Meh
We perform an analysis to determine how well the introduction of a countercyclical loanto- value (LTV) ratio can reduce household indebtedness and housing price fluctuations compared with a monetary policy rule augmented with house price inflation.

June 11, 2015 Assessing Vulnerabilities in the Canadian Financial System

The authors present the four common cyclical vulnerabilities that appear in financial systems, providing examples of qualitative and quantitative indicators used to monitor these vulnerabilities across different sectors. They also discuss other inputs to the vulnerability assessment and to the internal process used at the Bank of Canada for identifying, evaluating and communicating vulnerabilities and risks, and highlight some of the key challenges in assessing financial system vulnerabilities and risks.
Content Type(s): Publications, Financial System Review Article Topic(s): Financial stability JEL Code(s): G, G0, G01, G1, G10, G2, G20

Effects of Funding Portfolios on the Credit Supply of Canadian Banks

Staff Working Paper 2015-10 H. Evren Damar, Césaire Meh, Yaz Terajima
This paper studies how banks simultaneously manage the two sides of their balance sheet and its implications for bank risk taking and real economic activity. First, we analyze how changes in funding affect the supply of bank loans.

A Policy Model to Analyze Macroprudential Regulations and Monetary Policy

Staff Working Paper 2014-6 Sami Alpanda, Gino Cateau, Césaire Meh
We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features.

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Refereed Journals

Other Publications

  • "Essays in Entrepreneurship and Taxation".
    Doctorate Dissertation, University of Western Ontario, May 2001."Cycle économique dans une petite économie ouverte: cas du Canada."
    Master's Dissertation, Université Laval, August 1996.

Other Research Papers

  • "Bank Leverage Regulation and Macroeconomics Dynamics,"
    (with Kevin Moran). Manuscript, June 2010.
  • "Countercyclical Loan-to-Value Ratios and Monetary Policy"
    (with Ian Christensen). Manuscript, June 2010.
  • "Optimal Monetary Policy and Macrofinancial Risk: Should Monetary Policy Respond to Emerging Financial Imbalances?"
    (with Jeannine Bailliu and Yahong Zhang). Manuscript, September 2010.

Research in Progress

  • "Inflation, Demand for Liquidity, and Welfare,"
    (with Shutao Cao, Victor Rios-Rull and Yaz Terajima)
  • "Effects of Funding Portfolios on Credit Supplies of Canadian Banks,"
    (with Evren Damar and Yaz Terajima)
  • "Firm Size, Technology Adoption Costs and Aggregate Productivity,"
    (with Danny Leung and Yaz Terajima).
  • "Price Stability and Nominal Debt,"
    (with Vincenzo Quadrini and Yaz Terajima).


  • Ph.D., University of Western Ontario (2001)
  • M.A., Université Laval (1996)
  • BSc. Computer Science, Institut Supérieur de l'Enseignement Technique (1993)

Research Interests

  • macroeconomics and finance
  • monetary theory and policy
  • nexus financial stability-monetary policy
  • financial economics
  • public finance


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