Christian Friedrich

Principal Researcher

Christian Friedrich is a Principal Researcher in the International Economic Analysis Department at the Bank of Canada. His research interests are located in the fields of international macroeconomics and international finance. Christian Friedrich holds a Ph.D. in International Economics from the Graduate Institute in Geneva, Switzerland.


Principal Researcher
International Economic Analysis
Global Issues Division

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

Curriculum vitae


Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

Can macroprudential foreign exchange (FX) regulations on banks reduce the financial and macroeconomic vulnerabilities created by borrowing in foreign currency? To evaluate the effectiveness and unintended consequences of macroprudential FX regulations, we develop a parsimonious model of bank and market lending in domestic and foreign currency and derive four predictions.

Understanding the Time Variation in Exchange Rate Pass-Through to Import Prices

Staff Discussion Paper 2017-12 Rose Cunningham, Min Jae Kim, Christian Friedrich, Kristina Hess
In this paper, we analyze the presence of time variation in the pass-through from the nominal effective exchange rate to import prices for 24 advanced economies over the period 1995–2015. In line with earlier studies in the literature, we find substantial heterogeneity in the level of exchange rate pass-through across countries.

The Role of Central Banks in Promoting Financial Stability: An International Perspective

Staff Discussion Paper 2016-15 Rose Cunningham, Christian Friedrich
The 2007–09 global financial crisis has led policy-makers around the world, including central banks, to refocus their efforts to promote financial stability. As part of this process, central banks became quite active in supporting financial stability in a variety of ways, such as publicly sharing their assessments of financial system vulnerabilities and risks and helping to strengthen regulation, supervision and macroprudential measures.

The Dynamics of Capital Flow Episodes

Staff Working Paper 2016-9 Christian Friedrich, Pierre Guérin
This paper proposes a novel methodology for identifying episodes of strong capital flows based on a regime-switching model. In comparison with the existing literature, a key advantage of our methodology is to estimate capital flow regimes without the need for context- and sample-specific assumptions.

Monetary Policy and Financial Stability: Cross-Country Evidence

Staff Working Paper 2015-41 Christian Friedrich, Kristina Hess, Rose Cunningham
Central banks may face challenges in achieving their price stability goals when financial stability risks are present. There is, however, considerable heterogeneity among central banks with respect to how they manage these potential trade-offs.

See More


  • "The Dynamics of Capital Flow Episodes"
    (with P. Guérin), Journal of Money, Credit and Banking, forthcoming.
  • "Monetary Policy and Financial Stability: Cross-Country Evidence"
    (with K. Hess and R. Cunningham), Journal of Money, Credit and Banking, forthcoming.
  • "International Monetary Policy Transmission through Banks in Small Open Economies"
    (with S. Auer, M. Ganarin, T. Paligorova and P. Towbin), IBRN Special Issue, Journal of International Money and Finance, 90, 34-53, 2019.
  • "Macroprudential Policies, Capital Flows, and the Structure of the Banking Sector"
    (with J. Beirne), Journal of International Money and Finance, 75, 47-68, 2017.
  • "Global inflation dynamics in the post-crisis period: What explains the puzzles?"
    Economic Letters, 142, 31-34, May 2016.
  • "Financial integration and growth - Why is Emerging Europe different?"
    (with I. Schnabel and J. Zettelmeyer), Journal of International Economics, 89(2), 522-538, 2013.


  • Ph.D., Graduate Institute Geneva (2013)

Follow the Bank