Christopher Reid

Senior Director

Financial Markets

Bio

Christopher Reid is Senior Director of the Bank’s Calgary Operational Site (COS). He is responsible for overseeing the Bank’s trading operations, including those related to domestic market operations and the Exchange Fund Account. As the leader of the COS, Mr. Reid oversees the team supporting market and banking operations in Calgary. Chris first joined the Bank in 1999 as an Economist in the International department, and has since held increasingly senior positions in the Financial Market Department and the Financial Stability Department. He also worked as a member of the secretariat of the Financial Stability Board in Basel Switzerland from 2012-2016, supporting the work of the Standing Committee on the Assessment of Vulnerabilities (SCAV).

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Staff working papers

Real Return Bonds, Inflation Expectations, and the Break-Even Inflation Rate

Staff Working Paper 2004-43 Ian Christensen, Christopher Reid, Frédéric Dion
According to the Fisher hypothesis, the gap between Canadian nominal and Real Return Bond yields (or break-even inflation rate) should be a good measure of inflation expectations.
Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Interest rates, Market structure and pricing JEL Code(s): E, E3, E31, E4, E43

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Bank publications

Bank of Canada Review articles

April 14, 2007

The Canadian Overnight Market: Recent Evolution and Structural Changes

Bank of Canada Review - Spring 2007 Christopher Reid
Since 1997 when the Bank of Canada last published a review of the Canadian overnight market, several important changes have affected the market's structure and dynamics. Reid provides a current overview of the market, examining the financial instruments, market transparency and flows, and the collateralized overnight rate as it has evolved since the introduction of the Large Value Transfer System and the fixed announcement dates. Other significant influences include changes in market practices regarding risk management, the rise of securities lending, the increased demand for collateral, and the Bank of Canada's measures to reinforce the target for the overnight rate.
Content Type(s): Publications, Bank of Canada Review articles Topic(s): Market structure and pricing, Monetary policy framework, Monetary policy implementation
November 23, 2004

Real Return Bonds: Monetary Policy Credibility and Short-Term Inflation Forecasting

Bank of Canada Review - Autumn 2004 Christopher Reid, Frédéric Dion, Ian Christensen
The break-even inflation rate (BEIR) is calculated by comparing the yields on conventional and Real Return Bonds. Defined as the average rate of inflation that equates the expected returns on these two bonds, the BEIR has the potential to contain useful information about long-run inflation expectations. Yet the BEIR has been higher, on average, and more variable than survey measures of inflation expectations, which may be explained by the effects of premiums and distortions embedded in the BEIR. Because of the difficulty in accounting for these distortions, the BEIR should not be given a large weight as a measure of long-run inflation expectations at this time. However, as the Real Return Bond market continues to develop, the BEIR should become a more useful indicator of inflation expectations. At present, it demonstrates no clear advantage over survey measures and even past inflation rates in forecasting near-term inflation.
Content Type(s): Publications, Bank of Canada Review articles Topic(s): Inflation and prices, Interest rates, Market structure and pricing

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Financial System Review articles