Donald Coletti


Don Coletti was appointed Advisor to the Governor effective 26 August 2013. He is responsible for financial system issues, including vulnerabilities, reforms and market dynamics, and their implications for financial stability and monetary policy.

Before becoming an Advisor, Mr. Coletti was Chief of the Bank’s International Economic Analysis Department, a position he held from September 2010. In this capacity, he managed the activities of the department, which include 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. He also guided the conduct of in-depth research on topics related to international financial markets and the global economy.

Mr. Coletti rejoined the Bank in 2000 after two years at the Department of Finance. He has held a number of senior positions, including Research Director for both the International and Research departments and Assistant Chief for Canadian Projections and Model Development. From 2008 until 2010, he was Deputy Chief of the Bank’s Canadian Economic Analysis Department.

Mr. Coletti obtained both a bachelor of arts and a master’s degree in economics at the University of Western Ontario.



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


October 16, 2018

Keeping the Financial System Healthy

We are all better off if the financial system can weather a storm or two. And every one of us plays a role in keeping it that way.
September 28, 2018

Welcome to The Economy, Plain and Simple

The economy starts with you.
December 15, 2016

The Rise of Mortgage Finance Companies in Canada: Benefits and Vulnerabilities

The Rise of Mortgage Finance Companies in Canada: Benefits and Vulnerabilities, by Don Coletti, Marc-André Gosselin and Cameron MacDonald, examines the increased importance of mortgage finance companies (MFCs) in the Canadian mortgage market. The authors discuss the MFC business model, highlighting MFCs’ relationship with mortgage brokers and banks, as well as the benefits they bring to Canadian borrowers. The authors conclude with a discussion of the impact of MFCs on financial system vulnerabilities.

Commodities and Monetary Policy: Implications for Inflation and Price Level Targeting

We examine the relative ability of simple inflation targeting (IT) and price level targeting (PLT) monetary policy rules to minimize both inflation variability and business cycle fluctuations in Canada for shocks that have important consequences for global commodity prices.

What Drives Exchange Rates? New Evidence from a Panel of U.S. Dollar Bilateral Exchange Rates

We use a novel approach to identify economic developments that drive exchange rates in the long run. Using a panel of six quarterly U.S. bilateral real exchange rates – Australia, Canada, the euro, Japan, New Zealand and the United Kingdom – over the 1980-2007 period, a dynamic factor model points to two common factors.

See More


Other Publications

  • "Constructing the Staff Economic Projection at the Bank of Canada"
    In: Practical Experience with Inflation Targeting, proceedings of a conference held by the Czech National Bank. May 2004.
  • "Empirical Estimation and the Quarterly Projection Model: An Example Focussing on the External Sector"
    (with Robert Amano and Stephen Murchison), Sveriges Riksbank Working Paper No. 104.


  • M.A., University of Western Ontario (1988)
  • B.A. (Honours), University of Western Ontario (1987)

Research Interests

  • macroeconomic modelling
  • monetary policy rules
  • forecasting

Follow the Bank