Eric Santor

Managing Director

Eric Santor was appointed Managing Director of the Bank’s Canadian Economic Analysis Department (CEA), effective 4 May 2015. In this capacity, Mr. Santor is responsible for the management and strategic direction of the department, which includes providing rigorous and timely analysis of economic conditions in Canada as well as advice on the conduct of monetary policy. In addition, the department also conducts longer-term research into issues relevant to monetary policy, including how to best design Canada's monetary policy framework and linkages between real and financial variables.

Mr. Santor’s research has focused on issues relating to the incidence and effects of unconventional monetary policy, the international monetary system and global financial architecture, and the role and governance of the International Monetary Fund.

Mr. Santor joined the Bank in 2001 as an economist in the former Monetary and Financial Analysis Department. He then assumed increasing responsibilities through his roles as a Principal Researcher, Assistant Chief, Research Director, Deputy Chief and Chief in the International Economic Analysis Department.

Mr. Santor was born in London, Ontario, and completed his undergraduate degree at Huron College, University of Western Ontario, and his Doctorate in Economics at the University of Toronto.

Biographical note: Eric Santor


Eric Santor

Managing Director
Canadian Economic Analysis

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


May 16, 2016 A New Era of Central Banking: Unconventional Monetary Policies

Central banks can implement unconventional monetary policy measures to provide additional easing when policy interest rates come close to their lower limit. To date, the international experience with tools such as quantitative easing and negative interest rates has been largely positive. Central banks may also use several such measures simultaneously, with often mutually reinforcing effects. Yet, unconventional tools are also subject to potential limits, and the costs associated with these measures could rise with extensive and prolonged use.

Quantitative Easing as a Policy Tool Under the Effective Lower Bound

Staff Discussion Paper 2015-14 Abeer Reza, Eric Santor, Lena Suchanek
This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank’s balance sheet through large-scale asset purchases can provide effective stimulus under the ELB.

Large-Scale Asset Purchases: Impact on Commodity Prices and International Spillover Effects

Staff Working Paper 2015-21 Sharon Kozicki, Eric Santor, Lena Suchanek
Prices of commodities, including metals, energy and agricultural products, rose markedly over the 2009–2010 period. Some observers have attributed a significant part of this increase in commodity prices to the U.S. Federal Reserve’s large-scale asset purchase (LSAP) programs.
Content Type(s): Staff Working Papers Topic(s): International topics JEL Code(s): E, E5, E58, G, G1, G14, Q, Q0, Q00

Sovereign Default and State-Contingent Debt

Staff Discussion Paper 2013-3 Martin Brooke, Rhys R. Mendes, Alex Pienkowski, Eric Santor
The Latin American debt crises in the 1980s and the Asian crisis in the late 1990s both provided impetus for reforming the framework for restructuring sovereign debt. In the late 1980s, the Brady plan established the importance of substantive debt relief in addressing some crises.

May 16, 2013 Unconventional Monetary Policies: Evolving Practices, Their Effects and Potential Costs

Following the recent financial crisis, major central banks have introduced several types of unconventional monetary policy measures, including liquidity and credit facilities, asset purchases and forward guidance. To date, these measures appear to have been successful. They restored market functioning, facilitated the transmission of monetary policy and supported economic activity. They have potential costs, however, including challenges related to the greatly expanded balance sheets of central banks and the eventual exit from these measures, as well as the vulnerabilities that can arise from prolonged monetary accommodation.

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Refereed Journals

  • "Does the Microfinance Lending Model Actually Work?"
    (with Rafael Gomez), Whitehead Journal of Diplomacy and International Relation, Volume IX, No. 2 Summer/Fall 2008.
  • "Foreign Asset Risk Exposure, DOI, and Performance: An Analysis of Canadian Banks"
    (with Walid Hejazi), Journal of International Business Studies, forthcoming.
  • "Migration, Social Networks and Credit: Empirical Evidence from Peru"
    (with Sonia Laszlo), The Developing Economies, forthcoming.
  • "Renewing IMF Surveillance: Transparency, Accountability and Independance"
    (with Robert Lavigne and Philipp Maier), Review of International Organizations, March 2009, 4: 1.
  • "Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms",
    (with Michael R. King), Journal of Banking and Finance, 2008, 32: 11, p. 2423-2432.
  • "Financial Constraints and Investment: Assessing the Impact of a World Bank Loan Program on Small and Medium-Sized Enterprises in Sri Lanka"
    (with Varouj Aivazian), Canadian Journal of Economics, 2008, 41: 2, p. 475-500.
  • "Membership has its privileges: the effect of social capital and neighborhood characteristics on the earnings of microfinance borrowers,"
    (with Rafael Gomez), Canadian Journal of Economics, 2001, 34: 4, 943-966

Other Publications


  • Ph.D., University of Toronto (2002)
  • M.A., University of Toronto (1996)
  • B.A.(Honours), University of Western Ontario (1995)

Research Interests

  • Unconventional monetary policy
  • International monetary system and global financial architecture
  • Corporate finance and banking


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