Erik Ens is a Senior Policy Director in the Canadian Economic Analysis Department. As a member of the senior leadership team he helps oversee the Bank's analysis of the Canadian economy and its research on monetary policy. He also leads the Bank’s macroeconomic modelling and scenario analysis work on climate change. Prior to this, he was a Senior Policy Advisor in the International Department, where he oversaw that department’s contributions to the Monetary Policy Report.
Mr. Ens joined the Bank in 2012, serving first as a Principal Economist and later as a Director in the Financial Stability Department. In these roles he led a post-crisis review of the Bank’s emergency lending policies and the initial development of a recovery and resolution regime for financial market infrastructure. Prior to joining the Bank Mr. Ens worked at the Department of Finance Canada and the Privy Council Office, where he provided advice on a wide range of fiscal, financial system and macroeconomic issues.
Mr. Ens holds a Masters in Economics from the University of British Columbia.
We enhance benchmarks for assessing strength in the Canadian labour market. We find the labour market remains tight despite recent strong increases in labour supply, including among prime-working-age women. We also assess the anticipated easing in labour conditions in a context of high population growth.
We propose a range of benchmarks for assessing labour market strength for monetary policy. This work builds on a previous framework that considers how diverse and segmented the labour market is. We apply these benchmarks to the Canadian labour market and find that it has more than recovered from the COVID-19 shock.
Climate transition scenarios clarify climate-related risks to our economy and financial system. This paper summarizes key results of Canada-relevant scenarios developed in a pilot project on climate risk by the Bank of Canada and the Office of the Superintendent of Financial Institutions.
Measuring labour market slack is essential for central banks: without full employment in the economy, inflation will not stay close to target. We propose a comprehensive approach to assessing labour market slack that reflects the complexity and diversity of the labour market.
This paper adapts climate-economy models that have been applied in other contexts for use in climate-related scenario analysis. We consider illustrative scenarios for the global economy that could generate economic and financial risks. Our results suggest there are significant economic risks from climate change and the move to a low-carbon economy.