Farrukh Suvankulov is a Regional Director (Economics) in the Canadian Economic Analysis Department at the Bank of Canada. His primary research fields are energy economics, international trade and applied econometrics. Mr. Suvankulov holds a PhD in policy analysis (economics) from the RAND Graduate School as well as a Master of Arts degree in economics from Yale University.

Staff analytical notes

Small and smaller: How the economic outlook of small firms relates to size

Staff Analytical Note 2021-14 Chris D'Souza, James Fudurich, Farrukh Suvankulov
Firms with fewer than 100 workers employ about 65 percent of the total labour force in Canada. An online survey experiment was conducted with firms of this size in Canada in 2018–19. We compare the responses of small and micro firms to explore how their characteristics and economic outlooks relate to their size.

Crude Oil Prices and Fixed-Asset Cash Spending in the Oil and Gas Industry: Findings from VAR Models

Staff Analytical Note 2016-8 Farrukh Suvankulov
This note investigates the relationship between crude oil prices and investment in the energy sector. We employ a set of vector autoregression (VAR) models (unconstrained VAR, vector error-correction and Bayesian VAR) to formalize the relationship between the West Texas Intermediate (WTI) benchmark and fixed-asset cash spending in the oil and gas extraction and support activities sector of the Canadian economy.

See More

Staff discussion papers

The Business Leaders’ Pulse—An Online Business Survey

This paper introduces the Business Leaders’ Pulse, a new online survey conducted each month. It is designed to provide timely and flexible input into the Bank of Canada’s monetary policy decision making by asking firms about their sales and employment growth expectations, the risks to their business outlook, and topical questions that address specific information needs of the Bank.

See More

Staff working papers

Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces

Staff Working Paper 2015-28 Farrukh Suvankulov
A significant body of empirical studies demonstrates sizable national border effects in foreign trade of Canadian provinces throughout the 1980s and 1990s. This paper revisits and expands the scope of the border effects analysis by estimating the border effect in trade with U.S. states as well as countries in the European Union (EU) and the G 20 using more recent data from 2001–10.
Content Type(s): Staff research, Staff working papers Topic(s): International topics JEL Code(s): F, F1, F14, F15

See More

Journal publications

Other publications

  • "Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces"
    The Journal of International Trade & Economic Development, Volume 25, Issue 8, p. 1045-1070, 2016.
  • "Price regulation and relative price convergence: Evidence from the retail gasoline market in Canada"
    (with M. Lau and F. Ogucu), 2012, Energy Policy, 40, p. 325-334.
  • "Some cautions on the use of nonlinear panel unit root tests: evidence from a modified series-specific non-linear panel unit-root test"
    (with Lau, M., Y. Su and F.Chau), 2012, Economic modelling , 29 (3), p. 810-816.
  • "Have firms with better corporate governance fared better during the recent financial crisis in Russia?"
    (with F. Ogucu), 2012, Applied Economics Letters, 19 (8), p. 769-773.