Gino Cateau

Senior Policy Director

Gino Cateau is a Senior Policy Director of the International Economic Analysis Department. His primary research interest centers on the optimal design of monetary policy frameworks. He has worked extensively on the implications of uncertainty on decision making, on the design of robust policy frameworks and the implications of financial stability concerns for monetary policy. Gino holds a PhD in Economics from the University of Chicago.


Gino Cateau

Senior Policy Director
International Economic Analysis
Strategic Leadership Group

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

Curriculum vitae


Limited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting

Staff Working Paper 2018-61 Gino Cateau, Malik Shukayev
This paper studies the cost of limited commitment when a central bank has the discretion to adjust policy whenever the costs of honoring its past commitments become high. Specifically, we consider a central bank that seeks to implement optimal policy in a New Keynesian model by committing to a price-level target path.
December 15, 2015

Indebted Households and Potential Vulnerabilities for the Canadian Financial System: A Microdata Analysis

Over the past decade, an increasing proportion of households in Canada have become highly indebted relative to their income. These highly indebted households now hold one-fifth of total Canadian household debt.Simulations suggest that this greater degree of household indebtedness could exacerbate the impact of shocks to income and interest rates relative to the pre-crisis period. However, an assessment of the vulnerability of the Canadian financial system should, among other factors, account for the ability of Canadian financial institutions to withstand losses from the household sector.

A Policy Model to Analyze Macroprudential Regulations and Monetary Policy

Staff Working Paper 2014-6 Sami Alpanda, Gino Cateau, Césaire Meh
We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features.
March 9, 2010

Monetary Policy Rules in an Uncertain Environment

This article examines recent research on the influence of various forms of economic uncertainty on the performance of different classes of monetary policy rules: from simple rules to fully optimal monetary policy under commitment. The authors explain why uncertainty matters in the design of monetary policy rules and provide quantitative examples from the recent literature. They also present results for several policy rules in ToTEM, the Bank of Canada's main model for projection and analysis, including rules that respond to price level, rather than to inflation.

Adopting Price-Level Targeting under Imperfect Credibility in ToTEM

Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period.

See More



  • "Price-level versus Inflation Targeting under Model Uncertainty"
    Canadian Journal of Economics, vol. 50(2), p.2083-2101, May 2017.
  • "Monetary Policy under Model and Data-Parameter Uncertainty"
    Journal of Monetary Economics, vol. 54(7), p.2083-2101, October 2007.


  • PhD., (Economics), University of Chicago (2004)
  • MSc., (Econometrics and Mathematical Economics), London School of Economics (1999)
  • BSc., (Econometrics and Mathematical Economics), London School of Economics (1995)

Research Interests

  • Macroeconomics
  • Monetary policy
  • Uncertainty


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