Bio

Hélène Desgagnés is Director of the International Model Development Division of the International Economic Analysis Department (INT). Prior to joining INT, she worked in the Financial Stability and Canadian Economic Analysis Departments where she contributed to the development of ToTEM III, the Bank’s large dynamic and stochastic general equilibrium (DSGE) model of the Canadian economy.


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Staff discussion papers

COVID and Financial Stability: Practice Ahead of Theory

Staff Discussion Paper 2022-18 Jing Yang, Hélène Desgagnés, Grzegorz Halaj, Yaz Terajima
The Covid-19 pandemic uncovered policy challenges related to the economic measures that were taken to support the economy. Two years later, we attempt to identify the broader impact of these measures and research that needs to follow.

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Staff working papers

The Rise of Non-Regulated Financial Intermediaries in the Housing Sector and its Macroeconomic Implications

Staff Working Paper 2017-36 Hélène Desgagnés
I examine the impact of non-regulated lenders in the mortgage market using a dynamic stochastic general equilibrium (DSGE) model. My model features two types of financial intermediaries that differ in three ways: (i) only regulated intermediaries face a capital requirement, (ii) non-regulated intermediaries finance themselves by selling securities and cannot accept deposits, and (iii) non-regulated intermediaries face a more elastic demand.

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Technical reports

ToTEM III: The Bank of Canada’s Main DSGE Model for Projection and Policy Analysis

ToTEM III is the most recent generation of the Bank of Canada’s main dynamic stochastic general equilibrium model for projection and policy analysis. The model helps Bank staff tell clear and coherent stories about the Canadian economy’s current state and future evolution.

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