Jason Allen

Senior Research Director

Jason Allen is a Senior Research Director in the Financial Market Department at the Bank of Canada. He is an applied microeconomist whose primary research interests center on the household sector and the role that competition in retail banking plays in shaping credit outcomes. Specific topics include price competition in the mortgage market and bankruptcy choice. Jason Allen received his PhD in economics from Queen’s University.


Jason Allen

Senior Research Director
Financial Markets

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

Curriculum vitae


The Impact of Macroprudential Housing Finance Tools in Canada: 2005–10

Staff Working Paper 2016-41 Jason Allen, Timothy Grieder, Brian Peterson, Tom Roberts
This paper combines loan-level administrative data with household-level survey data to analyze the impact of recent macroprudential policy changes in Canada using a microsimulation model of mortgage demand of first-time homebuyers.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial system regulation and policies JEL Code(s): C, C6, C63, D, D1, D14, G, G2, G28

The Impact of Bankruptcy Reform on Insolvency Choice and Consumer Credit

Staff Working Paper 2016-26 Jason Allen, Kiana Basiri
We examine the impact of the 2009 amendments to the Canadian Bankruptcy and Insolvency Act on insolvency decisions. Rule changes steered debtors out of division I proposals and into the more cost-effective division II proposals.

Capital Structure, Pay Structure and Job Termination

Staff Working Paper 2016-12 Jason Allen, James R. Thompson
We develop a model to analyze the link between financial leverage, worker pay structure and the risk of job termination. Contrary to the conventional view, we show that even in the absence of any agency problem among workers, variable pay can be optimal despite workers being risk averse and firms risk neutral.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Labour markets JEL Code(s): G, G2, G24, J, J3, J33

February 21, 2013 Conference Summary: Financial Intermediation and Vulnerabilities

The Bank of Canada’s annual economic conference, held in October 2012, brought together experts from across Canada and around the world to discuss key issues concerning financial intermediation and vulnerabilities. The conference covered such topics as household finances and their relationship to financial stability, as well as bank regulation, securitization and shadow banking.

Price Negotiation in Differentiated Products Markets: Evidence from the Canadian Mortgage Market

Staff Working Paper 2012-30 Jason Allen, Robert Clark, Jean-François Houde
This paper measures market power in a decentralized market where contracts are determined through a search and negotiation process. The mortgage industry has many institutional features which suggest competitiveness: homogeneous contracts, negotiable rates, and, for a given consumer, common lending costs across lenders.

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Refereed journals

Work in Progress

  • “Variable pay: is it for the worker or the firm?”
    (with James Thompson), Revisions requested at Journal of Corporate Finance.
  • “Identifying dependencies in the demand for government securities”
    (with Jakub Kastl and Milena Wittwer)
  • "Macroprudential Housing Policies and Borrowing Constraints"
    (with Robert Clark and Jean-Francois Houde).


  • Ph.D., Queen's University (2007)
  • M.A., Queen's University (2001)
  • B.A. (Honours), Concordia University (1999)

Research Interests

  • Banking
  • Industrial organization
  • Econometrics


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