Joel Wagner

Senior Economist

Joel Wagner is a Senior Economist in the Monetary Policy and Financial Studies Division of the Canadian Economic Analysis (CEA) Department at the Bank of Canada. His current research interests include macroeconomics, with a specific focus on how technology and innovation drive both business cycle volatility and economic growth. At the bank of Canada, he has been involved in understanding the impact downward nominal wage rigidity has on a workers wage-setting decision. Future research will continue along this path as well as focus on the impact innovations in financial technology have on banking sector.


Senior Economist
Canadian Economic Analysis
Monetary Policy and Financial Studies Division

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

Curriculum vitae


Downward Nominal Wage Rigidity in Canada: Evidence Against a “Greasing Effect”

Staff Working Paper 2017-31 Joel Wagner
The existence of downward nominal wage rigidity (DNWR) has often been used to justify a positive inflation target. It is traditionally assumed that positive inflation could “grease the wheels” of the labour market by putting downward pressure on real wages, easing labour market adjustments during a recession.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Inflation targets, Labour markets JEL Code(s): E, E2, E24, E5, E52

Anticipated Technology Shocks: A Re‐Evaluation Using Cointegrated Technologies

Staff Working Paper 2017-11 Joel Wagner
Two approaches have been taken in the literature to evaluate the relative importance of news shocks as a source of business cycle volatility. The first is an empirical approach that performs a structural vector autoregression to assess the relative importance of news shocks, while the second is a structural-model-based approach.

Agency Costs, Risk Shocks and International Cycles

Staff Working Paper 2016-2 Marc-André Letendre, Joel Wagner
We add agency costs as in Carlstrom and Fuerst (1997) into a two-country, two-good international business-cycle model. In our model, changes in the relative price of investment arise endogenously.

The Endogenous Relative Price of Investment

Staff Working Paper 2015-30 Joel Wagner
This paper takes a full-information model-based approach to evaluate the link between investment-specific technology and the inverse of the relative price of investment. The two-sector model presented includes monopolistic competition where firms can vary the markup charged on their product depending on the number of firms competing.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles JEL Code(s): E, E3, E32, L, L1, L11, L16

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Refereed Journals

  • “Agency Costs, Risk Shocks and International Cycles”, 
    (with Marc-André Letendre )  Macroeconomic Dynamics.
  • “Downward Nominal Wage Rigidity: Evidence Against a Greasing Effect”
    Canadian Journal of economics, Forthcoming.


  • McMaster University, PhD in Economics, 2014
  • McMaster University, MA in Economics, 2009
  • Wilfrid Laurier University, BA in Economics 2008

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