Jonathan Swarbrick

Senior Economist

Jonathan Swarbrick is a Senior Economist in the Model Development Division of the Canadian Economic Analysis Department. His research interests include macroeconomic theory, financial economics, and monetary economics. Jonathan received his Ph.D. from the University of Surrey, UK, in 2017.


Senior Economist
Canadian Economic Analysis
Model Development

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

Curriculum vitae


Lending Standards, Productivity and Credit Crunches

Staff Working Paper 2019-25 Jonathan Swarbrick
We propose a macroeconomic model in which adverse selection in investment drives the amplification of macroeconomic fluctuations, in line with prominent roles played by the credit crunch and collapse of the asset-backed security market in the financial crisis.

Weakness in Non-Commodity Exports: Demand versus Supply Factors

Staff Analytical Note 2018-28 José Dorich, Vadym Lepetyuk, Jonathan Swarbrick
We use the Terms-of-Trade Economic Model (ToTEM) to conduct demand- and supply-driven simulations, both of which deliver weakness in Canadian non-commodity exports relative to foreign activity in line with recent data.

See More


Other Research

  • Monetary policy and cross-border interbank market fragmentation: lessons from the crisis (2017)
    (with Tobias Blattner) (ECB)
  • Credit crunches from occasionally binding bank borrowing constraints (2017)
    (with Tom Holden and Paul Levine) (both Surrey)
  • Adverse selection and Financial Crises (2017)


  • Ph.D., Economics, University of Surrey, UK, 2017
  • M.Sc., Economics, University of Surrey, UK, 2012
  • B.Eng., Aerospace Engineering, University of Surrey, UK, 2005

Follow the Bank