Julien Champagne

Senior Economist

Julien Champagne is a Senior Economist in the Projection division of the Canadian Economic Analysis (CEA) Department. His research interests include monetary policy, labour markets, wages and compensation and applied macroeconomics. He holds a Ph.D. from the University of Quebec at Montreal (UQAM).


Julien Champagne

Senior Economist
Canadian Economic Analysis

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

Curriculum vitae


Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada

Staff Working Paper 2017-39 Julien Champagne, Rodrigo Sekkel
We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada.

The Real-Time Properties of the Bank of Canada’s Staff Output Gap Estimates

We study the revision properties of the Bank of Canada’s staff output gap estimates since the mid-1980s. Our results suggest that the average staff output gap revision has decreased significantly over the past 15 years, in line with recent evidence for the U.S.

Reconciling the Differences in Aggregate U.S. Wage Series

Staff Working Paper 2016-1 Julien Champagne, André Kurmann, Jay Stewart
Average hourly real wage series from the Labor Productivity and Costs (LPC) program and the Current Employment Statistics (CES) program have evolved very differently over the past decades.

The Complex Adjustment of the Canadian Economy to Lower Commodity Prices

In this analytical note, we provide a comprehensive assessment of the complex structural adjustment facing the Canadian economy following the commodity price decline since mid-2014. We quantify separately the impacts coming from the commodity sector restructuring and the broader effect of significantly lower terms of trade.

The Carrot and the Stick: The Business Cycle Implications of Incentive Pay in the Labor Search Model

Staff Working Paper 2015-35 Julien Champagne
This paper considers a real business cycle model with labor search frictions where two types of incentive pay are explicitly introduced following the insights from the micro literature on performance pay (e.g. Lazear, 1986).

See More


Refereed Journals

  • The Great Increase in Relative Volatility of Real Wages in the United States.”
    (with A. Kurmann). Journal of Monetary Economics, vol. 60, No.2, p.166-183, (2013).
  • “Reconciling the Divergence in Aggregate U.S. Wage Series”
    (with Andre Kurmann and Jay Stewart). Labour Economics,  Volume 47, p. 27-41. December 2017.
  • “The Real-time properties of the Bank of Canada Staff Output Gap estimates”
    (with Rodrigo Sekkel and Guillaume Poulin-Bellisle). 2016. Journal of Money, Credit, and Banking, forthcoming.

Other Research

  • “Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada"
    (with Rodrigo Sekkel). 2017.
  • “Mismeasurement of Unemployment Duration and Labour Force Status in the CPS”. 2016.
  • Has the Canadian economy become more predictable? Evidence from BoC staff forecasts.


  • Ph.D., Economics, Université du Québec à Montréal,Thesis: “Changes in Labor Market Institutions, Performance-Pay, and Increased Wage Volatility in the U.S.” Advisor: Professor Andre Kurmann
  • M.Sc., Economics, Université du Québec à Montréal, Canada
  • B.Com, Finance, McGill University, Qu ébec, Canada

Research Interests

  • Monetary policy
  • Labour markets
  • Wages and compensation
  • Applied macroeconomics


Follow the Bank