Bio

Karyne B. Charbonneau is a Policy Advisor the Canadian Economic Analysis Department at the Bank of Canada. In this capacity, she is part of the leadership team overseeing the Bank's analysis of the Canadian economy and its research on monetary policy. Her research focuses on applied econometrics and international trade.

Prior to occupying this role, she was a Principal Economist in the Real Economic Activity Division and then in the Digital Economy and Advanced Analytics Division.

She received her PhD in economics from Princeton University.

Research Field(s): Econometric Theory International Trade and Finance Technological Change
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Staff Analytical Notes

The Impact of a Trade War: Assessment of the Current Tariffs and Alternative Scenarios

Staff Analytical Note 2019-20 Karyne B. Charbonneau
This note uses Charbonneau and Landry’s (2018) framework to assess the direct impact of the current trade tensions on the Canadian and global economies, as well as possible implications if the conflict escalates further. Overall, my findings show that the estimated impact of current tariffs on real gross domestic product (GDP) remains relatively small, which is in line with the literature on gains from trade, but the impact on trade is much larger.
Content Type(s): Staff research, Staff analytical notes Topic(s): Recent economic and financial developments, Trade integration JEL Code(s): F, F1, F11, F13, F14, F15, F5, F50, F6, F62, F68

Online Job Seekers in Canada: What Can We Learn from Bing Job Queries?

Staff Analytical Note 2019-18 André Binette, Karyne B. Charbonneau, Nicholas Curtis, Gabriela Galassi, Scott Counts, Justin Cranshaw
Labour markets in Canada and around the world are evolving rapidly with the digital economy. Traditional data are adapting gradually but are not yet able to provide timely information on this evolution.
Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Labour markets, Monetary policy JEL Code(s): C, C8, C80, E, E2, E24, J, J2, J21

Estimating the Impacts of Tariff Changes: Two Illustrative Scenarios

Staff Analytical Note 2018-29 Karyne B. Charbonneau, Anthony Landry
We build upon new developments in the international trade literature to construct a quantitative Ricardian framework similar to Caliendo and Parro (2015) to isolate and estimate the long-run economic impacts of tariff changes.
Content Type(s): Staff research, Staff analytical notes Topic(s): Recent economic and financial developments, Trade integration JEL Code(s): F, F1, F11, F13, F14, F15, F5, F50, F6, F62, F68

Digitalization and Inflation: A Review of the Literature

Staff Analytical Note 2017-20 Karyne B. Charbonneau, Alexa Evans, Subrata Sarker, Lena Suchanek
In the past few years, many have postulated that the possible disinflationary effects of digitalization could explain the subdued inflation in advanced economies. In this note, we review the evidence found in the literature. We look at three main channels.
Content Type(s): Staff research, Staff analytical notes Topic(s): Inflation and prices, Market structure and pricing, Productivity JEL Code(s): D, D2, D22, E, E3, E31, L, L8, L81, O, O3, O33

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Staff Discussion Papers

Canada’s Experience with Trade Policy

Staff Discussion Paper 2018-1 Karyne B. Charbonneau, Daniel de Munnik, Laura Murphy
This paper compiles the contemporary view on three major Canadian-led trade policies that have marked Canada’s economic history since Confederation: the National Policy (1879), the Canada–US Agreement on Automotive Products (Auto Pact, 1965) and the Canada–US Free Trade Agreement (FTA, 1989, including its extension to the North American Free Trade Agreement, NAFTA, 1994).
Content Type(s): Staff research, Staff discussion papers Topic(s): International topics, Trade integration JEL Code(s): F, F1, F13, N, N7, N71, N72

A New Measure of the Canadian Effective Exchange Rate

Staff Discussion Paper 2016-1 Russell Barnett, Karyne B. Charbonneau, Guillaume Poulin-Bellisle
Canada’s international competitiveness has received increasing attention in recent years as exports have fallen short of expectations and Canada has lost market share. This paper asks whether the Bank of Canada’s current effective exchange rate measure, the CERI, is still an accurate measure of Canada’s international competitiveness.
Content Type(s): Staff research, Staff discussion papers Topic(s): Exchange rates, International topics JEL Code(s): F, F1, F3, F31

Forward Guidance at the Effective Lower Bound: International Experience

Staff Discussion Paper 2015-15 Karyne B. Charbonneau, Lori Rennison
Forward guidance is one of the policy tools that a central bank can implement if it seeks to provide additional monetary stimulus when it is operating at the effective lower bound (ELB) on interest rates. It became more widely used during and after the global financial crisis.
Content Type(s): Staff research, Staff discussion papers Topic(s): Monetary policy communications, Monetary policy framework, Monetary policy implementation, Transmission of monetary policy, Uncertainty and monetary policy JEL Code(s): E, E4, E43, E5, E52, E58, E6

Decomposing Movements in U.S. Non-Energy Import Market Shares

Staff Discussion Paper 2015-5 Russell Barnett, Karyne B. Charbonneau
Country market shares of U.S. non-energy imports have changed considerably since 2002, with varying volatility across three subperiods: pre-crisis (2002–07), crisis (2007–09) and post-crisis (2009–14). In this paper, we analyze market shares for four main trading partners of the United States (Canada, Mexico, China and Japan).
Content Type(s): Staff research, Staff discussion papers Topic(s): International topics JEL Code(s): F, F1, F10, F14, F4

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Staff Working Papers

Multiple Fixed Effects in Binary Response Panel Data Models

Staff Working Paper 2014-17 Karyne B. Charbonneau
This paper considers the adaptability of estimation methods for binary response panel data models to multiple fixed effects. It is motivated by the gravity equation used in international trade, where important papers such as Helpman, Melitz and Rubinstein (2008) use binary response models with fixed effects for both importing and exporting countries.
Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C2, C23, C25, F, F1, F14

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Journal Publications

Refereed journals