Kristina Hess

Senior Economist

Kristina Hess is a senior economist in the Advanced Economies Division of the International Economic Analysis Department. She joined the Bank in September 2012 after completing the MA Economics program at Queen’s University.


Kristina Hess

Senior Economist
International Economic Analysis
Advanced Economies Division

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


Assessing Global Potential Output Growth: April 2018

This note presents our estimates of potential output growth for the global economy through 2020. Overall, we expect global potential output growth to remain broadly stable over the projection horizon, averaging 3.3 per cent, although there is considerable uncertainty surrounding these estimates.

Understanding the Time Variation in Exchange Rate Pass-Through to Import Prices

Staff Discussion Paper 2017-12 Rose Cunningham, Min Jae Kim, Christian Friedrich, Kristina Hess
In this paper, we analyze the presence of time variation in the pass-through from the nominal effective exchange rate to import prices for 24 advanced economies over the period 1995–2015. In line with earlier studies in the literature, we find substantial heterogeneity in the level of exchange rate pass-through across countries.

Low Inflation in Advanced Economies: Facts and Drivers

Since the global financial crisis, core inflation has been persistently below target in most advanced economies. Recently, it has weakened further in several advanced economies despite gradually diminishing slack. This note reviews recent developments in core inflation across advanced economies and identifies distinctive patterns across regions.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Inflation and prices, International topics JEL Code(s): E, E0, E3, E31, F, F0

Assessing Global Potential Output Growth

This note estimates potential output growth for the global economy through 2019. While there is considerable uncertainty surrounding our estimates, overall we expect global potential output growth to rise modestly, from 3.1 per cent in 2016 to 3.4 per cent in 2019.
May 16, 2016

Monetary Policy Frameworks: Recent International Developments

Inflation-targeting frameworks have remained relatively stable over the past few years despite significant challenges, including prolonged low inflation, a large negative commodity price shock and rising financial stability concerns in some economies. The tools used by central banks have, however, evolved substantially. This article provides a survey of the developments in the inflation-targeting frameworks of 10 central banks in advanced economies that correspond to the three research areas of the Bank of Canada’s 2016 renewal: the level of the inflation target, the measurement of core inflation and financial stability considerations in the formulation of monetary policy.

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Journal Publications

  • “Monetary Policy and Financial Stability: Cross-Country Evidence” (with Christian Friedrich and Rose Cunningham), Journal of Money, Credit and Banking, forthcoming.
  • “International Transmission Channels of U.S. Quantitative Easing: Evidence from Canada” (with Tatjana Dahlhaus and Abeer Reza), Journal of Money, Credit and Banking, Vol 50: 545-563, March-April 2018.


  • M.A. (Economics) Queen’s University (2012)
  • B.A. (Economics) University of British Columbia (2010)


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