Lena Suchanek was appointed Director, Regional Analysis Division, of the Bank of Canada’s Canadian Economic Analysis Department in January 2018. In this capacity, she is part of the leadership team that directs and manages the department and oversees the economic analysis activities of the Bank’s five regional offices (Vancouver, Calgary, Toronto, Montréal and Halifax). She leads the division in carrying out and publishing the quarterly Business Outlook Survey, conducting regional and sectoral analysis and economic research, and supporting the Bank’s communication strategy.
Ms. Suchanek first joined the Bank of Canada as an economist in the International Economic Analysis Department in 2007, before moving to the European Central Bank in 2010. She returned to the Bank of Canada in 2011, later joining the Regional Analysis Division at the Quebec Regional Office, where she was appointed principal economist in 2015. In 2017, she was appointed policy advisor, a position she held until being named director. Her primary research interests include unconventional monetary policies and international economics.
Staff Analytical Notes
Digital Transformation in the Service Sector: Insights from Consultations with Firms in Wholesale, Retail and LogisticsFirms increasingly rely on digital technologies such as e-commerce, cloud computing, big data, digital tracking and digital platforms that are reshaping business operations, business models and market structures. In this context, the Bank of Canada consulted with firms in wholesale, retail and logistics, as well as with related industry associations to yield insights on the adoption of digital technologies.
Staff Discussion Papers
External Stability, Real Exchange Rate Adjustment and the Exchange Rate Regime in Emerging-Market EconomiesIn emerging-market economies, real exchange rate adjustment is critical for maintaining a sustainable current account position and thereby for helping to reduce macroeconomic and financial instability.
Staff Working Papers
Does Outward Foreign Investment Matter for Canadian Productivity? Evidence from Greenfield InvestmentsThis paper seeks to understand how outward foreign direct investment (FDI) affects the productivity of Canadian firms. We estimate the impact of outward greenfield investment on measures of firm-level productivity using FDI data from roughly 2,000 Canadian firms and more than 4,000 outward FDI projects over the 2003–14 period.
Understanding Monetary Policy and its Effects: Evidence from Canadian Firms Using the Business Outlook SurveyThis paper shows (i) that business sentiment, as captured by survey data, matters for monetary policy decisions in Canada, and (ii) how business perspectives are affected by monetary policy shocks. Measures of business sentiment (soft data) are shown to have systematic explanatory power for monetary policy decisions over and above typical Taylor rule variables.
- "Current Account Dynamics, Real Exchange Rate Adjustment and the Exchange Rate Regime in Emerging-Market Economies"
(with Olivier Gervais and Lawrence Schembri), Journal of Development Economics, Vol. 119, March 2016, p. 86-89.
- "Central Bank Balance Sheets and Long Term Forward Rates,"
(with Eric Santor and Lena Suchanek) In Interest Rates, Prices and Liquidity: Lessons from the Financial Crisis, edited by Jagjits S. Chadha and Sean Holly.New York: Cambridge University Press, p.172-194.