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.
This 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.
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.
Firms 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.
This 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.
How do unconventional monetary policies like quantitative easing and negative interest rates affect domestic financial conditions and the broader economy in small open econo-mies, such as Canada? These policies are effective in depreciating the exchange rate in small open economies, while lower interest rates are also passed through to the economy, albeit only partially. When conventional monetary policy is close to its limits, fiscal policy may be a more important complement to monetary policy in a small economy, particularly if global demand for safe assets compresses long-term interest rates.
"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.