Lise Pichette is currently on leave.

Lise Pichette was appointed Regional Director (Economics) at the Bank of Canada’s Quebec Regional Office in November 2014. In this capacity, she directs research and analysis on economic and sectoral developments in the region, including overseeing the Bank’s Business Outlook Survey in Quebec. Mrs. Pichette also plays a major role in the office’s activities by communicating the Bank’s messages to various external audiences and promoting an exchange of views on the economy and monetary policy.

Mrs. Pichette joined the Bank in 1997 as an economist in the Research Department (now Canadian Economic Analysis). In 2005, she was appointed Principal Researcher in the Regional Analysis Division at the Quebec Regional Office, a position she held until being named Senior Representative.

Born in Montréal, Quebec, Mrs. Pichette holds a master’s degree in economics from Université du Québec à Montréal (UQAM).

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Staff discussion papers

Adoption of Digital Technologies: Insights from a Global Survey Initiative

Staff Discussion Paper 2021-7 James Fudurich, Lena Suchanek, Lise Pichette
Firms are at the forefront of adopting new technology. Using survey data from a global network of central banks, we assess the effects of digitalization on firms’ pricing and employment decisions.
Content Type(s): Staff research, Staff discussion papers Topic(s): Firm dynamics, Inflation and prices, Labour markets JEL Code(s): D, D2, D22, E, E3, E31, J, J2, J21, O, O3, O33

An Alternative Estimate of Canadian Potential Output: The Multivariate State-Space Framework

Staff Discussion Paper 2018-14 Lise Pichette, Maria Bernier, Marie-Noëlle Robitaille
In this paper, we extend the state-space methodology proposed by Blagrave et al. (2015) and decompose Canadian potential output into trend labour productivity and trend labour input. As in Blagrave et al. (2015), we include output growth and inflation expectations from consensus forecasts to help refine our estimates.
Content Type(s): Staff research, Staff discussion papers Topic(s): Economic models, Potential output JEL Code(s): C, C5, E, E0, E5

Assessing the Business Outlook Survey Indicator Using Real-Time Data

Staff Discussion Paper 2017-5 Lise Pichette, Marie-Noëlle Robitaille
Every quarter, the Bank of Canada conducts quarterly consultations with businesses across Canada, referred to as the Business Outlook Survey (BOS). A principal-component analysis conducted by Pichette and Rennison (2011) led to the development of the BOS indicator, which summarizes survey results and is used by the Bank as a gauge of overall business sentiment.

Measuring Potential Output at the Bank of Canada: The Extended Multivariate Filter and the Integrated Framework

Staff Discussion Paper 2015-1 Lise Pichette, Pierre St-Amant, Ben Tomlin, Karine Anoma
Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However, the measurement and interpretation of potential output, and hence the output gap, is fraught with uncertainty, since it is unobservable.

Extracting Information from the Business Outlook Survey Using Statistical Approaches

Staff Discussion Paper 2012-8 Lise Pichette
Since the autumn of 1997, the regional offices of the Bank of Canada have conducted quarterly consultations with businesses across Canada. These consultations, summarized in the Business Outlook Survey (BOS), are structured around a survey questionnaire that covers topics of importance to the Bank, notably business activity, pressures on production capacity, prices and inflation, and credit conditions.

Relative Price Movements and Labour Productivity in Canada: A VAR Analysis

Staff Discussion Paper 2010-5 Michael Dolega, David Dupuis, Lise Pichette
In recent years, the Canadian economy has been affected by strong movements in relative prices brought about by the surging costs of energy and non-energy commodities, with significant implications for the terms of trade, the exchange rate, and the allocation of resources across Canadian sectors and regions.

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Staff working papers

Dismiss the Gap? A Real-Time Assessment of the Usefulness of Canadian Output Gaps in Forecasting Inflation

We use a new real-time database for Canada to study various output gap measures. This includes recently developed measures based on models incorporating many variables as inputs (and therefore requiring real-time data for many variables).

Are Wealth Effects Important for Canada?

Staff Working Paper 2003-30 Lise Pichette, Dominique Tremblay
The authors examine the link between consumption and disaggregate wealth in Canada. They use a vector-error-correction model in which permanent and transitory shocks are identified using the restrictions implied by cointegration proposed by King, Plosser, Stock, and Watson (1991) and Gonzalo and Granger (1995).
Content Type(s): Staff research, Staff working papers Topic(s): Domestic demand and components JEL Code(s): C, C3, C32, E, E2, E21

Dynamic Factor Analysis for Measuring Money

Staff Working Paper 2003-21 Paul Gilbert, Lise Pichette
Technological innovations in the financial industry pose major problems for the measurement of monetary aggregates. The authors describe work on a new measure of money that has a more satisfactory means of identifying and removing the effects of financial innovations.

Some Explorations, Using Canadian Data, of the S-Variable in Akerlof, Dickens, and Perry (1996)

Staff Working Paper 2000-6 Seamus Hogan, Lise Pichette
A number of authors have suggested that economies face a long-run inflation-unemployment trade-off due to downward nominal-wage rigidity. This theory has implications for the nature of the short-run Phillips curve when wage inflation is low.

La politique monétaire a-t-elle des effets asymétriques sur l'emploi?

Staff Working Paper 1998-17 Lise Pichette
Several economists, including Cover (1992), Ammer and Brunner (1995), Macklem, Paquet, and Phaneuf (1996), have worked over the past few years to determine whether monetary policy shocks have asymmetric effects on output. These authors have generally found that negative monetary shocks tend to reduce output growth significantly, and that positive shocks generally have a weaker […]
Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy transmission JEL Code(s): E, E5

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Bank publications

Bank of Canada Review articles

November 17, 2011

Extracting Information from the Business Outlook Survey: A Principal-Component Approach

This article reviews recent work that uses principal-component analysis to extract information common to indicators from the Bank of Canada’s Business Outlook Survey (BOS). The authors use correlation analysis and an out-of-sample forecasting exercise to assess and compare the information content of the principal component with that of responses to key individual survey questions on growth in real gross domestic product and in real business investment. Results suggest that summarizing the common movements among BOS indicators may provide useful information for forecasting near-term growth in business investment. For growth in real gross domestic product, however, the survey’s balance of opinion on future sales growth appears to be more informative.

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Journal publications



  • 16 and 17 May 2002: Congrès de l'Association des économistes québécois (ASDEQ)
    La croissance économique : À quel prix et pour qui?