Lorie Zorn

Senior Director


Lorie Zorn was appointed Senior Director in the Financial Markets Department in 2022. She is responsible for fiscal agent policy and the teams performing domestic debt management, foreign reserves management and fiscal agent modelling. She is co-chair of the Foreign Reserves Committee and the Debt Treasury & Management Committee. Lorie also heads the Bank’s Calgary Operational Site (COS). In this capacity, she oversees market operations conducted in Calgary, and she provides general oversight and management of the Calgary office.

Lorie joined the Bank in 1997. She has diverse experience across the Bank’s monetary policy, financial system stability and funds management functions, and her roles have included analysis, operations, policy development, and risk assessment. In 2015 she undertook a three-year assignment to the International Monetary Fund. Lorie became Director of the Calgary operations team in 2019 and played a key role in setting up the Calgary site. Ms. Zorn holds Master of Economics and Honours Bachelor of Commerce degrees.

Staff working papers

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Bank publications

Bank of Canada Review articles

May 19, 2011

Central Bank Collateral Policy: Insights from Recent Experience

The collateral policy of central banks played a critical role during the recent financial crisis, as they worked to bolster liquidity and alleviate the funding pressures facing financial institutions. This article examines central bank collateral policy and discusses three areas in which central banks can use their collateral policy to influence financial market practices: promoting greater transparency for securitized products, improving practices related to credit risk, and reducing procyclicality in the management of market risk.
September 11, 2009

Bank of Canada Liquidity Actions in Response to the Financial Market Turmoil

In response to the financial crisis of 2007-09, the Bank of Canada intervened repeatedly to stabilize the financial system and limit the repercussions of the crisis on the Canadian economy. This article reviews the extraordinary liquidity measures taken by the Bank during this period and the principles that guided the Bank's interventions. A preliminary assessment of the term liquidity facilities provided by the Bank suggests that they were an important source of liquidity support for some financial institutions and, on a broader basis, served to reduce uncertainty among market participants about the availability of liquidity, as well as helping to promote a return to well-functioning money markets.
October 13, 2007

Estimating the Cost of Equity for Canadian and U.S. Firms

Financing costs are important for both firms and the economy, affecting investment decisions and, ultimately, economic growth. Despite concern among policy-makers that the cost of equity financing may be higher in Canada than in the United States, empirical evidence supporting this view is mixed. Yet Canadian firms may not undertake as many projects that could potentially enhance growth if the cost of equity financing in Canada is relatively high. The article summarizes research by Jonathan Witmer and Lorie Zorn on the influences on the cost of equity in Canada and the United States, using an updated methodology that controls for firm characteristics and aggregate-level factors. In their sample, the cost of equity was 30–50 basis points higher in Canada over 1988 to 2006 but appears to have dropped in the post-1997 period. The results have policy implications related to such factors as firm size, disclosure, and securities regulation and enforcement.

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Financial System Review articles

June 11, 2015

Assessing Vulnerabilities in the Canadian Financial System

The authors present the four common cyclical vulnerabilities that appear in financial systems, providing examples of qualitative and quantitative indicators used to monitor these vulnerabilities across different sectors. They also discuss other inputs to the vulnerability assessment and to the internal process used at the Bank of Canada for identifying, evaluating and communicating vulnerabilities and risks, and highlight some of the key challenges in assessing financial system vulnerabilities and risks.
Content Type(s): Publications, Financial System Review articles Topic(s): Financial stability JEL Code(s): G, G0, G01, G1, G10, G2, G20

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