Miguel Molico

Senior Research Director

Miguel Molico was appointed Senior Research Director of the Financial Stability Department (FSD) in February 2014. In this role, he is part of both the Economic and Financial Research (EFR) team  and the Financial Stability Department’s senior leadership team and oversees the modelling and research divisions of FSD. He previously held the role of Director of Research in the Funds Management and Banking Department (FBD) since 2010.

Miguel primary research interests include monetary theory, monetary policy implementation, and payment systems. His research has been published in leading academic journals, including the Journal of Monetary Economics, the Journal of Economic Theory, the International Economic Review and the Journal of Money, Credit and Banking.

Prior to joining the Bank in 2006, Miguel held academic positions at the Penn State University and the University of Western Ontario. He holds a PhD in economics from the University of Pennsylvania.


Senior Research Director
Financial Stability
Strategic Leadership and Support

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


November 19, 2019

Researching the Economic Impacts of Climate Change

The Bank of Canada has a mandate to “promote the economic and financial welfare of Canada,” primarily through the conduct of monetary policy and promotion of a safe, sound and efficient financial system. Understanding the macroeconomic and financial system impacts of climate change and the transition to a low-carbon economy is therefore a priority for the Bank.
Content Type(s): Staff Research, Other Topic(s): Climate change

On the Nexus of Monetary Policy and Financial Stability: Effectiveness of Macroprudential Tools in Building Resilience and Mitigating Financial Imbalances

Staff Discussion Paper 2016-11 H. Evren Damar, Miguel Molico
This paper reviews the Canadian and international evidence of the effectiveness of macroprudential policy measures in building resilience and mitigating financial imbalances. The analysis concludes that these measures have broadly achieved their goal of increasing the overall resilience of the financial system to the buildup of imbalances and increasing the financial system’s ability to withstand adverse shocks.

On the Nexus of Monetary Policy and Financial Stability: Recent Developments and Research

Staff Discussion Paper 2015-7 Oleksiy Kryvtsov, Miguel Molico, Ben Tomlin
Because financial and macroeconomic conditions are tightly interconnected, financial stability considerations are an important element of any monetary policy framework. Yet, the circumstances under which it would be appropriate for the Bank to use monetary policy to lean against financial risks need to be more fully specified (Côté 2014).

Electronic Money and Payments: Recent Developments and Issues

Staff Discussion Paper 2014-2 Ben Fung, Miguel Molico, Gerald Stuber
The authors review recent developments in retail payments in Canada and elsewhere, with a focus on e-money products, and assess their potential public policy implications.
May 17, 2012

Conference Summary: New Developments in Payments and Settlement

The Bank of Canada’s annual conference, held in November 2011, brought together leading researchers from universities, central banks and other institutions from around the world. Divided into four sessions plus two keynote addresses, the conference covered such topics as the use of cash and other means of payment in retail transactions, large-value payments systems, and […]

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Refereed Journals

  • "Central Bank Haircut Policy," (with James Chapman and Jonathan Chiu) Annals of Finance, August 2011, 7 (3), p.319-348.
  • "Uncertainty, Inflation, and Welfare," (with Jonathan Chiu) Journal of Money, Credit, and Banking, 43: 487-512.
  • "Liquidity, Redistribution, and the Welfare Cost of Inflation," (with Jonathan Chiu) Journal of Monetary Economics, 57 (4) 2010:428-38.
  • "The Distribution of Money and Prices in Search Equilibrium," International Economic Review, 47 (3), 2006: 701-22.
  • "Indivisibilities, Lotteries, and Monetary Exchange," (with Alexander Berentsen and Randall Wright), Journal of Economic Theory, 107 (1) 2002: 70-94.

Other Publications

  • "A Model of Tiered Settlement",
    (with J, chapman and J. Chiu), Journal of Money, credit and Banking.
  • "Production Synergies, Technology Adoption, Unemployment, and Wages",
    (with Gwen Eudey), Finance and Economics Discussion Series, 2001-29, Federal Reserve Board, Washington, DC.


  • Ph.D., University of Pennsylvania (1997)
  • M.A., University of Pennsylvania (1994)
  • B.A. Economics (Licenciatura), Universidade Nova de Lisboa (1991)

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