Nicholas Labelle

Senior Economist

Nicholas Labelle St-Pierre is a Senior Economist in the Projection Division of the Canadian Economic Analysis Department. His research interests include macroeconomics, monetary policy and payment clearing and settlement systems. Nicholas holds an MSc and a BSc in Economics from the University of Quebec in Montreal (UQAM) and has passed CFA Level III.

Contact

Senior Economist
Canadian Economic Analysis
Projection

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

Latest

Decomposing Canada’s Market Shares: An Update

Staff Analytical Note 2018-26 Nicholas Labelle
Building on the shift-share analysis of Barnett and Charbonneau (2015), this note decomposes Canada’s market shares in the United States, Europe and China for imports of non-energy goods into competitiveness, preference shifts and an interaction term. We find that, despite the depreciation of the dollar, Canada continued to lose market share over 2014–17 (around 0.4 percentage points lost per year on average over four years).
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): International topics JEL Code(s): F, F1, F10, F14, F4

Could a Higher Inflation Target Enhance Macroeconomic Stability?

Recent international experience with the effective lower bound on nominal interest rates has rekindled interest in the benefits of inflation targets above 2 per cent. We evaluate whether an increase in the inflation target to 3 or 4 per cent could improve macroeconomic stability in the Canadian economy.

Using Speed and Credit Limits to Address the Procyclicality of Initial Margin at Central Counterparties

Staff Discussion Paper 2016-18 Nikil Chande, Nicholas Labelle
This paper proposes a practical approach to address the procyclicality of initial margin at central counterparties (CCPs) that can work even in periods of extreme stress. The approach allows CCPs to limit the speed of margin increases resulting from spikes in market volatility.

The Case of Serial Disappointment

Similar to those of other forecasters, the Bank of Canada’s forecasts of global GDP growth have shown persistent negative errors over the past five years. This is in contrast to the pre-crisis period, when errors were consistently positive as global GDP surprised to the upside. All major regions have contributed to the forecast errors observed since 2011, although the United States has been the most persistent source of notable errors.

Removal of the Unwinding Provisions in the Automated Clearing Settlement System: A Risk Assessment

Staff Discussion Paper 2014-4 Nicholas Labelle, Varya Taylor
A default in the Automated Clearing Settlement System (ACSS) occurs when a Direct Clearer is unable to settle its final obligation.

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Education

  • UQAM, BSc, Economics, 2007
  • UQAM, MSc, Economics, 2008

Research Interests

  • Macroeconomics
  • Monetary Policy
  • Payment clearing and settlement systems

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