Bio

Olena Kostyshyna is a Principal Researcher in the Canadian Economic Analysis (CEA) Department. Her research interests include macroeconomics, labour economics, experimental economics and survey expectations. Prior to joining the Bank, Olena held academic position at the Portland State University in the USA. She holds a Ph.D. in Economics from Simon Fraser University.

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Staff analytical notes

The Size and Characteristics of Informal (“Gig”) Work in Canada

Staff Analytical Note 2019-6 Olena Kostyshyna, Corinne Luu
Underlying wage growth has fallen short of what would be consistent with an economy operating with little or no slack. While many factors could explain this weakness, the availability of additional labour resources from informal (“gig”) work—not fully captured in standard measures of employment and hours worked—may play a role.
Content Type(s): Staff research, Staff analytical notes Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, E26, J, J2, J20, J3, J30, J4

The State of Labour Market Churn in Canada

Staff Analytical Note 2019-4 Olena Kostyshyna, Corinne Luu
The literature highlights that labour market churn, including job-to-job transitions, is a key element of wage growth. Using microdata from the Labour Force Survey, we compute measures of labour market churn and compare these with pre-crisis averages to assess implications for wage growth.
Content Type(s): Staff research, Staff analytical notes Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, J, J2, J20, J3, J30, J6, J63

Wage Growth in Canada and the United States: Factors Behind Recent Weakness

Staff Analytical Note 2017-8 Dany Brouillette, James Ketcheson, Olena Kostyshyna, Jonathan Lachaine
This note examines the relatively subdued pace of wage growth in Canada since the commodity price decline in 2014 and assesses whether the weakness is attributable to cyclical (e.g., labour market slack) or structural factors (e.g., resource reallocation and demographic change).
Content Type(s): Staff research, Staff analytical notes Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, J, J3, J30

A Canada-US Comparison of Labour Market Conditions

Staff Analytical Note 2017-4 Dany Brouillette, Katerina Gribbin, Justin-Damien Guénette, James Ketcheson, Olena Kostyshyna, Jonathan Lachaine, Colin Scarffe
In this note, we provide a brief comparison of the recent developments in the labour markets in Canada and the United States. Our analysis indicates that slack remains in the Canadian labour market, while the US labour market is close to full employment.
Content Type(s): Staff research, Staff analytical notes Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, J, J2, J21, J22, J23

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Staff working papers

How Do People View Price and Wage Inflation?

Staff Working Paper 2022-34 Monica Jain, Olena Kostyshyna, Xu Zhang
This paper examines household-level data from the Canadian Survey of Consumer Expectations (CSCE) to understand households’ expectations about price and wage inflation, how those expectations link to views about labour market conditions and the subsequent impact on households’ outlook for real spending growth.
Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Monetary policy communications JEL Code(s): C, C8, C83, D, D8, D84, E, E2, E21, E24, E3, E31

A Horse Race of Monetary Policy Regimes: An Experimental Investigation

Staff Working Paper 2022-33 Olena Kostyshyna, Luba Petersen, Jing Yang
How should central banks design monetary policy in stable times and during recessions? We run a horse race between five monetary policy frameworks in an experimental laboratory to assess how well the different approaches can manage the public’s expectations and stabilize the economy.
Content Type(s): Staff research, Staff working papers Topic(s): Inflation targets, Monetary policy, Monetary policy communications, Monetary policy framework JEL Code(s): C, C9, D, D8, D84, E, E5, E52, E58

On the Evolution of Multiple Jobholding in Canada

Staff Working Paper 2019-49 Olena Kostyshyna, Etienne Lalé
The number of workers who hold more than one job (a.k.a. multiple jobholders) has increased recently in Canada. While this seems to echo the view that non-standard work arrangements are becoming pervasive, the increase has in fact been trivial compared with the long-run rise of multiple jobholding that has occurred since the mid-1970s.
Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Labour markets JEL Code(s): E, E2, E24, J, J2, J21, J22, J6, J60

Downward Nominal Wage Rigidity in Canada: Evidence from Micro- Level Data

Staff Working Paper 2016-40 Dany Brouillette, Olena Kostyshyna, Natalia Kyui
We assess the importance of downward nominal wage rigidity (DNWR) in Canada using both firm- and worker-level microdata. In particular, we analyze employer-level administrative data from the Major Wage Settlements (MWS) and household-based survey data from the Survey of Labour Income Dynamics (SLID).
Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Labour markets JEL Code(s): E, E2, E24, J, J3, J30

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Journal publications

Refereed journals

  • “On the Evolution of Multiple Jobholding in Canada”
    (with Etienne Lale), Canadian Journal of Economics, Vol. 55 (2), p. 1095-1134, May 2022
  • "Are Sunspots Learnable? An Experimental Investigation in a Simple Macroeconomic Model"
    (with Jasmina Arifovic and George Evans), Journal of Economic Dynamics and Control, Vol. 110, p. 1 -21, January 2020
  • “Downward Nominal Wage Rigidity in Canada: Evidence from Micro-level Data”
    (with D. Brouillette and N. Kyui). 2018. Canadian Journal of Economics. 51(3), pages 968-1002
  • "Social Learning and Monetary Policy Rules"
    (with J. Arifovic and J. Bullard). 2012. Economic Journal, 123(567), pages 38-76.
  • "Application of Adaptive Step-Size Algorithm in a Model with Hyperinflations". 2012. Macroeconomic Dynamics, 16(S3): 355-375.
  • "Learning Benevolent Leadership in a Heterogenous Agents Economy"
    (with Arifovic, H. Dawid and Ch. Deissenberg). 2010. Journal of Economic Dynamics and Control, 34(9): 1768-1790.