Rose Cunningham

Policy Advisor


Rose Cunningham is a Policy Advisor in the International Economic Analysis Department (IEA). In this capacity, she contributes to the Department’s analysis related to monetary policy and to the Bank’s participation in international meetings. Also, she conducts analysis and research on current economic issues and monetary policy more generally. Her primary research interests include business cycles, real-financial linkages and monetary policy frameworks. She holds a PhD in economics from Carleton University. Rose began her career at the Bank as a senior economist in the United States Division of IEA. Prior to becoming a Policy Advisor, she was a Director in the Department, managing divisions that forecast economic growth in Europe, China and other major overseas economies.

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Staff Discussion Papers

Exploring Wage Phillips Curves in Advanced Economies

Staff Discussion Paper 2019-8 Rose Cunningham, Vikram Rai, Kristina Hess
We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework.

The Size and Destination of China’s Portfolio Outflows

Staff Discussion Paper 2018-11 Rose Cunningham, Eden Hatzvi, Kun Mo
The size of China’s financial system raises the possibility that the liberalization of its capital account could have a large effect on the global financial system. This paper provides a counterfactual scenario analysis that estimates what the size and direction of China’s overseas portfolio investments would have been in 2015 if China had had no restrictions on these outflows.

Understanding the Time Variation in Exchange Rate Pass-Through to Import Prices

Staff Discussion Paper 2017-12 Rose Cunningham, Min Jae Kim, Christian Friedrich, Kristina Hess
In this paper, we analyze the presence of time variation in the pass-through from the nominal effective exchange rate to import prices for 24 advanced economies over the period 1995–2015. In line with earlier studies in the literature, we find substantial heterogeneity in the level of exchange rate pass-through across countries.

The Role of Central Banks in Promoting Financial Stability: An International Perspective

Staff Discussion Paper 2016-15 Rose Cunningham, Christian Friedrich
The 2007–09 global financial crisis has led policy-makers around the world, including central banks, to refocus their efforts to promote financial stability. As part of this process, central banks became quite active in supporting financial stability in a variety of ways, such as publicly sharing their assessments of financial system vulnerabilities and risks and helping to strengthen regulation, supervision and macroprudential measures.

Staff Working Papers

Monetary Policy and Financial Stability: Cross-Country Evidence

Staff Working Paper 2015-41 Christian Friedrich, Kristina Hess, Rose Cunningham
Central banks may face challenges in achieving their price stability goals when financial stability risks are present. There is, however, considerable heterogeneity among central banks with respect to how they manage these potential trade-offs.

Housing Market Cycles and Duration Dependence in the United States and Canada

Staff Working Paper 2007-2 Rose Cunningham, Ilan Kolet
Housing wealth is a large component of total wealth and plays an important role in aggregate business cycles. In this paper, we explore data on real house price cycles at the aggregate level and city level for the United States and Canada.

Trade Credit and Credit Rationing in Canadian Firms

Staff Working Paper 2004-49 Rose Cunningham
Burkart and Ellingsen's (2004) model of trade credit and bank credit rationing predicts that trade credit will be used by medium-wealth and low-wealth firms to help ease bank credit rationing.

Finance Constraints and Inventory Investment: Empirical Tests with Panel Data

Staff Working Paper 2004-38 Rose Cunningham
The author empirically tests two aspects of the interaction between financial variables and inventory investment: negative cash flow and finance constraints due to asymmetric information.

Investment, Private Information, and Social Learning: A Case Study of the Semiconductor Industry

Staff Working Paper 2004-32 Rose Cunningham
Social learning models of investment provide an interesting explanation for sudden changes in investment behaviour.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles JEL Code(s): C, C3, C35, E, E3, E32, L, L6, L63

Journal Publications

Refereed journal articles