Rose Cunningham


Rose Cunningham is a Director in the International Economic Analysis Department. This Emerging Markets Division monitors and analyzes economic, financial and policy developments in China and other major emerging market economies. Her research interests include monetary policy, inflation, real-financial linkages, business cycles and housing market cycles. She holds a PhD in economics from the Carleton University.


Rose Cunningham

International Economic Analysis
Emerging Markets Division

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

Curriculum vitae


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.

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.

March 9, 2010 Inflation Expectations and the Conduct of Monetary Policy: A Review of Recent Evidence and Experience

This article explores the role of inflation expectations in the conduct of monetary policy. It reviews the various measures of inflation expectations used by central banks, including surveys and market-based indicators, and considers their advantages and disadvantages. It examines the critical role of inflation expectations in the framework that central banks use to understand, forecast, and control inflation. It also looks at their role as an indicator of central bank credibility. The behaviour of inflation expectations over the past two years is analyzed and policy conclusions are offered.

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Journal Article

  • “Housing Market Cycles and Duration Dependence in the United States and Canada,”
    (with I. Kolet), Applied Economics, February, 2009.


  • Ph.D., Carleton University (2004)
  • M.A., Carleton University (1998)
  • B.A.(Honours), University of Waterloo (1994)

Research Interests

  • Monetary policy and inflation dynamics
  • Business cycle dynamics
  • Credit cycle and real-financial linkages
  • Housing markets


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