Shutao Cao

Senior Economist

Shutao Cao is a senior economist in the Canadian Economic Analysis Department. His research areas are macroeconomics and labour economics. His recent research focuses on aggregate implications of reallocation, productivity measurement, and labour supply over the life cycle. He also worked on housing over the life cycle. Shutao holds a Ph.D. in economics from the University of Texas at Austin.


Shutao Cao

Senior Economist
Canadian Economic Analysis
Canadian Economic Studies

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


Financial Constraint and Productivity: Evidence from Canadian SMEs

Staff Working Paper 2016-44 Shutao Cao, Danny Leung
The degree to which financial constraint is binding is often not directly observable in commonly used business data sets (e.g., Compustat). In this paper, we measure and estimate the likelihood of a firm being constrained by external financing using a data set of small- and medium-sized Canadian firms.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Firm dynamics, Productivity JEL Code(s): D, D2, D24, G, G3, G32, L, L2, L25

April 2016 Annual Reassessment of Potential Output in Canada

This note summarizes the Bank of Canada’s 2016 annual reassessment of potential output growth, which is projected to be 1.5 per cent over 2016–18 and 1.6 per cent in 2019–20. This projection is weaker than the one presented in the April 2015 Monetary Policy Report.

Trends in Firm Entry and New Entrepreneurship in Canada

Staff Discussion Paper 2015-11 Shutao Cao, Mohanad Salameh, Mai Seki, Pierre St-Amant
Recently released data show downward trends for both the firm entry rate and the rate of new entrepreneurship since the early 1980s in Canada. This paper documents these trends and discusses potential explanations.

A New Data Set of Quarterly Total Factor Productivity in the Canadian Business Sector

Staff Working Paper 2015-6 Shutao Cao, Sharon Kozicki
In this paper, a quarterly growth-accounting data set is built for the Canadian business sector with the top-down approach of Diewert and Yu (2012). Inputs and outputs are measured and used to estimate the quarterly total factor productivity (TFP).
Content Type(s): Staff Research, Staff Working Papers Topic(s): Productivity JEL Code(s): D, D2, D24, F, F4, F43, O, O4, O47

The Sensitivity of Producer Prices to Exchange Rates: Insights from Micro Data

Staff Working Paper 2012-20 Shutao Cao, Wei Dong, Ben Tomlin
This paper studies the sensitivity of Canadian producer prices to the Canada-U.S. exchange rate. Using a unique product-level price data set, we estimate and analyze the impact of movements in the exchange rate on both domestic and export producer prices.

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Research Interests

  • Macroeconomics
  • Labour economics


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