Stephen Murchison

Stephen Murchison




Stephen Murchison was appointed Advisor to the Governor, effective 4 May 2015. In this role, which focuses on the Bank of Canada’s international activities, Mr. Murchison helps develop the strategy for the Bank’s global engagement, supports the Governor at meetings of the Bank for International Settlements, and coordinates the Bank’s work with other international partners and forums. He is also the business lead on interdepartmental research on e-money.

Mr. Murchison joined the Bank in 1997 as an economist in the Canadian Projection and Model Development division of the Research Department, now Canadian Economic Analysis (CEA). Beginning in 1999, Mr. Murchison spent two years at the Department of Finance. He returned to the Bank in 2001 and occupied the increasingly senior positions of Principal Researcher, Assistant Chief, Research Director and Deputy Chief of CEA. In August 2013, Mr. Murchison was appointed Chief of CEA, a position he held until his current appointment.

Born in Barrie, Ontario, Mr. Murchison has a master’s degree in economics from Wilfrid Laurier University.

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Staff Discussion Papers

Monetary Policy Under Uncertainty: Practice Versus Theory

Staff Discussion Paper 2017-13 Rhys R. Mendes, Stephen Murchison, Carolyn A. Wilkins
For central banks, conducting policy in an environment of uncertainty is a daily fact of life. This uncertainty can take many forms, ranging from incomplete knowledge of the correct economic model and data to future economic and geopolitical events whose precise magnitudes and effects cannot be known with certainty.

Staff Working Papers

Exchange Rate Pass-through and Monetary Policy: How Strong is the Link?

Staff Working Paper 2009-29 Stephen Murchison
Several authors have presented reduced-form evidence suggesting that the degree of exchange rate pass-through to the consumer price index has declined in Canada since the early 1980s and is currently close to zero.

Trend Inflation, Wage and Price Rigidities, and Welfare

This paper studies the steady-state costs of inflation in a general-equilibrium model with real per capita output growth and staggered nominal price and wage contracts.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E0, E5

A Structural Small Open-Economy Model for Canada

Staff Working Paper 2004-4 Stephen Murchison, Andrew Rennison, Zhenhua Zhu
The authors develop a small open-economy dynamic stochastic general-equilibrium (DSGE) model in an attempt to understand the dynamic relationships in Canadian macroeconomic data.