Tony Chernis is a senior economist in the Regional Analysis Division of the Canadian Economic Analysis department. Based at the Regional Office for British Columbia and the Yukon, his work includes contributing to the Business Outlook Survey, conducting economic analysis, and developing nowcasting models. Tony holds a master’s degree in economics from Simon Fraser University.
Staff analytical notes
Because the Bank of Canada has started withdrawing monetary stimulus, monitoring the transmission of these changes to monetary policy will be important. Subcomponents of consumption and housing will likely respond differently to a monetary policy tightening, both in terms of the aggregate effect and timing.
Staff discussion papers
This paper introduces the Business Leaders’ Pulse, a new online survey conducted each month. It is designed to provide timely and flexible input into the Bank of Canada’s monetary policy decision making by asking firms about their sales and employment growth expectations, the risks to their business outlook, and topical questions that address specific information needs of the Bank.
We present a tool for creating density nowcasts for Canadian real GDP growth. We demonstrate that the combined densities are a reliable and accurate tool for assessing the state of the economy and risks to the outlook.
This paper studies short-term forecasting of Canadian real GDP and its expenditure components using combinations of nowcasts from different models. Starting with a medium-sized data set, we use a suite of common nowcasting tools for quarterly real GDP and its expenditure components.
This paper estimates a three‐frequency dynamic factor model for nowcasting Canadian provincial gross domestic product (GDP). Canadian provincial GDP is released by Statistics Canada on an annual basis only, with a significant lag (11 months).
Canadian exports have often disappointed since the Great Recession. The apparent disconnect between exports and the Bank of Canada’s current measure of foreign demand has created an impetus to search for an alternative.
Staff working papers
This paper estimates a dynamic factor model (DFM) for nowcasting Canadian gross domestic product. The model is estimated with a mix of soft and hard indicators, and it features a high share of international data.