Tsz-Nga Wong

Senior Analyst

Russell Wong is a Senior Analyst in the Funds Management and Banking Department at the Bank of Canada. Russell is a macro theorist whose primary research interests are the role of search and information frictions in financial markets, with applications to interbank markets, over-the-counter trading, payment and settlement. He also works on topics related to productivity and economic growth. Russell received his PhD in economics from Washington University in St Louis. He has taught undergraduate and graduate classes there and at Queen’s university.


Tsz-Nga Wong

Senior Analyst
Funds Management and Banking

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


On the Essentiality of E-Money

Staff Working Paper 2015-43 Jonathan Chiu, Tsz-Nga Wong
Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different payment systems that implement and improve the constrained optimal resource allocation.

E-Money: Efficiency, Stability and Optimal Policy

Staff Working Paper 2014-16 Jonathan Chiu, Tsz-Nga Wong
What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e-money system necessarily stable? What is the optimal way to design an efficient and stable e-money scheme?

A Tractable Monetary Model Under General Preferences

Staff Working Paper 2013-7 Tsz-Nga Wong
Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH – (UXH)2 = 0 is a sufficient condition for the existence and uniqueness of monetary equilibrium with degenerate money distribution.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models JEL Code(s): D, D8, D83, E, E4, E40

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Academic Publication

  • A Tractable Monetary Model under General Preferences“, Review of Economic Studies, (2016), Volume 83 (1), pages 402-420.
  • “A Tractable Model of Monetary Exchange with Ex-post Heterogeneity” (2015)
    (with Guillaume Rocheteau (UCI) and Pierre-Olivier Weill (UCLA)), NBER Working Paper 21179
  • “Indeterminacy in One-Sector Models” (2013)
    (with Chong Yip (CUHK)), Journal of Economic Dynamics and Control

Working Papers Submitted or in Circulation

  • “Working Through the Distribution: Money in the Short and Long Run” (2015)
    (with Guillaume Rocheteau (UCI) and Pierre-Olivier Weill (UCLA))
  • “Essentiality of e-Money” (2015)
    (with Jonathan Chiu (UVW))
  • “Monetary Exchange in the Second-best and Irreducible Cost of Inflation” (2014)
  • “Aggregate Productivity and Assimilation” (2014)
    (with Ping Wang (WUSTL) and Chong Yip (CUHK))
  • “A Model of Technology Assimilation” (2014)
    (with Chong Yip (CUHK))

Research Interests

  • Macro and Monetary Economics
  • Growth


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