Vadym Lepetyuk is a Principal Researcher in the Canadian Economic Analysis Department at the Bank of Canada. Vadym’s work has focused mainly on macroeconomic modelling and policy analysis. He received his Ph.D. in economics from the University of Minnesota.

Staff analytical notes

Weakness in Non-Commodity Exports: Demand versus Supply Factors

Staff Analytical Note 2018-28 José Dorich, Vadym Lepetyuk, Jonathan Swarbrick
We use the Terms-of-Trade Economic Model (ToTEM) to conduct demand- and supply-driven simulations, both of which deliver weakness in Canadian non-commodity exports relative to foreign activity in line with recent data.

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Staff working papers

Could a Higher Inflation Target Enhance Macroeconomic Stability?

Recent international experience with the effective lower bound on nominal interest rates has rekindled interest in the benefits of inflation targets above 2 per cent. We evaluate whether an increase in the inflation target to 3 or 4 per cent could improve macroeconomic stability in the Canadian economy.

Should Central Banks Worry About Nonlinearities of their Large-Scale Macroeconomic Models?

Staff Working Paper 2017-21 Vadym Lepetyuk, Lilia Maliar, Serguei Maliar
How wrong could policymakers be when using linearized solutions to their macroeconomic models instead of nonlinear global solutions?

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Technical reports

ToTEM III: The Bank of Canada’s Main DSGE Model for Projection and Policy Analysis

ToTEM III is the most recent generation of the Bank of Canada’s main dynamic stochastic general equilibrium model for projection and policy analysis. The model helps Bank staff tell clear and coherent stories about the Canadian economy’s current state and future evolution.

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Journal publications

Refereed journals



  • "Government Investment and the European Stability and Growth Pact,"
    (with Marco Bassetto), Economic Perspectives, Federal Reserve Bank of Chicago, vol. 31(3), 2007, pages 33-43.
  • "Toward Nonlinear Framework for Central Banking: A Scaled-Down Version of ToTEM"
    (with Lilia Maliar, Serguei Maliar), working paper.
  • "Could a Higher Inflation Target Enhance Macroeconomic Stability?"
    (with Jose Dorich, Nicholas Labelle St-Pierre, Rhys Mendes), working paper.
  • "Reconciling Consumption Inequality with Income Inequality,"
    (with Christian Stoltenber), working paper
  • "A Reinforcement Learning Approach to Solving Incomplete Market Models with Aggregate Uncertainty," (with Andrei Jirnyi), working paper.