Bio

Yi Zheng is a Principal Economist in the Financial Stability Department of the Bank of Canada. Prior to joining FSD, she worked in the Canadian Economic Analysis Department. Her current interests include empirical research to identify and evaluate risks for Canadian and International banks as well as models to assess house prices. She has also worked on projects covering a broad range of topics, such as commodity prices, international trade, productivity, potential output, and the impact of demographics on the savings rate. She obtained her Master of Science from McGill University.

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Staff Discussion Papers

Relative Prices, Trading Gains, and Real GDI: The Case of Canada

Staff Discussion Paper 2009-4 Yi Zheng
Treating imports as intermediate inputs to domestic production, the author adopts the translog function approach to model real gross domestic income (GDI) in Canada over the 1961–2006 period. She explores the role of price ratios, such as terms of trade and the real effective exchange rate, in explaining changes in real GDI, trade openness, trade […]
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Econometric and statistical methods, Productivity JEL Code(s): C, C4, C43, D, D3, D33, F, F1, F10, O, O4, O47

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Staff Working Papers

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Bank Publications

Bank of Canada Review Article

February 23, 2012

Medium-Term Fluctuations in Canadian House Prices

Bank of Canada Review - Winter 2011-2012 Brian Peterson, Yi Zheng
This article draws on theory and empirical evidence to examine a number of factors behind movements in Canadian house prices. It begins with an overview of the movements in house prices in Canada, using regional data to highlight factors that influence prices over the long run. It then turns to the central theme, that there are medium-run movements in prices not accounted for by long-run factors. Drawing on recent Bank of Canada research, the article discusses several factors behind these medium-run movements, including interest rates, expected price appreciation and market liquidity. The article concludes by identifying areas for future research that would further our understanding of fluctuations in house prices.
Content Type(s): Publications, Bank of Canada Review Article Topic(s): Asset pricing, Econometric and statistical methods, Market structure and pricing JEL Code(s): R, R2, R21, R3, R31
September 15, 2008

Offshoring and Its Effects on the Labour Market and Productivity: A Survey of Recent Literature

Bank of Canada Review - Autumn 2008 James Rossiter, Yi Zheng, Calista Cheung
Offshoring has become an increasingly prominent aspect of the globalization process. Evidence over the past two decades suggests that offshoring has not exerted a noticeable impact on overall employment and earnings growth in advanced economies, but it has likely contributed to shifting the demand for labour towards higher-skilled jobs. There appear to be some positive effects of offshoring on productivity, but such effects differ by country.
Content Type(s): Publications, Bank of Canada Review Article Topic(s): International topics, Labour markets, Productivity
October 25, 2005

Exports, Imports, and the Appreciation of the Canadian Dollar

Bank of Canada Review - Autumn 2005 Richard Dion, Michel Laurence, Yi Zheng
An objective assessment of the effects of the appreciation of the Canadian dollar in 2003 and 2004 on exports and imports requires a detailed review of the numerous other factors which may have been at play. Dion, Laurence, and Zheng discuss the influences that have affected Canada's international trade over the past two years, including exchange rate movements, global and sector-specific shocks, constraints on the domestic supply of a few products, and competition from emerging economies, most notably, China. The analysis is complemented with econometric models developed at the Bank which provide statistically valid estimates of the contribution of the Canadian-dollar appreciation to the recent developments in exports and imports.
Content Type(s): Publications, Bank of Canada Review Article Topic(s): Balance of payments and components, Exchange rates, International topics

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The Economy, Plain and Simple

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Journal Publications

Journal articles

  • "What Affects MFP in the Long-Run? Evidence from Canadian Industries,"
    (with D. Leung) forthcoming, Applied Economics.