Yi Zheng

Principal Economist

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.


Principal Economist
Financial Stability
Regulatory Policy

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


February 23, 2012

Medium-Term Fluctuations in Canadian House Prices

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.

A Model of Housing Stock for Canada

Staff Working Paper 2010-19 David Dupuis, Yi Zheng
Using an error-correction model (ECM) framework, the authors attempt to quantify the degree of disequilibrium in Canadian housing stock over the period 1961–2008 for the national aggregate and over 1981–2008 for the provinces.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Domestic demand and components JEL Code(s): E, E2, E21, J, J0, J00

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 […]
September 15, 2008

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

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.

What Affects MFP in the Long-Run? Evidence from Canadian Industries

Staff Working Paper 2008-4 Danny Leung, Yi Zheng
In this paper we explore variables that may have an impact on multifactor productivity (MFP) in the long-run using the KLEMS database for Canada. We estimate a dynamic heterogeneous panel error-correction model of twelve 2-digit level industries.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Productivity JEL Code(s): C, C2, C23, D, D2, D24, O, O3, O30

See More


Journal articles

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


  • M.Sc. McGill University (2003)
  • B. Eng. Shanghai Jiaotong University

Research Interests

  • Financial Stability
  • Macroeconomics.

Follow the Bank