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Grahame Johnson

Grahame Johnson
Grahame Johnson was appointed Advisor to the Governor, effective November 1, 2021.
Department(s): Executive
November 21, 2025

Funds management

We manage the Government of Canada’s bank accounts, conduct auctions of government securities and provide other financial services to the government.
February 3, 2026

Research themes: Financial markets

Financial markets are where savers and borrowers exchange funds. Their well-functioning is critical. This is why we study their structure, participants, regulations and how they are affected by key external changes.

Financial Intermediaries and the Macroeconomy: Evidence from a High-Frequency Identification

Staff working paper 2022-24 Pablo Ottonello, Wenting Song
We provide empirical evidence of effects to the aggregate economy from surprises about financial intermediaries’ net worth based on a high-frequency identification strategy. We estimate that news of a 1% decline in intermediaries’ net worth leads to a 0.2%–0.4% decrease in the market value of nonfinancial firms.
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