Jonathan Witmer

jonathan-witmer

Director

Jonathan Witmer is the Director of the Research Team in the Financial Markets Department. His primary interests include financial market regulation and financial market stability. Jonathan has also worked extensively on policy issues related to OTC derivatives and shadow banking. He obtained his PhD in Finance from Queen’s University and an MBA from the Richard Ivey School of Business.

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Jonathan Witmer

Director
Financial Markets
Monetary Policy Analysis and Research

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

Latest

Strategic Complementarities and Money Market Fund Liquidity Management

Staff Working Paper 2017-14 Jonathan Witmer
Following the financial crisis, there has been increased regulatory focus on the management of liquidity in mutual funds and, specifically, whether funds hold enough liquidity to guard against the potential for investor runs.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial markets JEL Code(s): F, F3, F30, G, G0, G01, G1, G18, G2, G20

16 May 2016 Estimating Canada’s Effective Lower Bound

Bank of Canada Review - Spring 2016 Jonathan Witmer, Jing Yang
Recently, the Bank of Canada has estimated the effective lower bound (ELB) on its policy interest rate to be about -50 basis points. This article outlines the analysis that underpins that estimate by quantifying the costs of storing and using cash in Canada. It also explores how some international markets have adapted to negative interest rates, issues surrounding their implementation, as well as their transmission to other interest rates in the economy. Finally, it discusses theoretical ideas on how the ELB could be reduced further.
Content Type(s): Publications, Bank of Canada Review Article Topic(s): Monetary policy framework, Monetary policy implementation, Transmission of monetary policy JEL Code(s): D, D5, D53, E, E4, E43, E5, E52, E58

Estimating Canada’s Effective Lower Bound

Staff Analytical Note 2015-2 Jonathan Witmer, Jing Yang
In 2009, the Bank of Canada set its effective lower bound (ELB) at 25 basis points (bps). Given the recent experience of Sweden, Denmark, Switzerland and the euro area with negative interest rates, we examine the economics of negative interest rates and suggest that cash storage costs are the source of a negative lower bound on interest rates.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Central bank research, Monetary policy framework, Monetary policy implementation JEL Code(s): D, D5, D53, E, E4, E41, E43, E5, E58

11 June 2015 Canadian Open-End Mutual Funds: An Assessment of Potential Vulnerabilities

Financial System Review - June 2015 Sandra Ramirez, Jesus Sierra, Jonathan Witmer
The authors examine the liquidity and leverage characteristics of Canadian long-term, open-end mutual funds in terms of their potential systemic effects on the Canadian mutual fund sector and on the Canadian financial system more broadly. In their overall assessment of this sector, they consider the regulation, market size and ownership structure of mutual funds in Canada and provide observations about the industry globally.
Content Type(s): Publications, Financial System Review Article Topic(s): Financial Institutions, Financial markets JEL Code(s): G, G2, G23, G28

Liquidity and Central Clearing: Evidence from the CDS Market

Staff Working Paper 2012-38 Joshua Slive, Jonathan Witmer, Elizabeth Woodman
An international initiative to increase the use of central clearing for OTC derivatives emerged as one of the reactions to the 2008 financial crisis. The move to central clearing is a fundamental change in the structure of the market.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets JEL Code(s): G, G3, G30, G38

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Research Interests

  • Financial stability
  • Financial regulation
  • Corporate finance
  • International finance

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