Robert Amano

Senior Research Director


Robert Amano

Senior Research Director
Canadian Economic Analysis
Strategic Leadership and Support

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


Redistributive Effects of a Change in the Inflation Target

Staff Analytical Note 2017-13 Robert Amano, Thomas J. Carter, Yaz Terajima
In light of the financial crisis and its aftermath, several economists have argued that inflation-targeting central banks should reconsider the level of their inflation targets. While the appropriate level for the inflation target remains an open question, it’s important to note that any transition to a new target would entail certain costs.

Downward Nominal Wage Rigidity Meets the Zero Lower Bound

Staff Working Paper 2017-16 Robert Amano, Stefano Gnocchi
We add downward nominal wage rigidity to a standard New Keynesian model with sticky prices and wages, where the zero lower bound on nominal interest rates is allowed to bind. We find that wage rigidity not only reduces the frequency of zero bound episodes but also mitigates the severity of corresponding recessions.

Comparing Forward Guidance and Neo-Fisherianism as Strategies for Escaping Liquidity Traps

Staff Analytical Note 2016-16 Robert Amano, Thomas J. Carter, Rhys R. Mendes
What path should policy-makers select for the nominal rate when faced with a liquidity trap during which the effective lower bound binds?

A Primer on Neo-Fisherian Economics

Staff Analytical Note 2016-14 Robert Amano, Thomas J. Carter, Rhys R. Mendes
Conventional models imply that central banks aiming to raise inflation should lower nominal rates and thus stimulate aggregate demand. However, several economists have recently challenged this conventional wisdom in favour of an alternative “neo-Fisherian’’ view under which higher nominal rates might in fact lead to higher inflation.

May 16, 2016 The Micro and Macro of Downward Nominal Wage Rigidity

The article examines the extent of downward nominal wage rigidity in Canada and its implications for monetary policy. The authors ask whether its existence is a sufficient argument for a higher inflation target if concerns about the effective lower bound are adequately addressed.

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Refereed Journals

  • "Risk Premium Shocks and the Zero Bound on Nominal Interest Rates"
    (with Malik Shukayev). Forthcoming Journal of Money, Credit, and Banking.
  • "Optimal Price-Level Drift Under Commitment in the Canonical New Keynesian Model"
    (with Steven Ambler and Malik Shukayev). Canadian Journal of Economics, 45 (3): 1023-1036.
  • "Trend Inflation, Wage and Price Rigidities, and Productivity Growth"
    (with Kevin Moran, Stephen Murchison, and Andrew Rennison) Journal of Monetary Economics (2009) 56: 353-364.
  • "Canadian City Housing Prices and Urban Market Segmentation"
    (with Jason Allen, David P. Byrne, and Allan W. Gregory). Canadian Journal of Economics (2009) 42: 1132-1149.
  • "The Macroeconomic Effects of Non-Zero Trend Inflation"
    (with Steve Ambler and Nooman Rebei). Journal of Money, Credit and Banking (2007) 39: 1819-1836.
  • "Inflation Persistence and Monetary Policy: A Simple Result"
    Economics Letters (2007) 94: 26-31.
  • "Government Expenditures and the Permanent-Income Model"
    (with Tony Wirjanto) Review of Economic Dynamics (1998) 1: 719-730.
  • "Intratemporal Substitution and Government Spending"
    (with Tony Wirjanto) Review of Economics and Statistics (1997) 79: 605-609.
  • "Intertemporal Substitution, Imports and the Permanent-Income Model"
    (with Tony Wirjanto) Journal of International Economics (1996) 40: 439-457.
  • "Nonstationary Regression Model with a Lagged Dependent Variable"
    (with Tony Wirjanto) Communications in Statistics: Theory and Methods (1996) 25: 1489-1503.
  • "Terms of Trade and Real Exchange Rates: The Canadian Evidence"
    (with Simon van Norden) Journal of International Money and Finance (1995) 14: 83-104.


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