Thomas J. Carter

Senior economist

Thomas Carter is a Senior Economist in the Canadian Economic Analysis (CEA) Department. His research interests include monetary and financial economics. He holds a Ph.D. in economics from Princeton University.


Thomas J. Carter

Senior economist
Canadian Economic Analysis
Monetary Policy and Financial Studies Division

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


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.

Inflation and Growth: A New Keynesian Perspective

Staff Working Paper 2012-23 Robert Amano, Thomas J. Carter, Kevin Moran
The long-run relation between growth and inflation has not yet been studied in the context of nominal price and wage rigidities, despite the fact that these rigidities now figure prominently in workhorse macroeconomic models.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E3, E31, E5, E52, O, O3, O31, O4, O42

Household Debt, Assets, and Income in Canada: A Microdata Study

Staff Discussion Paper 2009-7 Césaire Meh, Yaz Terajima, David Xiao Chen, Thomas J. Carter
The authors use microdata from the 1999 and 2005 Surveys of Financial Security to identify changes in household debt, and discuss their potential implications for monetary policy and financial stability. They document an increase in the debt-income ratio, which rose from 0.75 to 0.95, on average.

9 April 2009 Next Steps for Canadian Monetary Policy

In 2006, the Bank initiated a research program exploring two alternatives to the current inflation-targeting framework: (i) lowering the inflation target and (ii) shifting to a price-level target. This article discusses progress to date, places the Bank's findings in the context of a broader literature, and identifies avenues for future research.

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  • Ph.D. in economics, Princeton University, 2016
  • M.A. in economics, Princeton University, 2011
  • B.A. (Honours) in economics, Queen’s University, 2007

Research Interests

  • Monetary economics
  • Financial economics


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