Anthony Landry

Senior Research Advisor

Anthony Landry is a Senior Research Advisor at the Bank of Canada and an Adjunct Professor of Finance at the Wharton Business School of the University of Pennsylvania. Prior to joining the Bank, Landry was an Economic Policy Advisor and Senior Economist in the Research Department of the Federal Reserve Bank of Dallas.

Landry is an expert in macroeconomics, international finance, and international trade and investment. His research articles have appeared in many academic journals, including the American Economic Review and the Journal of International Economics. He received his PhD in economics from Boston University in 2007.


Senior Research Advisor
Canadian Economic Analysis
Strategic Leadership and Support

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

Curriculum vitae


The Trade War in Numbers

Staff Working Paper 2018-57 Karyne B. Charbonneau, Anthony Landry
We build upon new developments in the international trade literature to isolate and quantify the long-run economic impacts of tariff changes on the United States and the global economy.

Estimating the Impacts of Tariff Changes: Two Illustrative Scenarios

Staff Analytical Note 2018-29 Karyne B. Charbonneau, Anthony Landry
We build upon new developments in the international trade literature to construct a quantitative Ricardian framework similar to Caliendo and Parro (2015) to isolate and estimate the long-run economic impacts of tariff changes.

Capital-Goods Imports and US Growth

Staff Working Paper 2018-1 Michele Cavallo, Anthony Landry
Capital-goods imports have become an increasing source of growth for the U.S. economy. To understand this phenomenon, we build a neoclassical growth model with international trade in capital goods in which agents face exogenous paths of total factor and investment-specific productivity measures.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Productivity, Trade Integration JEL Code(s): E, E2, F, F2, F4, O, O3, O4

Accounting for Real Exchange Rates Using Micro‐Data

Staff Working Paper 2017-12 Mario J. Crucini, Anthony Landry
The classical dichotomy predicts that all of the time-series variance in the aggregate real exchange rate is accounted for by non-traded goods in the consumer price index (CPI) basket because traded goods obey the Law of One Price. In stark contrast, Engel (1999) claimed the opposite: that traded goods accounted for all of the variance.

On What States Do Prices Depend? Answers from Ecuador

Staff Working Paper 2016-43 Craig Benedict, Mario J. Crucini, Anthony Landry
In this paper, we argue that differences in the cost structures across sectors play an important role in firms’ decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers.

See More


  • "On What States do Prices Depend? Answers from Ecuador,"
    (with Craig Benedict and Mario Crucini), Journal of Money, Credit, and Banking, Forthcoming.
  • "Accounting for Real Exchange Rates using Micro-Data,"
    (with Mario Crucini), Journal of International Money and Finance, vol. 91, pp. 86-100, March 2019.
  • "IKEA: Product, Pricing, and Pass-through,"
    (with Marianne Baxter), Research in Economics, vol. 71(3), pp. 507-520, September 2017
  • "Borders and Big Macs," Economics Letters, vol. 120, pp. 318-322, August 2013
  • "Economic Rebounds in U.S. and Euro Zone: Deceivingly Similar, Strikingly Different,"
    (with Carlos Zarazaga), Economic Letter, Federal Reserve Bank of Dallas, vol.7(3), February 2012
  • "How the U.S. Tax System Stacks Up against other G-7 Economies," Economic Letter, Federal Reserve Bank of Dallas, vol. 6(12), November 2011
  • "The Globalization of Ideas," Economic Letter, Federal Reserve Bank of Dallas, vol. 5(11), November 2010
  • "State-Dependent Pricing, Local-Currency Pricing, and Exchange Rate Pass-Through," Journal of Economic Dynamics and Control, vol. 34(10), pp. 1859-1871, October 2010
  • "The Quantitative Role of Capital-Goods Imports in U.S. Growth,"
    (with Michele Cavallo), American Economic Review, vol. 100(2), pp. 78-82, May 2010
  • "Expectations and Exchange Rate Dynamics: a State-Dependent Pricing Approach," Journal of International Economics, vol. 78(1), pp. 60-71, June 2009
  • "The Big Mac: a Global-to-Local look at Pricing," Economic Letter, Federal Reserve Bank of Dallas, vol. 3(9), September 2008. Recommended for further reading by the Journal of Economic Perspectives vol. 23(1), Winter 2009


  • Ph.D. in Economics, Boston University, 2007
  • M.A. in Economics, McGill University, 2000
  • B. Business Administration, Université Laval, 1998

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