Tamon Takamura

Senior Economist

Tamon Takamura is a Senior Economist in the Financial Studies Division in the Financial Stability Department. He is a macroeconomist whose primary interests include macroeconomic implications of real-financial linkages and monetary economics. Specific topics include banks’ capitalization, capital regulations and transmission mechanisms of monetary policy. Tamon Takamura received his PhD in economics from the Ohio State University.


Senior Economist
Financial Stability
Financial Studies

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


Leaning Within a Flexible Inflation-Targeting Framework: Review of Costs and Benefits

Staff Discussion Paper 2016-17 Denis Gorea, Oleksiy Kryvtsov, Tamon Takamura
This note examines the merits of monetary policy adjustments in response to financial stability concerns, taking into account changes in the state of knowledge since the renewal of the inflation-targeting agreement in 2011. A key financial system vulnerability in Canada is elevated household indebtedness: as more and more households are nearing their debt-capacity limits, the likelihood and severity of a large negative correction in housing markets are also increasing.

Output Comovement and Inflation Dynamics in a Two-Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor Markets

Staff Working Paper 2016-36 Tomiyuki Kitamura, Tamon Takamura
In a simple two-sector New Keynesian model, sticky prices generate a counterfactual negative comovement between the output of durable and nondurable goods following a monetary policy shock. We show that heterogeneous factor markets allow any combination of strictly positive price stickiness to generate positive output comovement.

A General Equilibrium Model with Banks and Default on Loans

Staff Working Paper 2013-3 Tamon Takamura
During the recent financial crisis in the U.S., banks reduced new business lending amidst concerns about borrowers’ ability to repay. At the same time, firms facing higher borrowing costs alongside a worsening economic outlook reduced investment.

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Journal Articles

  • "The Liquidity Trap and Optimal Monetary Policy: A Survey,"
    (in Japanese with Tsutomu Watanabe), The Economic Review, Vol. 57, No. 4, October 2006, 358-371

Other research

  • “Optimal Monetary Policy at the Zero Interest-Rate Bound: The Case of Endogenous Capital Formation,”
    (with T. Kudo and T. Watanabe), Research Center for Price Dynamics Working Paper Series No.3, November 2006
  • “Can Sticky Information Solve Comovement Problems in a Two-Sector Model with Durable Goods?”
    (with Tomiyuki Kitamura), 2009   

Work in progress

  • “Financial Institution Dynamics and Capital Regulations”
    (with Jose-Victor Rios-Rull and Yaz Terajima)
  • “(S, s) Inventories, State-Dependent Prices, and the Propagation of Nominal Shocks”
    (with Aubhik Khan and Julia Thomas)


  • Ph.D, The Ohio State University (2012)

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