Bio

Thomas Pugh is a Senior Economist at the Bank of Canada, working within Financial Studies (FinStud) on heterogeneity in the wealth, income and consumption distributions as well as on entrepreneurship and self-employment. Tom holds a PhD in Economics from University College London.

Staff discussion papers

Heterogeneity and Monetary Policy: A Thematic Review

Staff Discussion Paper 2022-2 Felipe Alves, Christian Bustamante, Xing Guo, Katya Kartashova, Soyoung Lee, Thomas Michael Pugh, Kurt See, Yaz Terajima, Alexander Ueberfeldt
The theory that rich economic diversity of businesses and households both affects and is shaped by economy-wide fluctuations has strong implications for monetary policy. This review places these insights in a Canadian context.
Content Type(s): Staff research, Staff discussion papers Topic(s): Economic models, Monetary policy and uncertainty, Monetary policy transmission JEL Code(s): D, D2, D25, D3, D31, E, E2, E22, E24, E5, E50, E52

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Staff working papers

The Heterogeneous Effects of COVID-19 on Canadian Household Consumption, Debt and Savings

Staff Working Paper 2020-51 James (Jim) C. MacGee, Thomas Michael Pugh, Kurt See
The impact of COVID-19 on Canadian households’ debt and unplanned savings varies by household income. Low-income and high-income households accrued unplanned savings, while middle-income households tended to accumulate more debt.
Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Coronavirus disease (COVID-19), Financial stability JEL Code(s): E, E2, E21, E24, G, G5, G51

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Journal publications

Refereed journals