Wataru Miyamoto

Senior Analyst

Wataru Miyamoto is a Senior Analyst in the Canadian Economic Analysis Department at the Bank of Canada. His research interests include empirical macroeconomics and international macroeconomics. He received his Ph.D. in Economics from Columbia University. He is the Bank of Canada’s Top Research Award recipient for 2017.


Senior Analyst
Canadian Economic Analysis
Model Development

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


Government Spending Multipliers Under the Zero Lower Bound: Evidence from Japan

Staff Working Paper 2017-40 Thuy Lan Nguyen, Dmitriy Sergeyev, Wataru Miyamoto
Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB).
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Fiscal Policy JEL Code(s): E, E3, E32, E5, E6, E62

Understanding the Cross‐Country Effects of US Technology Shocks

Staff Working Paper 2017-23 Thuy Lan Nguyen, Wataru Miyamoto
Business cycles are substantially correlated across countries. Yet most existing models are not able to generate substantial transmission through international trade. We show that the nature of such transmission depends fundamentally on the features determining the responsiveness of labor supply and labor demand to international relative prices.

Business Cycles in Small, Open Economies: Evidence from Panel Data Between 1900 and 2013

Staff Working Paper 2016-48 Thuy Lan Nguyen, Wataru Miyamoto
Using a novel data set for 17 countries dating from 1900 to 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods.

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Other Research

  • "The Effects of Government Spending on Real Exchange Rates: Evidence from Military Spending Panel Data"
    (with Thuy Lan Nguyen and Viacheslav Sheremirov), 2016
  • "Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan"
    (with Thuy Lan Nguyen and Dmitriy Sergeyev), 2016
  • "Understanding the Cross Country Effects of U.S. Technology Shocks"
    (with Thuy Lan Nguyen), 2016
  • "Business cycles in Small Open Economies: Evidence from Panel Data"
    (with Thuy Lan Nguyen), 2016
  • "News Shocks and Business Cycles: Evidence from Forecast Data"
    (with Thuy Lan Nguyen), 2015


  • Columbia University, Ph.D. Economics, 2014
  • Columbia University. M.A. Economics, 2010

Research Interests

  • Empirical Macroeconomics
  • International Macroeconomics

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