Robert Amano - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T15:19:35+00:00Exploring the potential benefits of inflation overshooting
https://www.bankofcanada.ca/2021/07/staff-analytical-note-2021-16/
After a period with the interest rate at the effective lower bound, temporarily overshooting inflation may offer important economic benefits. This may be especially true for vulnerable segments of the population, such as workers with low attachment to the labour force and the long-term unemployed.2021-07-20T09:26:46+00:00enExploring the potential benefits of inflation overshooting2021-07-20Evolving Temperature Dynamics in Canada: Preliminary Evidence Based on 60 Years of Data
https://www.bankofcanada.ca/2021/05/staff-working-paper-2021-22/
Are summers getting hotter? Do daily temperatures change more than they used to? Using daily Canadian temperature data from 1960 to 2020 and modern econometric methods, we provide economists and policy-makers evidence on the important climate change issue of evolving temperatures.2021-05-17T13:22:49+00:00enEvolving Temperature Dynamics in Canada: Preliminary Evidence Based on 60 Years of Data2021-05-17Climate changeEconometric and statistical methodsStaff Working Paper 2021-22https://www.bankofcanada.ca/wp-content/uploads/2021/05/swp2021-22.pdfStaff Working Paper 2021-22Robert AmanoMarc-André GosselinJulien McDonald-GuimondMay 2021CC2C22QQ5Q54Strengthening Inflation Targeting: Review and Renewal Processes in Canada and Other Advanced Jurisdictions
https://www.bankofcanada.ca/2020/08/staff-discussion-paper-2020-7/
We summarize the review and renewal process at four central banks (Reserve Bank of New Zealand, Bank of England, Sveriges Riksbank and the US Federal Reserve Bank) and compare them with the process at the Bank of Canada, which has been well-established since 2001.2020-08-06T14:45:02+00:00enStrengthening Inflation Targeting: Review and Renewal Processes in Canada and Other Advanced Jurisdictions2020-08-06Central bank researchInflation targetsMonetary policy frameworkStaff Discussion Paper 2020-7https://www.bankofcanada.ca/wp-content/uploads/2020/08/sdp2020-7.pdfStaff Discussion Paper 2020-7Robert AmanoThomas J. CarterLawrence L. SchembriAugust 2020EE5E52E58Average is Good Enough: Average-inflation Targeting and the ELB
https://www.bankofcanada.ca/2020/07/staff-working-paper-2020-31/
The Great Recession and current pandemic have focused attention on the constraint on nominal interest rates from the effective lower bound.2020-07-16T10:47:28+00:00enAverage is Good Enough: Average-inflation Targeting and the ELB2020-07-16Business fluctuations and cyclesEconomic modelsMonetary policy frameworkStaff Working Paper 2020-31https://www.bankofcanada.ca/wp-content/uploads/2020/07/swp2020-31.pdfStaff Working Paper 2020-31Robert AmanoStefano GnocchiSylvain LeducJoel WagnerJuly 2020EE3E31E32E5E52Redistributive Effects of a Change in the Inflation Target
https://www.bankofcanada.ca/2017/10/staff-analytical-note-2017-13/
In light of the financial crisis and its aftermath, several economists have argued that inflation-targeting central banks should reconsider the level of their inflation targets. While the appropriate level for the inflation target remains an open question, it’s important to note that any transition to a new target would entail certain costs.2017-10-06T10:57:27+00:00enRedistributive Effects of a Change in the Inflation Target2017-10-06Downward Nominal Wage Rigidity Meets the Zero Lower Bound
https://www.bankofcanada.ca/2017/04/staff-working-paper-2017-16/
We add downward nominal wage rigidity to a standard New Keynesian model with sticky prices and wages, where the zero lower bound on nominal interest rates is allowed to bind. We find that wage rigidity not only reduces the frequency of zero bound episodes but also mitigates the severity of corresponding recessions.2017-04-20T13:45:37+00:00enDownward Nominal Wage Rigidity Meets the Zero Lower Bound2017-04-20Inflation targetsLabour marketsMonetary policy frameworkStaff Working Paper 2017-16https://www.bankofcanada.ca/wp-content/uploads/2017/04/swp2017-16.pdfDownward Nominal Wage Rigidity Meets the Zero Lower BoundRobert AmanoStefano GnocchiApril 2017EE2E24E3E32E5E52Comparing Forward Guidance and Neo-Fisherianism as Strategies for Escaping Liquidity Traps
https://www.bankofcanada.ca/2016/12/staff-analytical-note-2016-16/
What path should policy-makers select for the nominal rate when faced with a liquidity trap during which the effective lower bound binds?2016-12-08T10:39:29+00:00enComparing Forward Guidance and Neo-Fisherianism as Strategies for Escaping Liquidity Traps2016-12-08A Primer on Neo-Fisherian Economics
https://www.bankofcanada.ca/2016/09/staff-analytical-note-2016-14/
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.2016-09-22T14:53:44+00:00enA Primer on Neo-Fisherian Economics2016-09-22The Micro and Macro of Downward Nominal Wage Rigidity
https://www.bankofcanada.ca/wp-content/uploads/2016/05/boc-review-spring16-amano.pdf
The article examines the extent of downward nominal wage rigidity in Canada and its implications for monetary policy. The authors ask whether its existence is a sufficient argument for a higher inflation target if concerns about the effective lower bound are adequately addressed.2016-05-16T08:51:38+00:00enThe Micro and Macro of Downward Nominal Wage Rigidity2016-05-16Recent Developments in Experimental Macroeconomics
https://www.bankofcanada.ca/wp-content/uploads/2014/11/boc-review-autumn14-amano.pdf
This article describes experimental economics, in general, and new developments in experimental macroeconomics, in particular. The approach has a clear niche in providing evidence on economic phenomena that cannot be observed directly or that are difficult to measure. Experimental work conducted by Bank of Canada economists has shed light on a number of issues important to monetary policy, such as the relative efficacy between price-level and inflation targeting, and the nature of inflation expectations formation.2014-11-13T08:37:15+00:00enRecent Developments in Experimental Macroeconomics2014-11-13