Bio

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.

Research Field(s): Business Cycles Macroeconomics Money and Banking Quantitative Macroeconomics

Staff discussion papers

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.
Content Type(s): Staff research, Staff discussion papers Topic(s): Financial stability, Monetary policy framework JEL Code(s): E, E0, E4, E44, E5, E52, E58, G, G1, G18

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Staff working papers

Monetary Policy Transmission to Small Business Loan Performance: Evidence from Loan-Level Data

Staff Working Paper 2024-41 Rodrigo Sekkel, Tamon Takamura, Yaz Terajima
We analyze the dynamic and heterogeneous responses of small-business loan performance to a monetary-policy shock using loan-level data in Canada. We find evidence of monetary policy transmission through the cash-flow channel and the aggregate demand channel as well as some, though limited, impact of collateral to discipline loan repayment.
Content Type(s): Staff research, Staff working papers Topic(s): Firm dynamics, Monetary policy transmission JEL Code(s): C, C3, C32, E, E1, E17, E3, E37, E5, E52

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.
Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Monetary policy transmission JEL Code(s): E, E3, E31, E32, E5, E52

Real-financial Linkages through Loan Default and Bank Capital

Staff Working Paper 2013-3 Tamon Takamura
Many studies in macroeconomics argue that financial frictions do not amplify the impacts of real shocks. This finding is based on models without endogenous default on loans and bank capital. Using a model featuring endogenous interactions between firm default and bank capital, this paper revisits the propagation mechanisms of real and financial shocks.
Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial stability, Financial system regulation and policies, Interest rates JEL Code(s): E, E3, E32, E4, E44, E6, E69

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Journal publications

Journal articles

  • “Output Comovement and Inflation Dynamics in a Two-Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor Markets”
    (with Tomiyuki Kitamura), Journal of Money, Credit and Banking, Vol. 54, No. 1, 2022, pages 313-331.
  • "The Liquidity Trap and Optimal Monetary Policy: A Survey,"
    (in Japanese with Tsutomu Watanabe), The Economic Review, Vol. 57, No. 4, October 2006, pages 358-371

Other

  • “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

Work in progress

  • “Financial Institution Dynamics and Capital Regulations”
    (with Jose-Victor Rios-Rull and Yaz Terajima)
  • “Banking Dynamics, Market Discipline and Capital Regulations”
    (with Jose-Victor Rios-Rull and Yaz Terajima)
  • “Dynamics of SME Loan Performance and New Loans”
    (with Rodrigo Sekkel and Yaz Terajima)
  • “(S, s) Inventories, State-Dependent Prices, and the Propagation of Nominal Shocks”
    (with Aubhik Khan and Julia Thomas)