Robert Amano - Latest

• Inflation and Growth: A New Keynesian Perspective

  Staff Working Paper 2012-23 Robert Amano, Thomas J. Carter, Kevin Moran

  The long-run relation between growth and inflation has not yet been studied in the context of nominal price and wage rigidities, despite the fact that these rigidities now figure prominently in workhorse macroeconomic models.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E3, E31, E5, E52, O, O3, O31, O4, O42

• Price-Level Targeting and Inflation Expectations: Experimental Evidence

  Staff Working Paper 2011-18 Robert Amano, Jim Engle-Warnick, Malik Shukayev

  In this paper, we use an economics decision-making experiment to test a key assumption underpinning the efficacy of price-level targeting relative to inflation targeting for business cycle stabilization and mitigating the effects of the zero lower bound on nominal interest rates.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52
• August 19, 2010

  Monetary Policy and the Zero Bound on Nominal Interest Rates

  Bank of Canada Review - Summer 2010 Robert Amano, Malik Shukayev

  The recent financial crisis and global economic slowdown have renewed interest in monetary policy options when the policy interest rate is at or near zero.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Inflation targets, Monetary policy framework
• August 19, 2010

  Conference Summary: New Frontiers in Monetary Policy Design

  Bank of Canada Review - Summer 2010 Robert Amano, Kevin Devereux, Rhys R. Mendes

  Although the current inflation-targeting regime has served Canadians well, sound public policy demands the continuous exploration of possible improvements in the monetary policy framework.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Central bank research, Inflation targets, Monetary policy framework

• Risk Premium Shocks and the Zero Bound on Nominal Interest Rates

  Staff Working Paper 2009-27 Robert Amano, Malik Shukayev

  There appears to be a disconnect between the importance of the zero bound on nominal interest rates in the real-world and predictions from quantitative DSGE models. Recent economic events have reinforced the relevance of the zero bound for monetary policy whereas quantitative models suggest that the zero bound does not constrain (optimal) monetary policy.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52
• April 9, 2009

  Next Steps for Canadian Monetary Policy

  Bank of Canada Review - Spring 2009 Robert Amano, Thomas J. Carter, Donald Coletti

  In 2006, the Bank initiated a research program exploring two alternatives to the current inflation-targeting framework: (i) lowering the inflation target and (ii) shifting to a price-level target. This article discusses progress to date, places the Bank's findings in the context of a broader literature, and identifies avenues for future research.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Central bank research, Economic models, Inflation and prices, Inflation targets, Inflation: costs and benefits, Monetary policy framework

• Trend Inflation, Wage and Price Rigidities, and Welfare

  Staff Working Paper 2007-42 Robert Amano, Kevin Moran, Stephen Murchison, Andrew Rennison

  This paper studies the steady-state costs of inflation in a general-equilibrium model with real per capita output growth and staggered nominal price and wage contracts.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E0, E5

• Canadian City Housing Prices and Urban Market Segmentation

  Staff Working Paper 2006-49 Jason Allen, Robert Amano, David Byrne, Allan Gregory

  The authors provide a detailed empirical analysis of Canadian city housing prices. They examine the long-run relationship between city house prices in Canada from 1981 to 2005 as well as idiosyncratic relations between city prices and city-specific variables.

  Content Type(s): Staff research, Staff working papers Topic(s): Regional economic developments JEL Code(s): C, C2, C22, C3, C32, R, R2

• The Macroeconomic Effects of Non-Zero Trend Inflation

  Staff Working Paper 2006-34 Robert Amano, Steve Ambler, Nooman Rebei

  The authors study the macroeconomic effects of non-zero trend inflation in a simple dynamic stochastic general-equilibrium model with sticky prices.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, Inflation and prices, Inflation targets JEL Code(s): E, E2, E24, E3, E32
• April 15, 2006

  Issues in Inflation Targeting: A Summary of the Bank of Canada Conference Held 28-29 April 2005

  Bank of Canada Review - Spring 2006 Robert Amano, Raphael Solomon

  The Bank of Canada's 2005 conference focused on two critical issues: price-level targets versus inflation targets, and the appropriate level of inflation. Session topics included new methodological approaches to examining the validity of the New Keynesian Phillips curve for Canada; the monetary policy implications of border effects and the financial-accelerator model; the zero lower bound on nominal interest rates; and inflation and welfare in general-equilibrium macroeconomic models. A panel of invited speakers discussed the issues of each session, and two distinguished speakers gave their perspectives on inflation.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Inflation and prices, Inflation targets, Monetary policy framework