Thomas J. Carter - Latest

• Comparing Forward Guidance and Neo-Fisherianism as Strategies for Escaping Liquidity Traps

  Staff Analytical Note 2016-16 Robert Amano, Thomas J. Carter, Rhys R. Mendes

  What path should policy-makers select for the nominal rate when faced with a liquidity trap during which the effective lower bound binds?

  Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Economic models, Inflation and prices, Interest rates, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E4, E5

• A Primer on Neo-Fisherian Economics

  Staff Analytical Note 2016-14 Robert Amano, Thomas J. Carter, Rhys R. Mendes

  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.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Economic models, Inflation and prices, Interest rates, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E4, E5

• 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

• Household Debt, Assets, and Income in Canada: A Microdata Study

  Staff Discussion Paper 2009-7 Césaire Meh, Yaz Terajima, David Xiao Chen, Thomas J. Carter

  The authors use microdata from the 1999 and 2005 Surveys of Financial Security to identify changes in household debt, and discuss their potential implications for monetary policy and financial stability. They document an increase in the debt-income ratio, which rose from 0.75 to 0.95, on average.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Credit and credit aggregates, Financial stability, Productivity, Sectoral balance sheet JEL Code(s): E, E2, E21, E24
• 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