Monthly Archives: January 2008
All quiet on the northern front
It’s an exciting time to be a macroeconomist in the US: sudden and large cuts in the federal funds rate, a fiscal stimulus plan, a current account deficit that may finally be unwinding: the whole nine yards. But almost none of that is spilling over here. The Bank of Canada did cut interest rates, yes, […]
Why does recruiting season have to be in January?
January average daily maximum temperature in Moscow: -6.2C (20.8F) in Quebec City: -7.4C (18.7F) Attracting promising scholars is a challenge in itself. But most other departments don’t have to make their pitch while the candidate is shivering in a paper-thin trench coat and street shoes.
Oh, and the Bank of Canada also cut interest rates
The Bank of Canada lowered its target for the overnight rate by 25 bps, to 4% today. This came as a surprise to pretty much no-one: core inflation is below the 2% target, and everyone can see the signs of a US slowdown. Either of those is a sufficient reason to lower interest rates. Although […]
Worthwhile Canadian Initiative 
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