Monthly Archives: June 2009
Stephen Gordon, Université Laval
I’m a professor of economics at l’Université Laval in Quebec City, Canada and a fellow of the Centre interuniversitaire sur le risque, les politiques économiques et l’emploi (CIRPÉE).
Non-super-neutralities: an open invitation (to Austrians especially)
There is nothing new in the substance of this post; it is an exposition of standard monetary theory. (Though some might find the exposition interesting.) It is an open invitation for people to tell me where standard monetary theory of the effects of inflation might be wrong. It's an invitation open to all, but I […]
Yes, GDP is a flawed measure of welfare. So what?
Roy Romanow has a new project: the Canadian Index of Well-Being. In an op-ed in today's Star , he writes: There's more to life than GDP: GDP is simply the value of all goods and services produced in a country in a given year. It was first introduced in the U.S. during the Great Depression […]
Re-thinking the lags in monetary policy — it depends on the shock
The lag in the effect of monetary policy on output employment and inflation may or may not be a problem. It depends on the nature of the shock: whether the shock has a shorter or longer lag than monetary policy. It should not have been a problem in the current recession, where the shock was […]
Is this what the trough looks like?
Today's news brings us word that the OECD's leading indicator suggests that Canada has already hit the trough of this recession: I'm seeing lots of graphs that look like this; they're below the fold.
Oil prices, the CAD and the Bank of Canada
Apparently both Nick and I have been spending the weekend thinking about the recent run-up in the CAD and the Bank of Canada's attempt to talk it down. My take on it is based on the relationship between the exchange rate and commodity prices, and it starts below the fold.
Talking down the Loonie?
The Loonie (Canadian dollar) has appreciated against the US dollar recently. The Bank of Canada expressed its concern in Thursday's Announcement. "In recent weeks, financial conditions and commodity prices have improved significantly, and consumer and business confidence have recovered modestly. If the unprecedentedly rapid rise in the Canadian dollar (which reflects a combination of higher […]
The May LFS survey: Ontari-ari-ario is not a place to grow
The May LFS release pretty much cancels out the (surprising) growth in employment we saw in April. Here is the latest in my series of graphs comparing the current recession with previous experiences: It's way too early to break out the party hats, but we can perhaps set aside direct comparisons with the Great Depression. […]
“Investment” in housing
Talking about "investment" in housing is guaranteed to provoke a reaction. It's a way of talking about houses that sounds so reminiscent of the bubble mentality. It's yesterday's way of thinking. "A house is not an investment; it's a place to live!" is today's way of thinking. I decided to write this post after reading […]
EI reform: Jack Mintz piles on
I am pleased to report that another voice has been added to the public debate on whether the Liberals' proposals for EI are dumber than a sack of hammers or if they are simply pointless. Jack Mintz has written an op-ed for the National Post on the topic, and it starts thus: Jack Mintz: 360 […]
Worthwhile Canadian Initiative 
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