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Blog Profile / Worthwhile Canadian Initiative


URL :http://worthwhile.typepad.com/worthwhile_canadian_initi/
Filed Under:Business & Finance / Economics
Posts on Regator:1137
Posts / Week:6
Archived Since:April 1, 2011

Blog Post Archive

One of these Provinces is Not Like the Others...

Statistics Canada has released its provisional estimates of Canadian Government Finance Statistics (CGFS) for the period 2008 to 2012. This is a move away from the Financial Management System (FMS) data that was previously published by Statistics Canada. As described...

Fragility of Nash equilibria and Neo-Fisherites

I hope that I am reinventing the wheel by writing this post. And that some game theorist has already written something much better on the same subject. (If not, then they should have done.) But I need a game theorist...

Reverse-engineering David Andolfatto's and Stephen Williamson's Neo-Fisherian paper

Stephen has a new post defending the Neo-Fisherian perspective. He links to a new paper he and David wrote (pdf). It is not an easy paper. This is what I think is the intuition behind the results. Start with the...

The over-investment and under-saving theory of the ZLB

This post is ironic. I have a really neat new theory of what causes countries to hit the Zero Lower Bound. It's got a beautifully counter-intuitive policy implication. The government needs to tax investment, or subsidise saving, to help the...

The manufacturing trap

Oil prices are down lately, and over at the Broadbent Institute, Andrew Jackson is worried about the staples trap: Building on the seminal work of Harold Innis, [Mel] Watkins argued that the dominant theme of Canadian economic history has been...

Urban GDP

Statistics Canada has released experimental estimates of gross domestic product for the period 2001 to 2009 for 33 census metropolitan areas. The results of course reinforce what we already know – that Canada’s economic activity is concentrated in its cities...

The collective speed limit game

Neo-Fisherite fun. Plus concrete steppes fun. 1. Suppose you don't care what speed you drive. Anything between 0 and 200 is all the same to you. But the cops do care what speed you drive. They want you to drive...

Bond Finance and the Great Depression

Attending the Social Science History Association Meetings in Toronto this weekend provided as usual an opportunity to take in new papers and ideas, digest them and then think about what further insight they might add to our knowledge of past...

Black holes and Neo-Fisherites are a monetary phenomenon

Suppose you live in a Neo-Wicksellian economy, where the central bank sets a nominal rate of interest. Black holes are a theoretical possibility. Nominal demand for goods can spiral down to zero, if people expect it to. And white explosions...

Neo-Fisherites again: Schmitt-Grohe and Uribe

I was scared of reading Stephanie Schmitt-Grohe and Martin Uribe's paper (pdf). All I knew was that it was a technically demanding paper, and that it had the "Neo-Fisherite" result -- if the central bank increased the rate of interest,...

Neo-Fisherites and the Scandinavian Flick

Noah Smith wonders if "reality might topple a beloved economic theory". Well, if you look at Sweden, reality just confirmed that beloved economic theory. The Riksbank raised interest rates because it was scared that low interest rates would cause financial...

Reverse Regression and the Great Gatsby Curve

Economists normally run a regression of son's income on father's income, and interpret the estimate beta as a measure of "intergenerational mobility". (High beta means low "mobility"). I think we could learn something interesting by reversing the regression -- run...

Comparing Health Spending Restraint: Past and Present

Adjusting for inflation and population growth, the new CIHI numbers show per capita provincial and territorial government health expenditures have declined since their peak in 2010. From a high of $2,584 (1997 dollars), real provincial and territorial government health spending...

Making two macroeconomic fallacies true

This will be a confusing post, because I'm writing it to try to get my head clear on something. And it's still not clear. There are no answers here: only questions, and strange thoughts. 1. Lots of people believe the...

New CIHI Health Numbers: Health Care Cost Curve Still Bending

The Canadian Institute for Health Information has released its 2014 edition of health spending data - National Health Expenditure Trends, 1975 to 2014 – and the numbers seem to show a continuing trend towards slower growth of health expenditures in...

Will somebody please think of the Data Generating Process!

Or: "Should Finance People be allowed out unaccompanied by a macroeconomist?". If the central bank is doing its job right, monetary policy ought to appear to be irrelevant. The Economist says (HT Mark Thoma) "Interest rates do not seem to...

The New Mercantilists

In its search for new revenues, Ontario commissioned a government panel to examine how to wring more money out of government assets. In recent days, the panel led by TD Bank CEO Ed Clark has revealed several ideas including selling....

Old-fashioned stability, and robustness

There are two different monetary policies. The green monetary policy gives you the green AD curve, and the red monetary policy gives you the red AD curve. Both monetary policies give you exactly the same equilibrium P and Y. (You...

How to deliver tax relief for Canadian families

In the 1960s, my mother's monthly family allowance cheque paid for a week's groceries. In 2011, the median Canadian two-parent family had an income of just over $90,000. At that level of net income, a family with two children receives...

Tax cuts should deliver equity, or efficiency, or both. Income splitting does neither.

The ideal tax system reflects a compromise between two conflicting goals: equity and efficiency. Equity requires that those who are able to pay more taxes do so. It means taxing the rich and giving to the poor, in thereby reducing.....

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