Blog Profile / Worthwhile Canadian Initiative


URL :http://worthwhile.typepad.com/worthwhile_canadian_initi/
Filed Under:Business & Finance / Economics
Posts on Regator:1418
Posts / Week:4.8
Archived Since:April 1, 2011

Blog Post Archive

Red/green money, Bank of Canada settlement balances, and TARGET2

This post is about something I don't understand. Let's start out simple. There are two parallel imaginary worlds: the green world and the red world. In the green world people use positively-valued green money as the medium of exchange. If...

Help! The senior guy in my field acts like a total jerk sometimes. What should I do?

I wrote myself a letter, and answered it: Dear WCI, The senior guy in my field acts like a total jerk sometimes. He's working in an area I care deeply about - gender and taxation. But he trivializes and sensationalizes...

Why the USA Has A Trump and We Don’t (Yet...)

In the wake of the US presidential election and Donald Trump’s ascension to the mantle of “leader of the free world”, one is left pondering the factors that differentiate Canada from the United States. When I was a young boy...

My Cunning Plan to reform New Keynesian Macro

Brad DeLong calls it my "self-imposed Sisyphean task". He's probably right. But it seems worth a try, as long as there's a small chance he's wrong. I have a Cunning Plan. Like it or not (and there is much to...

Assignment of targets to instruments, stability, and Functional Finance

J.W. Mason and Arjun Jayadev have a paper making a new (to me) point about the assignment of targets to instruments. First I'm going to present an (over-?) simplified version of their model, to explain the gist of it. [I...

A Grave Problem

Ontario has no eerie, overgrown cemeteries. There are no dangerously angled tombstones, no grave markers obscured by rambling vines, nor ancient trees with branches sweeping the ground. In Ontario, cemetery operators are required to maintain graveyards properly. There must be...

Synchronisation and the Gross Money Supply

You decide to make a new monetary system from scratch. You give everyone a chequing account on your computer, with an initial balance of 0 units. If Andy buys bananas from Betty and pays her 100 units, Betty now has...

Why is it so hard to know the relationship between immigration and economic performance?

Here is the number of new permanent residents to Canada, as a percentage of the existing population, over time: "New permanent residents" is not a perfect measure of immigration - it excludes temporary foreign workers, who have become much more...

The carbon costs of immigration

Canada is, as far as countries go, relatively cold and sparsely populated. Our houses are large by global standards, and we drive a fair amount. We are rich enough to consume a lot of stuff. These factors, together with the...

A Supreme Folly

Last August, Prime Minister Justin Trudeau announced that, in future, only candidates who are "functionally bilingual" in French and English will be recommended for positions on the Supreme Court of Canada. With the information released subsequent to the nomination of...

Monetary Science Fiction

Chris Dillow says that economics is like literature. Maybe it is, and maybe it isn't. But if it is literature, economics needs more science fiction. Paradoxically, imagining radically different worlds can help us understand better how the actual world works,...

Another Foray into Data: New Macro-Financial Data

I think Stephen Gordon's Project Link and its piecing together of fragments of Statistics Canada data is a solid step in the right direction. If our national statistical agency is not going to provide long-term consistent data series, then I...

Project Link: Piecing together recent Canadian economic history

I've already ranted a couple of times - here and here - about Statistics Canada's 'Attention Deficit Disorder': its habit of starting new time series using new methodologies without updating the historical data. As I put it in my first...

Equity and diversity plans won't solve the Canada Research Chair program's gender problem.

The Canada Research Chair program has a long-standing gender problem. Way back in 2002, the CRC Secretariat commissioned a gender-based analysis of the program which concluded: There are several sub-disciplines/fields where women are under represented among the Canada Research Chair...

Canada's residential schools and the dangers of educational hubris

In 1953 the Canadian Geographical Society published a glossy black-and-white volume called "Image of Canada." It has the usual inspiring pictures of Saskatchewan wheat fields and Toronto city lights; of majestic glaciers and mighty log booms. The book also contains...

The Brexit-News Boom?

Start with a bog-standard second-year textbook Mundell-Fleming ISLMBP model. Start in equilibrium at Y, then hit it with a negative shock to Net eXports. The IS curve shifts left initially, at the previous equilibrium exchange rate. But the central bank...

Front vs Rear Wheel Steering for Monetary Policy

You are driving a car with rear-wheel steering and no reverse gear. You are driving alongside a wall. If you drive too close to the wall you are trapped, because you would need to steer your rear wheels into the...

What is investment today worth tomorrow?

Once upon a time, canals were the latest thing in infrastructure investment. During the early years of the Industrial Revolution, they made it possible to move heavy goods, like coal, from mines to factories, using a fraction of the energy...

Cheshire Cats and New Keynesian Central Banks

How can the Cheshire Cat disappear, but its smile remain? How can money disappear from a New Keynesian model, but the Central Bank still set a nominal rate of interest and create a recession by setting it too high? Ignore...

Is it Banking Crisis Season?

One really has to wonder if having the season move into “fall” is correlated with the fall of the financial sector. While some time in the making, the 2007-08 subprime financial crisis moved into crisis mode during August of 2007...

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