Every 5 years the federal Finance Minister updates the “marching orders” that guide the Bank of Canada and its conduct of monetary policy. This process is the one opportunity for democratic oversight of the Bank, which otherwise is deemed to be operating “independently” of government — all the better to ensure that it has the […] . . . → Read More: The Progressive Economics Forum: Challenging Inflation Targeting
PHOTOS: Bank of England Governor and Alberta Premier Rachel Notley at yesterday’s brief news conference in the provincial Legislature Building. (CBC Photo) Below: Rick Strankman and Michael Bloomberg. Who’re ya gonna believe, huh? Mark Carney, form… . . . → Read More: Alberta Politics: NDP environmental policies: Who’re ya gonna believe? Mark Carney or Rick Strankman?
Elites and the talking heads in the media are arguing about how to respond to Canada’s soured economic outlook. Who should try to boost the economy, the federal government via fiscal stimulus or the Bank of Canada via monetary policy? But while elites argue amongst themselves, the overriding context is a transfer and concentration of […] . . . → Read More: The Progressive Economics Forum: Boosting the economy for the rest of us
Elites and the talking heads in the media are arguing about how to respond to Canada’s soured economic outlook. Who should try to boost the economy, the federal government via fiscal stimulus or the Bank of Canada via monetary policy? But while elites argue amongst themselves, the overriding context is a transfer and concentration of […] . . . → Read More: Michal Rozworski: Elites debate boosting the economy, but for whom?
Was there any concrete economic reason for Stephen Harper to call Stephen Poloz yesterday, as global stock markets continued their gyrations? And then to have his office subsequently issue a cryptic and rather foreboding statement about the conversation?
Of course, Prime Ministers and central bank governors talk to each other every now and then — . . . → Read More: The Progressive Economics Forum: When Bad News is Good News: Harper’s Call to Poloz
Is another recession on its way?
Associate Professor, Laurentian University
Co-editor, Review of Keynesian Economics
Canada’s economy shrank in the first quarter by a whopping 0.6%. Is this the beginning of a new recession?
Recessions of course are defined as two consecutive quarters of negative growth. Now we learn today that Canada’s . . . → Read More: The Progressive Economics Forum: Is another recession on its way?
The central banker who talked too much
Associate Professor of economics, Laurentian University
Co-Editor, Review of Keynesian Economics
On Tuesday, Governor of the Bank of Canada, Stephen Poloz testified in Ottawa in front of the House of Commons Standing Committee on Finance. He had a lot to say about the state of . . . → Read More: The Progressive Economics Forum: The central banker who talked too much
The Bank of Canada released it’s quarterly Monetary Report today, and held rates firm at 3/4 per cent.
The Bank cut growth expectations for 2015, but expects Canada’s GDP to rebound in 2016. Much of this rebound will depend on a growing U.S. and global economy, and on the ability of Canadian exporters to capture . . . → Read More: The Progressive Economics Forum: Bank of Canada Holds Rate Steady
Richard Hughes-Political Blogger
The mysterious world of money, making it, printing it,spending it. There has been contrary views regarding the role of banks in controlling our money supply since the Bank of Canada stepped away from providing debt free money to cities, town and municipalities.
Across the country, budgets are being prepared at . . . → Read More: Cowichan Conversations: Rocco Galati in court to challenge how Bank of Canada does business
Richard Hughes-Political Blogger
A great many Canadians have heard various rumblings about the wealth transfer scheme that kicked in shifting a great deal of control and profit from the Bank of Canada to the private banks. Money for nothing is a sense.
There has been a fair amount of chatter floating about on . . . → Read More: Cowichan Conversations: Bank of Canada Court Case Won in Federal Court-Huge Ramifications Claimed
This guest blog post has been written by Louis-Philippe Rochon.
You can follow him on Twitter @Lprochon
Harper’s recent incarnation as an anti-terrorist crusader has caught many Canadians by surprise. Harper is spending considerable political energy beating the drums of war against terrorists, and introducing a far-reaching, and much condemned, bill aimed at restricting . . . → Read More: The Progressive Economics Forum: ROCHON: Harper in closet over the economy as Canada heads toward another recession
In a recent CBC blog post, Louis-Philippe Rochon assesses the current state of the Canadian economy.
The link to the blog post is here.
Follow him on Twitter @Lprochon.
Louis-Philippe Rochon—who now blogs for CBC—argues that almost nobody had been expecting the Bank of Canada’s recent decision to lower the rate of interest.
His post can be found here.
Follow him on Twitter @Lprochon.
The Bank of Canada surprised most analysts this week when it decided to cut rates by 25 basis points. The move comes after the price of oil has tumbled below $50 / barrel, oil producers announced huge cuts to business investment for 2015, Target announced a mass layoff of 17,600 workers in Canada, and the . . . → Read More: The Progressive Economics Forum: Banks and Balanced Budgets
Unless you’ve been hiding under a rock somewhere, you’re probably well aware that the price of oil has fallen dramatically, to less than $50 / barrel. What this means for Canada’s economic output & labour markets is not yet clear. But Stephen Poloz at the Bank of Canada has said that he expects the effect . . . → Read More: The Progressive Economics Forum: Low Oil Prices, Good or Bad for Canada?
The call for more female representation in Canada remains loud and clear as an online petition demanding that the Bank of Canada include women on Canadian banknotes opens 2015 with more than 52,800 signatures.
The post Canadians still demand female representation on banknotes appeared first on The Canadian Progressive.
But his message is not being well-received. No, not at all. Recommend this Post
Thanks to Mark Carney, former governor of the Bank of Canada and current governor of the Bank of England, for his warning that the “vast majority” of the world’s oil and coal reserves will never be used due to advancing climate change.
The value of these reserves is factored into the . . . → Read More: Cowichan Conversations: Oil and Gas Investors Get Warning–Pension Funds at Risk
Much has been made about Stephen Poloz’s decision to abandon ‘forward guidance’ in Bank of Canada rate setting announcements for the time being. Critics bemoan the loss of direction from the Bank. But Poloz’s comments yesterday were chock full of guidance on how the Bank sees Canada’s economic situation.
Having been disappointed by the failure . . . → Read More: The Progressive Economics Forum: Bank of Canada, Exports, and LMI
The long-overdue depreciation of Canada’s currency is gathering steam. The dollar lost 8 cents against its U.S. counterpart, in fits and starts, over 2013. It’s lost another 2 cents since the start of 2014, and negative sentiment about the currency is accumulating among financial analysts and traders.
Indeed, once the expectation that the loonie will . . . → Read More: The Progressive Economics Forum: The Odd Conversion of Mainstream Economists to the Virtues of Depreciation
The Bank of Canada has been in the news lately – or, more precisely, the news has been full of other well-placed people telling our central bankers what to do. In an interview on CTV this past weekend, Jim Flaherty made comments (later retracted) that Canada’s central bank will be pressured to raise interest rates . . . → Read More: Political Eh-conomy: Myths of central banking
Arun here…breaking radio silence to share with you a thought-provoking piece by Larry Kazdan, a graduate of York University in sociology and history, and currently a Council Member with the World Federalist Movement-Canada, an organization that monitors developments at the United Nations and advocates for more effective global governance.
Our friend and fellow blogger Keith . . . → Read More: The Progressive Economics Forum: A Trillion Dollar Coin for Canada?
Today, I had the following commentary posted on The Globe and Mail’s Economy Lab:
The loonie is overvalued and the Bank of Canada has room to act
On Tuesday, Christopher Ragan characterized the notion of an overvalued Canadian dollar as a “seductive myth” that the Bank of Canada should not act to address. I have . . . → Read More: The Progressive Economics Forum: Rebutting Raganomics