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The Progressive Economics Forum: Challenging Inflation Targeting

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

Accidental Deliberations: Monday Morning Links

Miscellaneous material to start your week.- Joseph Stiglitz writes about the continuing need to rein in the excesses of corporate-dominated globalization:The failure of globalization to deliver on the promises of mainstream politicians has surely unde… . . . → Read More: Accidental Deliberations: Monday Morning Links

Accidental Deliberations: Sunday Morning Links

This and that for your Sunday reading.- Andrea Germanos follows up on the IMF’s realization that handing free money and power to corporations does nothing for the economy as it affects people’s lives. And Susie Cagle examines the role of tech money -… . . . → Read More: Accidental Deliberations: Sunday Morning Links

Accidental Deliberations: Saturday Morning Links

Assorted content for your weekend reading.- Martin Lukacs highlights the Canadian public’s broad support for the Leap Manifesto – and the opportunity available to any party willing to put its contents into practice. And Shawn Katz is hopeful that the N… . . . → Read More: Accidental Deliberations: Saturday Morning Links

Accidental Deliberations: Friday Morning Links

Assorted content to end your week.- Larry Elliott writes that the OECD is calling on its member states – including Canada – to stop pushing destructive austerity and instead focus on needed public investments. – Ian Welsh points out the problems with m… . . . → Read More: Accidental Deliberations: Friday Morning Links

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: The Progressive Economics Forum: Boosting the economy for the rest of us

The Progressive Economics Forum: Is another recession on its way?

Is another recession on its way?

Louis-Philippe Rochon

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 Progressive Economics Forum: The central banker who talked too much

The central banker who talked too much

Louis-Philippe Rochon

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

Political Eh-conomy: Podcast: JW Mason on business not investing, still disgorging the cash

https://politicalehconomy.files.wordpress.com/2015/04/podcast150420-jw-mason.mp3

 

This week’s podcast is a bit more economics-focused than usual but gets at the heart of what’s going on in the global economy where interest rates are near, at, or even below zero, but where investment, growth, wages and employment continue to suffer. My one guest, who joins me for a feature-length . . . → Read More: Political Eh-conomy: Podcast: JW Mason on business not investing, still disgorging the cash

The Progressive Economics Forum: ROCHON: Greece, Syriza and the Euro

This is a guest blog post from Louis-Philippe Rochon.

Follow him on Twitter @Lprochon.

What a tumultuous few weeks we witnessed in Greece. Though the victory of Syriza was ill-received in particular in Germany and the European Central Bank, it was nonetheless a resounding victory for democracy. This victory may now spill into other . . . → Read More: The Progressive Economics Forum: ROCHON: Greece, Syriza and the Euro

The Progressive Economics Forum: ROCHON: Harper in closet over the economy as Canada heads toward another recession

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

The Progressive Economics Forum: Rochon Asks: “Is the Canadian economy unraveling?”

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.

The Progressive Economics Forum: Seccareccia on Greece, Austerity and the Eurozone

Over at the blog of the Institute for New Economic Thinking, Ottawa U professor Mario Seccareccia has given an interview titled “Greece Shows the Limits of Austerity in the Eurozone. What Now?”

The interview can be read here.

The Progressive Economics Forum: Rochon on the Bank of Canada’s Decision to Lower the Rate of Interest

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 Progressive Economics Forum: Banks and Balanced Budgets

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

The Progressive Economics Forum: Low Oil Prices, Good or Bad for Canada?

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 Progressive Economics Forum: Louis-Philippe Rochon’s Top 10 Economic Predictions for 2015

Louis-Philippe Rochon has written a provocative blog post for the CBC titled “Top 10 Economic Predictions for 2015.”

The post is available here.

The Progressive Economics Forum: Bank of Canada, Exports, and LMI

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 Progressive Economics Forum: Problematic sources of recent real wage growth

The past 18 months have seen real wages increase in Canada. (Yes, I double-checked.) Indeed, real wages have gone through two distinct phases of growth since the financial crisis hit the global economy in 2007. This may be surprising as we have been accustomed to hearing about the stagnation of real wages and the “decoupling” . . . → Read More: The Progressive Economics Forum: Problematic sources of recent real wage growth

Political Eh-conomy: Myths of central banking

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

The Progressive Economics Forum: Secular Stagnation

I have written a couple of pieces for Economy Lab in the Globe and Mail recently on the issue of secular stagnation. (Links below)

The term was coined by the pioneering American Keynesian Alvin Hansen who argued that the US economy of the late 1930s faced a long period of stagnation due to a chronic, . . . → Read More: The Progressive Economics Forum: Secular Stagnation

The Progressive Economics Forum: A Trillion Dollar Coin for Canada?

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?

Accidental Deliberations: Sunday Afternoon Links

Assorted content for your Sunday reading.

– Alex Pareene muses that Lawrence Summers would be an entirely worthy nominee to oversee U.S. monetary policy – for a very specific set of criteria: Laws and policies he championed directly led to the financial crisis, and the same laws and policies caused that crisis to kick off . . . → Read More: Accidental Deliberations: Sunday Afternoon Links

The Progressive Economics Forum: Rebutting Raganomics

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

The Progressive Economics Forum: Inflation Collapse Confounds Monetary Hawks

Statistics Canada reported today that inflation collapsed to just 0.4% in April. The Bank of Canada’s core inflation rate, which excludes volatile items, fell to 1.1%.

Continued low inflation does not provide a rationale to raise interest rates. Perhaps for that reason, Canadian monetary hawks have shifted their rationale for higher interest rates.

In 2011, . . . → Read More: The Progressive Economics Forum: Inflation Collapse Confounds Monetary Hawks