Monetary Policy

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A House of Cards

Friday, 13 June 2014
blog
An earlier post, here, discussed the current situation in the Eurozone and the 1930s-like economic malaise that is contributing to a polarization of politics. Across the Atlantic, meanwhile, at the core of the global economy, the economic outlook is improving but there is no denying that fiscal tightening (through sequestration) led to a much slower pace of growth in 2013 than would otherwise have been the case. Here, too, there are troubling similarities to the 1930s, when premature fiscal tightening in 1937 pushed unemployment back to 20 per cent.

CIGI welcomes visiting scholar Qiyuan Xu for research on internationalization of renminbi

Thursday, 12 June 2014
article
CIGI is pleased to welcome CIGI Visiting Scholar Qiyuan Xu, for research on the internationalization of China’s currency, the renminbi (RMB). 

CIGI paper highlights lessons from 2012 Greek debt restructuring, for euro area and beyond

Thursday, 12 June 2014
article
A new report from the CIGI concludes that fears of contagion generated by the 2012 Greek debt exchange were exaggerated and that the country’s debt restructuring could have taken place sooner without undermining stability.

CIGI at CEA 2014 (II): Clean versus Lean

Wednesday, 11 June 2014
blog
Kevin English
Guest blogger CIGI Research Associate Kevin English chronicles CIGI's panel at the 2014 Canadian Economics Association's annual conference.

CIGI at CEA 2014 (I): Inflation Targeting

Tuesday, 10 June 2014
blog
Kevin English
Guest blogger CIGI Research Associate Kevin English chronicles CIGI's panel at the 2014 Canadian Economics Association's annual conference.

A fistful of dust

Friday, 6 June 2014
blog
It wasn't meant to be this way. When the architects of the euro met to put their vision of a unified, European-wide monetary union into practice, they didn't think that a decade and a half later the economic landscape would be clouded by Great Depression levels of unemployment in some countries and the prospect of a 1930s style deflation trap in the monetary union as a whole.

Bank of Canada message leaves market scratching its head

Thursday, 5 June 2014
article
Kevin Carmichael
The Bank of Canada, “might, at times, have trouble communicating the timing of the return to more ‘normal’ monetary policy, but exit will be implemented through standard measures accomplished by tightening the policy rate,” write CIGI's Domenico Lombardi and Pierre Siklos, in an essay that foreshadowed a recent BoC decision.

Policy Responses to Chinese Slowing and the Architecture

Thursday, 5 June 2014
blog
I'm off to the Centre for Global Development today for a discussion of the risks of China slowing on Latin America by the Latin American Shadow Financial Regulatory Committee, or CLAAF in its Spanish acronym. The CLAAF is a blue ribbon group of academics, former central bankers and finance ministers from the region which meet periodically to discuss current financial sector challenges. At the conclusion of their meetings, committee members typically release a statement summarizing their deliberations and points of agreement.

New Canada Among Nations Series book – Crisis and Reform – outlines ways for Canada to retain influence in global financial system

Tuesday, 3 June 2014
article
Canada should continue to play an outsized role in the development and regulation of the international financial system, according to a new book published by CIGI in partnership with the Norman Paterson School of International Affairs (NPSIA).

A date or a number

Tuesday, 20 May 2014
blog
The felicitous first rule of forecasting is "a date or a number, but never both." The point being that if you want to preserve credibility it is best not be proven wrong; the rule pretty much assures that. Ok, so you ask, "what has this got to do with the NAU (New Age of Uncertainty)?