This piece follows from my previous two-part post: “High Inflation: Where Did It Come From, Part I and Part II.” Basically, that was an attempt to debunk some typical narratives about the sources of our current high inflation numbers, and to come up with a reasonable story that…
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[Continued from Part I.] Sometimes people think of an increase in oil prices as a negative supply shock. What about that? Chart 9 So, in dollar terms…
[This piece is in two parts (due to email constraints - if you subscribe you get the post by email), dealing with the sources of the high inflation…
I wrote a piece for the C.D. Howe Institute in April 2021, making the case that the Bank of Canada should keep the then-existing agreement with the…
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Much like in the United States (as discussed in this post), events in Canada are not unfolding as envisioned by the central bank at the beginning of the…
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Events are not evolving as people on the FOMC envisioned last year, and the Fed is not currently achieving its goals. A slow and plodding approach isn’t…
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The Floor That's Not a Floor
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The floor that's not a floor.
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Monetary Non-Neutrality