Johnson's Conversion from Keynesianism at Chicago
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BIS Working Papers No 136 the Price Level, Relative Prices and Economic Stability: Aspects of the Interwar Debate by David Laidler* Monetary and Economic Department
BIS Working Papers No 136 The price level, relative prices and economic stability: aspects of the interwar debate by David Laidler* Monetary and Economic Department September 2003 * University of Western Ontario Abstract Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy. This paper discusses interwar literature bearing on this question. It begins with theories of the cycle based on the quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of crises, arguing that their neglect of fluctuations in investment was a weakness. Other approaches are then taken up, particularly Austrian theory, which stressed the banking system’s capacity to generate relative price distortions and forced saving. This theory was discredited by its association with nihilistic policy prescriptions during the Great Depression. Nevertheless, its core insights were worthwhile, and also played an important part in Robertson’s more eclectic account of the cycle. The latter, however, yielded activist policy prescriptions of a sort that were discredited in the postwar period. Whether these now need re-examination, or whether a low-inflation regime, in which the authorities stand ready to resort to vigorous monetary expansion in the aftermath of asset market problems, is adequate to maintain economic stability is still an open question. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. -
Three Revolutions in Macroeconomics: Their Nature and Influence
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Laidler, David Working Paper Three revolutions in macroeconomics: Their nature and influence EPRI Working Paper, No. 2013-4 Provided in Cooperation with: Economic Policy Research Institute (EPRI), Department of Economics, University of Western Ontario Suggested Citation: Laidler, David (2013) : Three revolutions in macroeconomics: Their nature and influence, EPRI Working Paper, No. 2013-4, The University of Western Ontario, Economic Policy Research Institute (EPRI), London (Ontario) This Version is available at: http://hdl.handle.net/10419/123484 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen -
May 2005 the Canadian Quandary Introduction by William Watson
Draft: May 2005 The Canadian Quandary Introduction by William Watson1 What a treat is in store for readers of these essays. Harry Gordon Johnson was one of the best economists of the 1950s and 1960s, not just in Canada but worldwide. Had he not died young, in 1977, only 17 days short of his 54th birthday, he might have won the Nobel Prize. And yet he was also a controversialist of the first rank. When he chose to be “unbuttoned,” as he put it, he wrote with a caustic and dismissive elegance. In some passages of The Canadian Quandary it is as if H. L. Mencken has left Baltimore and come to Canada to take up economics. In this collection of Johnson’s Canadian writings from the Diefenbaker years, 1957 to 1963, the most frequent victims of his derision are Canadian economic nationalists, led in that era by Walter Gordon, Lester Pearson’s first finance minister and author of the Gordon Royal Commission Report of 1957. For most non-economist readers it is as a contribution to the postwar debate on Canadian nationalism that this volume will mainly be of interest. Although the nationalists’ views eventually came to dominate Canada’s universities, economics departments sometimes excepted, and influence the Trudeau government, when they were first bruited, in the late 1950s and early 1960s, they were frequently opposed. Johnson was one of their strongest critics. The heyday of left-wing nationalism is now past, of course. Trudeau’s National Energy Policy and Foreign Investment Review Agency have long since been dismantled or neutered. -
Nber Working Paper Series David Laidler On
NBER WORKING PAPER SERIES DAVID LAIDLER ON MONETARISM Michael Bordo Anna J. Schwartz Working Paper 12593 http://www.nber.org/papers/w12593 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2006 This paper has been prepared for the Festschrift in Honor of David Laidler, University of Western Ontario, August 18-20, 2006. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2006 by Michael Bordo and Anna J. Schwartz. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. David Laidler on Monetarism Michael Bordo and Anna J. Schwartz NBER Working Paper No. 12593 October 2006 JEL No. E00,E50 ABSTRACT David Laidler has been a major player in the development of the monetarist tradition. As the monetarist approach lost influence on policy makers he kept defending the importance of many of its principles. In this paper we survey and assess the impact on monetary economics of Laidler's work on the demand for money and the quantity theory of money; the transmission mechanism on the link between money and nominal income; the Phillips Curve; the monetary approach to the balance of payments; and monetary policy. Michael Bordo Faculty of Economics Cambridge University Austin Robinson Building Siegwick Avenue Cambridge ENGLAND CD3, 9DD and NBER [email protected] Anna J. Schwartz NBER 365 Fifth Ave, 5th Floor New York, NY 10016-4309 and NBER [email protected] 1. -
Two out of Three Ain't Bad | the Economist
Two out of three ain’t bad | The Economist 26.8.16 10:51 The Mundell-Fleming trilemma Two out of three ain’t bad A fixed exchange rate, monetary autonomy and the free flow of capital are incompatible, according to the last in our series of big economic ideas Aug 27th 2016 | From the print edition HILLEL THE ELDER, a first-century religious leader, was asked to summarise the Torah while standing on one leg. “That which is hateful to you, do not do to your fellow. That is the whole Torah; the rest is commentary,” he replied. Michael Klein, of Tufts University, has written that the insights of international macroeconomics (the study of trade, the balance-of-payments, exchange rates and so on) might be similarly distilled: “Governments face the policy trilemma; the rest is commentary.” The policy trilemma, also known as the impossible or inconsistent trinity, says a country must choose between free capital mobility, exchange-rate management and monetary autonomy (the three corners of the triangle in the diagram). Only two of the three are possible. A country that wants to fix the value of its currency and have an interest-rate policy that is free from outside influence (side C of the triangle) cannot allow capital to flow freely across its borders. If the exchange rate is fixed but the country is open to cross-border capital flows, it cannot have an independent monetary policy (side A). And if a country chooses free capital mobility and wants monetary autonomy, it has to allow its currency to float (side B). -
CURRICULUM VITAE (September 2020)
1 CURRICULUM VITAE (September 2020) NAME: David E.W. Laidler NATIONALITY: Canadian (also U.K.) DATE OF BIRTH: 12 August 1938 MARITAL STATUS: Married, one daughter HOME ADDRESS: 45 - 124 North Centre Road London, Ontario Canada N5X 4R3 Telephone: (519) 673-3014 FAX: (519) 661-3666 E-mail: [email protected] EDUCATION AND DEGREES HELD: Tynemouth School, Tynemouth, Northumberland, England, GCE 'O' Level 1953, 'A' Level, 1955, 'S' Level, 1956 London School of Economics, B.Sc. Econ. (Economics Analytic and Descriptive) 1st Class Honours, 1959 University of Syracuse, M.A. (Economics), 1960 University of Chicago, Ph.D. (Economics), 1964 University of Manchester, M.A. 1973 (not an "earned" degree) University of Western Ontario, LL.D.(h.c.) 2016 SCHOLARSHIPS, FELLOWSHIPS AND ACADEMIC HONOURS: 1956-1959 State Scholarship 1959-1960 University of Syracuse: University Fellowship 1960-1961 University of Chicago: Edward Hillman Fellowship 1962-1963 University of Chicago: Earhart Foundation Doctoral Dissertation Fellowship 1972 British Association for the Advancement of Science, Lister Lecture, to be given by a distinguished contributor to the Social Sciences under 35 years of age 1982 - Fellow of the Royal Society of Canada 1987-1988 President, Canadian Economics Association/Association Canadienne d'Economique 1988-1989 Faculty of Social Science Research Professor, University of Western Ontario 1994 Douglas Purvis Memorial Prize, awarded by the Canadian Economics Association for a significant work on Canadian Economic Policy (joint recipient with W.B.P. Robson) 1999 Hellmuth Prize for distinguished research in the Humanities and Social Sciences by a member of the faculty of the University of Western Ontario 2004-2005 Donner Prize for the best book of the year on Canadian public policy. -
Anthony Scott Fonds
Anthony Scott fonds Compiled by Jane Turner (1990) Revised by Erwin Wodarczak (2014) and Stacy Paull (2016) University of British Columbia Archives Table of Contents Fonds Description o Title / Dates of Creation / Physical Description o Biographical Sketch o Scope and Content o Notes Series Descriptions o Correspondence series o Course Notes series o Lecture Notes series o Research Projects o UBC Administration series o Desk Diaries series o Miscellaneous Items series o Publications series File List Catalogue entry (UBC Library catalogue) Fonds Description Anthony Scott fonds. – 1942-2013. 8.65 m of textual materials. ca. 200 b&w photographs. 1 CD. Biographical Sketch Anthony Scott was born on August 2, 1923 in Vancouver. He received a Bachelor of Commerce in 1946, and a Bachelor of Arts in 1947, both from the University of British Columbia. He received a Master of Arts from Harvard University in 1949, and a Doctorate from the London School of Economics in 1953. The title of his dissertation was, "The Economics of Natural Resource Conservation." In 1953, Scott joined the Department of Economics at the University of British Columbia where he remained until his retirement in 1989. He attained the rank of full professor in 1961, and from 1967 to 1971, was chair of the department. Scott was also the recepient of several honours and awards. He is a Fellow of the Royal Society of Canada, received an Honourary Doctorate from the University of Guelph in 1980, and became an Officer of the Order of Canada in 1982. In 1987, he received the Innis-Gerin Medal. -
Balance-Of-Payments Theory, and the International Monetary Problem
ESSAYS IN INTERNATIONAL FINANCE No. 124, November 1977 MONEY, BALANCE-OF-PAYMENTS THEORY, AND THE INTERNATIONAL MONETARY PROBLEM HARRY G. JOHNSON INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS PRINCETON UNIVERSITY Princeton, New Jersey This is the one hundred and twenty-fourth number in the series ESSAYS IN INTERNATIONAL FINANCE, published from time to time by the International Finance Section of the Department of Economics of Princeton University. This Essay is based upon the David Horowitz Lectures that Harry G. Johnson gave in Israel in 1975. Some weeks before his death on May 8, 1977, Professor Johnson wrote to ask whether the Section would like to publish a revised version of the Lectures. We do so now with a Foreword that was the obituary notice published by the Times of Lon- don; it was written by Professor W. M. Corden of the Australian National University. We are grateful to the Association of Banks in Israel for permission to publish the Horowitz Lectures, to Professor Corden, to the Times of London for permission to publish the obituary notice, to Elizabeth Johnson for reviewing the edited manuscript, and to Professor Jacob A. Frenkel for reading the proofs. The Section sponsors the essays in this series but takes no further responsibility for the opinions expressed in them. The writers are free to develop their topics as they wish. PETER B. KENEN, Director International Finance Section ESSAYS IN INTERNATIONAL FINANCE No. 124, November 1977 MONEY, BALANCE-OF-PAYMENTS THEORY, AND THE INTERNATIONAL MONETARY PROBLEM HARRY G. JOHNSON INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS PRINCETON UNIVERSITY Princeton, New Jersey Copyright © 1977, by International Finance Section Department of Economics, Princeton University Library of Congress Cataloging in Publication Data Johnson, Harry Gordon, 1923-1977. -
Douglas Views Effect of Automation by BRIAN MALCOLM “The First Prerequisite to Being an MP Is a Cast Iron Bottom.” So Said NDP Leader T
------ See You SieorgiQaiirD Invigilator Later SIR GEORGE WILLIAMS UNIVERSITY Volume XXVIII \ DECEMBER 8, 1964 No. 12 Discloses MIP's Deep-Seated Need Douglas Views Effect Of Automation By BRIAN MALCOLM “The first prerequisite to being an MP is a cast iron bottom.” So said NDP leader T. C. Douglas in an address to Johnson the Arts Faculty Association last Friday. In addition to cast iron posteriors, Mr. Douglas discussed automation and its effect on the economy. Outlines advocated solid bottoms A t Queen Elizabeth for the weary hours of endless parliamentary debate on such minor issues as Canada's new Lectures flag. When asked if he would By GIL BLOCK Xmas Bail support a motion of closure should Prime Minister Pearson At a Press Conference The University’s annual resort to this technique in ful held last Monday (Novem Christmas Ball will be held filling his promise of a “flag by ber 30) prior to his three day this year on Friday, Decem Christmas", Mr. Douglas said that lie would definitely not sup lecture series, Dr. Harry ber 11, at 9 p.m. port such a motion. Gordon Johnson, a leading “Due to the overwhelming suc economist, briefly outlined cess ot the Christm as Ball in “Closure.” he said, “is a pow past years, it has become both erful parliamentary weapon and each of the texts to be necessary and feasible for the should only be used for vital delivered. issues: we have been waiting 97 Students Undergraduate Society Dr. Johnson stated that each to obtain Galleries I, II, and III years for a flag, surely we can wait another 97 days ?” lecture would center upon a spe at the Queen Elizabeth Hotel,” cific institution, the theme for Mr. -
Passive Money, Active Money, and Monetary Policy
Passive Money, Active Money, and Monetary Policy David Laidler, Visiting Economist • The role of money in the transmission of or eight years, an inflation target, jointly set by monetary policy is still controversial. Some the Bank of Canada and the federal govern- regard it as reacting passively to changes in ment, has provided the anchor for Canada’s F monetary policy. For a period 20 times as long, prices, output, and interest rates; others see it the Quantity Theory of Money has provided econo- playing an active role in bringing about mists with a framework for analyzing the influence changes in these variables. of the supply of money on the inflation rate. The Bank of Canada regularly comments on the behaviour of • Empirical evidence favours an active the narrow M1 and the broader M2 aggregates in its interpretation of money’s role in the Canadian Monetary Policy Report and in the Bank of Canada economy, particularly in the case of narrow, Review, but the Quarterly Projection Model (QPM), transactions-oriented aggregates. which currently provides the analytic background against which the Bank’s policies are designed, • Institutional changes can, and do, create includes no monetary aggregate.1 Even so, there is a instabilities in the demand functions for strong case to be made that the money supply is not narrow aggregates, which undermine their only the key long-run determinant of inflation in the Canadian economy but is also an important variable usefulness as formal policy targets. in the transmission mechanism through which policy • There is, nevertheless, a strong case for the actions affect the price level, and, in the shorter run, income and employment as well. -
Post Walrasian Macroeconomics: Beyond the Dynamic Stochastic
This page intentionally left blank Post Walrasian Macroeconomics Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium (DSGE) model that serves as a foundation for thinking about macropolicy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in com- plexity theory, automated general to specific econometric modeling, agent- based models, and nonlinear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis. While both the Walrasian and Post Walrasian approaches assume rational agents, they differ in the environment in which they model the interaction of those agents. To make their models tractable the DSGE approach, which is the culmination of the Walrasian modeling tradition, assumes either that agents operate in an information-rich environment, or that there is an outside controller who processes all information. The Post Walrasian model, which this collection explores, assumes that agents operate in information-poor environments, without any outside controller. David Colander has been the Christian A. Johnson Distinguished Professor of Economics at Middlebury College, Middlebury, Vermont since 1982. He previously taught at Columbia University, Vassar College, and the University of Miami. Professor Colander has authored, co-authored, or edited more than 35 books and 100 articles on a wide range of topics. -
The University of Sheffield CALENDAR 2020-21
The University of Sheffield CALENDAR 2021-22 Charter, Statutes, General Regulations and Information NOTE The Regulations are reviewed and revised by Council and Senate, as relevant. While every effort has been made to ensure the accuracy of the information given in this publication, changes may need to be made between the date of publication and the time the student embarks on a programme of study. This publication is correct as at the time of print. ENQUIRIES All enquiries should be addressed to: University Secretary’s Office University of Sheffield Sheffield S10 2TN Telephone: 0114 222 2000 Email: [email protected] Printed by The University Print Service Published by the University of Sheffield CONTENTS Dates of Semesters 5 Historical Note 6 Arms 9 Charter 10 Statutes 12 Regulations of the Council 16 I Responsibility for Creation and Amendment of Regulations 16 II The Council 17 III Scheme of Council Delegation 23 IV The Auditor 37 V The Members of the University 38 VI The University Officers 39 VII The Dismissal and Removal from Office of the President & Vice-Chancellor 42 VIII Definitions 43 IX The Senate 45 X The Faculties 48 XI Extra-Faculty Learning and Teaching Committee 50 XII The Conferment and Withdrawal of Degrees 51 XIII The Execution of Contracts and Deeds 52 Regulations of the Senate 54 XIV General University Regulations 54 XV General Regulations for First Degrees 70 XVI General Regulations for Higher Degrees, Postgraduate Diplomas and Postgraduate 79 Certificates General Regulations for Higher Degrees by Research