I came across this fascinating speech from Pierre Duguay, Deputy Governor of the Bank of Canada.
The Canadian penny has a value of one cent and one hundred cents are required to make one Canadian dollar. There is a ongoing debate in Canada of abolishing the penny as its production is seen as costly compared to its worth.
Michael Bordo writes a very timely paper on the topic. He revisits history of Bank of England and Fed to understand lessons on Central Bank Independence in this crisis. Fed was a relatively more independent central bank to begin with. (more…)
Christina Romer compares the policies of two presidents in this useful speech.
I am not arguing that there is no industrial policy going on; rather, my point is that I don’t see evidence of a big shift towards more industrial policy than was taking place before the crisis. More relevant is the point made in the note that concerns “that the crisis would produce a wave of nationalizations appear to have been unfounded.”
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