Fiscal policy

Is Canada Drinking the Austerity Kool Aid?

Is Canada Drinking the Austerity Kool Aid?

Thus far, our stolid  neighbor to the north has managed to avoid the worst of the global crisis, thanks to a common-sense moderation that is almost tedious to observe.  They didn’t go in for massive bank deregulation, they have a pretty high-functioning health care system, the list goes on and on. But now there are […]

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What a Fiscal Drag

What a Fiscal Drag

That’s what JP Morgan thinks we got from the debt limit agreement.  They see four consequences of the deal:  1) No default. This had always been a low probability (<1%) very high cost outcome, which now seems off the table. 2) An eventual S&P downgrade is still more likely than not, though we think this […]

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