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Jacques René Giguère
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The point isn't free or expensive. It's the change (here we have real menu costs...)From the prof pov there is a large fixed cost in using a book (familiarity with the book's subject presentation, test bank etc). Do you really want to tell your department head and tell her "My article is late because I am trying a new textbook for those !"/ undergrads and my test bank is not ready yet"?
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Many restaurants post their prices on newly written boards each day. And web sites make it easy for industrial products. And yet, prices are still sticky. Force of habit or is the real stickyness on the buyer's side?
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Roger: average Greeks work 7hr/week more than Germans and retire at almost the same age as Britons. We need to focus on other memes. http://www.forbes.com/sites/niallmccarthy/2015/03/13/contrary-to-what-most-people-think-greeks-work-the-longest-hours-in-europe-infographic/
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Everybody who was somebody had a nuclear program of sort.It was a technical and economic challenge, not a scientific one. Even France already had begun theoretical studies in the '30's.
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Though can have a cheap image, they are superior to bottles as a mean of preservation. In Québec, craft brewers are fast moving toward can. Two new canning lines have recently opened.
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Whitfit: try the Québec beer market! Almost as good as some U.S. states.
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German beer is highly regulated! Will Schaüble close the banks until it is corrected?
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Nick, Tom: this humble IO guy was never that strong on macro. During my graduate days, we once had a problem that I was one of the few to have solved. Prof called me to his office. Explained my method. After reflexion, he said: "Have now idea what grade to give you.The only thing right is the answer...". Dumb luck more prevalent than thought. Other macro anecdotes on demand.
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Tom Brown: "tâtonnement" is a french word. Date from the time french economist were the best in the world and worth listening to. So long ago, I wasn't even born.
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Farage, like LePen, should be minor characters. But it'sthanks to the Brüning of each era that they can from time to time emerge from their caves. Merkel in all her bovine smugness will not be looked kindly in future history books. Let's say kindly that the Maoïsts in Syriza never had as much contact with the real Mao and never caused as much damage than the colonels defending Christian capîtalist freedom did under order from the CIA. As for Britain, each time I feel pity for the "intellectuals", I reread the letters from Thatcher to Hayek deploring the fact that british parliamentary democracy unfortunately prevent the installation of the Pinochet-type regime that the Hayek wished. I have no sympathy for the stupid voters who allowed themselves to be robbed blind by the kleptocracy currently running Britain.
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Of course the main difference between the Czech-Slovak velvet divorce and the German (there is no Europe as of now, only a 4th Reich (ONG Godwin strikes again!)-Greece colonial conflict is that the two divorcees, basically and despite some misgivings, didn't view their former partner as despicable ennemies to be crushed. Politics determine economics far more than the other way around.
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Nick: there is no wasdted knowledge. ANf given the madness around us, quantum physics is a haven of peace and rationality. Even the peace of commenting from the cottage terrace, looking at the sailboats on the St-Lawrence is not enough these days...
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Instead of NPA, why not CBN? https://www.cbnco.com/corp/corp-about.php Note how they pride themselves in the hundreds of professionnals they need? Part of it may signaling but it's a complex business. Small countries usually print in batch now and then and issue as needed. As Lorenzo proudly noted, the medium on which the currency is printed is now a main characteristic on the product.
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Richard H. Serlin: printing is easy. Preparing and engraving of the plate is an extremely long and complex business.
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Nick: The euro was a bad idea badly implemented but the euro will not destroy the EU. German handling of the euro will.
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Nick: I'm sure that Lew and Tsakalotos (or at least their peoples) already had a little talk about airlifting dollars bills and equipement. The U.S. helping Greeks to get out (even though it's what the mad duo wants) would cause friction between Washington and Berlin. But keeping Russia out is primordial. (Even though Tsipras never indicated he was willing to exchange Schaüble for Putin).
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Not wearing a tie? Dress is important in conveying seriousnesss. Hey, after all some of the best dressed guys of the 20th century wore a real nice Hugo Boss black outfit. (OMG, can we speak about Germany without running into Godwin's law?)
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Nick: but what trade is facilitated if you !"/$% up your partner's economy? Anyway, I remember an article in The Economist where they tabulated the cost of starting in London to Parisand exchanged all your money into FF then go to Brussels and changed into BF and then on to every country in Europe. Everything was eaten up by transaction costs. Except that nobody have done that since the Middle Ages when you went from the County of Krapusnick to the Margraviat of Pomfritt through the Earldom of Madnosia,melting all your coins at each border... That was the intellectual level of pro-euro arguments at the time. It just got worse...
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Nick: "The "bringing consumption forward" idea rests on a fallacy of composition too. For every $1 borrowed there's $1 lent. One is spending $1 more, and the other is spending $1 less." Are you reneging on years of "debt are our children's burden" blogging? Long live Abba Lerner!
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Given that Germany runs a current account surplus, no Greek bank can ultimately lend to buy a german car. Only a german bank can. And since the official policy of Germany is to run a permanent trade surplus, even that bank can't lend. By having a trade surplus, Germany is refusing to be paid. Why should anyone repay debts for which the creditor refuses payment and threfore make it imoossible to pay?
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JKH: sorry. Not Salvador but Panama.
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JKH: I don't know enough about dollarized South American economies (Ecuador and Salvador). An interesting aside : for a long time, the Caisses Populaires, the largest financial institution in Québec, could not clear their cheques though the BoC. They had to use a federally chartered bank do it. You could say that Québec didn't have its own central bank for clearing while in monetary union with Canada. Are there here economic monetary history Ph.D connoisseurs of the Latin Monetary Union who could bring up their lights?
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JKH: Canada and US are currency unions. Their regions have different economic cycles, different patterns of trade within and without the common currency area. If they had different currencies, their exchange rates would fluctuate. We get around that with fiscal federalism in its many guises, both open and covert. Which is why few people ever noticed. Neither chartered banks or official institutions compile a balance of payments between provinces or states,though researchers do it (PK frequently use them). Thank God for the recriminations would be endless. In fact we have them in the form of who pays for equalization (forgetting why equalization is needed).
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Nick: in recession, holding on to money is paramount, at the expense of banana-eating. G can buy a banana and I will eat it gladly even if I still hold to my money. There is no RE in these circumstances. (And the shadow-price of babanas is nil anyway.)
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Nick: France Coppola's post explain why I tell my macro students that one of the two or three concepts they must master, if necessary at the expense of everything else, is the balance of payments. In the canadian context, can you imagine the political consequences if the designers of the equalization payments system had decided to create an interprovincial set of accounts similar to Target2 instead of routing it through the federal budget? It would have all the Target 2 system' defects, including not taking into account the cause of the imbalance (misaligned exchange rates.) Recriminations are already loud enough.
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