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Stephen Gordon
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The drop in GDI has been pretty large. For GDP, I'm also thinking of transition costs associated with a structural shift.
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How about as an oil price shock with the signs reversed because we're an oil exporter?
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I also think a negative productivity shock is how we should be looking at the most recent data. The drop in resource prices has sharply reduced our terms of trade, and that's best interpreted as a negative supply shock. Inflation has been creeping up over the past few months, too. Just what we'd expect from a negative supply shock.
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WCI gets results!
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In an email two years ago, they told me that not to worry; the GFS was going to be *even better.*
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Oh for Pete's sake. I can`t even get it to load properly.
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And the tax can be avoided outright if the revenues are retained in the small business and passed on to their children. Here are Kevin Milligan's notes on the 'estate freeze'
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On the other hand, demand for services should increase.
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Too costly to maintain, and not enough people using it?
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We don't have any trouble making that distinction. At least, I don't. It's either implicit or explicit throughout the post.
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Sigmund Aas: Thanks again. We hear ever so much about how if only we did what the Norwegians did, things would be ever so much better.
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Sadly, no. Thanks for that perspective; I suppose I shouldn't be surprised that similar arguments are being made in Norway as well.
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That's in the first chart, isn't it?
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Nope. This post brings to mind something I wrote a while back: How economic policy analysis is done, and why it's not the same as forecasting
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I love love *love* that baseball bat correlation.
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some economists argue that even lower wages would be better. Really? Name three.
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Leo: No, I can't. The data I have are top-coded, and the truncation is below the 99.9 percentile.
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Possibly, but management isn't just the CEO. There are lots of managers below the 99th percentile, and one might have expected that some of them would have moved above the threshold. Unfortunately, because of the top-coding, I can't check to see if managers' salaries increased more than those in the one per cent. [eta: I see I cross-posted with Colin]
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Frances: I used the thresholds in the Cansim table. The Cansim numbers are based on all tax files, so I thought they'd be more reliable than the subsample in the PUMF. I did check, and the proportion of PUMF incomes above the Cansim thresholds were all close enough to 1% that I'm pretty sure I'm talking about the same people.
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This is why I keep my head down in these types of discussions. The only contribution I can think of making is to try and not be a jerk in my dealings with my female colleagues and students.
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I guess I should direct people to this thing I wrote about 'Dutch Disease'. It turns out that the reason manufacturing sector employment has declined is that the wages there are lower than what is on offer in other sectors.
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Thanks, Livio. Will do.
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I bet it means subsidising well-connected firms.
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Howard: Unless you have evidence that Quebec med schools are overwhelmingly populated by students from low-income households, my point stands.
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A couple of points: 1) Elementary and secondary school are compulsory. The 'public good' argument works more strongly here, because a democracy needs a literate and numerate citizenry. Most of the gains to PSE are private. 2) Sacrificed wages don't enter into it, because parents/guardians are obliged to supply the necessities of life to minor children. If we made PSE compulsory, extended parental obligations to age 22 and ensured that *all programs in all universities were of equal quality*, then extending the elementary/secondary free-tuition model to PSE would work.
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