QED News Events

  • 2018/05/29 (All day)

    It is a pleasure to announce that the winner of the Scarthingmoor PhD prize in Economics is Margaux MacDonald for her PhD thesis entitled, “E International Capital Flows and Monetary Policy Spillovers,” supervised by Professors Gregor Smith and Allan Gregory. This is the first year presented to a PhD student for the best thesis. 

    We would like to also thank our 2017 Scarthingmoor PhD prize committee Sumon Majumdar and James MacKinnon, for all of their hard work in deciding this prestigious award. 

    Below you will find the abstract for Ms. MacDonald’s paper as well as a link to the thesis itself.

    “This dissertation examines the drivers and implications of international capital flows. The overarching motivation is the observation that countries not at the centre of global financial markets are subject to considerable spillovers from centre countries, notably from their monetary policy. I present new empirical evidence on the determinants of the observed patterns of international capital flows and monetary policy spillovers, and study their effect on both financial markets and the real economy. In Chapter 2 I provide evidence on the determinants of a puzzling negative correlation observed between productivity growth and net capital inflows to developing and emerging market economies (EMEs) since 1980. By disaggregating net capital inflows into their gross components, I show that this negative correlation is explained by capital outflows related to purchases of very liquid assets from the fastest growing countries. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries is driving much of the original puzzle. In the reminder of my dissertation I pivot to study the foreign characteristics that drive international capital flows and monetary policy spillovers, with a particular focus on the role of unconventional monetary policy in the United States (U.S.). In Chapter 3 I show that a significant portion of the heterogeneity in EMEs' asset price adjustment following the quantitative easing operations by the Federal Reserve (the Fed) during 2008-2014 can be explained by the degree of bilateral capital market frictions between these countries and the U.S. This is true even after accounting for capital controls, exchange rate regimes, and domestic monetary policies. Chapter 4, co-authored with Michal Ksawery Popiel, studies unconventional monetary policy in a small open economy, looking specifically at the case of Canada since the global financial crisis. We quantify the effect Canadian unconventional monetary policy shocks had on the real economy, while carefully controlling for and quantifying spillovers from U.S. unconventional monetary policy. Our results indicate that the Bank of Canada's unconventional monetary policy increased Canadian output significantly from 2009-2010, but that spillovers from the Fed's policy were even more important for increasing Canadian output after 2008.


  • 2018/05/29 (All day)

    It is a pleasure to announce that the winner of the 2017 C.A. Curtis Prize is Mr. Alex Chernoff for his PhD thesis entitled, “Essays on Firm Heterogeneity with Empirical Applications in Economic History and Agricultural Economics,” supervised by Professors Bev Lapham, Huw Lloyd-Ellis and Ian Keay.   The C.A. Curtis prize is awarded annually to the best doctoral thesis. Graduating PhD students who defended their thesis within the previous two years are eligible for nomination.

    We would like to also thank our 2017 Curtis Prize committee Sumon Majumdar and James MacKinnon, for all of their hard work in deciding this prestigious award. Below you will find the abstract for Mr. Chernoff’ s paper as well as a link to the thesis itself.

    “This thesis uses models of firm-heterogeneity to complete empirical analyses in economic history and agricultural economics. In Chapter 2, a theoretical model of firm heterogeneity is used to derive a statistic that summarizes the welfare gains from the introduction of a new technology. The empirical application considers the use of mechanical steam power in the Canadian manufacturing sector during the late nineteenth century. I exploit exogenous variation in geography to estimate several parameters of the model. My results indicate that the use of steam power resulted in a 15.1 percent increase in firm-level productivity and a 3.0-5.2 percent increase in aggregate welfare. Chapter 3 considers various policy alternatives to price ceiling legislation in the market for production quotas in the dairy farming sector in Quebec. I develop a dynamic model of the demand for quotas with farmers that are heterogeneous in their marginal cost of milk production. The econometric analysis uses farm-level data and estimates a parameter of the theoretical model that is required for the counterfactual experiments. The results indicate that the price of quotas could be reduced to the ceiling price through a 4.16 percent expansion of the aggregate supply of quotas, or through moderate trade liberalization of Canadian dairy products. In Chapter 4, I study the relationship between farm-level productivity and participation in the Commercial Export Milk (CEM) program. I use a difference-in-difference research design with inverse propensity weights to test for causality between participation in the CEM program and total factor productivity (TFP). I find a positive correlation between participation in the CEM program and TFP, however I find no statistically significant evidence that the CEM program affected TFP.”


  • 2018/05/08 (All day)

    Dr. Roger Ware was awarded the prestigious Canadian Bar Association 2018 Bill Miller Memorial Award for his paper entitled “The Economics of Multiproduct Loyalty Programs.” This award is granted annually for the best article published in the Canadian Competition Law Review during the prior calendar year.

  • 2018/04/12 (All day)

    "Low on trust and high on volatility: Can Bitcoin find a reason to exist beyond shady transactions?"  Thorsten Koeppl says that while Bitcoin’s future remains uncertain, the fact that this technology has been created is symbolically very important.

  • 2018/04/11 (All day)

    Low on trust and high on volatility: Can Bitcoin find a reason to exist beyond shady transactions? Thorsten Koeppl says the concept of having a blockchain where you do not have to have intermediates is quite transformational and goes beyond cryptocurrencies.

  • 2018/04/05 (All day)

    It is with great pleasure that we wish to congratulate our MA student, Fanny McKellips, who was the recipient of the "Master's Scholarship Award for Women in Economics and Finance" from the Bank of Canada.

    The Bank of Canada announced on March 5, 2018,  the first ever recipients of its Master’s Scholarship Award for Women in Economics and Finance. This award, announced in September 2017, is designed to attract and advance women in the core areas of the Bank’s work, where they are under-represented. A $10,000 scholarship is combined with an offer of permanent employment at the Bank upon successful completion of a master’s degree by a recipient.  

    For full release details on March 5, 2018 click here.

  • 2018/03/08 (All day)

    Father Raymond J. De Souza shared his thoughts on the recent Jordan Peterson lecture in the National Post.















  • 2018/03/01 (All day)

    An article from Inside Science gives reference to Maggie Jones (et al) paper entitled "The Slaughter of the North American Bison and Reversal of Fortunes on the Great Plain".   Access to Maggie's paper presented at the "Issues in Native American Economic Development" hosted by the American Economic Association held January 5, 2018 can be found here.



  • 2018/01/15 (All day)

    Globe and Mail: The painful lesson that pot and bitcoin investors have yet to learn, an AI stock pick, and the chill that's hit bonds.

    MoneySense: What are those pot stock investors smoking?

    Allan Gregory says despite being valued well into the billions of dollars, many cannabis companies have not yet generated profits.

  • 2018/01/11 (All day)

    Investors are delusional when it comes to Canadian marijuana companies. Allan Gregory writes that investors should recall the dot com bubble before investing in cannabis companies.