Economic Consultant

Arthur Donner is a Toronto-based economic consultant with a lively interest and involvement in economic policy issues. Arthur has the ability to make complicated economic issues understandable to widely different audiences. Consequently, his career has moved between universities, governments and ... more


E China’s Economy Is Leading The World And Is Growing Strongly Again
The positive economic growth which was posted over the last six months helped China's economy recover all of the output it lost after its historically bad first quarter.
E Recovering From The Recession Will Be Difficult For The Emerging And Low-Income Countries
Because of the severity of the pandemic recession, massive central bank financing was required to support the huge expansion of government debt.
E US Job Market Recovery Is Far From Adequate, Recovery Pace Is Slowing
The recent US jobs growth report for October was quite discouraging. Nonfarm payroll employment increased by 638,000 compared to 672,000 in September and 1.493 million in August. 
E The Rocky Path Towards A US Economic Recovery
The outlook for a satisfactory US economic recovery over the medium term remains quite uncertain.
E Canada’s Jobs Outlook Is Still Quite Awful
Canada’s recently released October jobs market report was generally in line with expectations.
E Are Canadian Governments Fiscally Irresponsible, Or Economically Smart?
Relative to the size of its economy, Canada has posted the largest discretionary fiscal response to battle the pandemic recession of any of the G20 countries.


Latest Comments
The Rocky Path Towards A US Economic Recovery
13 days ago

Hi William

Bravo. I couldn't agree more.

As a Canadian who has studied and worked in the US, I have always admired your country, particularly its dynamic economy and the interesting and a bit bewildering political system. However, with all of its warts, I always took US democracy for granted.

Now, like many others, my admiration has sharply diminished. Particularly, I am also appalled by the selfishness of the 1%.

Business And Households Amass Cash To Withstand The Pandemic
16 days ago

Excellent piece Norman. A lot of household spending power, if confidence is resumed.

My guess is that even when the real economy has a bit of momentum, consumer confidence will continue to be dicey since there are so many difficult challenges in the environment to digest -- job security, investment and pensions, etc.

It Is An Open Secret That Central Banks Are Moving Towards Digital Currencies
1 month ago

nice article Norm. I agree that the shift to digital transactions shouldn't hurt the Cdn banks.

The Pandemic Recession And Central Banks
1 month ago

thanks for your comment.

There is virtually no inflation risk on the horizon. Indeed, the risk is entirely one of low inflation, or in a worst case, deflation;

An Unconventional US Recession, An Unconventional Recovery And The New Economic Normal?
3 months ago

Thanks for your comments.

The US has always had a problem dealing with its poor.

The problem became more exaggerated by recent events, including the covid recession.

IMF's Gloomy Global Economic Projections
5 months ago

I agree the outlook is very risky.

thanks for your comment

We Are Trapped In A Phase Of Major Unknowns
5 months ago

I beg to differ. The risk we face is deflation, not inflation.

Where Has All This Printed Money Gone To?
6 months ago

NIce column

Your point on MV=PY is instructive. Could it be the defn of money has changed. Really all you can say is that the velocity of money, conventionally defined, has fallen.

But what about money substitutes, which move far beyond the conventional defn.?

A related point. It is often not realized that when the demand for money falls, Ceteris Paribus, the money supply shrinks. (the money stock is determined at the intersection of the supply and the demand curves)

That is, the money supply is a function of both the demand and the supply of money.

Your conclusion on the macro effects are right on.

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