Author: Fréchette, Karine

Post-Keynesian Economics As Defense Mechanism: Sidney Weintraub As Known by E. Roy Weintraub

This article traces the evolution of Sidney Weintraub’s Post-Keynesian identity during the four decades following WW II, as seen through the eyes of his son E. Roy Weintraub. Till Düppe explore Roy’s notion that Sidney’s career can be seen as the result of defense mechanisms associated with those of aborderline personality, such as splitting and projection. As Sidney transformed from an aspiring mainstream macroeconomist into a reclusive warrior for ideas, developing a polarized view of the economics profession, his work eventually became subsumed as a branch of Post-Keynesian economics. At the same time, he nudged his son into a symbiotic dependency, standing in for his career as a mathematical economist and coauthor, while also being made complicit in his adultery. Roy’s eventual distancing from this role ultimately led to a rupture prior to Sidney’s death in 1983. It was only then that Roy was able to establish a scholarly profile as a historian of economics and gain the understanding of his father that informs this text.

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Congratulations to Catherine Haeck, recipient of the King Charles III’s Coronation Medal

Five members of the UQAM community have been awarded the King Charles III Coronation Medal by the Honourable Manon Jeannotte, Lieutenant Governor of Quebec. This commemorative distinction is awarded to Canadians who have distinguished themselves by their dedication and commitment, which has had a significant impact on their local, regional or national community.

They are Charles-Philippe David, professor in the Department of Political Science, Bernard Duhaime, professor in the Department of Legal Sciences, Catherine Haeck, professor in the Department of Economics, Yannick Hémond, professor in the Department of Geography, and Stéphane Pallage, Rector of UQAM.

Catherine Haeck specializes in educational economics and labor economics, and has been Scientific Director of the Groupe de recherche sur la capital humain (GRCH) since its inception. She helped found the Observatoire pour l'éducation et la santé des enfants at CHU Ste-Justine.

Winner of the Prix de la relève professorale en recherche 2020 awarded by ESG UQAM, Catherine Haeck is a Cirano Fellow and newly appointed Scientific Director of the Chaire de recherche sur les enjeux économiques intergénérationnels (CRÉEI).

Her research focuses primarily on the development of human capital in children and young people, and on the intergenerational transmission of income and education. In particular, she seeks to identify programs and interventions that help children and young people, using causal inference techniques. She aims to understand the link between inequalities observed in early childhood and the life course in the labor market, by documenting the evolution of these inequalities, and analyzing the role of parental education and policies and programs that affect children.

The global economy in times of polycrisis: what impact for Canada and Quebec?

On November 21, 2024, the Institut d'études internationales de Montréal (IEIM), in collaboration with the Economic Development and Inequality of Regions research team and UQAM's École des sciences de la gestion, organized the conference L'économie mondiale en temps de polycrise : quels impacts pour le Canada et le Québec?

François Audet, Director of IEIM, and Komlan Sedzro, Dean of ESG UQAM, gave opening addresses.

Mélanie Raymond, Chief Economist and Acting DG, International Economic Relations, Global Affairs Canada, Hubert Bolduc, President, Investissement Québec International, and Julien Martin, Professor, Department of Economics, ESG-UQAM, formed an exceptional panel, bringing varied and complementary perspectives. As a result, the current state of the global economy, weakened by a tense geopolitical context, was analyzed from the angle of its repercussions for Canada and Quebec.

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Economist Charles Séguin explains how Quebec's carbon market works and what would make it more efficient

For a more efficient carbon exchange

Image: Getty

In Quebec, efforts to reduce greenhouse gas emissions are largely through the carbon market deployed in 2013 and linked to California's since 2014. Image: Getty

COP 29, which takes place in Baku, Azerbaijan, from November 11 to 22, will be a reminder that most of the world's countries are still a long way from meeting the greenhouse gas (GHG) reduction targets set by the Paris Agreement in 2015. In Quebec, these efforts are largely being made through the carbon market deployed in 2013 and linked to California's since 2014. Over time, this carbon exchange - or Cap and Trade System (CTS) - has come under fire from a number of critics. Many believe it will fall short of Quebec's 2030 target of a 37.5% reduction in GHG emissions from 1990 levels.

ESG UQAM Economics Department professor Charles Séguin is not so pessimistic. Last summer, the Advisory Committee on Climate Change, of which he is a member, issued an opinion aimed at making the SPEDE more effective. Early in 2025, the government will submit several of the committee's recommendations for public consultation in preparation for a new regulation scheduled for adoption next spring.

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Professor Pavel Ševčík publishes in the Canadian Journal of Economics

Pavel Ševčík
Département des sciences économiques, ESG UQAM
Rui Castro
Department of Economics, CIREQ, McGill University

Abstract
We study the aggregate productivity effects of firm-level financial frictions. Credit constraintsaffect not only production decisions but also household-level schooling decisions. In turn, entrepreneurialschooling decisions impact firm-level productivities, whose cross-sectional distribution becomes endoge-nous. In anticipation of future constraints, entrepreneurs underinvest in schooling early in life. Frictionslower aggregate productivity because talent is misallocated across occupations and capital is misallocatedacross firms. Firm-level productivities are also lower due to schooling distortions. These effects com-bined account for between 36% and 68% of the US–India aggregate productivity difference. Schoolingdistortions are the major source of aggregate productivity differences.

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Philippe Goulet Coulombe wins the Prix Relève en recherche 2024-2025 awarded by the Vice-Décanat à la recherche by ESG UQAM

Philippe Goulet Coulombe receives the Prix Relève en recherche 2024-2025. Professor of economics at ESG UQAM, he is renowned for his research in macroeconomic modeling and artificial intelligence.

Vice-Décanat à la recherche at ESG UQAM is pleased to present the Prix Relève en recherche for the year 2024-2025 to Philippe Goulet Coulombe, Professor in the Department of Economics at ESG UQAM since 2021 and Research Associate at the Chaire en macroéconomie et prévisions headed by Professors Alain Guay and Dalibor Stevanovic (Economics). He will be associate editor of the International Journal of Forecasting from autumn 2024.

Philippe Goulet Coulombe holds a PhD in economics from the University of Pennsylvania and a master's degree from Queen's University, and completed his Bac at Université Laval. A researcher renowned for developing cutting-edge macroeconomic modeling techniques, he is leading several projects at the intersection of artificial intelligence and econometrics. He also conducts research in finance and the statistical modeling of climate change. 

He has given over 60 presentations in 15 countries - notably at academic conferences and central banks. He has produced some 20 research papers, including 10 articles published in leading scientific journals, including the Journal of Econometrics, the Journal of Applied Econometrics and the International Journal of Forecasting. He holds several research grants and fellowships, including those from the FQSRC (2022) and SSHRC (2024). He is a regular commentator on economic issues in the media, on television, in print and on radio.

Over the next few years, he and his team will be pursuing an agenda that combines cutting-edge research with the practical deployment of algorithms developed using a “machine learning” approach. This will involve simultaneously building the predictive model and the economic variables used directly from granular data (e.g. pixels in an image). He will also focus on the interpretability and transparency of the models, essential elements for their practical use.

In his spare time, Philippe Goulet Coulombe is also an author, composer and singer-guitarist with the musical group Décorum, for whom he produced two albums, in 2022 and 2024.

Watch Philippe Goulet Coulombe's video presentation

Source: Nouvelles ESG UQAM

For whom is the city still affordable? Study conducted by Florian Mayneris and Kristian Behrens

For whom is the city still affordable?A study conducted in collaboration with Université Paris-Saclay looks at the affordability of major urban centers.

The housing crisis raging in several major Western cities is well documented in the media. “While reading articles and reports on the subject, I developed an interest in the testimonies of middle-class workers who are no longer able to find housing in the cities where they work. I wanted to understand the extent of this phenomenon,” explains Florian Mayneris, a professor in the Department of Economics at ESG UQAM.

The researcher was awarded a SSHRC Développement Savoir grant of almost $70,000 to carry out a research project on this issue with his colleague Kristian Behrens, in collaboration with Miren Lafourcade, professor of economics at Université Paris-Saclay.

Commuting distance
Florian Mayneris and his team are looking at the major Canadian cities of Vancouver, Toronto and Montreal, as well as French cities such as Paris, Bordeaux, Marseille, Lyon, Nantes, Toulouse, Strasbourg and Lille. We use census databases in Canada and France,” explains the researcher. They record respondents' place of residence and place of work. In the first, more descriptive part of our project, we can determine whether the distance between home and work has increased or decreased over the last 10, 15 or 20 years.”

The professor and his colleagues also intend to analyze whether these distances fluctuate according to the cities studied, occupations, gender and family situation.

Although anecdotal, the statistical reality makes you smile: between the 2016 and 2021 censuses, the average home-to-work distance in Canada saw a sharp drop… due to telecommuting. “For some people, the distance between home and work has gone from a few kilometers to a few meters,” laughs Florian Mayneris.

With telecommuting available, many workers have chosen to migrate from the city to the suburbs. How do we know whether these people decided to move out of the city by choice, to be closer to nature, for example, or because they could no longer afford to live in the city? It's impossible, and that's why we'll have to exclude teleworkers from our sample,” explains the professor.

Once telecommuters have been excluded, preliminary analyses don't suggest any significant changes in home-work distance among Canadians in recent years, observes Florian Mayneris. “This doesn't mean that there aren't significant variations for certain cities and occupations, but we'll be able to verify this once we've carried out a more in-depth analysis.”

The impact of the real estate boom
In the second part of the project, Florian Mayneris and his team will determine whether the fluctuation in commuting distance is linked, for certain professions, to the increase in property prices over the last 20 years. “We then intend to check whether, for a given geographical area, part of the real estate boom is attributable to the increase in wage inequalities,“We then intend to check whether, for a given geographical area, part of the real estate boom is attributable to rising wage inequalities,” he adds. For example, if many people living downtown work in finance and have very high salaries, it's likely that the rise in real estate prices will be more pronounced there than elsewhere.”

Service disruption on the horizon?
In a later phase, the team will analyze the results obtained in parallel with the supply of public services for residents of the same city. “If workers belonging to certain job groups - in teaching, catering or nursing, for example - have to leave the city for economic reasons and change employer, there will come a time when there may be a break in services,” fears the specialist.

The example he offers in this respect is well documented. The Régie Autonome des Transports Parisiens (RATP), responsible for public transport in the French capital, is experiencing difficulties in ensuring the continuity of its services, as it is no longer able to recruit and retain bus drivers, he illustrates. “This is mainly due to two factors: safety issues - passenger incivility, in particular - but also a wage offer too low for these workers to live in the Paris region.”

Inevitably, the study will address the crumbling of the middle class. “The phenomena of gentrification affect not only the poorest people, but also the middle class. We still need to determine the extent of this phenomenon, and outline the impact it will have on the economic dynamics of cities,” concludes Florian Mayneris.

Source: Actualités UQAM

Professor Raquel Fonseca, winner of the Marcel-Dagenais Award

Raquel Fonseca, professor at ESG UQAM and CIRANO Fellow, was awarded the Marcel-Dagenais 2024 prize at the annual meeting of the Société canadienne de science économique, on May 16.

Raquel Fonseca has published several scientific articles in international journals on the economics of aging, health and the labor market. Her current research focuses on the effects of social security reforms on employment and well-being, and on the interactions between health, savings and retirement. She is co-holder of the Chaire de recherche sur les enjeux économiques intergénérationnels (CREEi).

Awarded every three years, the Marcel-Dagenais prize recognizes the quality of the scientific production of a researcher who has made an outstanding contribution to French-language economic science in Quebec or Canada over the previous six years.

Several CIRANO Fellows have received the award in the past: Nicolas Vincent (HEC Montréal), Marine Carrasco (Université de Montréal), Pierre-Carl Michaud (HEC Montréal), Jean-Marie Dufour (McGill University), Éric Renault (Université de Montréal), Bernard Fortin (Université Laval) and Marcel Boyer (Université de Montréal).

Colloquium in honour of Emeritus Professors Steven Ambler, Pierre Fortin & Louis Phaneuf


Photo: Jean-François Hamelin

Dalibor Stevanovic, Steven Ambler, Stéphane Pallage, Éric Girard, Pierre Fortin, Raquel Fonseca and Julien Martin.
Photo: Jean-François Hamelin

May 3rd, the Research Chair in Intergenerational Economic Issues held a colloquium in honour of Department of Economics emeritus professors Steven Ambler, Pierre Fortin and Louis Phaneuf, to celebrate their contribution to economics.

Rector Stéphane Pallage spoke at the event's closing cocktail, as did Finance Minister and graduate Éric Girard (M.Sc. Economics, 1993).

Also pictured are Professor Dalibor Stevanovic, co-holder of the Chaire en macroéconomie et prévisions at ESG UQAM, Professor Raquel Fonseca, Director of the Department of Economics and holder of the Chaire de recherche sur les enjeux économiques intergénérationnels, and Professor Julien Martin, holder of the Economic Development and Inequality of Regions.

Source: Actualités UQAM
Publication in La Presse

Strategic partnership between la Chaire en macroéconomie et prévisions and the Autorité des marchés financiers

The aim of this new alliance is to carry out research projects on issues in the financial sector.

La Chaire en macroéconomie et prévisions at the École des sciences de la gestion (ESG UQAM) and the Autorité des marchés financiers have announced a strategic partnership worth $500,000 over five years, aimed at carrying out research projects focusing on current and emerging issues in the financial sector.

This new alliance between the Quebec regulator and the Chair, held by Department of Economics professors Alain Guay and Dalibor Stevanovic, will increase synergies between the cutting-edge research carried out by the Chair and the needs of the Autorité in the face of constantly evolving markets, to the benefit of the sector and consumers alike.

The projects funded by the partnership aim to provide solutions to four issues through the development of innovative tools, including a crisis simulation framework adapted to the reality of Quebec's financial sector; the study and analysis of the current financial stress index; tools for forecasting and analyzing macroeconomic crisis scenarios for decision-makers; and a crisis forecasting tool.

"By fostering the development of concrete tools that we will subsequently deploy within our activities, this partnership will strengthen the resilience of the financial sector in the face of potential crises and, ultimately, help maintain Quebecers' confidence in it," emphasizes Patrick Déry, Superintendent of Financial Institutions at the Autorité.

"I warmly thank the Autorité des marchés financiers for its support for the Chair and for training the next generation of economists. Thanks to this funding and the cutting-edge research carried out by our researchers, the Chair's work will make it possible to meet society's needs by equipping the AMF with effective measurement tools that will improve our knowledge, particularly in the field of macroeconomic forecasting," says Komlan Sedzro, Dean of ESG UQAM.

Source: Actualité UQAM

School of Management

Recognized for the quality of its practice-oriented education, the excellence of its applied research, and its international presence, the School of Management (ESG UQAM) asserts its leadership with a bold vision for the future.

Address

Université du Québec à Montréal
École des sciences de la gestion
315, rue Sainte-Catherine Est
Montréal, Québec, H2X 3X2