Monetary Policy Institute Blog #90, by John Smithin

“It is significant that the Bank of Canada is now explicitly using the expression ‘policy rate of interest’.

Back in the day, when I was teaching university courses in ‘Money and Banking’, it was identified simply as the ‘overnight rate’, i.e., the rate determined in the overnight market for ‘federal funds’ (to use the American term).

It required some effort in those days to demonstrate to the students that it really was a policy variable. Now the Canadian central bank openly admits it.”

Incredibly stupid announcement from a science conference and journal – by Torrey Byles

This news release today is from a science conference currently taking place in NY City June (2023). It announces that neuroscientists have not demonstrated how the brain produces consciousness, and that, by a very public "bet" 25 years ago made between a neuroscientist and a philosopher, that the philosopher won.