...THE GREAT RECESSION Since publication of Robert L. Hetzel’s he Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. hat consensus emphasized eicient markets, rational expectations, and the eicacy of the price system in assuring macroeconomic stability. he 2008–2009 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical luctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and irst half of the twentieth century. hese “market-disorder” views emphasize excessive risk taking in inancial markets and the need for government regulation. he present book argues for the alternative “monetary-disorder” view of recessions. A review of cyclical instability over the last two centuries places the 2008–2009 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in inancial markets. Robert L. Hetzel is Senior Economist and Research Advisor in the Research Department of the Federal Reserve Bank of Richmond, where he participates in debates over monetary policy and prepares the bank’s president for meetings of the Federal Open Market Committee. Dr. Hetzel’s research on monetary policy and the history of central banking has appeared in publications...
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...Commercial Transactions: Complete Notes: MacDougall: 2010/2011 Term 1 • These notes are a compilation of my class notes and the course package. I also used Atiyah Sale of Goods Act for clarification at times. • The spelling and grammar below is atrocious, but I couldn't be bothered to fix it. • Good luck! Hopefully some of this is helpful. I. Introduction • This is mostly a common law course, since the SGA merely codifies as closely as possible the existent common law. • US has replaced the SGA with the UCC, which is comprehensive and covers all of commercial law. • The BC SGA also includes some material that is covered in the "Factors Act" in other jurisdictions • BC has the oldest version of the SGA in Canada o close to the original version • At its heart, commercial transactions is about buying and selling goods Property • May be real • or Personal: "choses" o chattels real o Chattels personal ▪ chose in possession (goods), meaning things that are capable of being possessed ▪ chose in action (intangibles), which cannot be possessed or seized physically, like an an account or a debt. • documentary intangibles (ie. a bank note), the document represents the intangible • pure intangible, which does not even have a document to represent it (increasingly common) Property Interests • ownership ...
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