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Bev Dahlby's article Once on the Lips, Forever on the Hips: A Benefit-Cost Analysis of Fiscal Stimulus in OECD Countries provides timely policy analysis backed by sound theoretical and empirical research. The study, written during a period of lively debate over the proper level of fiscal stimulus to respond to economic slowdown, asks the important question whether fiscal policy can be justified on a benefit-cost basis. The paper applies recent analytical advances, to which Dahlby has contributed extensively, to provide a unified framework to evaluate the benefits and costs and determine the effectiveness of fiscal stimulus. It develops constructive analytically- and empirically-based rules of thumb for making practical policy decisions in terms of the minimum marginal benefit criteria for projects. It also shows how the key economic parameters of his model can explain much of the variation in fiscal stimulus measures adopted in OECD countries. The work is rigorous but very approachable for practioners and the results, especially the distinction between consumptive public services and productivity-enhancing infrastructure projects, are enlightening. The Doug Purvis Prize is awarded annually to the authors of a highly significant, written contribution to Canadian economic policy. The award was established in 1994 in honour and memory of noted Canadian economist Doug Purvis. The competition is open to all forms of print media in which material relevant to Canadian economic policy appears, including books, single articles in scholarly journals, government studies including monographs done for royal commissions, think tank reports and a series of articles in newspapers or magazines. The Doug Purvis Memorial Prize selection committee is made up of five Canadian economists from academia, government and the private sector. For more information on the Purvis Prize, you can visit the Doug Purvis Foundation's web site. Nominations are requested for the 17th award of an annual prize to honour the memory of the late Douglas D. Purvis. An award of $10,000 is to be presented for a work of excellence relating to Canadian economic policy and published in 2009. The award is open to all forms of written media in which material relevant to Canadian economic policy appears, including a series of articles in newspapers or magazines, books, single articles in scholarly journals, government studies including monographs done for royal commissions, other official documents, and think-tank reports. To be eligible, the material must be in the public domain and primarily, but not necessarily exclusively, related to some issue in Canadian economic policy. Nominations should be in by 15 March 2010. Include five copies of the nominated piece, name and address of the nominator and full details of the nominee, including affiliation. To submit a nomination of your own or someone else's work, or to obtain further details, write to: The Purvis Prize, c/o Steve Ambler, Département des sciences économiques, Université du Québec à Montréal, C.P. 8888, Succ. Centre-ville, Montréal,QC, H3C 3P8. E-mail: steve.ambler@gmail.com. Electronic submissions are preferred, in which case five copies are not required. The prize has been made possible by generous donations from: AIC Mutual Funds, Bank of Montreal, Canada Trust, Canadian National Railways, CIBC World Markets, CI Mutual Funds, First Horizon Capital Corporation, Lang Michener, Mapleridge Partners, Mondiale Asset Management, Norshield Financial Group, Nortel Networks, Royal Bank of Canada, Shaw Industries and Toron Capital Markets. The selection committee is nominated by the Canadian Economics Association and the Canadian Association for Business Economists. The 2009 committee was comprised of John Hoicka, Joseph Macaluso (chair), Wayne Simpson, Michael Veall and William Watson.
The Doug Purvis Foundation is a non-profit, registered, charitable foundation dedicated to the support of excellence in the study and critical analysis of issues related to Canadian economic policy. Doug Purvis was one of Canada's leading policy economists who died tragically, at the age of 45, in January 1993. He spent most of his career at Queen's University, and wrote extensively on Canadian economic policy in newspapers, books, policy pamphlets, royal commission reports, government studies, and scholarly journals. He was exceptionally able in communicating major economic issues to a broad audience in a balanced, readable and entertaining manner. The Foundation is dedicated to promoting the type of penetrating policy analysis which typified Doug Purvis' own contributions.
The CEA web site is maintained by Werner Antweiler.
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