Boom and Bust Again

In many commodity-based economies, rollercoaster boom-and-bust cycles have come to be viewed almost as an unavoidable characteristic. Framed mainly in the context of the Alberta economy, the articles in this volume explore a wide range of issues associated with the historical phenomenon of recurring periods of boom and bust, including reasons for their apparent inevitability, dealing with revenue volatility, possible diversification strategies, savings policy, and challenges faced by policy makers. Re-examining and shedding new light on these struggles, Boom and Bust Again is an important contribution to the literature on policy issues for readers in the fields of economics, business, finance, and public policy. Contributors: Robert L. Ascah, Jason Brisbois, Colin Busby, Edward J. Chambers, Bev Dahlby, Stephen Duckett, J. C. Herbert Emery, Nicholas Emter, Roger Gibbins, Brad R. Humphreys, Ronald Kneebone, Gordon Kramer, Stuart Landon, Kathleen Macaspac, Victor A. Matheson, Melville McMillan, John D. Murray, Alice O. Nakamura, Al O'Brien, David L. Ryan, Liesje Sarnecki, Constance Smith.

Table of Contents

Table of Contents
Front Cover 1
Title Page 4
Copyright Page 5
Dedication 6
Contents 8
Acknowledgements 10
1 Introduction | Ryan 12
2 Bradford Reid In Memoriam | Ryan 26
3 Is There a Commodity Curse? | Murray 34
4 Three Strikes and You're Out?| Emery & Kneebone 50
5 Output Instability in Resource-Based and Diversified Economies | Dahlby, Macaspac & McMillan 70
6 I've Heard That Song Before | Chambers, Brisbois and Emter 116
7 When Worlds Collide | Gibbins 144
8 Savings of Non-renewable Resource Revenue | Ascah 162
9 Searching for Ropes and a Mast | Busby 210
10 Government Revenue Volatility in Alberta | Landon & Smith 236
11 Booms, Busts, and Gambling | Humphreys & Matheson 278
12 Expenditure Management in Alberta | O'Brien 296
13 Alberta's Health Spending Challenge | Duckett, Kramer & Sarnecki 312
14 Bradford Reid's Mission | Nakamura 346
Contributors 360
Index 366
Other Titles from University of Alberta Press 373