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In this Issue

Blueball Introductory Remarks -- by Arthur Hosios, Chair
Blueball Jeffery MacIntosh gives the Tenth Annual Berkowitz Lecture
Blueball What's Happening in the Department of Economics


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Introductory Remarks

by Arthur Hosios, Chairman of the Departmemt

Material To be added!

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Jeffrey MacIntosh gives the Tenth Annual Berkowitz Lecture

On March 7 our tenth annual Berkowitz Lecture was given by Jeffrey MacIntosh, Professor and Toronto Stock Exchange Chair of the Capital Markets Institute at the University of Toronto Faculty of Law, who has taught a finance-based course in venture capital financing for the past fifteen years and is co-author of a text-book on securities regulation as well as author of many articles on corporate and securities law topics.

While we all enjoyed snacks arranged by Alesha Alli, administrator of our Master of Financial Economics Program, which sponsors the the lecture, we were welcomed by Angelo Melino, co-director of the MFE program, and our speaker was introduced by the other co-director, Andreas Park, who later managed the question-period after the talk. The presence of Michael Berkowitz's wife Phyllis and his son Ian and Daughter Lori at the event was much enjoyed by all of us.

The subject of the talk was High Frequency Traders: Death or Salvation. After explaining the function of these traders, Prof. MacIntosh discussed the quality of their performance and the contribution they make to the financial system. High frequency traders use highly sophisticated algorithms to gather fundamental information about securities being traded in the market and trade against the transitory component of price changes, pushing those prices back toward fundamental values. This makes it easier for others in the market to trade, reducing their trading costs and increasing market depth. His overall conclusion was that, contrary to criticisms that have appeared in the press, these traders make an important positive contribution.

The large crowd enjoyed the excellent presentation and we look forward to next year's event.

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What's Happening in the Department of Economics

Celebration of the Life of John Munro

The life of our distinguished retired colleague John Munro, who passed away on December 23 of last year, was celebrated at the faculty club on Thursday, March 6 between 6PM and 8PM at an event organized by John's family. Many of his friends were present, including colleagues from our Department and a large group of other faculty from the University of Toronto and from other universities in Canada and abroad. Indeed, the room was full!

After we all enjoyed an impressive range of food items John's former student and colleague, Lawrin Armstrong, now Professor of Medieval Studies and Economics here at the University of Toronto, took the microphone and welcomed us to the event. After making some comments on John's life, he drew our attention to the John Munro Doctoral Fellowship in Medieval Economic History that has been established by the Munro family, noting that we can make memorial contributions On Line with the University matching all funds so donated.

Lawrin then introduced John's brother, Gordon Munro, and six additional speakers, the last of which was John's Son Rob Munro. Gordon and Rob Munro talked about John's contributions and devotion to his family, all of whom have fond memories of him. As a father, john taught life lessons by the examples he set, backed by unwavering integrety.

Colleague Dwayne Benjamin talked in detail about John's contributions to our life in the Department, noting particularly his engaging talk in the lunch room with his mode of conversation being more Gothic than Modern in style and scale but very impressive, reflecting his ability to focus in intellectual depth on almost any topic. Dwayne also noted that John was an active and prolific researcher through to the end as manifested in recent Departmental seminar presentations and working papers, being one of the world's foremost scholars in Medieval and European economic history. Even more impressive was John's dedication to teaching with a committment to engaging students with his own passion for the field of Economic History.

Scott Prudham, Professor of Geography and President of the University of Toronto Faculty Association, noted John's deep committment to the well-being of all his colleagues and the importance of his involvement in hiring and planning. Accordingly, his participation in the Faculty Association will be missed very much!

James Estes, Professor Emeritus of History at the University of Toronto, outlined John's signature contributions to the European Erasmus Program volumes, particularly his notes on coinage and the breadth and persistence of his knowledge and great public spirit.

Ivana Elbl, one of John's former students and now a Professor of History at Trent University, told us that John was her mentor and described him as an amazing and wonderful teacher and colleague who accomplished an amazing transfer of knowledge to her. She was one of the group of doctoral students who organized an international workshop at the Centre for Medieval Studies to mark John's retirement, the procedings of which were published as a Festschrift under the title Money, Markets, and Trade in Late Medieval Europe: Essays in Honour of John H. A. Munro, Leiden, 2009.

Finally, Philip Slaven, a former student, colleague and personal friend of John Munro, now Lecturer in Medieval History at the University of Kent, noted John's tendency to chat continuously about classical music as well as eonomics and then pulled out a violin and played, in honour of John, a Giuseppe Tarini sonata for our enjoyment.

Seminar Presentations

The Department has a practice of arranging presentations of papers to attending members in sessions running frequently during most weeks. These presentations involve authors from our Department as well Economics Departments in Canada and the U.S. and elsewhere.

A history of these presentations, including copies of the papers presented, is available.

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Department of Economics Welcome Page

From the Editor

Communications, suggestions, and information about alumni and other matters should be addressed to:

Prof. J. E. Floyd
Department of Economics
University of Toronto
150 St. George Street
Toronto, Ontario, M5S 3G7

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