This paper tests the hypothesis that idiosyncratic U.S. disturbances and their international propagation can account for the global depression. Exploiting common stochastic trends in U.S. and Canadian interwar data, the authors estimate a small open economy model for Canada that decomposes...

Bordo and Redish examine the evolution of central banking over the past 70 years and identify periods where Canada was either a notable innovator with regard to central banking practices or appeared to be following a slightly different course. They note that global forces seemed to play an...

In 1929, the Canadian government floated the exchange rate, which stayed at parity with sterling until 1931, when the Canadian dollar appreciated with respect to sterling and depreciated with respect to the U.S. dollar. This paper uses Robert J. Barro and David B. Gordon's reputation theory to...