Betts, Caroline M.; Bordo, Michael D.; Redish, Angela - In: Canadian Journal of Economics 29 (1996) 1, pp. 1-36
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...