In this paper, the author argues that the transition from commodity money to fiat money in the 1970s was a less dramatic change than suggested by a first glance at monetary history or monetary theory. She shows that, historically, the quantity of the commodity-based money was at the discretion...

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...

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...

In this paper, the authors construct historical data series beginning in 1871 for Canadian M1, M2, and monetary base. The new series are at a monthly frequency and use the Bank of Canada's definition of the monetary aggregates. Institutional and reporting changes, however, make perfect backwards...