The Hudson's Bay Company issued promissory notes from 1820 to 1870 that served as paper money in the Red River Colony (near present-day Winnipeg, Manitoba) and adjacent parts of what is now Canada and the United States. These notes are a fascinating artefact of the fur trade, which the HBC...

Between 1900 and 1950, five of Canada’s domestic banks issued bank notes for circulation in the British West Indies. This article is about these Canadian banknotes. It starts with some background on the Canadian participation in the BWI bank sector and the circumstances that led to the...

Recent research suggests that uncertainty has detrimental long-run effects on output. We provide empirical evidence that this is not always the case. We show that uncertainty can have positive long-run effects on output when an uncertainty shock leads to an exchange rate depreciation and...

If institutions are designed to create order and reduce uncertainty, poorly-functioning institutions will create `excess' uncertainty. It follows then a reform of such poorly-functioning institutions will only be successful if uncertainty is reduced. This paper, using Bayesian Structural...