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A history of prices in Canada, 1840-1871: a new wholesale price index

Author

Listed:
  • Donald G. Paterson
  • Ronald A. Shearer

Abstract

We present a new monthly wholesale price index for Canada, 1840-71, comparing fluctuations in the Canadian macroeconomy with fluctuations in similar U.S. and British indexes. Canadian prices move through distinct phases: the 1840s rise in prices and the decline in the depression of 1848-49; the mid-century economic boom and the 1857 depression; U.S. Civil War inflation and apparent Canadian price insulation through a flexible exchange rate created by U.S. withdrawal from gold; and the non-inflationary boom following Confederation. After adjustment for the U.S. greenback issue, a broad coherence of Canadian, U.S., and British indexes suggests highly integrated commodity markets.

Suggested Citation

  • Donald G. Paterson & Ronald A. Shearer, 2003. "A history of prices in Canada, 1840-1871: a new wholesale price index," Canadian Journal of Economics, Canadian Economics Association, vol. 36(1), pages 224-253, February.
    • Handle: RePEc:cje:issued:v:36:y:2003:i:1:p:224-253
    DOI: 10.1111/1540-5982.00011
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    Citations

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    Cited by:

    1. Vincent J. Geloso, 2019. "Distinct within North America: living standards in French Canada, 1688–1775," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 13(2), pages 277-321, May.
    2. James M. Nason & Donald G. Paterson & Ronald A. Shearer, 2003. "Bulk commodities and the Liverpool and London markets of the mid-19th century," FRB Atlanta Working Paper 2003-29, Federal Reserve Bank of Atlanta.
    3. Vincent Geloso, 2019. "A price index for Canada, 1688 to 1850," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(2), pages 526-560, May.

    More about this item

    JEL classification:

    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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