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

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Author Info
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.

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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 36 (2003)
Issue (Month): 1 (February)
Pages: 224-253
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Handle: RePEc:cje:issued:v:36:y:2003:i:1:p:224-253

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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office CIREQ-C.R.D.E., Université de Montréal C.P. 6128, succursale Centre-ville Montréal, Québec, H3C 3J7, Canada
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Find related papers by 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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This page was last updated on 2008-9-30.

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