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The Great Depression in Canada and the United States: A Neoclassical Perspective Author info | Abstract | Publisher info | Download info | Related research | Statistics Pedro Amaral (University of Minnesota)
James C. MacGee (Unversity of Minnesota)
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Canada suffered a major depression from 1929 to 1939. In terms of output, it was similar to the Great Depression in the United States. However, total factor productivity (TFP) in Canada did not recover relative to trend, the in the United States TFP had revered by 1937. We find that the neoclassical growth model, with TFP treated as exogenous, can account for over half of the decline in output relative to trend in Canada. In contrast, we find that conventional explanations for the Great Depression - monetary shocks, terms of trade shocks and labor market and competition policies - do not work for Canada. (Copyright: Elsevier)
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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics .
Volume (Year): 5 (2002)
Issue (Month): 1 (January)
Pages: 45-72
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Handle: RePEc:red:issued:v:5:y:2002:i:1:p:45-72Contact details of provider: Postal: Review of Economic Dynamics Academic Press Editorial Office 525 "B" Street, Suite 1900 San Diego, CA 92101 Fax: 1-860-486-4463 Email: Web page: http://www.EconomicDynamics.org/review.htm More information through EDIRC
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Keywords: Great Depression ; Canada ; productivity ; terms of trade ; deflation ; Other versions of this item:
Find related papers by JEL classification: E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data) N12 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - U.S.; Canada: 1913- N42 - Economic History - - Government, War, Law, and Regulation - - - U.S.; Canada: 1913-
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