A Small Open Economy in Depression: Lessons from Canada in the 1930s
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 output fluctuations into sources identifiable with world and country-specific disturbances. They find that the onset, depth, and duration of output collapse in both Canada and the United States are primarily attributable to a common, permanent output shock, leaving little significant role for idiosyncratic disturbances originating in either economy.
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Volume (Year): 29 (1996)
Issue (Month): 1 (February)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bernanke, Ben S., 1986.
"Alternative explanations of the money-income correlation,"
Carnegie-Rochester Conference Series on Public Policy,
Elsevier, vol. 25(1), pages 49-99, January.
- Ben S. Bernanke, 1986. "Alternative Explanations of the Money-Income Correlation," NBER Working Papers 1842, National Bureau of Economic Research, Inc.
- Ahmed, S. & Ickes, B. & Wang, P. & Yoo, S., 1989.
"International Business Cycles,"
7-89-4, Pennsylvania State - Department of Economics.
- Barro, Robert J, 1979. "Money and the Price Level under the Gold Standard," Economic Journal, Royal Economic Society, vol. 89(353), pages 13-33, March.
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