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

Donald G. Paterson and Ronald A. Shearer

Canadian Journal of Economics, 2003, vol. 36, issue 1, 224-253

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.

JEL-codes: E31 N20 N21 (search for similar items in EconPapers)
Date: 2003
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