A Small Open Economy in Depression: Lessons from Canada in the 1930s /
Betts, Caroline M.
A Small Open Economy in Depression: Lessons from Canada in the 1930s / Caroline M. Betts, Michael D. Bordo, Angela Redish. - Cambridge, Mass. National Bureau of Economic Research 1993. - 1 online resource: illustrations (black and white); - NBER working paper series no. w4515 . - Working Paper Series (National Bureau of Economic Research) no. w4515. .
November 1993.
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, we estimate a small open economy model for Canada that decomposes output fluctuations into sources identifiable with world and country-specific disturbances. We find that the onset, depth and duration of output collapse in both Canada and the U.S. are primarily attributable to a common, permanent output shock leaving little significant role for idiosyncratic disturbances originating in either economy.
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Mode of access: World Wide Web.
A Small Open Economy in Depression: Lessons from Canada in the 1930s / Caroline M. Betts, Michael D. Bordo, Angela Redish. - Cambridge, Mass. National Bureau of Economic Research 1993. - 1 online resource: illustrations (black and white); - NBER working paper series no. w4515 . - Working Paper Series (National Bureau of Economic Research) no. w4515. .
November 1993.
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, we estimate a small open economy model for Canada that decomposes output fluctuations into sources identifiable with world and country-specific disturbances. We find that the onset, depth and duration of output collapse in both Canada and the U.S. are primarily attributable to a common, permanent output shock leaving little significant role for idiosyncratic disturbances originating in either economy.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.