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New Estimates of the Canadian Money Stock: 1871-1967

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  • Cherie Metcalf
  • Angela Redish
  • Ronald Shearer

Abstract

In this paper, the authors construct historical data series beginning in 1871 for Canadian M1, M2, and monetary base. The new series are at a monthly frequency and use the Bank of Canada's definition of the monetary aggregates. Institutional and reporting changes, however, make perfect backwards extrapolation of the Bank's series impossible: there are only end-of-month data rather than average weekly (since January 1994, daily) data and the authors cannot precisely match savings accounts (at chartered banks and trust companies) that are included in the modern monetary aggregates. Their adjustments for these changes and their impact on the aggregates are documented

Suggested Citation

  • Cherie Metcalf & Angela Redish & Ronald Shearer, 1998. "New Estimates of the Canadian Money Stock: 1871-1967," Canadian Journal of Economics, Canadian Economics Association, vol. 31(1), pages 104-124, February.
    • Handle: RePEc:cje:issued:v:31:y:1998:i:1:p:104-124
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    Cited by:

    1. Pierre L. Siklos, 2010. "Revisiting the Coyne Affair: a singular event that changed the course of Canadian monetary history," Canadian Journal of Economics, Canadian Economics Association, vol. 43(3), pages 994-1015, August.
    2. Josh Ryan-Collins, 2015. "Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75," Economics Working Paper Archive wp_848, Levy Economics Institute.
    3. Gregor W. Smith, 2006. "The spectre of deflation: a review of empirical evidence," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(4), pages 1041-1072, November.
    4. Amisano, Gianni & Fagan, Gabriel, 2013. "Money growth and inflation: A regime switching approach," Journal of International Money and Finance, Elsevier, vol. 33(C), pages 118-145.
    5. Benati, Luca & Lucas, Robert E. & Nicolini, Juan Pablo & Weber, Warren, 2021. "International evidence on long-run money demand," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 43-63.
    6. Gillian C. Hamilton & Ian Keay & Frank D. Lewis, 2017. "Contributions to Canadian economic history: The last 30 years," Canadian Journal of Economics, Canadian Economics Association, vol. 50(5), pages 1632-1657, December.
    7. Livio Di Matteo & Angela Redish, 2015. "The evolution of financial intermediation: Evidence from 19th‐century Ontario microdata," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 48(3), pages 963-987, August.
    8. Benati, Luca, 2009. "Long run evidence on money growth and inflation," Working Paper Series 1027, European Central Bank.
    9. Morten Sølvsten Schaiffel‐Nielsen, 2020. "Money and economic development: A long‐run perspective," Economic Affairs, Wiley Blackwell, vol. 40(2), pages 220-236, June.
    10. Kim Abildgren, 2016. "A century of macro-financial linkages," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 8(4), pages 458-471, November.
    11. Luca Benati, 2017. "Cointegration Tests and the Classical Dichotomy," Diskussionsschriften dp1704, Universitaet Bern, Departement Volkswirtschaft.

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