NEW ESTIMATES OF THE CANADIAN MONEY STOCK, 1871-1967

In this paper we construct historical data series beginning in 1871 fo r 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 aggr egates. institutional and reporting changes, however, make perfect bac kwards extrapolation of the Bank's series impossible: there are only e nd-of-month data rather than average weekly (since January 1994, daily ) data, and we cannot precisely match savings accounts (at chartered b anks and trust companies) that are included in the modern monetary agg regates. Our adjustments for these changes and their impact on the agg regates are documented.