. . Thus I attribute the slump of 1930 primarily to the deterrent effects on investment of the long period of dear money which preceded the stock-market collapse, and only secondarily to the collapse itself.” The early monetarist Lauchlin Currie (1934) expressed similar views.
However, there have been few signs of the anticipated rebalancing towards exports and business investment. •  While we are doing more work to understand the wedge between the level of Canadian exports and that of foreign demand, this remains difficult to explain. We are therefore taking a conservative approach to our forecasts for exports, and assuming the wedge will remain.