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This thesis directs attention to the way in which the economics profession has sought to explain the phenomenon of inflation. The first half is primarily a detailed survey of the mainstream postwar literature in this area. The first five chapters provide a comprehensive review and a critical reappraisal of the basic theoretical contributions of successive theorists. The second half of the thesis proposes an alternative approach built essentially upon the early ideas of the neo-Wicksellian over-investment writers and upon the underlying 'structural' model found in Keynes' Treatise on Money. The problem of whether market organization affects the relationship between inflation and the structure of output and employment is also examined, and it is found to be of little importance. The Keynes-Wicksell structural model is then tested against Canadian time-series data for the period 1924-1981. Despite uneven results, the empirical findings give definite importance to the structural variable in explaining price formation in Canada. Finally, the concluding chapter discusses some of the policy issues arising from this structural approach.

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This thesis examines the efficiency of the price discovery mechanism in small regional markets utilizing the feed grain markets in the Maritime Provinces of Canada as a case study. Through the application of the Law of One Price (LOP), price transmission symmetry and Vector Error Correction Models (VEC), the author determined the price relationships that exist between the feed grain market in the Maritime Provinces and those in Western and Central Canada as external sources of supply. / The results suggest that there exists a relatively high degree of arbitrage between Maritime feed grain prices and those of Thunder Bay or Chatham for equivalent quality, price transmission being strictly from West to East. Although the LOP hypothesis must be rejected in the short run, in most cases, it was found to hold in the long run. Local markets appear to be highly integrated and price adjustment occurs within a period of four to six weeks, generally corresponding to the lead time of feed grain orders and transportation from Western Canada. A price transmission analysis found no evidence of the exercise of market power in the pricing of local grain. / In general, the pricing of local grains in the Maritimes may be judged as efficient considering that the lag in price response corresponds to the replacement period for Western grains.

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