ECON 2200 - Questions to consider as you read Rockoff Hugh...

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Questions to consider as you read: Rockoff, Hugh, “The Wizard of Oz as a Monetary Allegory,” The Journal of Political Economy , Vol. 98, No. 4, (Aug., 1990), pp. 739-760. 1. In order to understand the Oz allegory, you must understand the economic events that preceded the 1896 presidential election. Using the data provided in Table 1 and the following questions, describe these events. a. Describe the trend in prices from 1869 to 1879, as well as for the remainder of the 1800s. b. Rockoff writes: “It is a fair criticism of the Populists, to which Bryan is not immune, that they did not adequately distinguish between general price level trends...and relative price trends that would be impervious to monetary remedies.” (p. 741) Explain this statement. (Hint: See columns 1 and 2 of Table 1.) c. What is high-powered money? Describe the trend in the supply of high-powered money from 1869 to 1879. d. In class we noted that the Quantity Theory of Money assumes that velocity is assumed not to change in the short run. Does this assumption hold for the 1880s? Why or why not?
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e. Describe the Panic of 1893 and the depression that followed it. What was President
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