Wizard of Oz as a Monetary Allegory

Wizard of Oz as a Monetary Allegory - Questions to consider...

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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. Price deflator in Table 1 shows deflation from 1869 1879 (resumption of payment in specie), then mild inlfation in early – 1880s, followed by deflation until 1896 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.) The rapid decline in farm prices was due to market
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Wizard of Oz as a Monetary Allegory - Questions to consider...

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