Econ notes 3-22-2011

Econ notes 3-22-2011 - Q uestions to consider as you read...

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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. Generally in 1880’s deflation… Price deflator in Table 1 shows deflation from 1864 to 1879 (resumption of specie payment), then mild inflation in early 1800’s, 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.) (Price of products that fall more rapidly than ? =’s adverse terms of trade)
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