Lecture 13 Slides

Lecture 13 Slides - L ECTURE 13 The Determinants of...

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Unformatted text preview: L ECTURE 13 The Determinants of Macroeconomic Policy: The Great Depression November 30, 2011 Economics 210c/236a Christina Romer Fall 2011 David Romer I. R EVIEW OF G REAT D EPRESSION F ACTS AND E XPLANATIONS 1929-01 1929-07 1930-01 1930-07 1931-01 1931-07 1932-01 1932-07 1933-01 1933-07 1934-01 1934-07 1935-01 1935-07 1936-01 1936-07 1937-01 1937-07 1938-01 1938-07 1939-01 1939-07 1940-01 1940-07 1941-01 1941-07 1 1.2 1.4 1.6 1.8 2 2.2 2.4 Industrial Production (Logarithms) Industrial Production, 1929 to 1941 August 1929 March 1933 May 1937 June 1938 Explanations Aggregate demand contraction Stock market crash Money supply contraction Credit contraction Increased nominal rigidity Supply-side stories II. J ONATHAN R OSE , H OOVER S T RUCE : W AGE R IGIDITY IN THE O NSET OF THE G REAT D EPRESSION 1 2 3 4 5 6 7 8 9 01/03/1920 10/09/1920 07/16/1921 04/22/1922 01/27/1923 11/03/1923 08/09/1924 05/16/1925 02/20/1926 11/27/1926 09/03/1927 06/09/1928 03/16/1929 12/21/1929 09/27/1930...
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Lecture 13 Slides - L ECTURE 13 The Determinants of...

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