Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ben Bernanke in his paper The Macroeconomics of the Great Depression: A Comparative Approach writes: The broadening of focus [to include the study of other

Ben Bernanke in his paper "The Macroeconomics of the Great Depression: A Comparative Approach" writes:

The broadening of focus [to include the study of other countries] is important [because] by effectively expanding the data set from one observation to twenty, thirty, or more, the shift to a comparative perspective substantially improves our ability to identify-in the strict econometric sense-the forces responsible for the world depression.

Discuss at least two reasons why one might worry about using cross-country evidence to identify the role played by the gold standard in the Depression. Concretely, consider using variation in when different countries left the gold standard to identify the effects of the gold standard.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics For Environmental Studies A Strategic Guide To Micro-And Macroeconomics

Authors: Alfred Endres, Volker Radke

2012th Edition

364231192X, 978-3642311925

More Books

Students also viewed these Economics questions