CHANDLER

1. Describe the Great Depression in terms of output, unemployment, and prices.

2. Describe the series of banking crises in the early 1930s.

3. What were the effects of the Great Depression on international trade and investment?

4. Describe the series of international financial crises in the early 1930s.

WALTON/ROCKOFF Chapter 23 (pp. 454-64 and 466-70):

1. Describe the Great Depression in terms of output, investment, and unemployment.
Can the Great Depression be thought of as consisting of four phases?

2. Summarize WR's discussion of the causes of the Great Depression.
a. stock market crash.
b. Smoot-Hawley tariff.
c. banking crises.
d. monetarist explanation.
e. debt deflation.

3. What are some possible reasons for the Fed's failure to act more aggresively?

ATACK/PASSELL, pp. 592-618

1. What were some of the causes of the stock market crash?

2. Summarize the following “aggregate demand” explanations of the causes of the
Great Depression.
a. consumption.
b. investment.
c. net exports.
d. government spending.

3. Summarize the following “monetarist” explanations of the causes of the Great Depression:
a. Friedman Schwartz
b. Austrian

4. Summarize the debate over the Fed's monetary policy as a cause of the Great Depression.