Business, 27.12.2020 15:30 stefanylopez731

Before 1929 the quality of data on output is of poor quality. Research by Christina Romer suggests that methods for estimating historical data typically exaggerated the size of cyclical fluctuations. She claims that pre-Depression cycles were on average only 25% or so larger than post-1945 cycles. It had previously been thought that pre-Depression cycles were twice as severe as those after World War II. Since World War II governments of the major industrialized countries have played an active role in attempting to stabilize their economies. The government played a very limited role in economic stabilization before the Depression. This evidence by Christina Romer: a. supports the views of neither New Classical or Keynesian economists
b. supports the views of both New Classical and Keynesian economists
c. supports the views of Keynesian but not New Classical economists
d. supports the views of New Classical economists but not Keynesian economists

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Before 1929 the quality of data on output is of poor quality. Research by Christina Romer suggests t...