answers should be very concise. 2-3 sentences should suffice in most instances.

Question

answers should be very concise. 2-3 sentences should suffice in most instances. 1. Who said “Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again”? What was the occasion? 2. Briefly comment on the following statement: “The new Keynesian models assert that since markets do not always clear immediately, t cannot be the case that people have rational expectations.” 3. Since economic fluctuations are highly persistent, the random walk model of output suggests that these fluctuations cannot be due to ______________.

Explanation / Answer

Answer to the first question has been provided ...

1) Federal Reserve Chairman Ben Bernanke on the occasion of Milton Friedman's 90th birthday said this statement to Milton and Anna Scwhartz . Both of them analysed the implications of monetary contractions and not free market forces responsible for the Depresssion . The Great Depression in 1929 - 1930 occured mainly because the monetary mechanism went wrong .

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