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A field exam from the university of california, berkeley's department of economics, focusing on economic history. It includes questions related to the start date of the industrial revolution, the role of property rights and law in long-distance trade, the analysis of the great depression, and the impact of financial market imperfections and deregulation on the u.s. Economy. Students are required to answer one question from each part of the exam.
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Department of Ecnonomics University of California Berkeley, CA 94720- January 2006 Economic History Field Exam
Please answer one question from Part A, one question from Part B, and one question from Part C (three questions in all). Remember that a premium will be placed on the legibility of handwriting when your professors grade your answers.
Part A
Part B
Part C
piece of evidence that the paper cites in support of this view is that a simple regression of consumption growth on the growth of disposable income yields a much smaller coefficient on income growth over the sample period is 1985-2004 than over the sample period 1965-1984. The paper suggests that the reason for this change is that households are now better able to borrow to smooth out income fluctuations, and that this has made the economy less responsive to shocks. (a) Can you think of alternative explanations of these findings? That is, are there other possible reasons for the lower coefficient in the more recent sample period than better functioning financial markets (or reasons that a smaller responsiveness of the consumption to income might not make the economy more stable)? (b) Propose one or two additional ways of testing the hypothesis that financial changes have contributed to the recent stability of the U.S. economy.