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Econ History Field Exam: Qs on Financial Crises, Malthusian Trap, & Central Banking, Exams of Economics

Six questions from an economic history field exam administered by j. Bradford delong and jan de vries at the university of california, berkeley and nber in 2009. The questions cover topics such as similarities between financial crises and recessions, the malthusian trap, the great moderation, and the success and failure of various banking and regulatory systems.

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J. Bradford DeLong: August 17, 2009
1
Economic History Field Exam
J. Bradford DeLong
Jan de Vries
University of California at Berkeley and NBER
delong@econ.berkeley.edu
August 17, 2009
Do three of six:
1. What similarities are there between the current financial crisis and
recession and previous financial crises and recessions? What lessons on
how previous crises were successfully handled do you believe have
relevance for today? What lessons about how previous crises were not
successfully handled do you believe serve as fruitful negative examples
for today?
2. Greg Clark argues that the world economy was more-or-less
completely stuck in a Malthusian trap until the nineteenth century. Jan de
Vries argues that that was not so for the period of the “Commercial
Revolution”—say, 1400 to 1800. Who do you think has the better of the
argument, and why?
3. For twenty-five modern macroeconomists have been arguing that the
“Great Moderation” has shown that central bankers have finally tamed the
business cycle. What episodes from history should economic historians
have been drawing on for the past twenty-five years to scornfully mock
modern macroeconomists?
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J. Bradford DeLong: August 17, 2009 1

Economic History Field Exam

J. Bradford DeLong

Jan de Vries

University of California at Berkeley and NBER delong@econ.berkeley.edu August 17, 2009 Do three of six:

  1. What similarities are there between the current financial crisis and recession and previous financial crises and recessions? What lessons on how previous crises were successfully handled do you believe have relevance for today? What lessons about how previous crises were not successfully handled do you believe serve as fruitful negative examples for today?
  2. Greg Clark argues that the world economy was more-or-less completely stuck in a Malthusian trap until the nineteenth century. Jan de Vries argues that that was not so for the period of the “Commercial Revolution”—say, 1400 to 1800. Who do you think has the better of the argument, and why?
  3. For twenty-five modern macroeconomists have been arguing that the “Great Moderation” has shown that central bankers have finally tamed the business cycle. What episodes from history should economic historians have been drawing on for the past twenty-five years to scornfully mock modern macroeconomists?

J. Bradford DeLong: August 17, 2009 2

  1. The old chestnut: Why Western Europe rather than China? Why Lancashire rather than the Yangzi Delta?
  2. Why was the classical gold standard a relative success before and a flop after World War I? What more general lessons for exchange rate systems should we draw from this comparison?
  3. What types of banking systems and regulatory systems appear in historical perspective to be most resilient in the face of manias, panics, and crashes? What types appear to be most vulnerable?