Consider the two periods in the US history: from 1870 to 1941 (before World War II) and from 1945 to 2015 (after World War II but before Covid).
(a) Do you find patterns of U.S Real Gross Domestic Product (Figure 5) in the first period to be different or similar in comparison to that in the second period? Use two or three sentences to articulate what you think is important.
(b) Do you find patterns of the inflation rate in the United States (Figure 6) in the first period to be similar or different in compariosn to that during the second period. Use two or three sentences to summarize your observation.
The Growth Rate of U.S. Real Gross Domestic Product since 1870 SOURCE: Bureau of Economic Analysis. The Inflation Rate in the United States since 1870 SOURCE: Constructed by the authors from Commerce Department data since 1929. Data for 1869−1928 are based on research by Professor Christina Romer.