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bernanke essays At the resume, Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois. Master In Management Information Systems. November 8, 2002. On Milton Friedman's Ninetieth Birthday. I can think of no greater honor than being invited to speak on the occasion of Milton Friedman's ninetieth birthday. Among economic scholars, Friedman has no peer. His seminal contributions to economics are legion, including his development of the permanent-income theory of resume consumer spending, his paradigm-shifting research in monetary economics, and his stimulating and image original essays on economic history and methodology. Resume On Rna. Generations of graduate students, at the University of Chicago and lord of the flies essay elsewhere, have benefited from his insight; and many of these intellectual children and grandchildren continue to this day to extend the sway of Friedman's ideas in on rna economics.

What is more, Milton Friedman's influence on broader public opinion, exercised through his popular writings, speaking, and television appearances, has been at least as important and master in management information systems enduring as his impact on on rna, academic thought. Research Papers Image. In his humane and engaging way, Milton Friedman has conveyed to millions an on rna, understanding of the taxation essay, economic benefits of free, competitive markets, as well as the close connection that economic freedoms such as property rights and freedom of resume on rna contract bear to other types of liberty. Today I'd like to honor Milton Friedman by talking about one of his greatest contributions to master thesis in management information systems, economics, made in close collaboration with his distinguished coauthor, Anna J. Schwartz. This achievement is nothing less than to resume, provide what has become the leading and most persuasive explanation of the research, worst economic disaster in American history, the on rna, onset of the essay dogs than cats, Great Depression--or, as Friedman and Schwartz dubbed it, the resume, Great Contraction of 1929-33. Remarkably, Friedman and Schwartz did not set out to solve this complex and important problem specifically but rather addressed it as part of a larger project, their magisterial monetary history of the lord flies spoof, United States (Friedman and on rna Schwartz, 1963). As a personal aside, I note that I first read A Monetary History of the United States early in my graduate school years at M.I.T. I was hooked, and I have been a student of flies essay monetary economics and resume on rna economic history ever since. 1 I think many others have had that experience, with the essay on a christmas, result that the direct and indirect influences of the on rna, Monetary History on contemporary monetary economics would be difficult to overstate. As everyone here knows, in their Monetary History Friedman and Schwartz made the case that the economic collapse of 1929-33 was the taxation essay, product of the nation's monetary mechanism gone wrong. Contradicting the received wisdom at the time that they wrote, which held that money was a passive player in the events of the resume on rna, 1930s, Friedman and Schwartz argued that the contraction is in fact a tragic testimonial to the importance of monetary forces [p. 300; all page references refer to Friedman and Schwartz, 1963].

Friedman and Schwartz's account of the essay better cats, Great Contraction is impressive in its erudition and development of resume historical detail, including the use of many previously untapped primary sources. But what is most important about the work, and the reason that the book is as influential today as ever, is the authors' subtle use of history to disentangle complicated skeins of cause and effect--to solve what economists call the identification problem . Essay Pets. A statistician studying data from the Great Depression would notice the on rna, basic fact that the money stock, output, and on a prices in the United States went down together in 1929 through 1933 and up together in resume subsequent years. But these correlations cannot answer the crucial questions: What is of the flies spoof essay causing what? Are changes in resume the money stock largely causing changes in prices and output, as Friedman and Schwartz were to conclude? Or, instead, is the stock of money reacting passively to master thesis in management systems, changes in the state of economy? Or is there yet some other, unmeasured factor that is affecting all three variables? The special genius of the Monetary History is the on rna, authors' use of what some today would call natural experiments--in this context, episodes in which money moves for reasons that are plausibly unrelated to image, the current state of the economy. By locating such episodes, then observing what subsequently occurred in the economy, Friedman and on rna Schwartz laboriously built the case that the causality can be interpreted as running (mostly) from money to taxation essay, output and prices, so that the Great Depression can reasonably be described as having been caused by monetary forces.

Of course, natural experiments are never perfectly controlled, so that no single natural experiment can be viewed as dispositive--hence the importance of Friedman and Schwartz's historical analysis, which adduces a wide variety of resume such episodes and comparisons in support of their case. I think the most useful thing I can do in the remainder of my talk today is to research papers on body, remind you of the genius of the Friedman-Schwartz methodology by resume reviewing some of their main examples and describing how they have held up in subsequent research. Four Monetary Policy Episodes. To reiterate, at the heart of Friedman and taxation essay Schwartz's identification strategy is the on rna, examination of historical periods in the attempt to identify changes in the money stock or in monetary policy that occurred for reasons largely unrelated to the contemporaneous behavior of output and taxation essay prices. To the extent that these monetary changes can reasonably be construed as exogenous, one can interpret the response of the resume on rna, economy to the changes as reflecting cause and effect--particularly if a similar pattern is found again and again. For the early Depression era, Friedman and Schwartz identified at least four distinct episodes that seem to meet these criteria. Three are tightenings of policy; one is on body image a loosening. In each case, the resume on rna, economy responded in research papers on body the way that the monetary theory of the Great Depression would predict. I will discuss each of these episodes briefly, both because they nicely illustrate the on rna, Friedman-Schwartz method and because they are interesting in themselves. The first episode analyzed by essay on a Friedman and Schwartz was the deliberate tightening of monetary policy that began in the spring of 1928 and continued until the stock market crash of October 1929. This policy tightening occurred in conditions that we would not today normally consider conducive to tighter money: As Friedman and Schwartz noted, the business-cycle trough had only just been reached at the end of 1927 (the NBER's official trough date is November 1927), commodity prices were declining, and there was not the slightest hint of inflation.

2 Why then did the resume, Federal Reserve tighten in early 1928? A principal reason was the Board's ongoing concern about research papers on body, speculation on Wall Street. The Federal Reserve had long made the distinction between productive and on rna speculative uses of credit, and the rising stock market and the associated increases in bank loans to brokers were thus a major concern. 3 Benjamin Strong, the influential Governor of the Federal Reserve Bank of New York and a key protagonist in Friedman and Schwartz's narrative, had strong reservations about using monetary policy to try to arrest the stock market boom. Unfortunately, Strong was afflicted by chronic tuberculosis; his health was declining severely in 1928 (he died in thesis in management systems October) and, with it, his influence in resume the Federal Reserve System. 3 Essays. The antispeculative policy tightening of 1928-29 was affected to some degree by on rna the developing feud between Strong's successor at flies, the New York Fed, George Harrison, and members of the Federal Reserve Board in Washington. In particular, the two sides disagreed on on rna, the best method for restraining brokers' loans: The Board favored so-called direct action, essentially a program of moral suasion, while Harrison thought that only increases in the discount rate (that is, the policy rate) would be effective. This debate was resolved in Harrison's favor in taxation essay 1929, and direct action was dropped in favor of on rna a further rate increase. Despite this sideshow and its effects on the timing of policy actions, it would be incorrect to infer that monetary policy was not tight during the dispute between Washington and New York.

As Friedman and Schwartz noted (p. 289), by master thesis July [1928], the discount rate had been raised in New York to 5 per cent, the resume on rna, highest since 1921, and the System's holdings of government securities had been reduced to a level of over $600 million at the end of 1927 to $210 million by August 1928, despite an outflow of gold. Research Papers. Hence this period represents a tightening in monetary policy not related to the current state of output and prices--a monetary policy innovation, in today's statistical jargon. Moreover, Friedman and Schwartz went on to point out that this tightening of resume on rna policy was followed by falling prices and weaker economic activity: During the two months from the lord flies spoof essay, cyclical peak in August 1929 to the crash, production, wholesale prices, and personal income fell at annual rates of 20 per on rna cent, 7-1/2 per cent, and 5 per cent, respectively. Of course, once the crash occurred in October--the result, many students of the period have surmised, of taxation essay a slowing economy as much as any fundamental overvaluation--the economic decline became even more precipitous. Incidentally, the case that money was quite tight as early as the spring of 1928 has been strengthened by the subsequent work of James Hamilton (1987). Hamilton showed that the Fed's desire to slow outflows of U.S. gold to resume, France--which under the leadership of Henri Poincar had recently stabilized its economy, thereby attracting massive flows of gold from abroad--further tightened U.S. monetary policy. The next episode studied by Friedman and Schwartz, another tightening, occurred in September 1931, following the sterling crisis.

In that month, a wave of 3 essays speculative attacks on the pound forced Great Britain to leave the gold standard. Anticipating that the United States might be the next to leave gold, speculators turned their attention from the pound to the dollar. Central banks and resume private investors converted a substantial quantity of carol dollar assets to gold in resume September and October of 1931. The resulting outflow of master thesis in management systems gold reserves (an external drain) also put pressure on resume, the U.S. banking system (an internal drain), as foreigners liquidated dollar deposits and domestic depositors withdrew cash in anticipation of thesis in management information systems additional bank failures. Conventional and resume long-established central banking practice would have mandated responses to both the external and internal drains, but the Federal Reserve--by this point having forsworn any responsibility for the U.S. banking system, as I will discuss later--decided to respond only to the external drain. As Friedman and Schwarz wrote, The Federal Reserve System reacted vigorously and promptly to the external drain. Essay Dogs Better. . . . On October 9 [1931], the Reserve Bank of New York raised its rediscount rate to 2-1/2 per on rna cent, and on October 16, to 3-1/2 per cent--the sharpest rise within so brief a period in the whole history of the System, before or since (p. 317).

This action stemmed the outflow of gold but contributed to on body, what Friedman and Schwartz called a spectacular increase in bank failures and on rna bank runs, with 522 commercial banks closing their doors in October alone. Taxation Essay. The policy tightening and the ongoing collapse of the banking system caused the money supply to fall precipitously, and the declines in output and prices became even more virulent. Again, the logic is that a monetary policy change related to objectives other than the domestic economy--in this case, defense of the dollar against on rna, external attack--were followed by changes in domestic output and prices in the predicted direction. One might object that the two experiments described so far were both episodes of monetary contraction. Hence, although they suggest that declining output and prices followed these tight-money policies, the evidence is ilm level perhaps not entirely persuasive. The possibility remains that the Great Depression occurred for resume on rna, other reasons and that the contractionary monetary policies merely coincided with (or perhaps, slightly worsened) the ongoing declines in the economy. Hence it is particularly interesting that the third episode studied by Friedman and Schwartz is an expansionary episode. This third episode occurred in April 1932, when the Congress began to exert considerable pressure on the Fed to ease monetary policy, in particular, to conduct large-scale open-market purchases of securities. The Board was quite reluctant; but between April and June 1932, it did authorize substantial purchases. This infusion of liquidity appreciably slowed the decline in the stock of money and significantly brought down yields on government bonds, corporate bonds, and commercial paper.

Most interesting, as Friedman and Schwartz noted (p. 324), [t]he tapering off of the decline in the stock of research money and the beginning of the purchase program were followed shortly by an equally notable change in the general economic indicator. . Resume. . . Wholesale prices started rising in July, production in August. Personal income continued to fall but at a much reduced rate. Factory employment, railroad ton-miles, and numerous other indicators of physical activity tell a similar story. All in all, as in early 1931, the data again have many of the earmarks of a cyclical revival. . . . Burns and Mitchell (1946), although dating the trough in March 1933, refer to the period as an example of a 'double bottom.' Unfortunately, although a few Fed officials supported the open-market purchase program, notably George Harrison at the New York Fed, most did not consider the policy to be appropriate. In particular, as argued by several modern scholars, they took the mistaken view that low nominal interest rates were indicative of monetary ease. Hence, when the Congress adjourned on July 16, 1932, the System essentially ended the program.

By the latter part of the year, the economy had relapsed dramatically. The final episode studied by Friedman and Schwartz, again contractionary in impact, occurred in the period from January 1933 to the banking holiday in thesis information systems March. This time the resume on rna, exogenous factor might be taken to be the long lag mandated by the Constitution between the election and the inauguration of a new U.S. Essay. President. Resume. Franklin D. Roosevelt, elected in November 1932, was not to take office until March 1933. In the taxation essay, interim, of course, considerable speculation circulated about the new President's likely policies; the uncertainty was increased by the President-elect's refusal to make definite policy statements or to endorse actions proposed by the increasingly frustrated President Hoover. However, from the President-elect's campaign statements and known propensities, many inferred (correctly) that Roosevelt might devalue the dollar or even break the on rna, link with gold entirely. Fearing the resulting capital losses, both domestic and foreign investors began to convert dollars to taxation essay, gold, putting pressure on both the banking system and the gold reserves of the Federal Reserve System. Bank failures and the Fed's defensive measures against the gold drain further reduced the resume on rna, stock of money. The economy took its deepest plunge between November 1932 and March 1933, once more confirming the temporal sequence predicted by the monetary hypothesis.

Once Roosevelt was sworn in, his declaration of 5 paragraph essay on a christmas a national bank holiday and, subsequently, his cutting the resume on rna, link between the dollar and gold initiated the expansion of money, prices, and output. It is an lord flies spoof essay, interesting but not uncommon phenomenon in economics that the expectation of a devaluation can be highly destabilizing but that the devaluation itself can be beneficial. These four episodes might be considered as time series examples of Friedman and Schwartz's evidence for the role of monetary forces in the Depression. They are not the entirety of the evidence, however. Friedman and Schwartz also introduced cross-sectional--that is, cross-country--evidence as well.

This cross-sectional evidence is based on differences in exchange-rate regimes across countries in the 1930s. The Gold Standard and on rna the International Depression. Although the Monetary History focuses by design on events in the United States, some of its most compelling insights come from cross-sectional evidence. Anticipating a large academic literature of the 1980s and 1990s, Friedman and Schwartz recognized in 1963 that a comparison of the lord flies essay, economic performances in the 1930s of countries with different monetary regimes could also serve as a test for their monetary hypothesis. Facilitating the cross-sectional natural experiment was the fact that the international gold standard, which had been suspended during World War I, was laboriously rebuilt during the 1920s (in a somewhat modified form called the gold-exchange standard). On Rna. Countries that adhered to the international gold standard were essentially required to taxation essay, maintain a fixed exchange rate with other gold-standard countries. Moreover, because the United States was the dominant economy on the gold standard during this period (with some competition from France), countries adhering to the gold standard were forced to match the contractionary monetary policies and price deflation being experienced in the United States. Resume. Importantly for identification purposes, however, the gold standard was not adhered to uniformly as the Depression proceeded. A few countries for historical or political reasons never joined the gold standard. Others were forced off early, because of factors such as internal politics, weak domestic banking conditions, and the local influence of competing economic doctrines. Other countries, notably France and the other members of the so-called Gold Bloc, had a strong ideological commitment to gold and therefore remained on the gold standard as long as possible.

Friedman and Schwartz's insight was that, if monetary contraction was in fact the source of economic depression, then countries tightly constrained by the gold standard to follow the United States into deflation should have suffered relatively more severe economic downturns. Although not conducting a formal statistical analysis, Friedman and Schwartz gave a number of salient examples to show that the more tightly constrained a country was by the gold standard (and, by taxation essay default, the resume, more closely bound to follow U.S. monetary policies), the more severe were both its monetary contraction and its declines in prices and of the flies spoof output. One can read their discussion as dividing countries into four categories. The first category consisted of countries that did not adhere to the gold standard at all or perhaps adhered only very briefly. The example cited by Friedman and resume on rna Schwartz was China. As they wrote (p. 361), China was on a silver rather than a gold standard.

As a result, it had the 5 paragraph essay on a carol, equivalent of a floating exchange rate with respect to gold-standard countries. Resume. A decline in research papers on body image the gold price of resume silver had the thesis in management information, same effect as a depreciation in the foreign exchange value of the Chinese yuan. The effect was to insulate Chinese internal economic conditions from the worldwide depression. . . . And that is what happened. From 1929 to 1931, China was hardly affected internally by the holocaust that was sweeping the gold-standard world, just as in resume 1920-21, Germany had been insulated by her hyperinflation and associated floating exchange rate. Subsequent research (for example, Choudhri and Kochin, 1980) has identified other countries that, like China, did not adhere to 5 paragraph christmas, the gold standard and hence escaped the worst of the Depression. Two examples are Spain, where the resume, internal instability that ultimately led to the Spanish Civil War prevented the country from re-adopting the gold standard in the 1920s, and christmas Japan, which was forced from the gold standard after being on it for only a matter of months. The Depression in Spain was quite mild, and Japan experienced a powerful recovery almost immediately after abandoning its short-lived experiment with gold. The second category consisted of countries that had restored the resume, gold standard in the 1920s but abandoned it early in the Depression, typically in the fall of 1931. As Friedman and Schwartz observed (p. 362), the research on body image, first major country to leave the resume on rna, gold standard was Great Britain, which was forced off gold in September 1931. Several trading partners, among them the Scandinavian countries, followed Britain's lead almost immediately.

The effect of leaving gold was to free domestic monetary policy and to stop the taxation essay, monetary contraction. What was the consequence of this relaxed pressure on the money stock? Friedman and resume on rna Schwartz noted (p. Essay Dogs Pets Than. 362) that [t]he trough of the on rna, depression in Britain and the other countries that accompanied Britain in leaving gold was reached in the third quarter of 1932. [In contrast, i]n the ilm level, countries that remained on the gold standard or, like Canada, that went only part way with Britain, the Depression dragged on. Third were countries that remained on gold but had ample reserves or were attracting gold inflows. The key example was France (see p. Resume. 362), the leader of the research papers on body image, Gold Bloc. After its stabilization in 1928, France attracted gold reserves well out of proportion to the size of its economy.

France's gold inflows allowed it to maintain its money supply and avoid a serious downturn until 1932. However, at that point, France's liquidation of non-gold foreign exchange reserves and its banking problems began to offset the continuing gold inflows, reducing the French money stock. On Rna. A serious deflation and declines in output began in better pets than cats France, which, as Friedman and Schwartz pointed out, did not reach its trough until April 1935, much later than Great Britain and other countries that left gold early. Fourth, and perhaps the worst hit, were countries that rejoined the gold standard but had very low gold reserves and banking systems seriously weakened by World War I and the ensuing hyperinflations. Friedman and Schwartz mention Austria, Germany, Hungary, and Romania as examples of this category (p. 361). These countries suffered not only deflation but also extensive banking and financial crises, making their plunge into depression particularly precipitous. The powerful identification achieved by this categorization of countries by resume on rna Friedman and Schwartz is worth reemphasizing. If the Depression had been the product primarily of nonmonetary forces, such as changes in autonomous spending or in productivity, then the nominal exchange rate regime chosen by each country would have been largely irrelevant.

The close connection among countries' exchange rate regimes, their monetary policies, and the behavior of domestic prices and output, is strong evidence for the proposition that monetary forces played a central role not just in the U.S. depression but in the world as a whole. Of course, those familiar with more recent work on the Great Depression will recognize that Friedman and Schwartz's idea of categorizing countries by exchange rate regime has been widely extended by subsequent researchers. 5 Paragraph Essay. Notably, in the paper that revived Friedman and resume Schwartz's temporarily dormant insight, Choudhri and Kochin (1980) considered the relative performances of Spain (which, as mentioned, did not adopt the gold standard), three Scandinavian countries (which left gold with Great Britain in September 1931), and taxation essay four countries that remained part of the French-led Gold Bloc (the Netherlands, Belgium, Italy, and Poland). They found that the countries that remained on gold suffered much more severe contractions in output and prices than the countries leaving gold. On Rna. In a highly influential paper, Eichengreen and Sachs (1985) examined a number of taxation essay key macro variables for ten major countries over 1929-35, finding that countries that left gold earlier also recovered earlier. Bernanke and James (1991) confirmed the findings of Eichengreen and Sachs for a broader sample of twenty-four (mostly industrialized) countries (see also Bernanke and Carey, 1996), and Campa (1990) did the same for a sample of resume on rna Latin American countries. Bernanke (1995) showed that not only did adherence to the gold standard predict deeper and more extended depression, as had been noted by earlier authors, but also that the behavior of various key macro variables, such as real wages and real interest rates, differed across gold-standard and essay on a christmas non-gold-standard countries in just the resume, way one would expect if the driving shocks were monetary in nature. The most detailed narrative discussion of papers image how the gold standard propagated the Depression around the world is, of course, the influential book by Eichengreen (1992). Eichengreen (2002) reviews the conclusions of his book and concludes largely that they are quite compatible with the resume on rna, Friedman and dogs than cats Schwartz approach.

The Role of on rna Bank Failures. Yet another striking feature of the Great Contraction in the United States was the massive extent of banking panics and failures, culminating in the Bank Holiday of March 1933, in ilm level which the entire U.S. banking system was shut down. During the Depression decade, something close to half of all U.S. commercial banks either failed or merged with other banks. Friedman and Schwartz take the unusually severe and protracted U.S. banking panic as yet another opportunity to apply their identification methodology. Their argument, in short, is that under institutional arrangements that existed before the resume, establishment of the Federal Reserve, bank failures of the scale of those in 1929-33 would not have occurred, even in an economic downturn as severe as that in the Depression. Dogs Than Cats. For doctrinal and institutional reasons to be detailed in resume a moment, however, the extraordinary spate of bank failures did occur and led in turn to the massive extinction of taxation essay bank deposits and an abnormally large decline in the stock of money. Because the decline in money induced by resume on rna bank panics would not have occurred under previous regimes, Friedman and Schwartz argued, it can be treated as partially exogenous and thus a potential cause of the extraordinary declines in output and prices that followed. Before the master in management, creation of the Federal Reserve, Friedman and Schwartz noted, bank panics were typically handled by banks themselves--for example, through urban consortiums of private banks called clearinghouses. If a run on one or more banks in a city began, the clearinghouse might declare a suspension of payments, meaning that, temporarily, deposits would not be convertible into cash. Larger, stronger banks would then take the lead, first, in determining that the banks under attack were in fact fundamentally solvent, and second, in lending cash to those banks that needed to meet withdrawals. Though not an entirely satisfactory solution--the suspension of payments for several weeks was a significant hardship for the public--the system of suspension of resume on rna payments usually prevented local banking panics from spreading or persisting (Gorton and Mullineaux, 1987).

Large, solvent banks had an incentive to participate in curing panics because they knew that an unchecked panic might ultimately threaten their own deposits. 5 Paragraph Essay On A Christmas Carol. It was in large part to resume on rna, improve the research papers on body, management of resume banking panics that the Federal Reserve was created in 1913. However, as Friedman and Schwartz discuss in some detail, in taxation essay the early 1930s the Federal Reserve did not serve that function. The problem within the Fed was largely doctrinal: Fed officials appeared to resume, subscribe to Treasury Secretary Andrew Mellon's infamous 'liquidationist' thesis, that weeding out weak banks was a harsh but necessary prerequisite to the recovery of the banking system. Moreover, most of the failing banks were small banks (as opposed to what we would now call money-center banks) and not members of the essay on a christmas carol, Federal Reserve System. Thus the Fed saw no particular need to try to stem the panics. At the same time, the large banks--which would have intervened before the founding of the Fed--felt that protecting their smaller brethren was no longer their responsibility.

Indeed, since the large banks felt confident that the Fed would protect them if necessary, the weeding out of small competitors was a positive good, from their point of view. In short, according to Friedman and Schwartz, because of institutional changes and misguided doctrines, the banking panics of the Great Contraction were much more severe and resume widespread than would have normally occurred during a downturn. Bank failures and depositor withdrawals greatly reduced the quantity of bank deposits, consequently reducing the money supply. The result, they argued, was greater deflation and output decline than would have otherwise occurred. A couple of objections can be raised to the Friedman-Schwartz inference. One logical possibility is that the extraordinary rate of bank failure of the 1930s, rather than causing the subsequent declines in output and prices, occurred because depositors and others anticipated the collapse of the economy--that is, that the banking panics were endogenous to the expected state of the research on body, economy. Friedman and Schwartz's institutional arguments persuade me that this is unlikely. If previous arrangements had been in place, bank panics would not have been allowed to progress to the degree they did, independent of the severity of the downturn. Moreover, I don't find it plausible that, in 1930 and 1931, depositors and on rna bankers fully anticipated the severity of the master thesis in management information systems, downturn still to come. A second possibility is that banking panics contributed to the collapse of output and prices through nonmonetary mechanisms. My own early work (Bernanke, 1983) argued that the effective closing down of the resume on rna, banking system might have had an taxation essay, adverse impact by on rna creating impediments to essay dogs better pets, the normal intermediation of credit, as well as by reducing the resume on rna, quantity of master information systems transactions media.

Friedman and Schwartz anticipated this argument and on rna adduced as contrary evidence a comparison of the United States and 5 paragraph essay Canada (p. 352). They pointed out that (1) Canada's monetary policy was tied to that of the United States by a fixed exchange rate; (2) Canada had no significant bank failures; but (3) Canada's output declines were as severe as those of the United States. Friedman and Schwartz concluded that Canada's economy declined because of its enforced monetary contraction--whether that monetary contraction took place through bank failures or was enforced by the exchange-rate regime was immaterial. I would argue that Canada, both being a commodity exporter and being unusually highly integrated with the United States, may not have been fully representative of the experience of all countries in the 1930s. On Rna. For example, in Bernanke (1995, table 3), I showed using a sample of twenty-six countries that, with the exchange-rate regime held constant, countries suffering severe banking panics had subsequent declines in output that were significantly worse than those in countries with stable banking systems. This result supports the possibility of an lord flies essay, additional, nonmonetary channel for bank failures. At the same time, my results were also strongly supportive of the view that adherence to on rna, the gold standard, and the associated monetary contraction, was of first-order importance in explaining which countries suffered severe depressions.

Thus, as I have always tried to make clear, my argument for nonmonetary influences of bank failures is simply an embellishment of the of the essay, Friedman-Schwartz story; it in resume no way contradicts the basic logic of their analysis. Benjamin Strong and the Leadership Vacuum. Finally, what is probably Friedman and Schwartz's most controversial natural experiment stems from the premature death, in 1928, of America's preeminent central banker, Benjamin Strong. Strong, who was Governor of the Federal Reserve Bank of New York and the de facto equivalent to a Fed Chairman today, had led the Federal Reserve throughout the 1920s. Aptly named, he had a strong personality and was a brilliant central banker. Quite plausibly, his personality and skills created a leadership position within a Federal Reserve System that--as suggested by its name--was intended by the Congress to be a relatively decentralized institution.

After Strong's death, as Friedman and Schwartz describe in useful detail, the Federal Reserve no longer had an effective leader or even a well-established chain of command. Members of the Board in Washington, jealous of the traditional powers of the Federal Reserve Bank of New York, strove for greater influence; and Strong's successor, George Harrison, did not have the experience or personality to stop them. 3 Essays. Regional banks also began to assert themselves more. Thus, power became diffused; worse, what power there was accrued to men who did not understand central banking from a national and resume on rna international point of view, as Strong had. The leadership vacuum and the generally low level of master thesis in management central banking expertise in the Federal Reserve System was a major problem that led to excessive passivity and many poor decisions by resume the Fed in the years after Strong's death.

Friedman and Schwartz argued in their book that if Strong had lived, many of the mistakes of the Great Depression would have been avoided. This proposition has been highly controversial and has led to detailed examinations of what Strong's views really were on dogs than, various matters of resume on rna monetary policymaking. 3 Essays. This counterfactual debate somewhat misses the on rna, point, in my opinion. We don't know what would have happened had Strong lived; but what we do know is ilm level 3 essays that the central bank of the world's economically most important nation in 1929 was essentially leaderless and lacking in expertise. This situation led to decisions, or nondecisions, which might well not have occurred under either better leadership or a more centralized institutional structure. And associated with these decisions, we observe a massive collapse of money, prices, and output. Resume. Thus, it seems to me that the death of Strong does qualify as one more natural experiment with which to try to identify the effects of monetary forces in the Great Depression. The brilliance of Friedman and Schwartz's work on the Great Depression is not simply the texture of the research, discussion or the coherence of the point of view.

Their work was among the first to use history to address seriously the issues of cause and effect in resume a complex economic system, the on a carol, problem of resume identification. Perhaps no single one of their natural experiments alone is convincing; but together, and enhanced by the subsequent research of dozens of scholars, they make a powerful case indeed. For practical central bankers, among which I now count myself, Friedman and Schwartz's analysis leaves many lessons. What I take from their work is the idea that monetary forces, particularly if unleashed in a destabilizing direction, can be extremely powerful. The best thing that central bankers can do for the world is to avoid such crises by providing the economy with, in Milton Friedman's words, a stable monetary background--for example as reflected in low and stable inflation. Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. Papers Image. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.

Best wishes for your next ninety years. 1. Accordingly, I hope the reader will forgive the many references to on rna, my own work in the list of references below. Ilm Level 3 Essays. They arise because much of my own research has followed up leads from the Friedman-Schwartz agenda. Return to text. 2. However, as Athanasios Orphanides pointed out to me, by resume 1929 the rate of output growth was strong, which may have provided additional motivation for a tightening. Return to text. 3. Apparently the Board was not entirely clear on the point that funds used to flies spoof essay, purchase stock are not made unavailable for productive use. Of course, as stock sales are merely transfers of resume on rna existing assets, funds used to purchase stock are not dissipated but only transferred from one person to another.

Return to text. Bernanke, Ben, Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression, American Economic Review , 1983, 257-76. Bernanke, Ben, The Macroeconomics of the Great Depression: A Comparative Approach, Journal of Money, Credit, and Banking , 1995, 1-28. Bernanke, Ben, and Kevin Carey, Nominal Wage Stickiness and Aggregate Supply in the Great Depression, Quarterly Journal of Economics , 1996, 853-83. Bernanke, Ben, and Harold James, The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison, in R. Glenn Hubbard, Financial Markets and Financial Crises , Chicago: University of Chicago Press for of the flies essay, NBER, 1991. Burns, Arthur F. and Wesley C. Mitchell, Measuring Business Cycles , New York: National Bureau of resume on rna Economic Research, 1946.

Campa, Jose Manuel, Exchange Rates and Economic Recovery in the 1930s: An Extension to Latin America, Journal of Economic History , 1990, 6177-82. Choudhri, Ehsan, and taxation essay Levis Kochin, The Exchange Rate and the International Transmission of Business Cycles: Some Evidence from the resume on rna, Great Depression, Journal of Money, Credit, and Banking , 1980, 565-74. Eichengreen, Barry, Golden Fetters: The Gold Standard and the Great Depression , 1919-1939, New York: Oxford University Press, 1992. Eichengreen, Barry, Still Fettered after All These Years, National Bureau of Economic Research, Working Paper 9276, October 2002. Eichengreen, Barry, and Jeffrey Sachs, Exchange Rates and Economic Recovery in the 1930s, Journal of 5 paragraph essay Economic History , 1985, 925-46. Friedman, Milton and Anna J. Schwartz, A Monetary History of the resume on rna, United States, 1863-1960 , Princeton, N.J.: Princeton University Press, 1963.

Gorton, Gary, and Donald J. On A Christmas Carol. Mullineaux, The Joint Production of Confidence: Endogenous Regulation and Nineteenth-Century Commercial Bank Clearinghouses, Journal of Money, Credit, and Banking, 1987 , 457-68. On Rna. Hamilton, James D., Monetary Factors in the Great Depression, Journal of essay pets cats Monetary Economics , 1987, 145-69.

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Continue Reading Below. Obama on His Strengths and Weaknesses. ''If I had to information systems, name my greatest strength, I guess it would be my humility. Greatest weakness, it's possible that I'm a little too awesome.'' —Barack Obama, at the 2008 Al Smith Dinner. Obama on Donald Trump's Experience. ''All kidding aside, we all know about your credentials, and your breadth of resume, experience. For example, on a recent episode of Celebrity Apprentice, at the steakhouse, the men's cooking team did not impress the judges from Omaha Steaks. And there was a lot of blame to go around, but you, Mr.

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I mean that's Oprah money. Resume On Rna? You could buy an island and call it 'Nobama' for master in management that kind of money. Sheldon would have been better off offering me $100 million to drop out of the race. I probably wouldn't have taken it, but I would have thought about it. Resume? Michelle would have taken it. You think I'm joking?'' —President Obama at the 2013 White House Correspondents' Dinner. Continue Reading Below. ''I love the 5 paragraph essay on a christmas press.

I even sat for an interview with Bill O'Reilly right before the Super Bowl. On Rna? That was a change of pace. I don't often get a chance to master thesis in management information systems, be in a room with an ego that's bigger than mine.'' —President Obama at the 2011 Gridiron Dinner. ''I know Republicans are still sorting out what happened in resume 2012, but one thing they all agree on is they need to taxation essay, do a better job reaching out to resume on rna, minorities. And look, call me self-centered, but I can think of one minority they could start with. Hello? Think of me as a trial run, you know? See how it goes.'' —President Obama at the 2013 White House Correspondents' Dinner. Continue Reading Below.

''I wasn't sure I should actually come tonight. Lord Spoof Essay? Biden talked me into it. On Rna? He leaned over to me and said, 'Mr. President, this is taxation essay, no ordinary dinner, this is on rna, a big BLEEP-ing meal.''' —President Barack Obama, referring to Biden's 'big f**king deal' remark caught on mic during the health care reform signing ceremony, 2010 White House Correspondents' Dinner. ''In my first term, we passed health care reform.

In my second term, I guess I'll pass it again.'' —President Obama at the 2012 White House Correspondents' Dinner. Continue Reading Below. ''Despite many obstacles, much has changed during my time in office. Research Papers Image? Four years ago, I was locked in a brutal primary battle with Hillary Clinton. Resume? Four years later, she won't stop drunk-texting me from 3 essays Cartagena.'' —President Obama at the 2012 White House Correspondents' Dinner. ''Now I'm sure that you've noticed that there's somebody very special in my life who is missing tonight, somebody who has always got my back, stands with me no matter what and gives me hope no matter how dark things seem. So tonight, I want to publicly thank my rock, my foundation -- thank you, Nate Silver.'' —President Barack Obama, on resume on rna, the famed statistician and 3 essays blogger who correctly predicted the 2012 and 2008 presidential election results (2013 Gridiron Dinner) ''The White House Correspondents' Dinner is resume on rna, known as the prom of Washington D.C. -- a term coined by political reporters who clearly never had the chance to go to an actual prom.'' —President Obama at the 2012 White House Correspondents' Dinner. ''It's great to be here this evening in the vast, magnificent Hilton ballroom -- or what Mitt Romney would call a little fixer-upper.'' —President Obama at the 2012 White House Correspondents' Dinner. ''Many of 5 paragraph essay, you know that I got my name, Barack, from my father.

What you may not know is Barack is actually Swahili for 'That One.' And I got my middle name from somebody who obviously didn't think I'd ever run for president.'' —Barack Obama, at the 2008 Al Smith Dinner. ''The History Channel is not here. Resume On Rna? I guess they were embarrassed about the whole Obama-is-a-devil thing. Of course, that never kept Fox News from showing up. Pets Than? They actually thought the comparison was not fair -- to Satan.'' —President Obama at the 2013 White House Correspondents' Dinner. ''I think it is fair to say that when it comes to my presidency, the honeymoon is over. For example, some people now suggest that I'm too professorial. On Rna? And I'd like to address that head-on, by assigning all of essay, you some reading that will help you draw your own conclusions. Others say that I'm arrogant.

But I've found a really great self-help tool for this: my poll numbers.'' —President Obama at the 2011 White House Correspondents' Dinner. ''Dick Cheney was supposed to be here, but he is resume on rna, very busy working on his memoirs, tentatively titled, 'How to Shoot Friends and essay pets cats Interrogate People.''' —President Barack Obama, at the 2009 White House Correspondents' Dinner. ''The fact is resume, I really do respect the 5 paragraph christmas press. I recognize that the press and resume on rna I have different jobs to essay than, do. My job is to be President; your job is to keep me humble. Frankly, I think I'm doing my job better.'' —President Obama at the 2013 White House Correspondents' Dinner.

''Recently, [Romney's] campaign criticized me for slow-jamming the news with Jimmy Fallon. In fact, I understand Governor Romney was so incensed he asked his staff if he could get some equal time on 'The Merv Griffin Show.''' —President Obama at the 2012 White House Correspondents' Dinner. ''Now, I know that he's taken some flak lately but no one is prouder to put this birth certificate matter to rest than The Donald. And that's because he can finally get back to focusing on the issues that matter, like, did we fake the moon landing? What really happened in Roswell? And where are Biggie and resume Tupac?'' —President Obama, ribbing Donald Trump at the 2011 White House Correspondents' Dinner. ''Our chaperone for dogs cats the evening is resume on rna, Jimmy Kimmel . Jimmy got his start years ago on The Man Show. On A? In Washington, that's what we call a congressional hearing on contraception.'' —President Obama at the 2012 White House Correspondents' Dinner. ''Another difficult challenge is how to help our automakers thrive in on rna the 21st century.

We've tried a number of different approaches, and tonight, I'm announcing a new one. It's a plan passed on to me by a close friend and advisor, Oprah Winfrey. So if each of you will look under your seat, you find that -- you get a car company! You get a car company! And FOX -- you get AIG. Enjoy!'' — President Barack Obama, at the 2009 Radio TV Correspondents' Dinner. ''One senator who has reached across the aisle recently is taxation essay, Marco Rubio, but I don't know about on rna, 2016. I mean, the papers image guy has not even finished a single term in the Senate and he thinks he's ready to be President.

Kids these days.'' —President Obama at the 2013 White House Correspondents' Dinner. ''Limbaugh can play with himself.'' —President Barack Obama's response when asked if he would play a round of resume on rna, golf with Rush Limbaugh, relayed by dogs, a top Democrat to resume on rna, Zev Chafets, author of the book 'Rush Limbaugh: An Army of research on body image, One' ''Some folks still don't think I spend enough time with Congress. 'Why don't you get a drink with Mitch McConnell?' they ask. Really? Why don't you get a drink with Mitch McConnell?'' —President Obama at the 2013 White House Correspondents' Dinner. That, Marco Rubio, is how you take a sip of water. —President Obama, after pausing to drink water in a jab at on rna Florida Sen. Marco Rubio, who was widely mocked when he desperately gulped water during his State of the Union response (2013 Gridiron Dinner) ''While I know I have my share of critics out there, I don't focus on master in management information, the negative stuff. On Rna? I just don't pay much attention to it. Most days I barely skim through the carol comment section of Huffington Post — Daily Kos — Fire Dog Lake — The Daily Dish — boingboing.net.'' —President Obama at the 2011 Gridiron Dinner.

John McCain couldn't make it. He said he had never identified himself as a maverick. On Rna? We all know what happens in Arizona when you don't have ID. Essay Dogs Better Pets? Adios, amigos. —President Barack Obama, at the 2010 White House Correspondents' Dinner. ''Look, when I was a kid, I inhaled frequently. Resume On Rna? That was the essay dogs than cats point.'' ''After a very public mix-up last week, my communications team has provided me with an easy way to resume on rna, distinguish between 'Star Trek' and 5 paragraph essay carol 'Star Wars.' Spock is on rna, what Maureen Dowd calls me. Darth Vader is master thesis information systems, what John Boehner calls me.'' —President Obama on on rna, getting 'Star Wars' and 'Star Trek' mixed up when he referred to doing a ''Jedi Mind Meld'' with Republicans (2013 Gridiron Dinner) ''I've made a few jokes over taxation essay, the years about John Boehner's unusual coloring. I used to think that it was a tan. But after seeing how often he tears up, I've come to realize: that's not a tan, that's rust.'' —President Obama at on rna the 2011 White House Correspondents' Dinner. ''I must confess I really did not want to be here tonight.

But I knew I had to come. Essay On A Christmas Carol? That's one more problem that I inherited from George W. Bush.'' —President Barack Obama, at resume the 2009 White House Correspondents' Dinner. ''And where is the essay on a carol National Public Radio table? You guys are still here? That's good. I couldn't remember where we landed on that. Resume On Rna? Now, I know you were a little tense when the GOP tried to cut your funding, but personally I was looking forward to new programming like 'No Things Considered' or 'Wait, Wait. Don't Fund Me.''' —President Obama at taxation essay the 2011 White House Correspondents' Dinner. ''Some of my former advisers have switched over to the dark side. On Rna? For example, David Axelrod now works for MSNBC, which is a nice change of pace since MSNBC used to work for David Axelrod.'' —President Obama at the 2013 White House Correspondents' Dinner. On Chief of Staff Rahm Emanuel and Mother's Day: ''This is a tough holiday for Rahm.

He's not used to saying the word 'day' after 'mother.''' —President Barack Obama, at essay pets than the 2009 White House Correspondents' Dinner. ''Three words: Vice President Oprah.'' —the #1 item from Barack Obama's Top Ten Campaign Promises, which he presented on the Letterman show. ''The Jonas Brothers are here, they're out there somewhere. Sasha annd Malia are huge fans, but boys, don't get any ideas. Two words for you: predator drones. Resume? You will never see it coming. You think I'm joking?'' —President Barack Obama, at the 2010 White House Correspondents' Dinner. ''Who is Barack Obama? Contrary to the rumors you have heard, I was not born in a manger. I was actually born on Krypton and 3 essays sent here by on rna, my father Jor-El to taxation essay, save the Planet Earth.'' —Barack Obama, at on rna the 2008 Al Smith Dinner.

''He's warm, he's cuddly, loyal, enthusiastic; you just have to keep him in on a tight leash -- every once in a while he goes charging off and better cats gets himself into trouble. Enough about Joe Biden.'' —President Barack Obama, at the 2009 White House Correspondents' Dinner. ''Now, some have said I blame too many problems on my predecessor, but let's not forget that's a practice that was initiated by George W. Bush.'' —President Obama at the 2012 White House Correspondents' Dinner. ''I know that people think I'm not passionate enough. That I'm too cool. That I'm too detached.

But as I was going through my daily routine — sitting alone in my study, meditating, thinking about how to resume on rna, win the future — I pondered this critique, and calmly rejected it as thoroughly illogical. And for thesis in management information all those who think I golf too much, let me be clear. On Rna? I'm not spending time on the golf course — I'm investing time on the golf course.'' —President Obama at taxation essay the 2011 Gridiron Dinner. On House Minority Leader John Boehner and on rna his fake tan: ''We have a lot in common: He is taxation essay, a person of color. Although not a color that appears in the natural world.'' —President Barack Obama, at the 2009 White House Correspondents' Dinner. ''There a few things in on rna life harder to find and more important to keep than love. Thesis Information? Well, love and a birth certificate.'' —President Barack Obama, at the 2010 White House Correspondents' Dinner. ''Ultimately though, tonight's not about the resume on rna disagreements Governor Romney and I may have. It's what we have in common, beginning with our unusual names. Christmas Carol? Actually Mitt is on rna, his middle name.

I wish I could use my middle name.'' —President Obama at the 2012 Al Smith Dinner. ''Even Sarah Palin is master, getting back into the game, guest hosting on The Today Show -- which reminds me of an old saying: What's the difference between a hockey mom and a pit bull? A pit bull is resume, delicious.'' —President Obama at the 2012 White House Correspondents' Dinner. On the news media: ''Most of you covered me. All of you voted for me. Apologies to the Fox table.'' —President Barack Obama, at the 2009 White House Correspondents' Dinner. ''I'm also hard at work on plans for the Obama Library. And some have suggested that we put it in taxation essay my birthplace, but I'd rather keep it in the United States. Did anybody not see that joke coming?

Show of hands. Only Gallup? Maybe Dick Morris?'' —President Obama at on rna the 2013 White House Correspondents' Dinner. ''Look, it's no secret that my Vice President is still ambitious. But let's face it, his age is an issue. Just the other day, I had to take Joe aside and on body image say, 'Joe, you are way too young to resume on rna, be the pope.''' —President Barack Obama at the 2013 Gridiron Dinner. ''It's been quite a year since I've spoken here last. Lots of ilm level, ups, lots of downs, except for my approval ratings, which have just gone down. On Rna? But that's politics, it doesn't bother me.

Besides, I happen to know that my approval ratings are still very high in the country of my birth.'' —President Barack Obama, at the 2010 White House Correspondents' Dinner. 'But the better pets truth is resume on rna, when you really get to know Rahm, he does have a softer side, Amy will attest to this; very few people know, I think, know prior to this evening that he studied Ballet for 5 paragraph a few years. In fact, he was the on rna first to master thesis in management information, adopt Machiavelli's the prince for resume on rna dance. It was an intriguing piece, as you can imagine, there were a lot of kicks below the research on body image waist.'' —Barack Obama, roasting his future chief of staff Rahm Emaneul in resume on rna 2005. ''Everyone please take your seats, or else Clint Eastwood will yell at them.'' —President Obama at the 2012 Al Smith Dinner. They say I'm popular on Twitter and Facebook. Or as Sarah Palin says, the ilm level 3 essays 'socialized media.''' —President Barack Obama, at the 2010 White House Correspondents' Dinner. ''The media landscape is changing so rapidly. You can't keep up with it. I mean, I remember when BuzzFeed was just something I did in college around 2:00 a.m.'' —President Obama at the 2013 White House Correspondents' Dinner. On a new spirit of bipartisanship: ''We're seeing people with strong disagreements get along as never before.

You have the former Massachusetts governor Mitt Romney, current Republican presidential candidate Mitt Romney — working together every day, sharing a host body. It's inspiring. Or creepy. Depending on resume on rna, how you look at it.'' —President Obama at the 2011 Gridiron Dinner. ''I know that some folks think we responded to Bob Woodward too aggressively. But hey, can anybody tell me when an administration has ever regretted picking a fight with Bob Woodward? What's the worst that could happen?'' —President Obama at the 2013 Gridiron Dinner. ''Monday's [presidential] debate is a little bit different because the 5 paragraph essay christmas topic is foreign policy. Spoiler Alert: We got Bin Laden.'' —President Obama at the 2012 Al Smith Dinner. ''Now that's my phone buzzing there. I don't want you to think I'm getting fresh or anything.'' —Barack Obama, posing for a picture with supporters in Indiana, when he apparently felt his phone start to vibrate in his pocket, against which one woman was closely pressed.

''I'm taking my charm offensive on the road -- a Texas barbeque with Ted Cruz, a Kentucky bluegrass concert with Rand Paul, and on rna a book-burning with Michele Bachmann.'' —President Obama at the 2013 White House Correspondents' Dinner. On his Teleprompter: ''In the next hundred days, I will learn to go off prompter -- and Joe Biden will learn to stay on it.'' —President Barack Obama, at the 2009 White House Correspondents' Dinner. ''Good evening, everybody, I would like to welcome you to the 10-day anniversary of my First 100 Days. During the second 100 days, we will design, build and 3 essays open a library dedicated to my first 100 days. My next 100 days will be so successful, I will complete them in on rna 72 days. And on the 73rd day, I will rest.'' —President Barack Obama, at lord of the flies spoof essay the 2009 White House Correspondents' Dinner.

''Michele Bachmann is resume on rna, here, though, I understand, and she is thinking about master thesis in management, running for on rna President, which is weird because I hear she was born in Canada. Taxation Essay? Yes, Michele, this is how it starts. Just letting you know.'' —President Obama at resume on rna the 2011 White House Correspondents' Dinner.

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SAT / ACT Prep Online Guides and Tips. If you're reading this article, I assume you're an IB Student, who is getting ready to write their Extended Essay. If you're looking at this as a potential future IB student, I recommend reading our other introductory IB articles first: What is the International Baccalaureate (IB) Program? and What is the IB Curriculum? What are IB Diploma Requirements?. IB students around the globe fear writing the Extended Essay. In this articles, I'll try to get you excited about writing your Extended Essay and provide you with the on rna, resources to get an A. I'm a recipient of an 3 essays, IB Diploma, and I happened to resume receive an A on my IB Extended Essay.

If you don’t believe me, the ilm level, proof is in the IBO pudding, If you're confused by what this report means, EE is short for Extended Essay, and English A1 is the subject that my Extended Essay topic coordinated with. In layman’s terms, my IB Diploma was graded during May 2010, I wrote my Extended Essay in the English A1 category, and I received a grade A. The IB Extended Essay (or EE) is a 4,000 word structured mini-thesis that you write under the supervision of an advisor (an IB teacher at resume on rna your school), which counts towards your IB Diploma (to learn about all of the IB diploma requirements, check out our other article). I'll explain exactly how the EE affects your diploma later in this article. For the Extended Essay, you choose a research question as a topic; this topic needs to be approved by IBO (which is not very difficult). You can do a typical research paper such as in this paper, or you conduct an experiment/solve a problem such as in this paper. Most schools allow you to pick your advisor (an IB teacher preferably at your school, although you can also get access to one at another school through the Pamoja Education). I'll explain how to pick your IB EE advisor below. The IB Extended Essay must include a cover page, an abstract (one-page synopsis of your essay), a table of of the flies contents, the 4,000-word essay (which will range from resume on rna, 10-20 pages depending on cats whether your topic requires illustrations such as an experiment would), and a bibliography.

Your completed Extended Essay is resume then sent to the IBO to dogs be graded (I will go into more detail on grading below). What Should You Write About in resume Your Extended Essay? You can technically write about papers on body image, anything, so long as the IBO approves it. However, you should choose a topic that falls into one of the IB Course Categories, (such as Theatre, Film, Spanish, French, Math, Biology, etc.) which shouldn’t be difficult because there are so many class subjects. Here is a range of sample topics with the attached extended essay: You can see from how varied the topics are that you have a lot of freedom when it comes to resume picking a topic. Thesis In Management Information! So, how do you pick when the options are limitless? I will help you with that next: 6 Tips for Writing a Grade A Extended Essay. Tip #1: Write About Something You Enjoy Because You'll Be Spending a Lot of Time on It. I love British theatre and resume ended up writing mine about a revolution in papers on body image post-WWII British theatre #theatrenerd.

I really encourage anyone who pursues an on rna, IB Diploma to take the ilm level 3 essays, Extended Essay seriously. Resume! I ended up receiving a full-tuition merit scholarship to essay better pets cats USC’s School of Dramatic Arts program and in my interview for the scholarship, I spoke passionately about my Extended Essay. I genuinely think my Extended Essay helped me get my scholarship. How do you find a topic you are passionate about? Start by figuring out which classes you enjoy the most and why you enjoy them. Do you like Math because you like to problem solve? Or do you enjoy English because you like to on rna analyze texts? Once you have figured out essay than a general subject area such as Physics, you should brainstorm more specific topics by putting pen to paper. On Rna! What was your favorite chapter you learned in that class? Was it astrophysics or mechanics? What did you like about lord of the flies spoof essay, that specific chapter?

Is there something you want to learn more about? I recommend spending an hour on this type of brainstorming. After doing this preliminary brainstorming make sure to choose: Tip #2: Chose a Topic That Is Not Too Broad, But Not Too Narrow. This is a fine line. You need to write about something specific, but not so specific that you can’t write 4,000 words on it . You can’t write about on rna, WWII because that would be a book worth of essay pets cats material. You don’t want to write about what type of soup prisoners of war received in POW camps because you probably can’t come up with 4000 words on it. However, you could possibly write about how the conditions in on rna German POW camps were directly affected by the Nazis successes and failures. 3 Essays! This may be too obvious of a topic, but you get my point.

If you're really stuck trying to find a not too broad or narrow topic, I recommend trying to brainstorm a topic that uses a comparison. If you refer back to resume the topics I mentioned above, you may notice that two use comparisons. I also used comparison in my EE, comparing Harold Pinter's Party Time to John Osborne's Look Back in Anger in order to in management show a transition in resume on rna British Theatre. Topics with comparisons of 2-3 plays/books/diets/etc. tend to be in the sweet spot of not too narrow or broad because you can analyze each portion and after doing in-depth analysis on each, you compare and explain the significance of the comparison. The key here is master in management that the resume on rna, comparison needs to be significant. I compared two plays to show a transition in taxation essay British Theatre.

Comparisons are not the only way to get a grade A EE. On Rna! If after brainstorming, you pick a non-comparison based topic and taxation essay you are still unsure if a topic is too broad or narrow, spend 30 minutes doing some basic research and see how much material is on rna out there. If there are over 1,000 books/articles/documentaries out there on the exact topic, it may be too broad. If there are only 2 books that have any connection to your topic, it may be too narrow. If you are still unsure, ask your advisor! Speaking of taxation essay advisors: Tip #3: Choose an resume on rna, Advisor Who Is Very Familiar With Your Topic and Who Seems Excited About It.

If you are not certain of 5 paragraph on a who you would like to be your advisor, I would start by creating a list of your top three choices. Next, create a list of pros and resume on rna cons (I know this sounds tedious, but it really helps!). For example, Mr. Green is my favorite teacher, and research papers on body we get along really well, but he teaches English, and I want to conduct an experiment to compare the efficiency of American Hybrid Cars to Foreign Hybrid Cars. Ms. White teaches Physics, I had her a year ago, and on rna she liked me. She could help me design my experiment. Thesis In Management Information! I am going to ask Ms. White!

Do NOT just ask your favorite teacher to be your advisor. They may be a hindrance to you if they teach another subject. I would not suggest asking your Biology teacher to resume guide you in writing your English EE. EXCEPTION: If you have a teacher who is passionate and essay than knowledgeable about your topic (as my English teacher was about my Theatre topic), you can ask that instructor. Consider all of your options first before you do. There was no theatre teacher at my school, so I could not find a theatre-specific advisor, so I chose the resume, next best thing. Some IB high schools require your IB Extended Essay advisor to sign an Agreement Form. Make sure you ask your IB coordinator if there is any required paperwork.

IBO does not require any paperwork. If your school needs a Form signed, make sure you bring it with you when you ask a teacher to be your EE advisor. Tip #4: Choose an Advisor Who Will Push You to Be Your Best. Some teachers may just take on students because they have to and may not be passionate about reading drafts and may not give you a lot of feedback. Choose a teacher who will take the taxation essay, time to read several drafts and resume give you extensive notes. I would not have gotten my A without being pushed to master in management information systems make the on rna, draft better. Ask a teacher that you have experience with either through class directly or through an extracurricular activity. Do not ask a teacher that you have no connection to; a teacher, who does not know you, is unlikely to push you.

Note: The IBO only allows advisors to suggest improvements to the EE, but they may not be engaged in writing the taxation essay, EE. The IBO recommends that the supervisor spends approximately two to three hours in total with the candidate discussing the EE. Tip #5: Make Sure Your Essay Has a Clear Structure and Flow. IB likes structure. Your EE needs a clear introduction (which should be 1-2 pages double-spaced), research question/focus (i.e. On Rna! what you will be investigating), body, and conclusion (about 1 page double-spaced). An essay that has unclear or poor organization will be graded poorly. Dogs Better! Also, make sure your 300-word abstract is on rna clear and briefly summarizes your whole argument. An ambiguous abstract will make it more challenging for the reader to thesis in management information follow your essay’s argument and will also hurt the grading of your EE. The body of your EE should make up the bulk of the essay. On Rna! It should be about 8-18 pages double-spaced (again just depending on master thesis in management systems whether or not you include diagrams).

Your body can be split into multiple parts. For example, if you are doing a comparison, you might have 1/3 of your body as Novel A Analysis, 1/3 as Novel B Analysis, and the last 1/3 as Comparison of resume Novel A and research image B Analysis. If you are conducting an experiment or analyzing data such as in this EE , your EE body will have a clear and resume obvious parts following the scientific method: stating the research question, discussing your method, showing the data, analyzing the data, discussing uncertainties, and drawing a conclusion/evaluating the experiment. Tip #6: Start Writing Sooner Rather Than Later! You will not be able to crank out a 4,000-word essay in 3 essays a week and get an A. You will be reading many, many articles (and, depending on your topic, possibly books, plays, and on rna watching movies). 5 Paragraph Essay Christmas Carol! Start the research possible as soon as possible. Each school has a slightly different deadline for the Extended Essay. Resume! Some schools want them as soon as November of your Senior Year; others will take them as later as February of Senior Year. Your school will give you your deadline; if they haven't mentioned it by February of lord spoof Junior year, ask your IB coordinator. Some schools will give you a timeline of when you need to come up with a topic, when you need to meet with your advisor and when certain drafts are due.

Not all schools do. Ask your IB coordinator if you are unsure if you are on a specific timeline. Here is my recommended timeline, it is earlier than most schools, but it will save you so much heartache (trust me, I remember): January/February of Junior Year: Come up with your final research topic (or at least top 3). February of resume on rna Junior Year: Approach a teacher about being your EE advisor (if he or she says no, keep asking others until you find one - see my notes above on how to 5 paragraph essay carol pick an EE advisor). April/May of resume on rna Junior Year: Submit an outline of your EE and a bibliography of potential research sources (I recommend at least 7-10) to your EE advisor. Meet with your EE advisor to discuss your outline. Summer between Junior and Senior Year: Complete your first full draft over master thesis in management systems the summer between Junior and Senior Year! I know, I know no one wants to resume on rna work during the 3 essays, summer, but trust me this will save you so much stress come the fall when you are busy with college applications and other IB internal assessments for your IB classes.

You will want to have this first full draft done because you will want to complete a couple of resume on rna draft cycles as you likely won’t be able to 5 paragraph on a get everything you want to resume say into 4000 articulate words the dogs pets than, first time. Try to get this first draft into the best possible shape you can, so that you do not have to work on too many revisions during the resume on rna, school year on in management information top of your homework/college applications/work/extracurriculars/etc. August/September of Senior Year: Turn in your first draft of your EE to resume on rna your advisor and receive feedback. Work on incorporating their feedback into your essay. 5 Paragraph Essay On A Carol! If they have a lot of resume suggestions for improvement, ask if they will read one more draft before the final draft. 3 Essays! September/October of resume Senior Year: Submit second draft of EE to your advisor (if necessary) and taxation essay receive their feedback. On Rna! Work on creating the best possible final draft. November-February of Senior Year: Submit two copies of your final draft to your school to be sent off to taxation essay IBO. You likely will not get your grade until after you graduate. The early bird DOES get the worm!

Extended essays are marked by external assessors (examiners appointed by resume the IB) on a scale of essay dogs 0 to 36. There are general and resume on rna subject-specific criteria, at a ratio of 2:1 (24 possible marks for the general criteria and master thesis in management systems 12 marks for the subject-specific one). The total mark is converted into a grade from A to resume on rna E, using the below parameters: Here is the typical breakdown of scores (from 2008): How Does the Extended Essay Grade Affect Your IB Diploma? The Extended Essay grade is combined with your TOK (Theory of Knowledge) grade to 3 essays determine how many points you get towards your IB Diploma. To learn about Theory of Knowledge or how many points you need to receive your IB Diploma, read our other articles on What is the International Baccalaureate (IB) Program? or IB Diploma Requirements. This diagram shows how the two scores are combined to resume determine how many points you receive for your IB diploma (3 being the most, 0 being the least). So, let’s say you get an A on your EE and a B on TOK, you will get 3 points towards your diploma. Note: this chart is slightly outdated.

Prior to the class of 2010, a diploma candidate could receive a failing grade in either the dogs than, extended essay or theory of knowledge and still be awarded a diploma. However, as of on rna 2014 (for the first examination in taxation essay May 2015), a student who scores an E on either the extended essay or TOK essay will not be eligible to receive an resume, IB diploma. In case you want a little more guidance on taxation essay how to resume get an A EE. Of The Spoof! Here are 50 Excellent (grade A) sample extended essays for your reading pleasure: Want to improve your SAT score by 160 points or your ACT score by 4 points? We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score.

Download it for free now: Have friends who also need help with test prep? Share this article! As an SAT/ACT tutor, Dora has guided many students to test prep success. She loves watching students succeed and is committed to helping you get there. On Rna! Dora received a full-tuition merit based scholarship to taxation essay University of Southern California. She graduated magna cum laude and scored in the 99th percentile on resume on rna the ACT. She is also passionate about image, acting, writing, and photography.

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