Macroeconomics 12th Edition by Rudiger Dornbusch ,Stanley Fischer,Richard Startz

Exercise 6

It is sometimes said that the Great Depression would have been a severe recession if it had stopped in 1931 but would not have been the calamity it was.
a. From Table 21-1 calculate the rate at which GNP was falling from 1929 to 1931.
b. How does that rate compare with the rate at which real GDP fell during the 1990-1991 recession
c. Do you agree with the first sentence in this question Explain.