Table 2 Decomposition of the Change in GNP in the United States in Recessions Fraction of the Chunge in GNP Accounted or by Percentage ntenlory Fixed Net Governmen Yea Change in GNP Consumption InvestmentInvestment Exports Purchase 1904 -0.76 0.66 0.01 1908 0.56 0.35 0.05 0.10 1914 79 0.12 0.23 0.63 0.09 0.08 1917 2.4 0.66 0.74 0.74 0.26 1.40 1920 L. -292 1.71 0.68 1.44 4.88 l921 2.56 0.51 0.43 0.5 l930 -9.3 0.46 0.24 0.38 0.10 1931 -6.2 0.38 0.03 0.62 0.06 0.09 1932 15.8 0.50 0.20 0.26 0.01 0. 1933 0.66 0.04 0.19 0.09 -5.5 0.22 0.94 0.38 Sources and Notes: The data on real GNP and its components are from Kendrick(1961, Table A-Ila Pp 293-295). The table shows the decomposition of the change in GNP for all years between 1900 and 1942 in which Gnp declined. The rows may not sum to one because of rounding