For the years 1993 – 2015, get on the Web and look up the actual end of year figures and exhibit them in a table for the following economic variables: (The Fed Bank of St. Louis’ “FRED” database is a great source – http://research.stlouisfed.org/fred2/ – use the search function).
a) Nominal (current dollar) GDP
b) Real (constant dollar) GDP
c) the Consumer Price Index (CPI) – urban, all items
d) Disposable Personable Income
e) the Unemployment rate
(be sure to name your sources and data units)
A. Are any of the above years recession years? If so, which ones?
B. From the above figures calculate for each year from 1993 to 2014:
f) the GDP deflator.
g) the inflation rate from the GDP deflator.
h) the inflation rate from the CPI.
i) the growth rate of real GDP.
j) Real Personal Disposable Income from d) above “deflated” by the CPI.
C. Using a spreadsheet, construct a (separate for each variable) line graph showing the values of each of the above variables (a through j) over the period.
D. Which 3 years exhibit the highest rates of: a) economic growth b) inflation c) unemployment?
E. Using a spreadsheet, construct an x-y scatterplot of the growth rate of real GDP against the change in the Unemployment rate. Briefly describe any relationship you may observe.