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    Assignment+4 Using+FRED+-+Winter 2023

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    zhuozhi fang
    This document outlines an assignment for an economics course that requires students to: 1) Graph the contributions of key components (consumption, investment, government, net exports) to US GDP growth from 2003-2016 using Federal Reserve economic data and ensure the components add up to total GDP growth. 2) Create a table showing the contribution of each component to US GDP growth before, during, and after the Great Recession from 2006-2010. 3) Briefly explain differences in consumption and investment during recession/recovery phases. 4) Infer US fiscal policy based on government spending contribution to GDP. 5) Create a new table of GDP component contributions from 2019-2022 and discuss lessons from the Great

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    Assignment+4 Using+FRED+-+Winter 2023

    Uploaded by

    zhuozhi fang
    65 views2 pages
    This document outlines an assignment for an economics course that requires students to: 1) Graph the contributions of key components (consumption, investment, government, net exports) to US GDP growth from 2003-2016 using Federal Reserve economic data and ensure the components add up to total GDP growth. 2) Create a table showing the contribution of each component to US GDP growth before, during, and after the Great Recession from 2006-2010. 3) Briefly explain differences in consumption and investment during recession/recovery phases. 4) Infer US fiscal policy based on government spending contribution to GDP. 5) Create a new table of GDP component contributions from 2019-2022 and discuss lessons from the Great

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    ECO102 Assignment 4

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    Assignment+4_Using+FRED+-+Winter_2023

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    This document outlines an assignment for an economics course that requires students to: 1) Graph the contributions of key components (consumption, investment, government, net exports) to US GDP growth from 2003-2016 using Federal Reserve economic data and ensure the components add up to total GDP growth. 2) Create a table showing the contribution of each component to US GDP growth before, during, and after the Great Recession from 2006-2010. 3) Briefly explain differences in consumption and investment during recession/recovery phases. 4) Infer US fiscal policy based on government spending contribution to GDP. 5) Create a new table of GDP component contributions from 2019-2022 and discuss lessons from the Great

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    65 views2 pages

    Assignment+4 Using+FRED+-+Winter 2023

    Uploaded by

    zhuozhi fang
    This document outlines an assignment for an economics course that requires students to: 1) Graph the contributions of key components (consumption, investment, government, net exports) to US GDP growth from 2003-2016 using Federal Reserve economic data and ensure the components add up to total GDP growth. 2) Create a table showing the contribution of each component to US GDP growth before, during, and after the Great Recession from 2006-2010. 3) Briefly explain differences in consumption and investment during recession/recovery phases. 4) Infer US fiscal policy based on government spending contribution to GDP. 5) Create a new table of GDP component contributions from 2019-2022 and discuss lessons from the Great

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    ECO102 Principles of Macroeconomics

    Assignment 4: FRED
    Due Date: Friday, February 17th, 2023 (which is later than in the syllabus)

    Contributions to changes in real GDP over the business cycle


    The contributions of the main components of expenditure (C, I, G, and X − M) to GDP
    differ over a country’s business cycle. In this assignment, you are asked to use FRED to
    compare these contributions in the US during and after the Great Recession in the course
    of the recovery, and any lessons for government from this experience for dealing with the
    economic effects of the Covid recession.

    Go to the https://fred.stlouisfed.org/. Search for the following four annual series for the
    United States and download the data:
    • Contribution to percentage change in real gross domestic product: Personal
    consumption expenditures
    • Contribution to percentage change in real gross domestic product: Gross private
    domestic investment
    • Contribution to percentage change in real gross domestic product: Government
    consumption expenditure and gross investment
    • Contributions to percentage change in real gross domestic product: Net exports
    of goods and services

    1. Graph the four series together in a single graph in the default units and show the
    graph here. You can either do this in FRED or in Excel. Use 2003:Q1 to 2016:Q4. Do
    the contributions to GDP add up approximately to the growth of GDP?

    Now use the data you have downloaded to carry out the following tasks for the period
    between of 2006:Q1 and 2010:Q4:
    2. Describe the contributions to US GDP growth before the recession (2006:Q1 to
    2007:Q4), during the recession (2008:Q1 to 2009:Q2) and in the recovery phase from
    2009:Q3 of the business cycle to 2010:Q4. If you analyze the data in FRED, you will
    see the recession shaded in the chart. Prepare a table like the one below (with a row
    for each quarter) that shows the contributions of each component to the change in
    GDP by quarter and include it here. Note: depending on which source you use for GDP
    growth, the numbers may not add up exactly.

    Period GDP C I G Net Exports


    2006:Q1
    …
    2008:Q1
    2008:Q2
    ...
    2010:Q4
    3. What might explain the differences seen in the role of consumption and investment
    during the recession and recovery phases of the business cycle? What about the
    period before the recession? Briefly explain.

    4. From the contribution to GDP growth of government consumption and investment


    expenditure, what can you infer about the US government’s fiscal policy during the
    crisis? Briefly explain.

    5. Describe the contributions of each of the components of GDP over the period since
    Q1 2019. Create a new table for the period 2019:Q1 to 2022:Q4 in a similar way as
    question 2. What is the most important source of the changes? What lessons do you
    believe the experience during the Great Recession may have for government efforts
    to address the effect of COVID-19 on the economy? Is it reflected in these data?

    Note: To make sure you understand how FRED graphs are created, you may want to
    extract the data into your spreadsheet and reproduce the series.

    For the submission: The assignment should be written in one document and submitted
    in two ways: through the Crowdmark link that was sent to the student AND through
    Quercus assignments for the plagiarism check. The document has to be in a .pdf or .jpeg
    format to be submitted; thus if it is written in Word, please convert it into one of these
    two formats.

    When it says “explain briefly” that means less than 10 lines. Your document should have
    two tables and one graph.

    Deadline is 11:59pm ET on Friday February 17, 2023, with a 16 minute grace period for
    uploading.

    The assignment is individual: you may discuss the questions with other students, but the
    answers need to be formulated and written by you.

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