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This exercise will familiarize you with the U.S. economy. First a long-run look at the U.S.
GDP.
1. (33 points) Go to the U.S. Bureau of Economic Analysis web site (www.bea.gov).
Download the annual Gross Domestic Product data between 1929-2010.
(a) (8 points) Plot the data against time. Make sure your graph is perfectly labeled.
Include a copy of your graph in your printed assignment.
(b) (4 points) Prepare a table like the one below, ll it out, and include it in your
printed assignment.
1930s
1960s 1990s 2000s
Average Annual Growth
Rate of U.S. GDP (%)
1930s means from 1930 to 1939. To nd the average annual growth rate in the
1930s, you need to nd the annual growth rate for each year and then take the
average of the growth rates.
(c) (7 points) Apart from changes in productive capabilities of the U.S., what else
contributes to the growth rates you calculated? Name at least two things.
(d) (10 points) Go to the U.S. Bureau of Labor Statistics web site (www.bls.gov).
Download the annual not seasonally-adjusted data for CPI (all urban consumers,
U.S. city average, all items) between 1929-2010. Use the CPI values together with
the GDP values you downloaded from BEA to calculate the real U.S. GDP. Plot
the real GDP data you calculated against time. Make sure your graph is perfectly
labeled. Include a copy of your graph in your printed assignment.
1(e) (4 points) Prepare a table like the one above for real GDP, ll it out, and include
it in your printed assignment.
Now a short-term look at the U.S. economy.
2. (33 points) Using the BEA web site, get the quarterly Real GDP (chained 2005
dollars) data between 2005-2010. (Hint: Use Table 1.1.6.)
(a) (13 points) Plot the data against time. Make sure your graph is perfectly labeled.
Include a copy of your graph in your printed assignment.
(b) (15 points) Using the same table, get the data for Consumption Spending, In-
vestment Spending, and Government Spending. On your spreadsheet application,
calculate the quarterly growth rates of real GDP, real C, real I, and real G. Plot
these growth rates against time on a single graph. Include a copy of your graph
in your printed assignment.
(c) (5 points) Which component of real GDP has drastically changed during the
2009 recession?
3. (13 points) Go to the BLS web site and download unemployment rate data for each
month between 2005-2010. You will calculate the average quarterly data from the
monthly data. For example, for the rst quarter of 2005, add the unemployment rates
in January, February, and March, and divide the sum buy 3. This is going to be the
unemployment rate for the rst quarter of 2005.
(a) (9 points) Plot the quarterly unemployment rate against time. Make sure your
graph is perfectly labeled. Include a copy of your graph in your printed assign-
ment.
(b) (4 points) Look at the unemployment rate graph and the quarterly real GDP
graph from previous question. How do you think they are related? Why are they
related like that? Use the arguments we made in class to explain the relationship.
4. (16 points) Go to the BLS web site. Download the annual not seasonally-adjusted
data for PPI (use commodity data NOT industry data, all commodities) between 1929-
2010.
(a) (10 points) On the same graph, plot the annual CPI and PPI values. Include a
copy of your graph in your printed assignment.
Notice that until about 1985, the two series follow one another rather closely.
However, after 1985 they are quite di erent in value.
(b) (3 points) If you were to calculate the in
ation rate between 1985-2001, which
series would give you a higher in
ation rate? Explain.
(c) (3 points) If you were to calculate the in
ation rate between 2001-2008, which
series would give you a higher in
ation rate? Explain.
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