Data Analysis Exercise

FRED Data Analysis Exercise
Introduction
This assignment is based on the exploration and analysis of two of the most important economic variables used in economic analysis: Real GDP and Unemployment. These variables are compiled by the Bureau of Economic Analysis and are used extensively by the Federal Reserve of St Louis, in a database called FRED (Federal Reserve Economic Data), which is made up of nearly 140,000 economic time series from more than 50 data producers. The expectation is that at the end of the course, your new found ability to extract, manipulate, and understand economic data will be an enduring benefit from taking this course.How to Access and Use the FRED WebsiteAssignment Part A:100 pointsMost Economists, Policymakers, Social Scientists, and Business Analysts use a country’s real GDP per capita as the main indicator of the average person’s standard of living in that country. Robert Kennedy expressed his disagreement with the over-reliance on the use of GDP per capita with the following comments:Gross Domestic Product, he argues “… does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our courage, nor our wisdom, nor our devotion to our country. It measures everything, in short, except that which makes life worthwhile, and it can tell us everything about America except why we are proud that we are Americans” (1968, para. 23).You can watch listen to his speech here:PART A ESSAY:Do you agree or disagree with the late Robert Kennedy’s assessment of the importance of GDP per capita in determining the standard of living? Provide reasons to support your position. – 50 pointsAssignment Part B:300 points
Items 1-4 below will require Multi-Series Graphs. This means plotting a graph with more than one variable (line). To add an additional line (variable) to a graph, you will first plot the initial FRED code, then click on the tab labeled as “Edit Graph.” An Edit Graph box opens. Click on the tab labeled “Add Line” within the Edit Graph box, and type the FRED code for the additional variable and hit enter. Select the correct variable from the list that populates and click the “add data series” tab. Be sure to update the date range.Note: you will do a separate Multi-Series Graph for each grouping (1-4) below, for a total of 4 graphs:PART B ESSAY:Using the graphs on measures of unemployment, educational attainment, gender and race, provide a comprehensive assessment of the labor market during the years 2000 to 2020. (NOTE: In responding to this question, please briefly comment on the employment situations before and after recessionary periods).100 pointsWriting RequirementsFailure to follow the requirements, especially plotting the graphs, will result in a significant loss in points:

 

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