Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Question
Chapter 2, Problem 1E
(a)
To determine
Determine the value of real
(b)
To determine
Determine the value of real GDP and nominal GDP in 1970.
(c)
To determine
Did the real GDP increase between 1970 and the most recent years or not.
(d)
To determine
Describe the difference between two numbers.
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Construct the following graphs for the US economy using
the data from FRED, BEA, and BLS websites. Select the
period from 1945 (subject to data availability) until the
most recent year available. You have
to create each graph three different times by utilizing the
data from the three different websites. Be sure
to indicate the source of data for each graph.
Nominal GDP and real GDP levels on the same graph (two
curves on the same graph)
Real GDP growth rate Unemployment rate
Price Index (CPI or GDP deflator) Inflation rate
Refer to the quarterly value of Gross Domestic Product (GDP in billions of current
dollars) in China from 2021q1 to 2023q4. You are going to analyze GDP by an additive
model with a trend component (Tt) and a seasonal component (St), and forecast GDP
using the seasonal decomposition method.
Year
Quarter
t
GDP (Y₁)
CM(4)
Detrended
2021
1
1
24920
2
2
28284.9
3
3
29128.8
?
?
4
4
32589.9
?
?
2022
1
5
27034.4
?
?
2
6
29244.7
?
?
3
7
30794.2
?
?
4
8
33399.1
?
?
2023
1
9
28442.3
?
?
2
10
30829.3
?
?
3
11
31997.6
4
12
34789
a. Use an CM(t|4) [centered moving average of order 4] series to estimate the GDP
series from t = 3 to 10.
b. Calculate the seasonal factors for each quarter with a zero mean, by first obtaining
the detrended revenue series from t = 3 to 10.
c. In this seasonal decomposition method, why is it necessary to use moving averages
to process time series data first? How about using moving average of order 5?
Refer to the data file to answer the following questions.
1. Calculate the Gross Domestic Product (GDP) at current prices for each quarter.
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