02 Jun Question This exercise is designed to assess your ability
Question
This exercise is designed to assess your ability to manipulate and analyze data inaccordance with Course Competency (CC) #5: Locate, analyze, and interpretmacroeconomic data.Instructions:? Put all of your work in one file;? Write your name in the header;? We need to see your work in Excel (i.e., formulas). Do not copy and paste numbers fromyour original worksheet to a new worksheet. When submitting, make sure that the cellsin your worksheet show formulas.? After you finish the assignment, name your file LastnameDE2.xls (or .xlsx, depending onthe version of Excel). Note that you do not have to write the .xls suffix by yourself –Excel will do it automatically, and? Upload it to the Assignment Section of the Blackboard.
Background:
Over the business cycle, many macroeconomic data series move together. The investmentcomponent of GDP is most volatile, and government expenditures typically increase duringrecessions to offset declines in private-sector expenditures. However, each business cycle iscaused by different reasons, and therefore, each business cycle is different.
Assignment:
You work as an analyst at an investment bank. The CEO of the firm just came back from theAnnual Policy Symposium at Jackson Hole. He tells you that he listened to the presentation byProfessor Robert Hall, who chairs the National Bureau of Economic Research’s RecessionDating Committee. The CEO hands you the paper by Professor Hall, “Why Does the EconomyFall to Pieces after a Financial Crisis?
a. You have to update the figures 1 and 4 using the most recent data available. Use Excel and
create graphs similar to the figures 1 and 4 using data up to the most recent period. All dataseries are available at St. Louis Federal Reserve Bank’s FRED®(http://research.stlouisfed.org/fred2/). Download appropriate series in Excel.
? To download data from FRED®, you have to register.
? You have to use “real” series for all GDP-related data. They are available quarterly.
? You need the following quarterly series for figure 1:
Consumption:
Real Personal Consumption Expenditures: Nondurable GoodsReal Personal Consumption Expenditures: ServicesInvestment:Real Personal Consumption Expenditures: Durable GoodsReal Gross Private Domestic Investment, 3 DecimalGovernment:Real Government Consumption Expenditures & Gross Investment, 3DecimalNet Exports:Real Net Exports of Goods & Services, 3 Decimal
? Use the monthly series for the interest rates (figure 4):20-Year Treasury Constant Maturity RateMoody’s Seasoned Baa Corporate Bond Yield
? Since the oldest data you need for this exercise is from January 2007. You may want todelete data prior to January 2007 to simplify your worksheet
? You need to combine worksheets for figure 1 and figure 4 into one file. To combine twofiles into one, use “Home-Format (Cells)-Move or Copy Sheet” and move one sheet tothe other “book.
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