Economics Assignment (FRED data)

I need this assignment completed completely along with the macroeconomic data also graphing and to be written strictly in your own words!
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Homework 14
If you want real-time macroeconomic data on the German unemployment rate or China’s
output growth, you do not need to learn German and Chinese, or struggle to get to grips with
national archives, because FRED does it for you! FRED is a comprehensive up-to-date data
source maintained by the Federal Reserve Board of St Louis in the US, which is part of the
US central banking system. It contains the main macroeconomic statistics for almost all
developed countries going back to the 1960s. FRED also allows you to create your own
graphs and export data into Microsoft Excel.
To learn how to use FRED to find macroeconomic data, use the following steps:
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Click on this link to go to the FRED website
Use the search bar and type “Gross Domestic Product” (GDP) and the name of a
major global economy. Select the annual series for Real GDP for this country. Try to
find the Real GDP series that has the most years in it. (For some countries, the top
search result will be “Gross Domestic Product by Expenditure in Constant Prices”,
and it will have some options below it. If this is the case, choose the option which
says “National currency, annual”.) Click the “Add to Graph” button at the top of the
page. Use the graph that is created to carry out the following tasks:
1. What is the level of real GDP in your chosen country this year? (Pay close
attention to the units—some are measured in millions of US dollars, or billions of
euros, etc.)
2. FRED tells you that the real GDP is chained in a specific year (this means that it
is evaluated at constant prices for that year). This means that the real GDP and
the nominal GDP series would cross at that year. Why does this happen?
FRED shows recessions in shaded areas for the US economy using the NBER definition but
not for other economies. For other economies, assume that a recession is defined by two
consecutive quarters of negative growth. At the top right of the page, select “Edit graph”, and
then under “Units”, click on “Percent change from year ago”. The series now shows the
percent change in real GDP.
3. How many recessions has this economy undergone?
4. What are the two biggest recessions in terms of length and magnitude?
Now add to the graph the quarterly unemployment rate for your chosen economy (click
on “Edit graph”, then “Add Line”, search for “Unemployment” and your chosen country
name, click “Add Data Series”, and then change the units from “percent change from
year ago” to just “percent”).
5. How does the unemployment rate react during the two main recessions you have
identified?
6. What was the level of the unemployment rate at the beginning and the end of
negative growth for those two recessions?
7. What do you conclude about the link between recession and the variation in
unemployment?

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