Calculate and plot the percentage change in federal government receipts (adjust for inflation by dividing receipts by
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Calculate and plot the percentage change in federal government receipts (adjust for inflation by dividing receipts by the implicit GDP deflator), and the percentage change in real GDP. Does what you see in the chart conform to Ricardian equivalence? Explain why or why not.
Answer this question using the Federal Reserve Bank of St. Louis’s FRED database, accessible at http://research.stlouisfed.org/fred2/
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