FRED is a comprehensive up-to-date data source maintained by the Federal Reserve Bank of St Louis in the US, which is part of the US central banking system. 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 provides the information for you. FRED contains the main macroeconomic statistics for almost all developed countries going back to the 1960s. FRED also allows you to make your own graphs and export data into a spreadsheet. The purpose of this assignment is for you to learn how to use FRED to find and present macroeconomic data. 1. The first part of this assignment is for you to work through the tutorial on FRED designed by the St. Louis Fed (see the pdf "10 FRED activities in 10 minutes"). Replicate each of the figures in the tutorial. Download and present the graphs you created for Figures 5 and 12. No explanation is needed. For the second part you are asked to study Canada over the last 20+ years. 2. Using data for Canada, what is the level of constant GDP per capita in 2021? In 2011? In 2001? Calculate the rate of growth of (constant) per capita GDP for the period 2001-2011, and do the same for the period 2011-2021. Interpret your answer in five sentences or less. 3. Plot for Canada "Constant Price GDP" measured in "Percentage Change from a Year Ago" on a Quarterly basis starting in 1980 until the last quarter available. 4. FRED shows recessions in shaded areas for the US economy using the NBER definition, but not for other economies. For Canada, assume that a recession is defined by two consecutive quarters of negative GDP growth. Since 1980, how many recessions has the Canadian economy undergone? It may be helpful to download the data into a spreadsheet to check. What are the two biggest recessions in terms of length and magnitude? Copy the graph from question 3 and add to the graph the series "quarterly unemployment rate". The variable is "Unemployment Rate: Aged 15 and Over: All Persons for Canada". You will need to change the reporting of this data series from monthly to quarterly. 5. How does the unemployment rate behave during the two main recessions you have identified? Explain in ten sentences or less. 6. Excluding the most recent economic downtown, what was the level of the unemployment rate during the first and the last quarter of negative growth for the two most severe previous recessions? 7. What do you conclude about the link between recession and the variation in unemployment? Explain in ten sentences or less. Bonus question (extra points) 8. Find for Canada the series "National Accounts: National Accounts Deflators: Gross Domestic Product: GDP Deflator for Canada (CANGDPDEFQISMEI)" for the period 1961 to the last data point available. Recreate the graph of Lecture 2, slide 20 with the GDP deflator (slide 20 is the CPI). Calculate inflation using the GDP deflator with percentage change from a year ago (and see if you can get it on the right axis, if not, create two separate graphs, one with GDP deflator and one with inflation). Compare the inflationary period in the 1970s and note two differences between inflation using the CPI versus inflation using the GDP deflator. In the final submission, you should have four graphs, two for question 1, one for question 3 and one for question 5 that shows both series. Graphs can be downloaded directly from the FRED website. Your graphs should be clearly labeled. In writing up your assignment, please also clearly label answers to questions 1 through 7. If you do the bonus question you should have five graphs, and label your answers 1 through 8. For the submission: The assignment should be written in one document and submitted in TWO ways: through the Crowdmark link that was sent to the student AND through Quercus assignments for the plagiarism check. The document has to be in a .pdf or .jpeg format to be submitted; thus if it is written in Word, please convert it into one of these two formats. Deadline is 11:59 ET on Monday January 28, 2024. The assignment is individual: you may discuss the questions with other students, but the answers need to be formulated and written by you.