Help solve! i dont understand steps.

I need to create a graph based on information above

a. Figure 23.2 panel (b) in Chapter 23.2 e (expressed in % of GDP). Try finding the appropriate series on FRED, but if you can't find it, please use the hints below. b. How have the current account and trade balance evolved since 2016 (the last data point in Figure 23.2)? c. Chapter 23.4 e presents several versions of the "National Saving and Investment" identity. The goal here is to illustrate how its key components have evolved over time. Let's take the version that expresses the trade surplus as a function of domestic saving minus investment Trade surplus - Private domestic saving+Public domestic saving - Investment X-M) + S + (T-G) - 1 Use FRED to plot the four main components (X-M),S.T-G), and I for the U.S. since 1960, in a combined time series graph (four lines) d. What is the counterpart to the recent (COVID driven) increase in the federal budget deficit? Can you make sense of that? Hints 1. For part (a), please use the following series as the data for your graph: Current Account: Use the series FRED series NETFI and divide it by the FRED series GDP (or GDPA), depending on the frequency you want to plot. To express this ratio in percent also multiply by 100. to Trade Balance in Goods & Services: Take the trade balance from the BEA's National Income and Product Accounts (NIPA) which is FRED series A019RE1Q156NBEA (already expressed as % of GDP). 2. For part (c), use the following series as underlying data (all expressed as % of GDP): Private Consumption (C): Use FRED series DPCERE1Q156NBEA (in % of GDP from NIPA) Private Investment (1): Use FRED series A006RE10156NBEA (in % of GDP from NIPA) Government Spending (G): Use FRED series A822RE10156NBEA (in % of GDP from NIPA) to Net Exports (X-M): Use FRED series A019RE10156NBEA (in % of GDP from NIPA) Government Budget Surplus (T-G): Use FRED series FYFSGDA1885 (in % of GDP from the U.S. Office of Management and Budget) 3. All the series above are already exactly what we need, except for private saving, which is when expressed in percent of GDP The main problem is that we don't have a direct measurement for T. That said, we have a measurement of public saving" (the government budget surplus) (T-G). So we can simply back out taxes by computing T-(T-G)+G. Then, using the corresponding FRED series IDs from above, we can compute private savings as 100 -T-C-100 - (FYFSGDA1885 +A822RE10156NBEA) - DPCERE10156NBEA. In FRED your formula will then be something like 100 (a+b)-c, depending on which order you adde the data series in 100 - -100 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 -200 Billions of Dollars -300 -400 -500 -600- -700 -800 Current account balance Merchandise trade balance -900 Year (a) The current account and merchandise trade balance in nominal dollars 2 1 0 -1 1965 1970 1975 1989 1985 0061 1995 2000 2005 2010 2015 2020 -27 Percentage of GDP -3 47 -5 -6 Current account balance Merchandise trade balance -7 Year (b) The current account and merchandise trade balance as a percentage of GDP Table 23.4 shows the U.S. trade picture in 2013 compared with some other economies from around the world. While the U.S. economy has consistently run trade deficits in recent years, Japan and many European nations, among them France and Germany, have consistently run trade surpluses. Some of the other countries listed include Brazil, the largest economy in Latin America; Nigeria, along with South Africa competing to be the largest economy in Africa; and China, India, and Korea. The first column offers one measure of an economy's globalization: exports of goods and services as a percentage of GDP. The second column shows the trade balance. Usually, most countries have trade surpluses or deficits that are less than 5% of GDP. As you can see, the U.S. current account balance is -2.6% of GDP, while Germany's is 8.4% of GDP. Exports of Goods and Services Current Account Balance United States 17.696 -2.6% Japan 16.2% 3.1% 46.8% 8.4% 27.2% -5.4% Germany United Kingdom Canada Sweden 31.5% -3.2% 45.6% 5.2% Korea 45.9% 7.7% Mexico 35.4% -2.9% Brazil 13.0% -3.3% China 22.1% 3.096 India 19.9% -1.1% Nigeria 10.7% -3,396 World 0.0% a. Figure 23.2 panel (b) in Chapter 23.2 e (expressed in % of GDP). Try finding the appropriate series on FRED, but if you can't find it, please use the hints below. b. How have the current account and trade balance evolved since 2016 (the last data point in Figure 23.2)? c. Chapter 23.4 e presents several versions of the "National Saving and Investment" identity. The goal here is to illustrate how its key components have evolved over time. Let's take the version that expresses the trade surplus as a function of domestic saving minus investment Trade surplus - Private domestic saving+Public domestic saving - Investment X-M) + S + (T-G) - 1 Use FRED to plot the four main components (X-M),S.T-G), and I for the U.S. since 1960, in a combined time series graph (four lines) d. What is the counterpart to the recent (COVID driven) increase in the federal budget deficit? Can you make sense of that? Hints 1. For part (a), please use the following series as the data for your graph: Current Account: Use the series FRED series NETFI and divide it by the FRED series GDP (or GDPA), depending on the frequency you want to plot. To express this ratio in percent also multiply by 100. to Trade Balance in Goods & Services: Take the trade balance from the BEA's National Income and Product Accounts (NIPA) which is FRED series A019RE1Q156NBEA (already expressed as % of GDP). 2. For part (c), use the following series as underlying data (all expressed as % of GDP): Private Consumption (C): Use FRED series DPCERE1Q156NBEA (in % of GDP from NIPA) Private Investment (1): Use FRED series A006RE10156NBEA (in % of GDP from NIPA) Government Spending (G): Use FRED series A822RE10156NBEA (in % of GDP from NIPA) to Net Exports (X-M): Use FRED series A019RE10156NBEA (in % of GDP from NIPA) Government Budget Surplus (T-G): Use FRED series FYFSGDA1885 (in % of GDP from the U.S. Office of Management and Budget) 3. All the series above are already exactly what we need, except for private saving, which is when expressed in percent of GDP The main problem is that we don't have a direct measurement for T. That said, we have a measurement of public saving" (the government budget surplus) (T-G). So we can simply back out taxes by computing T-(T-G)+G. Then, using the corresponding FRED series IDs from above, we can compute private savings as 100 -T-C-100 - (FYFSGDA1885 +A822RE10156NBEA) - DPCERE10156NBEA. In FRED your formula will then be something like 100 (a+b)-c, depending on which order you adde the data series in 100 - -100 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 -200 Billions of Dollars -300 -400 -500 -600- -700 -800 Current account balance Merchandise trade balance -900 Year (a) The current account and merchandise trade balance in nominal dollars 2 1 0 -1 1965 1970 1975 1989 1985 0061 1995 2000 2005 2010 2015 2020 -27 Percentage of GDP -3 47 -5 -6 Current account balance Merchandise trade balance -7 Year (b) The current account and merchandise trade balance as a percentage of GDP Table 23.4 shows the U.S. trade picture in 2013 compared with some other economies from around the world. While the U.S. economy has consistently run trade deficits in recent years, Japan and many European nations, among them France and Germany, have consistently run trade surpluses. Some of the other countries listed include Brazil, the largest economy in Latin America; Nigeria, along with South Africa competing to be the largest economy in Africa; and China, India, and Korea. The first column offers one measure of an economy's globalization: exports of goods and services as a percentage of GDP. The second column shows the trade balance. Usually, most countries have trade surpluses or deficits that are less than 5% of GDP. As you can see, the U.S. current account balance is -2.6% of GDP, while Germany's is 8.4% of GDP. Exports of Goods and Services Current Account Balance United States 17.696 -2.6% Japan 16.2% 3.1% 46.8% 8.4% 27.2% -5.4% Germany United Kingdom Canada Sweden 31.5% -3.2% 45.6% 5.2% Korea 45.9% 7.7% Mexico 35.4% -2.9% Brazil 13.0% -3.3% China 22.1% 3.096 India 19.9% -1.1% Nigeria 10.7% -3,396 World 0.0%