Question: Step 1 : Use the search function on FRED to try and find the series that you think come closest to the ideal measures you

Step 1: Use the search function on FRED to try and find the series that you think come closest to the ideal measures you identified in part (a). I wound up working with the following three series
Employment Level - Bachelors Degree and Higher, 25 Yrs. & Over(LNS12027662)
Population Level -25-54 Yrs.(LNU00000060)
Population Level -55 Yrs. & Over(LNU00024230)
Since weve restricted our wage series to individuals 25 years and over, it makes sense to do the same thing for the employment and population series. Unfortunately, FRED does not appear to have a series for "25 and over". However, it has two separate series for ages 25-54 and 55 and over. So adding these two series should give us the denominator we want. If you think that other series are more appropriate, thats totally fine, as long as you discuss why in part (a) above.
Step 2: Using similar steps as in Part 1, compute the number of employed college graduates (25 years and older) as a fraction of the population aged 25 and older, using a formula like this: 100*(a/(b+c)), where a="college educated workers", b="workers aged 25-54", and c="workers aged 55+". Like in Part 1, the series should already be in percent, which is what we want, so there is no need to change the units.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!