Working with the Data Answer these questions using the Federal Reserve Bank of St. Louis's FRED database, accessi ble at httpJ/research.stlouisfed.orgffred2] 1. Calculate consumption of durables, consumption of nondurables, and consumption of services as percentages of total consumption, and plot these time series. Comment on the changes that have taken place over time in the consumption of services relative to durables and nondurables. 2. There exists a debate among monetary policymakers as to the appropriate ination measure that should be used to guide policies. Four alternatives are the consumer price index, the consumer price index excluding food and energy prices, the personal consumption expen ditures chain-type price index (monthly), and the personal consumption expenditures chaintype price index excluding food and energy prices. Calculate 12month percentage rates of increase in each of these measures from 2000 up to the present, compare, and discuss. 3. The unemployment rate measures only the fraction of the labor force searching for work. Sometimes economists are interested in the length of time that the unemployed have been out of work. One convenient summary measure is the median duration of unemployment. Plot this variable, and comment on how it has evolved over time, particularly during the last recession