Go to the Web site of the Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/) and find
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a. Using these data, calculate the average annual rate of growth in real GDP over this eight-year period, assuming that real GDP equals potential GDP in the quarter that is eight years in the future.
b. If the velocity of money is constant during this eightyear period, what will the growth rate of M1 have to be if the annual inflation rate averages 2 percent? Briefly explain.
c. Suppose that M1 grows at this rate, but the actual inflation over this period averages more than 2 percent. What can you conclude about velocity during this period?
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For the second quarter of 2015 Real Gross Domestic Product equaled 163336 billion in chain...View the full answer
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