1. (15 points total) Use the following two links to answer the following questions: Nominal Wages (W) Price index CPI (P) a) (5 points) Calculate the real wage (W/P) the first month of the recession 12/07 and compare it to the last month of the recession 6/09. What is the percent change in the real wage during this most recent recession? Please show all work and round to two decimal places. W/P (12/07) W/P (6/09) A(W/P) =Lesson 02 Homework Links Link URL graph from the FRED site http:/research.stlouisfed.org/fredgraph.png?g=1Vw National Bureau of Economic Research (NBER) http:/www.nber.org/ site see the FRED website http://research.stlouisfed.org/fred2/ Nominal Wages http:/research.stlouisfed.org/fred2/data/AHETPL.txt Price index CP http://research.stlouisfed.org/fred2/data/CPIAUCSL.txt *pro-cyclical' http://en.wikipedia.org/wiki/Procyclical Investopedia site http://www.investopedia.com/ask/answers/177.asp#axzz1ju5rusaa Employment http://research.stlouisfed.org/fred2/series/PAYEMS?cid-11 here (Guardian article) http:/www.theguardian.com/business/2015/jan/22/quantitative- easing-around-the-world-lessons-from-japan-uk-and-us unleash a massive QE programme http://www.theguardian.com/business/2013/apr/04/japan- quantitative-easing-70bn Click Here ( Nominal one year rates ) http://research.stlouisfed.org/ fred2/data/Gs1.txt Click Here (Price index CPI) http://research.stlouisfed.or g/fred2/data/CPIAUCSL.txt Click Here (Expected Inflation ) http://research.stlouisfed.org/tre data/MICH.txt Nominal GDP http://research.stlouisfed.org/fred2/data/GDP.txt GDP Deflator http:/research.stlouisfed.org/fred2/data/GDPCTPlext NBER site http://www.nber. Previous O Ben