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2 Empirical work: Beveridge curve Question 2.1 Recreate the Beveridge curvethe empirical relationship between the unemployment rate and the vacancy rateusing the U.S. Bureau of
2 Empirical work: Beveridge curve Question 2.1 Recreate the Beveridge curvethe empirical relationship between the unemployment rate and the vacancy rateusing the U.S. Bureau of Labor Statistics data. Download the data from the Federal Reserve Bank of St. Louis database https://fred.stlouisfed.org/. Download the data for unemployment rate (series UNRATE) and the rate of job openings (series JTSJOR) and plot a scatter-plot with the unemployment rate on the horizontal axis and vacancy rate on the vertical axis. In order to do that, you will have to download the data and plot them, e.g., in Excel (but the choice of software is up to you). Produce two graphs. One containing the data up to February 2020, and one including all available data. You will notice that the pandemic recession lead to a substantial deviation from the pre-pandemic Beveridge curve. Question 2.2 Do the data suggest that the labor market is returning back to the prepandemic state
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