2. Referring to the analysis of building permits in the United States (BPERMITS) shown in the graphs below: 1.0 80 - gdp-gth BPERMITS-YOY 0.8 60 0.6 0.4 40 - 0.2 CROSS CORRELATION RATE (%/year) 0.0 -0.2 -20 -0.4 -0.6 -40- rel. vol. = 9.2 -0.8 -60 -1.0 1960 1970 1980 1990 2000 2010 2020 -8 -6 6 Source: FRED / BEA TIME (year) LAG (quarters) Assess the relationship between the growth rate of building permits and the growth rate of GDP using the measures listed below. Include a brief summary of the ways each measure can be classified to support your assessment. (a) Timing. (b) Direction. (c) Volatility