Activity 13: The Phillips Curve This activity focuses on inflation and unemployment, and you will use FRED to find data that pertain to them. FRED. is a great and simple tool for finding, viewing, and manipulating official data. 1. Go to https://fred.stlouisfed.org/ and sign in to your personal FRED= account. 2. In the search bar, type in "CPI." One of the first few results should be Consumer Price Index for All Urban Consumers: All Items, Index 1982-1984 = 100, Monthly, Seasonally Adjusted Click on this. 3. Look at the upper right of the screen for the orange EDIT GRAPH button. Click it and make sure the EDIT LINE 1 tab is highlighted In the Units box, change the units to Percent Change from Year Ago. 4. In the EDIT GRAPH panel, make sure the ADD LINE tab is highlighted. In the search bar, type in "civilian unemployment rate." One of the first few options should be Civilian Unemployment Rate, Monthly, Percent, Seasonally Adjusted. Click on this, and then click the Add data series button. Now click the EDIT LINES tab and change the units to Percent (not Percent Change from Year Ago). 5. Now, adjust the left button of the slider bar below the x-axis so that you can see the two most recent recessions and the current COVID-19 Crisis (i.e., set the plot area so that you can view from about 2001 to the present). Next, click inside the gray slider area (between the two buttons) and move the viewer back and forth across the dates, paying attention for any patterns between the inflation rate and unemployment. Do you observe any patterns? 6. Moving the same size viewing window across the dates again, pay attention to the inflation rate and unemployment during the recessions (the gray bars). What pattern do you notice