AutoSave O OFF FRED Assignment 3 - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Table Design Layout Tell me Share Comments Calibri v 11 AA Aav a= v AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdEc AaBbCcDdl AaBbCcDdEe AaBbCcDdEe AaBb( AaBbCcDdEe Paste BI Uvab x X|ALAv Normal No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Heading 5 Title Subtle Emph Styles Dictate Sensitivity Pane * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates 4. Quantify and summarize variables related to the determinants of long-run growth, inflation, and foreign trade. Due Friday 10/29/2021 at 11:59pm FRED Data Required To complete this assignment, students will need the following variables from FRED: FRED Variables Concept Mnemonic Description (units) Nominal GDP (P x Y) GDP Gross Domestic Product (Sbillions) Real GDP (Y) GDPC1 Real Gross Domestic Product (2012 Sbillions Real potential GD GDPPOT Real Potential Gross Domestic Product (201 (YPOT) $billions) US Productivity (Y/L) OPHNFB Output per hour (labor productivity), nonfarm business sector, US [Quarterly] US Technology (A RTFPNAUSA632NRUG Total factor productivity (TFP), United States (2017=100) Annual KR Technology (A) RTFPNAKRA632NRUG Total factor productivity (TFP), South Korea (2017=100) [Annual] CN Technology (A RTFPNACNA632NRUG Total factor productivity (TFP), China (2017=100) Annual WV income pc (Y/Pop) WVPCP Per capita personal income in WV ($) CA income pc (Y/Pop) CAPCPI Per capita personal income in CA ($ US income pc (Y/Pop) A792RCOA052NBEA Per capita personal income in US ($) Core CPI (P) CPILFESL Consumer price index for all urban consumers less food and energy (1982-1984 = 100) |M1 M1SL M1 Money Stock ($ billions) M2 M2SL M2 Money Stock ($ billions) US net exports (X-M) A019RE1A156NBEA Net exports of goods and services, United States (% of GDP) US$ real exchange rate TWEXBPA Real broad US dollar index, goods only (1973=100) Graphs to Create Create the following graphs in FRED, download them and insert the .PNG files into this document. Chapter 12 (Long-run growth) 1. How have U.S. productivity (Y/L) and technology (A) grown over time? Use the US productivity (Y/L) and technology (A) variables from the data table above to construct a graph from 1947:Q1 to 2021:Q2 using LINE 1 and LINE 2. Format the graph to convert the variables to have log scales and put them on separate Y-axes (left and right). NOTES: Productivity is quarterly and technology is annual, but that's okay. With log scales, the slope of a variable reflects its growth rate over time. [INSERT FIGURE 1 HERE] Page 2 of 6 2517 words LX English (United States) Focus E + 107%