County Colombia Macroeconomic indicators: 1. 1. Calculating the GDP deflator and the inflation rate Go to the website of the Federal Reserve Bank of St. Louis (FRED) https://fred.stlouisfed.org/ Find the values for the most recent quarter and the values for the same quarter one year ago for nominal Gross Domestic Product (GDP) and Real Gross Domestic Product (GDPCI). * Locate the data for Gross domestic product (GDP-country name) * Click on the "Download Data" link on the left of the page. Change the beginning date to one year prior to the most recent observation. Then click on "Download data" button to download the data and save it to your computer. * Locate the data for Real Gross Domestic product (RGDP-country name) * Repeat the above steps you did for downloading data. * a. Use these values to calculate the GDP price deflator for the most recent quarter and the GDP price deflator for the quarter one year ago. Economic indicators Current year (the recent year chosen for study) Previous year (the year before the chosen year) Nominal GDP Real GDP GDP deflator GDP deflator = X 100 * b. Using the two GDP price deflators, calculate the inflation rate during this year. Inflation rate = X 100 1. 2. Calculating net exports Go to the website of the Federal Reserve Bank of St. Louis (FRED) https://fred.stlouisfed.org/ * a. Find the values for the most recent two years for Real Exports of Goods and Services (EXPGSCA) and Real Imports of Goods and Services (IMPGSCA). * b. Compute the value of net exports for each of the two most recent years. Economic Indicators Chosen year Previous year Exports Imports Net exports Net exports = Exports - Imports Comment on the net exports, whether there was a surplus or deficit. Project instructions: The final project is worth 35 points. The due date for submission of the final project is April 19th. The specific format of the project is given below: 1. 1-inch margins on all sides of the document (for Microsoft Word, you'll likely need to re-format your document layout) 2. Double Spacing 3. Size 12, Times New Roman Font 4. Running Header with student's last name and course section in all capital letters (ex. BALA: ECON 2105). 5. Clearly denote new paragraphs with either an extra line of space (and no indent), OR continuous spacing and a 0.5-inch indent. 6. Correctly cite any source according to the APA guidelines. This requires the use of both in-text citations and a correctly formatted reference/bibliography page. 7. Submitted on-time. 8. Attach the excel worksheet with macroeconomic data that you downloaded for performing the calculations. Note: Look for the following information in FRED database for the country of your choice. Nominal GDP: Gross Domestic Product for Current U.S. Dollars, Annual, Not seasonally adjusted Real GDP: Real Gross Domestic Product at Constant National Prices for < country> Millions of U.S. Dollars, Annual, Not seasonally adjusted Exports: Exports of Goods and Services in Annual, Not Seasonally Adjusted Imports: Imports of Goods and Services in Annual, Not Seasonally Adjusted Consumer Price Index (CPI): Consumer Price Index for Index 2010 =100, Annual, Not Seasonally Adjusted Or Index 2015 = 100, Annual, Not Seasonally Adjusted The year chosen for study should be the same for all macroeconomic indicators