FRED Graph Observations Federal Reserve Economic Out: Link: https Wired.atlouisfed.org Help: httpsalfredhelp.atlouisfed.org Economic Research Division Federal Reserve Bank of at. Louts 3OF01_FG Feel Gross Domestic Product, Percent Change from Year Ago, Annuel, Seasonally Adjusted Annual Rate Frequency: Annual observation_date 3DPC1_PC1 1948-01-01 1949-01-01 0.6 1950-01-01 B.7 1951-01-01 B.0 1952-01-01 4.1 1953-01-01 4.7 1954-01-01 -D.E 1985-01-01 7.1 1956-01-01 2.1 1957-01-01 1958-01-01 1959-01-01 1980-01-01 1951-01-01 1962-01-01 1983-01-01 1984-01-01 1986-01-01 19EE-01-01 987-01-01 1983-01-01 36-01-01 1970-01-01 1974-01-01 1972-01-01 1973-01-01 1975-01-01 1976-01-01 1977-01-01 14-01 14-01 1930-01-01 1931-01-01 1932-01-01 1938-01-01 1924-01-01 1938-01-01 1936-01-01 1937-01-01 1968-01-01 to b bot t in to k in in in t in in in to in ty biz to in s be yib to in it in ty k in in bo bo in a in ba ba in in as to in in w w b it in y in in to 6 2 in in until 1938-01-01 1980-01-01 981-01-01 1982-01-01 1-01 1984-01-01 1985-01-01 1986-01-01 1987-01-01 1985-01-01 1989-01-01 2000-01-01 2001-01-01 2002-01-01 2008-01-01 2004-01-01 2008-01-01 1-01 2007-01-01 2008-01-01 2008-01-01 010-01- 201 1-01 2012 1-01 2013 201 OYE-01- 201 2017 019-01-01Data Assignment #1 Use the table below to complete Data Assignment #1. The table shows an excerpt of the recession dates determined by the NBER. The most recent recession related to the pandemic is intentionally excluded from the table. A more comprehensive version of this table appears in your textbook Table 6.7. Start Date of Recession End Date of Recession Length of Recession in Months February 1945:Q1 October 1945:QIV 8 November 1948:QIV October 1949:QIV 11 July 1953:QII May 1954:QII 10 August 1957:QIII April 1958:QII 8 April 1960:Q1I February 1961:Q1 10 December 1969:QIV November 1970:QIV 11 November 1973:QIV March 1975:Q1 16 January 1980:Q1 July 1980:QIII 6 July 1981:QIII November 1982:QIV 16 July 1990:QIII March 1991:Q1 8 March 2001:Q1 November 2001:QIV 8 December 2007:QIV* June 2009:QII 18 *Great Recession 1. What does NBER stand for? Why should we feel confident about their reported start and end dates for recessions? Do not rely solely on the information at the NBER website, because anyone can produce a slick website. This requires asking another source. 2. How many recessions occurred between the peak in February 1945:QI and February 2020? Just count the rows in the table. 3. Between the peak in February 1945:QI and the Great Recession, what was the shortest recession as measured in months? Report both the length and the dates. Do not include the Great Recession. 4. Between the peak in February 1945:QI and the Great Recession, what was the longest recession as measured in months? Report both the length and the dates. Do not include the Great Recession.5. Between the peak in February 1945:QI and the Great Recession, what was the average length of a recession? Use a mean to answer this question. Include at least one digit after the decimal place in your response. (Hint: To calculate a mean, sum the lengths of the recessions and divide by the number of recessions. Do not include the Great Recession.) 6. In months, how long was the Great Recession? 7. Look at the graph attached. This graph shows the percent change in annual real GDP from 1947 to the present. What do you think that the gray bars represent? (Hint: Compare the bars to the dates in the table above.) 8. Using the period 1947 to the present, how many recessions do you believe had a larger annual drop in RGDP than the Great Recession? If you are not content to make an estimate from the graph, the data is attached as an Excel file. 9. A brief change of reference, when did the second longest expansion occur? The longest expansion just ended from June 2009 - February 2020 and lasted for 128 months. Hint: The table in the textbook has information on the lengths of the expansions. 10. Write a sentence to describe what you learned about the Great Recession