Question
n the link provided for this problem set you will find quarterly data on the trend of the natural log of average weekly hours of
n the link provided for this problem set you will find quarterly data on the trend of the natural log of average weekly hours of production and nonsupervisory employees, the trend of the natural log of real GDP as well as the percent deviations from the trend in average weekly hours and in real GDP. The data start in the first quarter of 1964 (1964-01-01) and end in the second quarter of 2021 (2021-04-01).
https://1drv.ms/x/s!Ah_h8m5WYaYZa0fGR3SxGnEatYg
Compute and report the correlation coefficient between the percent deviation from trend in average weekly hours and the percent deviation from trend in real GDP. What evidence, if any, does this data provide on the business cycle behavior of hours worked?
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