Macroeconomics – the NIPAs

Macroeconomics.  NIPAs (See FRED (Links to an external site.) and the BEA ) What are the NIPAs? Who collects the data? Where do you go to get it? What can you do with it? How good is it? Get some data and put the current state of the economy into perspective with some actual measures of activity. To start, find the most recent information on the major economic components… GDP, C, I, G, and NX (note that NX=X-M exports – imports) and see how they have been changing over the last few periods. Be sure to differentiate between real and nominal measures and use real values in your discussion. Also discuss the expenditure versus the income approach to determining GDP, use some of the material from econport for this and remember a dollar of spending by someone is always a dollar of income received by someone else. Develop a graph of real GDP over the most recent 12 quarters you can find (four quarters of three months each are in in a calendar year). Employment What are the main measures and how are they related? Who collects the data? Where do you go to get it? What can you do with it? Get some current data and put things into perspective with some actual employment/unemployment measures over the last few years. Use BEA, FRED and econport information here. Material from Module 4 for your paper: Your text discusses a set of major macroeconomic issues, develop a short discussion of each and why they are imprtant being sure to provide definitions for the important concepts (eg. inflation, unemployment, etc.). Note that the economy is currently in a recession and the terms that you are defining here are in the news almost daily. Go to the FRED (Links to an external site.) and BEA websites and familiarize yourself with them and the kind of data and information that is available. Download a chart that is representative of the material in the text (see the figures, for example unemployment over time) and discuss how the pandemic period has changed the history observed in the diagram.

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