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homework3

# homework3 - Homework 3 Intermediate Macro 1(2 points Go...

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Homework 3 Intermediate Macro 1. (2 points) Go back to the BEA webpage and get annual data on Fixed Assets of the U.S. (be careful, get data in real terms!) 1 , hours worked (unfortunately the data for hours is divided in 3 tables: 6.9B, 6.9C, and 6.9D: you need to paste them together), and real output for 1948-2007. Assuming a Cobb-Douglas production function with ° = 0 : 3 , °nd and plot the Solow residual of the U.S. economy. What do you see? 2. (2 points) 1. Go to the NBER web page, http://www.nber.org, and °nd their dating of the US Business Cycle Expansions and Contractions. 2. Plot the real output from the BEA webpage (in quarterly terms) and highlight (for example, by using di/erent colors), the quarters where the NBER Business Cycle Dating Committee has declared that the U.S. economy was in a recession. 3. In a di/erent plot, draw the real output (in annual terms) and the Solow residual. What do you see? 4. Now, highlight in the previous plot the years where part (or the whole) of the year has been declared in recession by the NBER. What do you see?

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