Material Detail

This activity is designed to give students hands-on experience in collecting readily available macroeconomic data from FRED to obtain nominal and real GDP time series at the state level. These data can then be used to calculate GDP deflators and inflation rates over time. Textbooks usually illustrate and give example calculations of nominal and real GDP with data for the U.S. economy. By collecting and analyzing nominal and real GDP at the state-level, students are given the opportunity to work with data they might not have seen before. In addition, since data are available for each of the 50 states, this assignment can be individualized by assigning each student, or a small group of students, a different state.

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