The main goal of this project is to help students to build skills in data analysis by completing the IBM cognitive class on big data, by applying the methods learned to measure the Gross Domestic Product (GDP) and identify business cycles, and by drafting a two-page report on this analysis.
Upon completing this research project, the student will be able to:
– Describe the GDP and its components;
– Collect data on the GDP components and use them as well as the GDP equation to measure GDP;
– Graph GDP;
– Describe the relationship between the GDP and each of its components.
– Identfying business cycle and its primary phases.
– Describe unemployment and inflation.
Components of the project
This project includes three components:
– Completion of a three-hour IBM Cognitive Class course on Big Data;
– Creation/construction of a graph on the key macroeconomic indicators using FRED data; and
– Drafting of a two-page analysis of the evaluation of components of the Gross Domestic Product.
1. Completion and certification of the cognitive class on Big Data 101
Your assignment here is to complete successfully the three-hour cognitive course Big Data 101. To complete the course, open the link below and follow the instructions https://cognitiveclass.ai/courses/what-is-big-data
– At the top right-hand corner of the screen click Sign-Up and create an account. Be sure to use your First and Last name.
– After signing up, log in to the Cognitive Class System.
– After logging in, at the top right side of the screen, search the term â€œBig Data 101.â€
– Click the course labeled â€œBig Data 101.â€
– Next click the blue button labeled â€œEnrollâ€ to enroll in the course.
The completion of this course must be proved by the Certificate of Completion. Upon completing the course, download or screen shot your certificate and attach it to your final report of this project which must be submitted through the assignment drop box on blackboard please give me pic for that
2. Fred Graph
Collect data on components of GDP and use them to evaluate the equation of GDP, that is ð’€ = ð‘ª + ð‘° + ð‘® + (ð‘´ âˆ’ ð‘¿)
To do so you must log onto FRED (https://fred.stlouisfed.org) and search for each of the following macroeconomic variables:
– Gross Domestic Product â€“ GDP (Y)
– Consumption (C)
– Investment (I)
– Government Spending (G)
– Net Exports (X â€“ M)
You will need to create an account (the access as well as the download of data are free). Look up each variable (you must choose the quarterly, seasonally adjusted option for each variable) and add it to your data list. Upon completing the list, download the data from 2009-01-01 to 2019- 01-01 in Excel file.
Next, show a graphical representation of these variables and check that ð’€ = ð‘ª + ð‘° + ð‘® + (ð‘´ âˆ’ ð‘¿)
Finally, identify and describe business cycle phases from GDP graph obtained previously.
3. Written Report on the GDP
Draft a two-page report on the GDP behavior over the period 2009-01 t0 2019 and describe business cycle over the same period. First, you should describe the steps taken to collect data and construct graphs. In your analysis, describe the business cycle present in the GDP data, that is, describe recession period (decrease in GDP of more than 6 month), expansion (increase in GDP), peak (the highest GDP during the expansion),and trough (lowest GDP during the recession).
Use the GDP equation and data on GDP components to evaluate the equation. Is the GDP determined from the equation the same as the GDP data? Create different visualizations using each of the variables over the last decade (2009-2019) to show the relationship between GDP and each of its components. Which components seems to determine the behavior of the GDP? How can you identify unemployment or inflation from the GDP graph?
Next, determine the GDP share of consumption, GDP share of investment, GDP share of government spending, and GDP share of net exports. What GDP component has the largest share? What have you learned about measuring GDP from this assignment? Be sure to cite, using APA, any findings to back your argument and provide a bibliography.
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