Redo the calculations reported in Table 5.3 for the following:

(a) Employees’ compensation as a share of national income.

(b) The labor force participation rate.

(c) The federal government budget deficit as a share of GDP.

(d) The Standard and Poor’s 500 composite stock price index.

(e) The difference in yields between Moody’s Baa and Aaa bonds.

(f) The difference in yields between 10-year and 3-month U.S. Treasury securities.

(g) The weighted average exchange rate of the U.S. dollar against major currencies

VariableAverage change

in recessionsNumber of recessions

in which variable falls

Real GDP∗

−4.1%

11-Nov

Employment∗

−3.1%

11-Nov

Unemployment rate (percentage points)

1.8

0/11

Average weekly hours, production

−2.3%

11-Nov

workers, manufacturing

 

 

Output per hour, nonfarm business∗

−1.7%

11-Oct

Inflation (GDP deflator; percentage points)

−0.3

11-May

Real compensation per hour, nonfarm

−0.5%

11-Jul

business∗

 

 

Nominal interest rate on 3-month Treasury

−1.6

11-Oct

bills (percentage points)

 

 

Ex post real interest rate on 3-month

−1.4

11-Sep

Treasury bills (percentage points)

 

 

Real money stock (M-2/GDP deflator)∗†

−0.5%

8-Mar

 

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