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For Japan and the United States, provide a scatter plot of changes in the unemployment rate against output growth (as in the Blanchard textbook p.200), using the “national estimate” series for unemployment.

Note that some data series contain missing values for individual years. If you use Stata, you have to remove the ‘double dots’ that populate cells when information is missing before you can convert a variable to numeric format. Provide a small table of summary statistics (number of observations, mean, standard deviation, minimum and maximum) for the three variables, separately for each of the three countries. If some values strike you as abnormally high or low, go back to the raw data and double check.

a. For Japan and the United States, provide a scatter plot of changes in the unemployment rate against output growth (as in the Blanchard textbook p.200), using the “national estimate” series for unemployment. 3 Include a regression line (also called line of fitted values). Describe each graph and comment on how the two countries compare. [10 marks]

b. Continue to use the “national estimate” series for Japan and the US and regress changes in unemployment against GDP growth using 35 years’ worth of data.4 Report the regression output. Then use the estimated coefficients to write Okun’s Law for each country in the form

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