The Data of Macroeconomics

This chapter focuses on the measurement of three statistics that economists and policymakers use to make policy decisions:

Gross Domestic Product (GDP) – tells us the nation’s total income and the total expenditure of its output of goods and services.

Consumer Price Index (CPI) – measures the overall level of prices.

Unemployment Rate – tells us the fraction of workers who are unemployed.

The International Macroeconomic Data Set provides data from 1969 through 2030 for real (adjusted for inflation) gross domestic product (GDP), population, real exchange rates, and other variables for the 190 countries and 34 regions that are most important for U.S. agricultural trade.