FRED has added 7 series on the Euro Short-Term Rate, or €STR, from the European Central Bank. The Euro Short-Term Rate series are meant to replace EONIA, which is discontinued as of 01/03/2022. The Euro Short-Term Rate series provide information about the wholesale euro unsecured overnight borrowing costs of banks located in the euro area. For further information, refer to this overview of €STR.
This Page One Economics essay discusses how workers’ gender affects their experiences in the labor market. These include their decisions to participate in the market, the types of jobs they hold, their decisions to exit the market, and ultimately their earnings. The essay includes multiple-choice questions suitable for both in-class and out-of-class assignments.
Storytelling with Data and FRED Interactive Modules
Q1. During the 2007-2009 recession, whose unemployment rate was higher?
Q2. During the 2020 recession, whose unemployment rate was higher?
Q1. Between 1964 and 2020, in which industry did women consistently represent more than half of all employees?
Q2. Name two industries where, as of 2020, women have not yet topped 50 percent of all employees.
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The widely used London Interbank Offered Rate (LIBOR) benchmarks are being phased out; in response, FRED will discontinue several related series.
Currently, LIBOR benchmarks are produced by surveying a panel of large international banks on unsecured borrowing rates experienced in wholesale markets. LIBOR benchmarks are provided across seven tenors (overnight/spot next, one week, one month, two months, three months, six months, and 12 months) for five major currencies (USD, GBP, EUR, CHF, and JPY). The average of respondent rates with these tenors and currencies constitute the 35 LIBOR benchmark series.
The current family of benchmarks are being discontinued in favor of alternatives to minimize the potential for manipulation, respond to the decreased liquidity in interbank markets, and use observable transactions where possible. The administrator of the LIBOR benchmarks, ICE Benchmark Administration Limited (IBA), has announced transition guidance. Specifically, the following changes are scheduled for the next few years:
All Swiss franc and euro LIBOR settings will cease December 31, 2021.
The overnight, one-week, two-month, and 12-month Japanese yen and British sterling settings will cease December 31, 2021. However, a synthetic methodology will be available through 2022 for the one-month, three-month, and six-month tenors. This methodology will add spread adjustments to the ICE Term SONIA Reference Rate and the Tokyo Term Risk Free Rate for the British sterling and Japanese yen, respectively.
The one-week and two-month U.S. dollar settings will cease December 31, 2021. The overnight, one-month, three-month, six-month, and 12-month tenors are expected to continue on the current methodology until the end of June 2023. After this time, the one-month, three-month, and six-month settings are expected to continue using a synthetic, unrepresentative methodology.
LIBOR benchmark series in FRED will be discontinued at cessation dates. Recommended alternatives may be found on the Financial Conduct Authority’s LIBOR transition page.
FRED has added 35 series on expected inflation and real and inflation risk premia from the Federal Reserve Bank of Cleveland. The series are estimates of the expected rate of inflation over the next 30 years along with the inflation risk premium, the real risk premium, and the real interest rate, calculated with a model that uses Treasury yields, inflation data, inflation swaps, and survey-based measures of inflation expectations. See the source’s FAQs for more details about the data and methodology for the calculations.
This lesson plan explains why the composition effect makes it difficult to describe diverse populations with a single statistic. It provides instructions on building the graph below and includes prompts for both in-class and out-of-class assignments.
Storytelling with Data and FRED Interactive Modules
The graph above shows the labor force participation rate of men and women veterans of the U.S. Armed Forces. The men’s rate is the solid orange line; the women’s rate is the solid magenta line; and the average across both genders is the dashed red line
Q1. Whose labor force participation rate was the highest?
Q2. Briefly explain why the labor force participation rate of all veterans is closest in value to the labor force participation rate of men veterans.
The graph above shows the year-to-year growth rate of average home prices in the United States (blue bars) in its 20 largest metropolitan areas (red bars).
Q1. Do the blue bars and red bars generally extend in the same direction or in opposite directions?
Q2. Briefly describe what happened in 2010 to overall home prices and home prices in the 20 largest metropolitan areas. Briefly explain how that illustrates the composition effect.
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FRED has added the European Overnight Index Average (EONIA), which is the closing rate for overnight loans denominated in euros. To create this series, the European Central Bank (ECB) collects data on unsecured, overnight lending among a panel of banks in the euro area.
This Page One Economics essay explains redlining was the practice of selectively classifying neighborhoods as most likely to default on repayment of a mortgage loan.
Focus on Home Values
This lesson plan provides instructions on building the graph below and includes prompts for both in-class and out-of-class assignments.
Storytelling with Data and FRED Interactive Modules
Quiz Yourself on the Economic Consequences of Redlining
Q1. Between 1994 and 2020, which two racial and/or ethnic groups had the lowest rates of homeownership?
Q2. Between 1994 and 2020, which racial group had the highest rate of homeownership?
Q1. Between 2003 and 2019, which racial group’s estimated market value of owned home was the lowest?
Q2. Between 2003 and 2019, which racial group’s estimated market value of owned home was the highest?
You can share these graphs with your students using this dashboard. To customize this dashboard, just click the “Save to My Account” button at the top of the dashboard.
This assignment provides instructions on building the graph below and includes writing prompts for out-of-class assignments.
Using GeoFRED® to Compare Granted Patents Across States
This assignment provides instructions on creating the map below and suggests prompts for in-class discussion. See how you do on our sample discussion question below.
Click on the map above to view an interactive version. Question: Name three states with more than 10,000 granted patents during 2019. Don’t overlook Hawaii and Alaska!
Storytelling with Data and FRED Interactive Modules
Q1. Between 1992 and 2020, which was the most frequently granted type of patent in the U.S.?
Q2. Between 1992 and 2020, which was the second-most frequently granted type of patent in the U.S.?
Click on the map above to view an interactive version.
Q1. Name three foreign countries originating more than 5,000 granted patents in the U.S. during 2020.
Q2. Name three foreign countries originating between 500 and 1,000 granted patents in the U.S. during 2020.
Q1. In 1992, which country originated the largest number of granted patents in the U.S.?
Q2. In 1992, which country originated the second-largest number of granted patents in the U.S.?
Q3. In 2020, which country originated the second-largest number of granted patents in the U.S.?
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This assignment provides instructions on building the graph below and includes writing prompts for out-of-class assignments.
Using GeoFRED® to Compare Labor Productivity Growth Across States
This assignment provides instructions on creating the map below and suggests prompts for in-class discussion. See how you do on our sample discussion question below.
Click on the map above to view an interactive version. Question: Name the state with the highest labor productivity growth during 2020. Don’t overlook Hawaii and Alaska!
Storytelling with Data and FRED Interactive Modules
Q1. Between 1955 and 1961 where did total factor productivity at constant prices grow faster—in the U.S. or in China?
Q2. Between 2000 and 2008 where did total factor productivity at constant prices grow faster—in the U.S. or in China?
Q3. Compared with the previous decade, between 2009 and 2019 did the growth in total factor productivity at constant prices in the U.S. and in China increase, decrease, or stay the same?
Q1. Between 1988 and 2008 where did labor productivity grow faster—in the durable or in the non-durable manufacturing sector?
Q2. Compared with the years between 1988 and 2008, between 2009 and 2019 did labor productivity in both durable and non-durable manufacturing increase, decrease, or stay the same?
The graph above shows the growth rates of output per unit of capital services, or capital productivity.
Q1. Between 1992 and 2000 where did capital productivity grow faster—in the durable or in the non-durable manufacturing sector?
Q2. Consider the growth rate of capital productivity in both durable and non-durable manufacturing between 1988 and 2019 during recessions –the shaded areas in the graph. Did it increase, decrease, or stay the same?
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