Statistic Problems
Create an excel file with different “sheet” including the data requested below:
Use the website “Federal Reserve Bank of San Luis (FRED)” to collect all the following data:
1. Search for the minimum wage for the USA “nominal minimum wage history yearly.”
2. From the 1960 to 2016/2017
3. Transfer the data to an excel file like so:
YEARS MINIMUN WAGE LOG OF MIN. WAGE TIME
1960 3.00 1
1961 3.50 2
1962 ….. 3
1963 …. 4
…. .. 5
4. Run a regression (in another ……) using as Dependent “Y” the Log of Minimum Wage and T has the Independent “X”.
5. What is the minimum wage growth rate?
a. Remember that the coefficient of time is times (*) 100.
Use the website “Federal Reserve Bank of San Luis FRED” to collect all the following data: (do the same thing as above with CPI)
1. Search for the CPI “Urban all consumers” for the USA (make sure that the year of start are the same)
2. From the 1960 to 2016/2017
3. Transfer the data to an excel file like so:
YEARS MINIMUN WAGE LOG OF CPI TIME
1960 3.00 1
1961 3.50 2
1962 ….. 3
1963 …. 4
…. .. 5
4. Run a regression (in another ……) using as Dependent “Y” the Log of CPI and T has the Independent “X”.
5. What is the growth rate of CPI?
a. Remember that the coefficient of time is times (*) 100.