Chapter 10 Data Apps

The Great Recession and the Covid-19 Pandemic: A First Look

Explore the data of Chapter 10 without any code. Every chart below is live: hover over it to read the values, and use its buttons, menus and sliders to change what it shows.

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The Great Recession of 2007–2009

Fig. 1: A bursting bubble in U.S. housing prices?

Move the slider to compare the boom and bust of each decade; on this ratio scale, equal distances are equal percentage changes.

Sources. Data: Robert J. Shiller, U.S. Home Price and Related Data, real home price index (from 1987 the S&P CoreLogic Case-Shiller U.S. National Home Price Index, deflated by the BLS consumer price index). Prepared file: data/ch10/fig10-1.csv (see the data notes). Chart: inspired by Fig. 10.1 in Jones (2024), Macroeconomics, 6th ed.

Fig. 1, beyond the U.S.: house prices in other countries

Choose a region from the menu, or click a country in the legend to add it; try Ireland and Spain.

Sources. Data: Bank for International Settlements, residential property prices, real (dataset WS_SPP), BIS data portal, compiled from national sources; the same series are on FRED, e.g. U.S. real residential property prices (QUSR628BIS). Prepared files: data/ch10/house_prices_panel.csv, data/ch10/countries.csv (see the data notes). Chart: inspired by Fig. 10.1 in Jones (2024), Macroeconomics, 6th ed.

Fig. 2: The Fed funds rate

Use the buttons to zoom in on the hikes of 2004–06, the cuts of 2007–08 and the hikes of 2022–23.

Sources. Data: Board of Governors of the Federal Reserve System, Federal Funds Effective Rate (FEDFUNDS), via FRED; NBER recession dates (USREC), via FRED. Prepared files: data/ch10/fig10-2.csv, data/ch10/recessions.csv (see the data notes). Chart: inspired by Fig. 10.2 in Jones (2024), Macroeconomics, 6th ed.

Fig. 2, beyond the U.S.: central bank policy rates

Choose a region from the menu, or click a country in the legend to add it; Switzerland and Japan had negative rates.

Sources. Data: Bank for International Settlements, central bank policy rates (dataset WS_CBPOL), BIS data portal. Prepared files: data/ch10/policy_rates_panel.csv, data/ch10/countries.csv (see the data notes). Chart: inspired by Fig. 10.2 in Jones (2024), Macroeconomics, 6th ed.

Fig. 3: Liquidity and risk shocks from interest rate spreads

Hover to read the spreads, and click a spread in the legend to hide it; the jumps of 2007 and 2008 mark the crisis.

Sources. Data: ICE Benchmark Administration and Federal Reserve Board, TED Spread (TEDRATE), via FRED; Board of Governors of the Federal Reserve System, 90-Day AA Financial Commercial Paper Interest Rate (RIFSPPFAAD90NB), via FRED; Board of Governors of the Federal Reserve System, 3-Month Treasury Bill Secondary Market Rate (DTB3), via FRED; NBER recession dates (USREC), via FRED. Prepared files: data/ch10/fig10-3.csv, data/ch10/recessions.csv (see the data notes). Chart: inspired by Fig. 10.3 in Jones (2024), Macroeconomics, 6th ed.

Fig. 3, beyond the U.S.: stress in other money markets

Choose a region from the menu, or click a country in the legend to add it; the shaded bands are U.S. recessions.

Sources. Data: OECD, Financial market statistics (dataflow DSD_STES@DF_FINMARK, measures IR3TIB and IRSTCI), OECD Data Explorer; NBER recession dates (USREC), via FRED. Prepared files: data/ch10/interbank_spreads_panel.csv, data/ch10/countries.csv, data/ch10/recessions.csv (see the data notes). Chart: inspired by Fig. 10.3 in Jones (2024), Macroeconomics, 6th ed.

Fig. 4: The S&P 500 stock price index (real)

Move the slider to compare four crashes; each tick on the vertical axis doubles the one below it.

Sources. Data: Robert J. Shiller, U.S. Stock Market Data, S&P Composite price index and consumer price index (Irrational Exuberance, updated). Prepared file: data/ch10/fig10-4.csv (see the data notes). Chart: inspired by Fig. 10.4 in Jones (2024), Macroeconomics, 6th ed.

Fig. 4, beyond the U.S.: real stock prices in other countries

Choose a region from the menu, or click a country in the legend to add it; the 2008 crash was global.

Sources. Data: OECD, Financial market statistics, share prices (dataflow DSD_STES@DF_FINMARK, measure SHARE), OECD Data Explorer; IMF, Consumer Price Index dataset (IMF.STA:CPI). Prepared files: data/ch10/share_prices_panel.csv, data/ch10/countries.csv (see the data notes). Chart: inspired by Fig. 10.4 in Jones (2024), Macroeconomics, 6th ed.

The Covid-19 pandemic

Fig. 5: International Covid-19 deaths and lost GDP

Move the slider to count deaths to March 2023 or August 2026, and hover over a dot to see its country.

Sources. Data: Our World in Data, Covid-19 deaths (cumulative confirmed deaths per million people), from the WHO Covid-19 dashboard; OECD, Quarterly National Accounts, real GDP volume index (dataflow DSD_NAMAIN1@DF_QNA), OECD Data Explorer. Prepared file: data/ch10/fig10-5.csv (see the data notes). Chart: inspired by Fig. 10.5 in Jones (2024), Macroeconomics, 6th ed.

Fig. 6: GDP across countries since the pandemic

Choose a region from the menu, or click a country in the legend to add it; a value of 90 is 10 percent below 2019Q4.

Sources. Data: OECD, Quarterly National Accounts, real GDP, chain-linked volumes, seasonally adjusted (dataflow DSD_NAMAIN1@DF_QNA), OECD Data Explorer. Prepared files: data/ch10/gdp_quarterly_panel.csv, data/ch10/fig10-6.csv, data/ch10/countries.csv (see the data notes). Chart: inspired by Fig. 10.6 in Jones (2024), Macroeconomics, 6th ed.

Macroeconomic outcomes since 2007

Fig. 7: Nonfarm employment in the U.S. economy

Drag the handles of the small chart under the axis to zoom in on 2007–2015 and 2020–2023, and compare the recoveries.

Sources. Data: U.S. Bureau of Labor Statistics, All Employees, Total Nonfarm (PAYEMS), via FRED; NBER recession dates (USREC), via FRED. Prepared files: data/ch10/fig10-7.csv, data/ch10/recessions.csv (see the data notes). Chart: inspired by Fig. 10.7 in Jones (2024), Macroeconomics, 6th ed.

Fig. 7, beyond the U.S.: employment in other countries

Choose a region from the menu, or click a country in the legend to add it; each line is 100 in 2019Q4.

Sources. Data: OECD, Infra-annual labour statistics, employment from labour force surveys (dataflow DSD_LFS@DF_IALFS_EMP_Q), OECD Data Explorer. Prepared files: data/ch10/employment_panel.csv, data/ch10/countries.csv (see the data notes). Chart: inspired by Fig. 10.7 in Jones (2024), Macroeconomics, 6th ed.

Fig. 8: U.S. short-run output, Ỹ

Hover to read each quarter’s gap, and click a data vintage in the legend to hide it; below zero, output is below potential.

Sources. Data: U.S. Bureau of Economic Analysis, Real Gross Domestic Product (GDPC1), via FRED; Congressional Budget Office, Real Potential Gross Domestic Product (GDPPOT), via FRED; the 2023 vintage from ALFRED, as published on 1 February 2023 (GDPC1, GDPPOT); NBER recession dates (USREC), via FRED. Prepared files: data/ch10/fig10-8.csv, data/ch10/recessions.csv (see the data notes). Chart: inspired by Fig. 10.8 in Jones (2024), Macroeconomics, 6th ed.

Fig. 8, beyond the U.S.: output gaps in OECD countries

Choose a region from the menu, or click a country in the legend to add it; the values for 2026 and 2027 are projections.

Sources. Data: OECD, Economic Outlook 119 (June 2026), output gap (dataflow DSD_EO@DF_EO, measure GAP), OECD Data Explorer. Prepared files: data/ch10/output_gap_panel.csv, data/ch10/countries.csv (see the data notes). Chart: inspired by Fig. 10.8 in Jones (2024), Macroeconomics, 6th ed.

Fig. 9: The U.S. unemployment rate

Move the slider to compare the rise in unemployment in the 2001, Great and Covid-19 recessions; the shaded bands are recessions.

Sources. Data: U.S. Bureau of Labor Statistics, Unemployment Rate (UNRATE), via FRED; NBER recession dates (USREC), via FRED. Prepared files: data/ch10/fig10-9.csv, data/ch10/recessions.csv (see the data notes). Chart: inspired by Fig. 10.9 in Jones (2024), Macroeconomics, 6th ed.

Fig. 9, beyond the U.S.: unemployment rates in other countries

Choose a region from the menu, or click a country in the legend to add it; the shaded bands are U.S. recessions.

Sources. Data: OECD, harmonised unemployment rates, monthly (dataflow DSD_LFS@DF_IALFS_UNE_M), OECD Data Explorer; NBER recession dates (USREC), via FRED. Prepared files: data/ch10/unemployment_panel.csv, data/ch10/countries.csv, data/ch10/recessions.csv (see the data notes). Chart: inspired by Fig. 10.9 in Jones (2024), Macroeconomics, 6th ed.

Fig. 10: Consumer price index inflation in the U.S., U.K. and euro area

Move the slider to switch between the log change and the percent change; for large changes the log change is a bit smaller.

Sources. Data: U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers: All Items (CPIAUCNS), via FRED; U.K. Office for National Statistics, CPIH, via the OECD prices database (dataflow DSD_PRICES@DF_PRICES_ALL), OECD Data Explorer; Eurostat, HICP, euro area (prc_hicp_minr). Prepared file: data/ch10/fig10-10.csv (see the data notes). Chart: inspired by Fig. 10.10 in Jones (2024), Macroeconomics, 6th ed.

Fig. 10, around the world: inflation in other countries

Choose a region from the menu, or click a country in the legend to add it; the axis widens for very high inflation.

Sources. Data: the U.S., U.K. and euro-area series of Fig. 10 (BLS, ONS and Eurostat); Eurostat, HICP (prc_hicp_minr) for the other European economies; IMF, Consumer Price Index dataset (IMF.STA:CPI) for the rest. Prepared files: data/ch10/inflation_panel.csv, data/ch10/countries.csv (see the data notes). Chart: inspired by Fig. 10.10 in Jones (2024), Macroeconomics, 6th ed.

Fig. 11: Core and headline inflation across countries

Pick the textbook’s three economies or any country from the menu; the gap between headline and core is food and energy.

Sources. Data: U.S. Bureau of Labor Statistics, CPI for All Urban Consumers: All Items Less Food and Energy (CPILFENS), via FRED; U.K. Office for National Statistics, CPIH excluding food and energy, via the OECD prices database (dataflow DSD_PRICES@DF_PRICES_ALL), OECD Data Explorer; Eurostat, HICP excluding energy, food, alcohol and tobacco (prc_hicp_minr); for the other economies, Eurostat, the IMF Consumer Price Index dataset and the OECD prices database, as in Fig. 10’s panel; headline rates from Fig. 10. Prepared files: data/ch10/fig10-11.csv, data/ch10/fig10-10.csv, data/ch10/inflation_panel.csv (see the data notes). Chart: inspired by Fig. 10.11 in Jones (2024), Macroeconomics, 6th ed.