Chapter 12 Data Apps

Monetary Policy and the Phillips Curve

Explore the data of Chapter 12 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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See also: Chapter 12 Model Apps, the chapter’s models without code.

The MP curve and the IS/MP diagram

Fig. 2, other central banks: policy rates around the world

Pick a period from the menu and a group of countries with the buttons, then click a name in the legend to add it.

Sources. Data: Board of Governors of the Federal Reserve System, Federal Funds Effective Rate (FEDFUNDS), via FRED; Bank for International Settlements, Central bank policy rates (WS_CBPOL); recession bands: NBER-based Recession Indicators for the United States (USREC), via FRED, from the dates of the NBER Business Cycle Dating Committee. Prepared files: data/ch12/fig12-2.csv, data/ch12/policy_rates_monthly.csv, data/ch12/recessions.csv, data/ch12/countries.csv (see the data notes). Chart: inspired by Fig. 12.2 in Jones (2024), Macroeconomics, 6th ed.

Fig. 6: The yield curve for U.S. Treasuries

Hover over a point to read the yield at each maturity; a curve that slopes down, as in April 2023, is inverted.

Sources. Data: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates. Prepared file: data/ch12/fig12-6.csv (see the data notes). Chart: inspired by Fig. 12.6 in Jones (2024), Macroeconomics, 6th ed.

Fig. 6, month by month: the yield curve as the Fed raised rates

Press the play button to watch short rates overtake long rates in 2022, or move the slider to pick a month.

Sources. Data: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates. Prepared file: data/ch12/yield_curves_monthly.csv (see the data notes). Chart: inspired by Fig. 12.6 in Jones (2024), Macroeconomics, 6th ed.

Fig. 6, other countries: the slope of the yield curve in 47 economies

Use the buttons to list a group of countries in the legend, then click a name to add it; below zero, the curve is inverted.

Sources. Data: OECD, Financial market statistics (DSD_STES@DF_FINMARK): 3-month interbank rate (IR3TIB) and long-term government bond yield (IRLT), on the OECD Data Explorer. Prepared files: data/ch12/interest_rates_monthly.csv, data/ch12/countries.csv (see the data notes). Chart: inspired by Fig. 12.6 in Jones (2024), Macroeconomics, 6th ed.

The Phillips curve

Fig. 9: Inflation and interest rates across countries

Pick a country from the menu, and click the policy rate or the real interest rate in the legend to add it to inflation.

Sources. Data: U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers: All Items (CPIAUCSL), via FRED; World Bank, World Development Indicators, Inflation, consumer prices (annual %) (FP.CPI.TOTL.ZG); Board of Governors of the Federal Reserve System, Federal Funds Effective Rate (FEDFUNDS), via FRED; Bank for International Settlements, Central bank policy rates (WS_CBPOL); recession bands: NBER-based Recession Indicators for the United States (USREC), via FRED, from the dates of the NBER Business Cycle Dating Committee. Prepared files: data/ch12/fig12-9.csv, data/ch12/inflation_annual.csv, data/ch12/fig12-2.csv, data/ch12/policy_rates_monthly.csv, data/ch12/recessions.csv (see the data notes). Chart: inspired by Fig. 12.9 in Jones (2024), Macroeconomics, 6th ed.

The Covid-19 recession

Fig. 14: Real GDP in the United States

Hover over the lines to read GDP in each quarter and compare it with the pre-Covid trend; the shaded band is the recession.

Sources. Data: U.S. Bureau of Economic Analysis, Real Gross Domestic Product (GDPC1), via FRED; recession bands: NBER-based Recession Indicators for the United States (USREC), via FRED, from the dates of the NBER Business Cycle Dating Committee. Prepared files: data/ch12/fig12-14.csv, data/ch12/recessions.csv (see the data notes). Chart: inspired by Fig. 12.14 in Jones (2024), Macroeconomics, 6th ed.

Fig. 14, other countries: real GDP since the pandemic

Use the buttons to list a group of countries in the legend, then click a name to add it; 100 is GDP at the end of 2019.

Sources. Data: OECD, Quarterly National Accounts (DSD_NAMAIN1@DF_QNA), real GDP, chain-linked volume index, on the OECD Data Explorer. Prepared files: data/ch12/gdp_quarterly.csv, data/ch12/countries.csv (see the data notes). Chart: inspired by Fig. 12.14 in Jones (2024), Macroeconomics, 6th ed.

Fig. 15: Consumer price inflation across countries

Pick a country from the menu to compare all-items and core inflation; core inflation leaves out food and energy prices.

Sources. Data: U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers: All Items (CPIAUCSL), via FRED; U.S. Bureau of Labor Statistics, CPI for All Urban Consumers: All Items Less Food and Energy (CPILFESL), via FRED; Bank for International Settlements, Consumer prices (WS_LONG_CPI); OECD, Consumer price indices (DSD_PRICES@DF_PRICES_ALL), core CPI, on the OECD Data Explorer; Eurostat, HICP monthly data, annual rate of change (prc_hicp_minr), euro-area core; recession bands: NBER-based Recession Indicators for the United States (USREC), via FRED, from the dates of the NBER Business Cycle Dating Committee. Prepared files: data/ch12/fig12-15.csv, data/ch12/cpi_monthly.csv, data/ch12/recessions.csv (see the data notes). Chart: inspired by Fig. 12.15 in Jones (2024), Macroeconomics, 6th ed.

Fig. 16: U.S. federal government spending as a share of GDP

Hover over a point to read each fiscal year’s share; a fiscal year runs from October to September.

Sources. Data: U.S. Office of Management and Budget and Federal Reserve Bank of St. Louis, Federal Net Outlays as Percent of Gross Domestic Product (FYONGDA188S), via FRED; recession bands: NBER-based Recession Indicators for the United States (USREC), via FRED, from the dates of the NBER Business Cycle Dating Committee. Prepared files: data/ch12/fig12-16.csv, data/ch12/recessions.csv (see the data notes). Chart: inspired by Fig. 12.16 in Jones (2024), Macroeconomics, 6th ed.

Fig. 16, other countries: government spending in 194 economies

Use the buttons to list a group of countries in the legend, then click a name to add it; this is spending by all levels of government.

Sources. Data: International Monetary Fund, Fiscal Monitor, General government total expenditure, percent of GDP (G_X_G01_GDP_PT). Prepared files: data/ch12/government_spending.csv, data/ch12/countries.csv (see the data notes). Chart: inspired by Fig. 12.16 in Jones (2024), Macroeconomics, 6th ed.

Fig. 17: Income and consumption

Hover over the lines to read each month’s values; the three spikes in income are the government’s payments of 2020 and 2021.

Sources. Data: U.S. Bureau of Economic Analysis, Real Disposable Personal Income (DSPIC96), via FRED; U.S. Bureau of Economic Analysis, Real Personal Consumption Expenditures (PCEC96), via FRED; recession bands: NBER-based Recession Indicators for the United States (USREC), via FRED, from the dates of the NBER Business Cycle Dating Committee. Prepared files: data/ch12/fig12-17.csv, data/ch12/recessions.csv (see the data notes). Chart: inspired by Fig. 12.17 in Jones (2024), Macroeconomics, 6th ed.

Fig. 17, other countries: household income and consumption per person

Pick a country from the menu; both lines are set to 100 at the end of 2019, and income is missing for some countries.

Sources. Data: OECD, Household dashboard (DSD_HHDASH@DF_HHDASH_INDIC): real household gross disposable income per person (B6GS1M_R_POP) and real household final consumption per person (P3S1M_R_POP), on the OECD Data Explorer. Prepared file: data/ch12/household_quarterly.csv (see the data notes). Chart: inspired by Fig. 12.17 in Jones (2024), Macroeconomics, 6th ed.