Retrieve the GDP-deflator and the annual unemployment series for the period 1959 to 2000. These data are available in the Statistical Appendix of the Economic Report of the President. Use the GDP-deflator series to compute the annual rate of inflation, us

Retrieve the GDP-deflator and the annual unemployment series for the period 1959 to 2000. These data are available in the Statistical Appendix of the Economic Report of the President. Use the GDP-deflator series to compute the annual rate of inflation, using the following formula {?t = [(GDP-deflatort – GDP-deflatort-1)/GDP-deflatort-1]×100}, where ?t is the rate of inflation in year t (= 1960, ..., 2000). Graph these two series for the periods 1960 to 1970, 1970-1980, 1980-1990, and 1990-2000 in four separate scatter plots, with the rate of inflation on the vertical axis and the rate of unemployment on the horizontal axis. Read chapter 13 of your textbook, and in the light of that discussion address the following question: Is there evidence in your graphs of a short-run trade-off between inflation and unemployment in each of these periods? Is this surprising?