GDP GAP AND EXPENDITURE GAP The St. Louis Federal Reserve Bank at www.research.stlouisfed.org/fred2 provides data on both real GDP (chained 2000 dollars) and real potential GDP for the United States. To get to the data, first click on Gross Domestic Product (GDP) and Components. Then click on GDP/GNP. What was potential GDP for the third quarter of 2001? What was the actual level of real GDP for that quarter? What was the size difference between the two-the negative GDP gap? If the multiplier was 2 in that period, what was the size of the economy's recessionary expenditure gap?