ECONOMIC OUTLOOK DATABASE INVENTORY. EO81 JUNE 2007 version

Transcription

1 ECONOMIC OUTLOOK DATABASE INVENTORY EO81 JUNE 2007 verson 1

2 TABLE OF CONTENTS ECONOMIC OUTLOOK DATABASE INVENTORY INTRODUCTION The followng daa changes have been mplemened snce he December 2006 ssue of he OECD Economc Oulook Naonal accouns... 5 Revsed OECD supply-sde esmaes: a capal approach... 5 Harmonsaon of he employmen daa and hours worked... 6 Specal noe on he busness secor New varables Varables suspended Varables suppressed Varables renamed Base-year and SNA/ESA Reporng Sysem Changes n he base year Remnder: The rrevocable converson Euro raes Oher remanders: CODE OF VARIABLES PRESENTED IN ECONOMIC OUTLOOK TABLES General Assessmen (Edoral and Chaper I) Boxes Tables Fgures The Annex Tables DEFINITIONS OF VARIABLES Expendures and GDP Volumes Values Invesmen Supply block Core Values of supply block coeffcens Labour marke Employmen, labour force, unemploymen Wage raes Households appropraon accoun Governmen appropraon accoun, no cyclcally-adjused Curren governmen revenues Curren governmen oulays Governmen capal accoun and defcs

3 3.6. Governmen appropraon accoun, cyclcally-adjused Values of ax and oulays elasces Governmen deb Ineres raes, exchange raes and moneary aggregaes Exernal secor Trade volumes Trade prces Trade values (US$) Curren accoun of he balance of paymens Compeveness ndcaors DESCRIPTIONS All varables Counry-specfc varables DATA SOURCES COUNTRY AND REGIONS CODES Irrevocable euro converson raes, Counry code, Counry, Wegh, Naonal currency and s respecve ISO code Irrevocable euro converson raes OECD and non-oecd regon codes OECD regons Non-OECD regons REGIONAL AGGREGATES KEY INTERNATIONAL AGGREGATES Expor marke for goods and servces, volume, US$, 2000prces (XMKT) Prce of non commody expors (mpors) of goods and servces, (PXGSX (PMGSX)) Shadow Prce of non-commodes goods and servces mpors (PMSHX) Compeor s prces of non commody goods and servces expors (PXCX) Compeor s prces of goods and servces expors (PXC) Conssency adjusmen seres for non-facor servces expors, volume World prces, G&S, us$ RAS adjusmen seres mpors prces Nomnal effecve exchange rae, consan rade weghs TGSVD SHTGSVD CTGSVD XSHA and MSHA Avalably of he varables for OECD aggregaes ELECTRONIC DATA PRODUCTS BASED ON THE OUTLOOK DATABASE Elecronc Daa producs relaed o he Economc Oulook Economc Oulook (EO) CD ROM Seres avalable for OECD counres Seres avalable for non-oecd regons Seres avalable on he Flashfle

4 1. INTRODUCTION 1 Ths documen descrbes n deal he OECD Economc Oulook daabase. I provdes he codes and descrpons of all varables, he counry codes used, and he defnons of and relaons beween he varables. I s supplemenary o he documen on he Sources and mehods of he Economc Oulook The Oulook daabase s a comprehensve and conssen macroeconomc daabase of he OECD economes, coverng expendures, foregn rade, oupu, employmen and unemploymen, neres raes and exchange raes, he balance of paymens, oulays and revenues of governmen and of households, and governmen deb. For he non-oecd regons, foregn rade and curren accoun seres are avalable. The daabase conans yearly, sem-annual, quarerly and monhly daa for he hsorcal perod. I also conans yearly and quarerly daa for he projecon perod. For hs perod, quarerly daa are only avalable for he G7 counres and he OECD regons, whle yearly daa are avalable for all OECD counres and for non-oecd regons. Quarerly and half-yearly seres are seasonally adjused. Varables are defned n such a way ha hey are as homogenous as possble over he counres. Breaks n underlyng seres are correced as far as possble. Sources for he hsorcal daa are publcaons of naonal sascal agences and OECD sascal publcaons such as he Quarerly Naonal Accouns, he Annual Naonal Accouns, he Quarerly Labour Force Sascs, he Annual Labour Force Sascs and he Man Economc Indcaors. The nex secon gves by able and by fgure he codes of he varables presened n he Economc Oulook. Secon 3 provdes he defnons and relaons beween he varables. Secon 4 conans n alphabecal order descrpons of he varables, for he daabase as a whole as well as by subjec. Informaon on he daa sources s provded n Secon 5. Secon 6 gves he codes of OECD counres, OECD regons and non-oecd regons. Secon 7 descrbes he way regonal aggregaes are calculaed and he avalably of such aggregaes. The fnal secon gves he varables avalable on OECD elecronc daa producs relaed o he Economc Oulook. The major par of he daabase s avalable on wo daa producs: Economc Oulook (EO) CD-ROM Concurren wh he publcaon of he prelmnary verson of he Economc Oulook on he web, a fle (EO Flashfle) conanng he forecass can be downloaded free of charge a or Daa for key macroeconomc varables are presened for all OECD counres and regons n Excel forma, and can be npu drecly no mos sascal and analycal sofware. The facles of Acroba grealy faclae he use of hs pdf-documen. For nsance he use of he Fnd and Fnd agan facles on a varable code found n secon 2 can provde he defnon of he varable and 1 Documen produced by he Macro-Economc Analyss and Sysems Managemen Dvson (MASD) of he Economcs Deparmen of he OECD. 4

5 s relaons wh oher varables n secon 3, s descrpon n secon 4 and he elecronc daa producs conanng he varable n secon The followng daa changes have been mplemened snce he December 2006 ssue of he OECD Economc Oulook. Naonal accouns Snce he laes ssue of he OECD Economc Oulook, many naonal sascal nsues (NSI) have carred ou a man revson n her naonal accouns, by mplemenng FISIM (Fnancal Inermedaon Servces Indrecly Measured) and by nroducng chaned volume measures n annual and quarerly accouns. The mplemenaon daes and he me span covered by hese changes dffer across counres. Ths has mplcaons on boh he comparably of daa and he avalably of me seres. Ths s parcularly mporan for he comparson of level daa, bu less relevan for he growh raes. The Analycal Daa Base of he Economcs Deparmen of he OECD Secreara has ncluded hese changes and has nroduced new daa mehodologcal reamen. Reropolaon of seres: For hsorcal perod where he NSI do no provde revsed daa, daa have been splced backward usng he growh raes ssued from he prevous naonal accouns Treamen of chaned volume measures: In hs curren Oulook, chaned volume measures have been nroduced for mos of he counres 2 : he level of a volume aggregae s no longer he smple summaon of he level of s componens. Conrbuons o changes n real GDP, shown n he Annex Table, bu no ncluded n hs produc, have been based on a Laspeyres chan ype aggregaon: he sock buldng conrbuon s compued as he weghed dfference beween he growh of real gross capal formaon (nvesmen ncludng changes n nvenores) and he growh of real gross fxed capal formaon (nvesmen excludng changes n nvenores), he weghs reflecng he share of he dfferen componens n GDP a curren prces n he prevous perod; smlarly he ne rade conrbuon s compued as he weghed dfference beween he growh of real expors and he growh of real mpors, he weghs reflecng he share of he dfferen componens n GDP a curren prces n he prevous perod. Revsed OECD supply-sde esmaes: a capal approach Snce EO79, he OECD Economcs Deparmen has aken he opporuny o revew and revse s mehods for esmang poenal GDP. 3 The revsed mehod s broadly smlar o he busness producon funcon approach n prevous use, 4 wh he followng mporan dfferences: 2 The excepons are Greece, Fnland, France, Hungary, Mexco,,Porugal, Slovak Republc and Fnland 3 ` A more dealed accoun of he revsed mehods for esmang poenal and oupu gaps, and her use n medum-erm assessmen s gven by Beffy, P.-O., P. Ollvaud, P. Rchardson and F. Sédllo,.New OECD mehods for supply sde and medum-erm assessmens: a capal servces approach., OECD Economcs Deparmen Workng Papers, No. 482, forhcomng ( WKP(2006)20). 4 General background o he developmen of he former busness secor mehods s gven by Gorno, C.,P. Rchardson, D. Roseveare and P. van den Noord,.Esmang poenal oupu, oupu gaps and srucural 5

6 The mehod now makes specfc use of new OECD esmaes of capal servces, whch ake beer accoun of he flow of producve use of dfferen non-resdenal capal asses wh dfferng age effcency profles. 5 In parcular, hese esmaes ake explc accoun of he relave margnal producs of dfferen ypes of capal goods and hereby provde a beer gude o he npu of capal n producon han he former naonal accouns capal sock esmaes. The new esmaes are based on a oal economy as opposed o a busness secor approach, reflecng boh he coverage of avalable capal servces daa and a curren lack of conssen busness secor daa from member counry sources. Harmonsaon of he employmen daa and hours worked Two ses of daa are now coexsng: one based on he labour force surveys (oal employmen (ET), unemploymen (UN)): and he oher bases on he quarerly naonal accouns, domesc concep (oal employmen ET_NA). The lnk beween he dfferen varables s descrbed n Hours worked are exraced from he OECD Producvy daabase. For nformaon on he measure, see hp:// Specal noe on he busness secor Pror o he EO79 release, he Economc Oulook projecons and daa base ncluded a number of busness secor varables based on OECD n-house esmaes drawng on avalable Naonal Accouns sascs from naonal sources. Recen changes n Naonal Accouns mehods and he unavalably of offcal busness secor daa for a large number of counres make hese esmaes ncreasngly dffcul o manan on a conssen bass. For hs reason, and pendng mprovemens n avalably of busness secor sascs from offcal sources, he followng varables have been suspended from he OECD Economc Oulook daa se: GDPBV, ULCB, PROD (see Annex) 1.2 New varables Codes Descrpon Counres ET_NA Toal employmen based on naonal accouns bass (replace ETNIA) (ET_NA=EE+ES) Belgum, Czech Republc, Denmark, Fnland, France, Germany, Hungary, Ireland, Ialy, Luxembourg, he Neherlands, Slovak republc, Span, Sweden, Uned Saes ITISKV Fxed capal formaon, ncluded socks, All volume PITISK Fxed capal formaon, ncluded socks, value All budge balances., OECD Economc Deparmen Workng Papers, No. 152, 1995 ( 5 A general background o he OECD capal servces esmaes and he mehodologes nvolved are gven by Schreyer, P.,.Capal socks, capal servce and mul-facor producvy measures ( OECD Economc Sudes, No. 37, 2003/2, Dean, E. and M. Hopper,.The BLS producvy measuremen program., Bureau of Labour Sascs, February 1998 and by Tmmer, M., G. Ypma and B. van Ark,.IT n he European Unon: Drvng producvy dvergence?., GGDC Research Memorandum GD-67, Ocober

7 KTV Sock of capal, oal economy Avalable for all counres excep Czech republc Hungary, Island, Republc of Korea, Luxembourg, Mexco, Norway, Poland, Slovak Republc, Swzerland and Turkey (effecve snce EO79) KTVS Sock of capal, smoohed, oal economy Avalable for all counres excep Czech Republc, Hungary, Island, Republc of Korea, Luxembourg, Mexco, Norway, Poland, Slovak Republc, Swzerland and Turkey ( effecve snce EO79) RLCT Real labour cos, oal economy All WSST Compensaon rae, oal economy All 1.3 Varables suspended Codes Descrpon Counres GDPBV Gross domesc produc, busness secor, All counres (effecve EO79) volume KBV Capal sock, busness secor All counres excep Island, Norway and Swzerland (effecve snce EO79) PROD Producvy n he busness secor All counres (effecve EO79) RLC Real labour cos n he busness secor All counres (effecve EO79) ULCB Un labours cos n he busness secor All counres (effecve EO79) 1.4 Varables suppressed Codes Descrpon Counres ETNIA Toal employmen naonal accouns based, replaced by ET_NA POP Toal populaon All counres (effecve snce EO79) 1.5 Varables renamed Codes Descrpon Counres ETB Toal employmen n he prvae secor All counres GDPMLV Gross domesc produc, volume, Manland NOR, old varable ZCS004 (effecve snce EO79) PGDPML GDP manland deflaor NOR, old varable ZCS010 (effecve snce EO79) 7

8 1.6 Base-year and SNA/ESA Reporng Sysem Many counres are changng o he SNA93/ESA95 for he naonal accouns daa. Concernng Germany, daa pror o 1991, refer o Wes Germany and are splced o accord wh he new SNA93/ESA95 accouns. In he presen edon, he saus of naonal accouns n he OECD counres s as follows: 8

9 Naonal accoun reporng sysems, base years and laes daa updaes June 2007 In he presen edon of he OECD Economc Oulook, he saus of naonal accouns n he OECD counres s as follows : Expendure accouns Household accouns Governmen accouns Use of chan weghed prce ndces Benchmark/ base year Ausrala SNA93 (1959q3-2006q4) SNA93 (1959q3-2006q4) SNA93 (1959q3-2006q2) NO 2004/2005 Ausra ESA95 (1988q1-2006q4) ESA95 ( ) ESA95 ( ) YES 2000 Belgum ESA95 (1995q1-2007q1) ESA95 ( ) ESA95 ( ) YES 2004 Canada SNA93 (1961q1-2006q4) SNA93 (1961q1-2006q4) SNA93 (1961q1-2006q1) YES 1997 Czech Republc SNA93 (1996q1-2006q4) SNA93 ( ) SNA93 ( ) YES 2000 Denmark ESA95 (1990q1-2006q4) ESA95 ( ) ESA95 ( ) YES 2000 Fnland ESA95 (1975q1-2006q4) ESA95 ( ) ESA95 ( ) YES 2000 France ESA95 (1978q1-2006q4) ESA95 (1978q1-2006q4) ESA95 ( ) NO 2000 Germany1 ESA95 (1991q1-2006q4) ESA95 ( ) ESA95 ( ) YES 2000 Greece ESA95 (2000q1-2006q4).. ESA95 ( ) YES 2000 Hungary SNA93 (2000q1-2006q4).. SNA93 ( ) YES 2000 Iceland SNA93 (1997q1-2006q4).. SNA93 ( ) YES 2000 Ireland ESA95 (1997q1-2006q4) SNA93 ( ) ESA95 ( ) YES 2004 Ialy ESA95 (1981q1-2006q4) ESA95 ( ) ESA95 ( ) YES 2000 Japan SNA93 (1994q1-2006q4)2 SNA93 ( ) SNA93 ( ) YES 2000 Korea SNA93 (1970q1-2007q1) SNA93 ( ) SNA93 ( ) NO 2000 Luxembourg ESA95 (1995q1-2006q4).. ESA95( ) YES 2000 Mexco SNA93 (1980q1-2006q4).... NO 1993 Neherlands ESA95 (1995q1-2006q4) ESA95 ( ) ESA95 ( ) YES 2000 New Zealand SNA93 (1987q2-2006q4).. SNA93 ( ) YES 1995/1996 Norway SNA93 (1978q1-2006q4) SNA93 ( ) SNA93 ( ) YES 2004 Poland SNA93 (1995q1-2006q4) SNA93 ( ) SNA93 ( ) YES 2000 Porugal ESA95 (1995q1-2006q4) ESA95( ) ESA95 ( ) NO 2000 Slovak Republc SNA93 (1993q1-2006q4) SNA93 (1995q1-2006q4) SNA93 ( ) NO 2000 Span ESA95 (1995q1-2007q1) ESA95 ( ) ESA95 ( ) YES 2000 Sweden ESA95 (1993q1-2006q4) ESA95 (1993q1-2006q4) ESA95 ( ) YES 2000 Swzerland SNA93 (1981q1-2006q4) SNA93 ( ) SNA93 ( ) YES 2000 Turkey SNA68 (1987q1-2006q4).... NO 1987 Uned Kngdom ESA95 (1955q1-2007q1) ESA95 (1987q1-2006q4) ESA95 (1987q1-2006q4) YES 2003 Uned-Saes NIPA (SNA93) (1960q1-2007q1) NIPA (SNA93) (1960q1-2007q1) NIPA (SNA93) (1960q1-2006q4) YES 2000 Noe: SNA: Sysem of Naonal Accouns. ESA: European Sandardsed Accouns. NIPA: Naonal Income and Produc Accouns. GFS: Governmen Fnanca Sascs. The numbers n brackes ndcae he sarng year for he me seres and he laes avalable hsorcal daa ncluded n hs Oulook daabase. 1. Daa pror o 1991 refer o he new SNA93/ESA95 accouns for wesern Germany daa. 9

10 1.7 Changes n he base year Belgum 2004 Greece 2000 Neherlands 2000 Norway Remnder: The rrevocable converson Euro raes Daa for he 12 Euro area counres are now expressed n Euro, and pre-1999 daa were convered from naonal currency usng he rrevocable converson euro raes, whch are, for 1 euro: Germany France Ialy Ausra Belgum Fnland Ireland Luxembourg Neherlands Porugal Span Greece DEM FRF ITL ATS BEF FIM IEP LUF NLG PTE ESP GRD 1.9 Oher remanders: All governmen and household appropraon accouns are expressed n nomnal erms - as n SNA93, ESA95 and BEA NIPA able

11 2. CODE OF VARIABLES PRESENTED IN ECONOMIC OUTLOOK TABLES Ths secon presens for Economc Oulook ables and fgures he codes of he varables shown. Ths nformaon, n combnaon wh he nformaon n secon 3, makes easy o ge he defnon of a varable presened n he Economc Oulook able. I makes also possble o produce he same able over a longer perod usng OECD elecronc daa producs General Assessmen (Edoral and Chaper I) Boxes Nr. Tle Conans he followng varables: OPEC rade flows Sources : OPEC Annual Sascal Bullen, Sascs Norway, Mexcan peroleums Ol ndcaors, Russa CBR Sascs and OECD Economc Oulook 80 daabase. Ol exporers : Addonal mpors per addonal expors Sources : OPEC Annual Sascal Bullen, Sascs Norway, Mexcan peroleums Ol ndcaors, Russa CBR Sascs and OECD Economc Oulook 80 daabase. 1.1 The global carry rade Source: Bank for Inernaonal Selemens. 1.2 Recen developmens n sub-prme morgage markes Source: Insde B&C Lendng; Insde Morgage Fnance MBS Daabase Tables Nr. Tle Conans he followng varables: Summary of projecons GDPV, PGDP, UNR, CBGDPR, NLGQA, IRS (hp:// 1.1 The expanson should reman on rack GDPV, GAP, UNR, PGDP, NLGQ 1.2 Labour markes are buoyan ET, LF, UNR 1.3 Wage developmens reman moderae PDTY, WSST, RLCT, ULC 1.4 Recen house prce developmens No avalable n ADB. Source: Varous naonal sources, see able A.1 n Grouard, N., M. Kennedy, P. van den Noord and C. André, Recen house prce developmens: he role of fundamenals, OECD Economcs Deparmen Workng Papers, No. 475, Growh remans robus GDPV 1.6 Rebalancng of demand s under way FDDV, IBV, IHV, ISKV, FBGSV, GDPV 1.7 Robus world rade growh and large exernal TGSVD, XGSVD, MGSVD, PXG, PMG, CBGDPR, CBD mbalances 1.8 Fscal consoldaon s sallng NLGQ, NLGQA, NLGXQA, GGFLQ 1.9 The conrbuon of corporae axes o recen GDP, TYB, WSSS. Profs no avalable n ADB. revenue buoyancy 1.10 Spendng pressures from ageng Sources: OECD (2006), Projecng OECD Healh and Long-erm Care Expendures: Wha Are he Man Drvers?, OECD Economcs Deparmen Workng Papers, No. 477, Pars; Vsco, I. (Ed.) (2005), Ageng and Penson Sysem Reform: Implcaons for Fnancal Markes and Economc Polces, n Fnancal Marke Trends, November 2005 Supplemen, OECD, Pars; EU Economc Polcy Commee (2006), Impac of Ageng Populaons on Publc 11

12 Spendng, European Commsson, Brussels; Dang, T.-T., P. Anoln and H. Oxley (2001), Fscal Implcaons of Ageng: Projecons of Age-Relaed Spendng, OECD Economcs Deparmen Workng Papers, No. 305, OECD, Pars; and Greek Mnsry of Fnance (2005), The 2005 Updae of he Hellenc Sably and Growh Program , Ahens Medum-erm reference scenaro summary GDPV, PCP, UNR, CBGDPR, IRL 1.12 Fscal rends n he medum-erm reference scenaronlgq, GNFLQ, GGFLQ, GGFLMQ 1.13 Growh n oal economy poenal oupu and s GAP, GDPVTR, GDPVTR/EG, ETPT, LFPRS, POPT, NAIRU componens OECD esmaes of US poenal growh GDPVTR, TPROD, HRSPT, POPT, LFPRS, KTV, ETPT, HRST Fgures Nr. Tle Conans he followng varables: 1.1 Growh dfferenals and cyclcal posons are GDPV, GAPUNR, NAIRU, UNR convergng 1.2 Energy prces hover around hgh levels WPBRENT; USA.PXGS 1.3 Re-spendng of perodollars s frmng No avalable n ADB 1.4 Rsk may be prced somewha low No avalable n ADB. OECD calculaons. 1.5 Equy markes are ghly prced Source: Daasream; OECD calculaons. 1.6 The US curren accoun counerpars and fnancng Source: OECD Economc Oulook 81 daabase (CBD, GDP, CPV), Inernaonal Moneary Fund and he US Bureau of Economc Analyss Housng nvesmen s a en-year hghs n many IH/GDP counres 1.8 US morgage equy whdrawal Source: Updaed esmaes provded by J. Kennedy of he morgage sysem presened "Esmaes of Home Morgage Orgnaons, Repaymens, and Deb On One-o-Four-Famly Resdences," Alan Greenspan and James Kennedy, Federal Reserve Board FEDS workng paper no and OECD Economc Oulook 81daabase. 1.9 Confdence pons o sold expanson Source: OECD Man Economc Indcaors 1.10 Polcy raes have moved up No avalable n ADB. Source : US Federal Reserve Board, Bank of Japan, European Cenral Bank, Bank of England, Bank of Canada Headlne and underlyng nflaon are convergng No avalable n ADB. Source: OECD Man Economc Indcaors and OECD calculaons. No avalable n ADB. Source: Sascal Offce of he European Communes (Eurosa). No avalable n ADB. Source: CEIC and Daasream Core nflaon n he euro area has become more synchronsed 1.13 Bank lendng and propery prces have boh recenly pcked up n Japan 1.14 Successve vnages of fscal projecons Source: US Congressonal Budge Offce, Sascal Offce of he European Communes (Eurosa) and OECD Economc Oulook 81 daabase Old age dependency raos No avalable n ADB. Source: OECD, based on naonal sources Toal ncrease n healh and long-erm care spendng by counry, No avalable n ADB. Source: Projecng OECD healh and long-erm care expendures: Wha are he man drvers?, OECD Economcs Deparmen Workng Paper No. 477, February Implc ax on connued work: early reremen No avalable n ADB. Source: OECD esmaes Recpens of dsably benefs No avalable n ADB. 12

13 The Annex Tables Nr. Tle Conans he followng varables: Noes o sascal Annex Tables, Sources andhp:// Mehods of he OECD Economc Oulook 1185_ _1_1_1_1,00.hml Demand and oupu hp:// 806_1_1_1_1,00.hml 1 Real GDP GDPV 2 Nomnal GDP GDP 3 Real prvae consumpon expendure CPV 4 Real publc consumpon expendure CGV 5 Real oal gross fxed capal formaon ITV 6 Real gross prvae non-resdenal fxed capal formaon IBV 7 Real gross prvae resdenal fxed capal formaon IHV 8 Real oal domesc demand TDDV 9 Foregn balance conrbuons o changes n real GDP FBGSV 10 Oupu gaps 6 GAP Wages, coss, unemploymen and nflaon hp:// 064_1_1_1_1,00.hml 11 Compensaon per employee n he prvae secor WSSE 12 Labour producvy, oal economy PDTY 13 Unemploymen raes: commonly used defnons UNR 14 Sandardsed unemploymen raes No avalable n ADB. Source: OECD Man Economc Indcaors 15 Labour force, employmen and unemploymen LF, ET, UN 16 GDP Deflaors PGDP 17 Prvae consumpon deflaors PCP 18 Consumer Prce Index CPI for all OECD counres and CPIH only for Euro zon counres. Source: OECD Man Economc Indcaors 19 Ol and oher prmary commody markes OILCON, OILSUP, OILXNT, WPBRENT, WPHAMD, WPHD WPHFBD, WPHFD, WPHMMD, WPHTBD,, WPOIL Key supply sde daa hp:// 89_1_1_1_1,00.hml 20 Employmen raes, parcpaon raes and labour force ET/POPT, LF/POPT, LF 21 Poenal GDP, employmen and capal sock GDPVTR, ET, KTV 22 Srucural unemploymen and un labour coss NAIRU, ULC Savng hp:// 242_1_1_1_1,00.hml 23 Household savng raes SRATIO 24 Gross naonal savng From OECD STD, ANA (SAV + CFC) / GDP (no avalable Oulook daabase) Fscal balances and publc ndebedness hp:// 745_1_1_1_1,00.hml 25 General governmen oal oulays YPGTQ 26 General governmen oal ax and non-ax receps YRGTQ 27 General governmen fnancal balances NLGQ (Balances excludng socal secury are no avalable Oulook daabase) 28 Cyclcally-adjused general governmen balances NLGQA 29 General governmen prmary balances NLGXQ 30 Cyclcally-adjused general governmen prmary balances NLGXQA 31 General governmen ne deb neres paymens GNINTQ 32 General governmen gross fnancal lables GGFLQ (snce 1990, GGFLQ = GGFLMQ for GRC, IRL, an SVK) 33 General governmen ne fnancal lables GNFLQ 6 The esmaed gaps are subjec o sgnfcan margns of error. 13

14 Nr. Tle Conans he followng varables: Noes o sascal Annex Tables, Sources andhp:// Mehods of he OECD Economc Oulook 1185_ _1_1_1_1,00.hml Ineres raes and exchange raes hp:// 831_1_1_1_1,00.hml 34 Shor-erm neres raes IRS 35 Long-erm neres raes IRL 36 Nomnal exchange raes (vs-à-vs he US dollar) EXCHUD 37 Effecve exchange raes EXCHEB EO Sources - Noes o sascal annex ables Exernal rade and paymens 38 Expor volumes of goods and servces XGSVD 39 Impor volumes of goods and servces MGSVD 40 Expor prces of goods and servces PXGS 41 Impor prces of goods and servces PMGS 42 Compeve posons: relave consumer prces CPIDR 43 Compeve posons: relave un labour coss ULCMDR 44 Expor performance for oal goods and servces XPERF 45 Shares n World expors and mpors XGSD, MGSD 46 Geographcal srucure of world rade growh No avalable n ADB. 47 Trade balances for goods and servces FBGSD 48 Invesmen ncome, ne BSIID 49 Toal ransfers, ne NTRD 50 Curren accoun balances CBD 51 Curren accoun balances as a percenage of GDP CBGDPR 52 Srucure of curren accoun balances of major world regons FBGSD, BSIID, NTRD, CBD 53 Expor markes of goods and servces XMKT 54 Impor peneraon MPEN = MGSV / TEVX Oher background daa hp:// 55_1_1_1_1,00.hml#_38#_38 hp:// 958_1_1_1_1,00.hml 55 Quarerly demand and oupu projecons CPV, CGV, IBV, ITV, TDDV, XGSV, MGSV, GDPV 56 Quarerly prce, cos and unemploymen projecons CPI, CPIH, PGDP, ULC, UNR 57 Conrbuons o changes n real GDP n OECD FDDV, ISKV, FBGSV, GDPV 58 Household wealh and ndebedness No avalable n ADB. Sources: Canada: Sascs Canada; France INSEE; Germany: Deusche Bundesbank; Ialy: Banca d'iala; Japan: Economc Plannng Agency; Uned Kngdom: Offce for Naonal Sascs; Uned Saes: Federal Reserve. 59 House prces Source: Varous naonal sources and Nomsma, see able A.1 n Grouard, N., M. Kennedy, P. van den Noord and C. André, Recen house prce developmens: he role of fundamenals, OECD Economcs Deparmen Workng Papers, No. 475, 2006 an OECD esmaes. 60 House prce raos Source: Varous naonal sources and Nomsma, see able A.1 n Grouard, N., M. Kennedy, P. van den Noord and C. André, Recen house prce developmens: he role of fundamenals, OECD Economcs Deparmen Workng Papers, No. 475, 2006 an OECD esmaes. 61 Cenral governmen fnancal balances No avalable n ADB. 62 Maasrch defnon of general governmen GGFLMQ 63 Moneary and cred aggregaes: recen rends No avalable n ADB. Source: OECD Man Economc Indcaors, Bank of Japan, Cansm, ECB. 14

15 3. DEFINITIONS OF VARIABLES Defnons of varables and he relaons beween varables are presened by mahemacal expressons beween varable codes. These expressons are denes and hold herefore exacly. No presened are behavoural relaons beween varables and oher non-denes. The denes are shown a an annual level. Some denes are slghly dfferen on a quarerly level. Mos denes are dencal for all OECD counres. In case of dfferences, he deny holdng for mos counres s gven frs, followed by he dvergng deny and he counres for whch s relevan. The base year s relevan for some denes. There are wo knds of base years: Counry-specfc base-years, relevan for volume and prce seres for expendures and GDP (see for curren base year secon 6.1). These base years are presened n he denes as base year. No counry-specfc base year, relevan for rade seres and oher seres comparable over counres. Ths base year s 1995 or 2000 n he curren daabase and s presened n he denes as overall base year Expendures and GDP Volumes 1.a FDDV = CPV+ CGV+ ITV AUS, EURO, FIN, FRA, GBR, GRC, HUN, KOR, MEX, PRT, SVK, TUR 1.b FDDV = IF T GT LASTVALUE(FDDV.ADBQ)-4 THEN FDDV[T-1] AUT, BEL, CAN, DNK, *(1+PCT($CHAINLINK2(EOQ,{AUT.CP,AUT.CG,AUT.IT},LASQ,MAKEDATE(QUARTER,BYEAR, POL, USA 4)))/100 +CQ_SDFDDV) ELSE FDDV 1.c FDDV = $CHAINLINK2(EOQ,{CHE.CP,CHE.CG,CHE.IT},LASY,2000Q4) CHE, DEU, ESP, ISL, ITA, LUX, SWE 1.d FDDV = IF T GT LASTVALUE(FDDV.ADBQ)-4 THEN FDDV[T-1] CZE, IRL, NLD, NOR *(1+PCT($CHAINLINK2(EOQ,{CZE.CP,CZE.CG,CZE.IT}, LASY,MAKEDATE(QUARTER,BYEAR,4)))/100+CQ_SDFDDV) ELSE FDDV 1.e FDDV = IF T GT LASTVALUE(FDDV.ADBQ)-4 THEN $CHAINLINK2 JPN ({JPN.CP,JPN.CG,JPN.IT},LASQ4,2000Q4) ELSE FDDV 1.f FDDV = IF T GT LASTVALUE(FDDV.ADBQ)-4 THEN FDDV[T-1] NZL *(1+PCT($CHAINLINK2(EOQ,{NZL.CP,NZL.CG,NZL.IT}, LASY,1996Q1))/100+CQ_SDFDDV) ELSE FDDV 1.g FDDV = No formula (aggregae or varable forecas) EURO_WGR, OECD, WGR 2.a TDDV = FDDV+ ISKV AUS, EURO, FIN, FRA, GBR, GRC, MEX, PRT 2.b TDDV = IF T GT LASTVALUE(TDDV.ADBQ)-4 THEN TDDV[T-1] *(1+PCT($CHAINLINK2(EOQ,{AUT.CP,AUT.CG,AUT.ITISK}, LASQ,MAKEDATE(QUARTER,BYEAR,4)))/100 + CQ_SDTDDV) ELSE TDDV AUT, BEL, CAN, DNK, POL 15

16 2.c TDDV = $CHAINLINK2(EOQ,{CHE.CP,CHE.CG,CHE.ITISK},LASY,2000Q4) CHE, DEU, ESP, ISL, ITA, LUX, SWE 2.d TDDV = IF T GT LASTVALUE(TDDV.ADBQ)-4 THEN TDDV[T-1] *(1+PCT($CHAINLINK2(EOQ,{CZE.CP,CZE.CG,CZE.ITISK}, LASY,MAKEDATE(QUARTER,BYEAR,4)))/100+CQ_SDTDDV) ELSE TDDV CZE, IRL, NLD, NOR 2.e TDDV = CPV+CGV+ITISKV HUN, KOR, SVK, TUR 2.f TDDV = IF T GT LASTVALUE(TDDV.ADBQ)-4 THEN $CHAINLINK2 JPN ({JPN.CP,JPN.CG,JPN.ITISK},LASQ4,2000Q4) ELSE TDDV 2.g TDDV = IF T GT LASTVALUE(TDDV.ADBQ)-4 THEN TDDV[T-1] NZL *(1+PCT($CHAINLINK2(EOQ,{NZL.CP,NZL.CG,NZL.ITISK}, LASY,1996Q1))/100+CQ_SDTDDV) ELSE TDDV 2.h TDDV = IF T GT LASTVALUE(TDDV.ADBQ)-4 THEN TDDV[T-1] USA *(1+PCT($CHAINLINK2(EOQ,{USA.GDP,USA.MGS,N.USA.XGS}, LASQ,2000Q4))/100 +CQ_SDTDDV) ELSE TDDV 2. TDDV = No formula (aggregae or varable forecas) EURO_WGR, OECD, WGR 3.a GDPV = TDDV+ XGSV- MGSV FRA, KOR, MEX, PRT, SVK 3.b GDPV = TDDV+ XGSV- MGSV+ SDGDPV FIN, GBR, GRC 3.c GDPV = IF T GT LASTVALUE(GDPV.ADBQ) THEN GDPV[T-1]*((CPV[T]/CPV[T-1])*(CP[T-1- PERIOD(T)-1]+CP[T-2-PERIOD(T)-1]+CP[T-3-PERIOD(T)-1]+CP[T-4-PERIOD(T)- 1])+(CGV[T]/CGV[T-1])*(CG[T-1-PERIOD(T)-1]+CG[T-2-PERIOD(T)-1]+CG[T-3-PERIOD(T)- 1]+CG[T-4-PERIOD(T)-1])+(ITV[T]+ISKV[T])/(ITV[T-1]+ISKV[T-1])*(IT[T-1-PERIOD(T)-1]+ISK[T- 1-PERIOD(T)-1]+IT[T-2-PERIOD(T)-1]+ISK[T-2-PERIOD(T)-1]+IT[T-3-PERIOD(T)-1]+ISK[T-3- PERIOD(T)-1]+IT[T-4-PERIOD(T)-1]+ISK[T-4-PERIOD(T)-1])+(XGSV[T]/XGSV[T-1])*(XGS[T-1- PERIOD(T)-1]+XGS[T-2-PERIOD(T)-1]+XGS[T-3-PERIOD(T)-1]+XGS[T-4-PERIOD(T)-1])- (MGSV[T]/MGSV[T-1])*(MGS[T-1-PERIOD(T)-1]+MGS[T-2-PERIOD(T)-1]+MGS[T-3-PERIOD(T)- 1]+MGS[T-4-PERIOD(T)-1]))/(GDP[T-1-PERIOD(T)-1]+GDP[T-2-PERIOD(T)-1]+GDP[T-3- AUS PERIOD(T)-1]+GDP[T-4-PERIOD(T)-1]) ELSE GDPV GDPV = IF T GT LASTVALUE(GDPV.ADBQ)-4 THEN GDPV[T-1] *(1+PCT($CHAINLINK2(EOQ,{AUT.CP,AUT.CG,AUT.ITISK,AUT.XGS,N.AUT.MGS},LASQ,MAK EDATE(QUARTER,BYEAR,4)))/100+CQ_SDGDPV) ELSE GDPV 3.d GDPV = CHE $CHAINLINK2(EOQ,{CHE.CP,CHE.CG,CHE.ITISK,CHE.XGS,N.CHE.MGS},LASY,2000Q4)+%DAT ABASE'CHE.SDGDPV 3.e GDPV = IF T GT LASTVALUE(GDPV.ADBQ)-4 THEN GDPV[T-1] *(1+PCT($CHAINLINK2(EOQ,{CZE.CP,CZE.CG,CZE.ITISK,CZE.XGS,N.CZE.MGS}, LASY, MAKEDATE (QUARTER, BYEAR,4))) /100+CQ_SDGDPV) ELSE GDPV AUT, BEL, CAN, DNK, POL, USA CZE, DEU, IRL, ISL, ITA, LUX, NLD, NOR, SWE 3.f GDPV = IF T GT LASTVALUE(GDPV.ADBQ)-4 THEN GDPV[T-1] ESP *(1+PCT($CHAINLINK2({ESP.CP,ESP.CG,ESP.ITISK,ESP.XGS,N.ESP.MGS},FISHER,1997Q4))/100 +CQ_SDGDPV) ELSE GDPV 3.g GDPV = IF T GT LASTVALUE(GDPV.ADBQ)-4 THEN GDPV[T-1] *(1+PCT(CPV+CGV+ITISKV+XGSV-MGSV)/100+CQ_SDGDPV) ELSE GDPV HUN, TUR 3.h GDPV = IF T GT LASTVALUE(GDPV.ADBQ)-4 THEN GDPV[T- JPN 1]*(1+PCT($CHAINLINK2(EOQ,{JPN.CP,JPN.CG,JPN.ITISK,JPN.XGS,N.JPN.MGS},LASQ4, 2000Q4))/100+CQ_SDGDPV) ELSE GDPV 3. GDPV = IF T GT LASTVALUE(GDPV.ADBQ)-4 THEN GDPV[T-1] NZL *(1+PCT($CHAINLINK2(EOQ,{NZL.CP,NZL.CG,NZL.ITISK,NZL.XGS,N.NZL.MGS}, LASY,1996Q1))/100+CQ_SDGDPV) ELSE GDPV 3.j GDPV = No formula (aggregae or varable forecas) EURO, EURO_WGR, OECD, WGR 4.a GNPV = GDPV+ NYFV IRL 4.b GNPV = No formula (aggregae or varable forecas) JPN, NLD, USA 16

17 5.a NITV = XNITV*( GDPV- CGW/ PCGW) AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, POL, PRT, SVK, SWE, TUR, USA 5.b NITV = XNITV*( GDPCSA- CGW/ PCGW) NZL 5.c NITV = No formula (aggregae or varable forecas) WGR Values 4 GDP = CP +CG +IT +ISK +XGS - MGS AUS, BEL, CHE, FRA, MEX, PRT, SVK 4.a GDP = PGDP*GDPV AUT, CAN, CZE, DEU, DNK, ESP, FIN, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, L TUR, USA Invesmen 1.a IBV = ICNHV+ IMEQV+ ICSA+ IGBV AUS 1.b IBV = $CHAINLINK2(EOQ,{CHE.IC,CHE.IMEQ, N.CHE.IH,N.CHE.IG},LASY,2000Q4) CHE 1.c IBV = ITV CZE, HUN, LUX, POL 1.d IBV = ITV - IGV - IHV EURO 1.e IBV = IF T GT LASTVALUE(IBV.ADBQ)-4 THEN IBV[-1] *(1+PCT($chanlnk2(eoq, {IRL., AUT, DEU, IRL, ITA, n.irl.g, n.irl.h}, lasy,makedae(quarer,byear,4))) / cq_sdbv) ELSE IBV WGR 1.f IBV = ITV-IHV-IGV+IHGV KOR 1.g IBV = IPV PRT 1.h IBV = No formula eher for aggregae or forecas varables BEL, CAN, DNK, ESP, EURO_WGR, FIN, FRA, GBR, GRC, ISL, JPN, MEX, NLD, NOR, NZL, OECD, SWE, USA 2.a IPV = IHV + IBV AUS, EURO, FIN, FRA, GBR, GRC, MEX 2.b IPV = IF T GT LASTVALUE(IPV.ADBQ)-4 THEN IPV[T-1] *(1+PCT($CHAINLINK2(EOQ, {AUT.IB, AUT.IH},LASQ,MAKEDATE(QUARTER,BYEAR,4)))/100 + CQ_SDIPV) ELSE IPV AUT, CAN, DNK, USA 2.c IPV = $CHAINLINK2({CHE.IB,CHE.IH}, LASY, 2000Q4) CHE 2.d IPV = IBV CZE, HUN, LUX, POL, PRT 2.e IPV = IF T GT LASTVALUE(IPV.ADBQ)-4 THEN IPV [T-1] *(1+PCT($CHAINLINK2(EOQ, DEU, JPN {DEU.IB, DEU.IH}, LASQ4,2000Q4))/100 + CQ_SDIPV) ELSE IPV 2.f IPV = IF T GT LASTVALUE(IPV.ADBQ)-4 THEN IPV [-1] *(1+PCT($chanlnk2(eoq,{IRL.b,IRL.h}, lasy, makedae(quarer, byear,4)))/100+cq_sdipv) ELSE IPV 2.g IPV = IHV+ IBV- IHGV KOR 2.h IPV = IF T GT LASTVALUE(IPV.ADBQ)-4 THEN IPV[T-1] *(1+PCT($CHAINLINK2 (EOQ, NZL ESP, IRL, ISL, ITA, NLD, NOR, SWE 17

18 {NZL.IB, NZL.IH}, LASY,1996Q1))/100+CQ_SDIPV) ELSE IPV 2. IPV = ITV-IGV TUR 2.j IPV = No formula eher for aggregae or forecas varables BEL, WGR 3.a ITV = IGV+ IPV AUS, FRA, GBR, GRC, MEX 3.b ITV = IF T GT LASTVALUE(EOQ'AUT.ITV.ADBQ)-4 THEN EOQ'AUT.ITV[T-1] AUT *(1+PCT($CHAINLINK2(EOQ, {AUT.IC,AUT.IMEQ}, LASQ, MAKEDATE (QUARTER, EOQ'AUT.BYEAR,4), 2000Q4)) /100 +EOQ'AUT.CQ_SDITV) ELSE EOQ'AUT.ITV 3.c ITV = IF T GT LASTVALUE(EOQ'counryreference.ITV.ADBQ) -4 THEN EOQ'counryreference.ITV[- BEL, DNK 1] * (1 + PCT($chanlnk2(eoq, {counryreference.p, counryreference.g}, lasq, makedae (quarer, EOQ'counryreference.byear, 4))) / EOQ'counryreference.cq_sdv) ELSE EOQ'counryreference.ITV 3.d ITV = IF T GT LASTVALUE(EOQ'counryreference.ITV.ADBQ) -4 THEN CAN, USA EOQ'counryreference.ITV[T-1] * (1 + PCT($CHAINLINK2({counryreference.IP, counryreference.ig}, LASQ,yearreferenceQ4))/100 +EOQ'counryreference.CQ_SDITV) ELSE EOQ'counryreference.ITV 3.e ITV = IF T GT LASTVALUE(EOQ'JPN.ITV.ADBQ)-4 THEN JPN $CHAINLINK2(EOQ,{JPN.IG,JPN.IB,JPN.IH},LASQ4, 2000Q4) ELSE EOQ'JPN.ITV 3.f ITV = IF T GT LASTVALUE(EOQ'DEU.ITV.ADBQ)-4 THEN EOQ'DEU.ITV[T-1] DEU *(1+PCT($CHAINLINK2(EOQ, {DEU.IC, DEU.IMEQ}, LASQ4, 2000Q4)) /100 + EOQ'DEU.CQ_SDITV) ELSE EOQ'DEU.ITV 3.g ITV = $CHAINLINK2(EOQ,{CHE&IP,CHE&IG}, LASY, 2000Q4) CHE 3.h ITV = IF T GT LASTVALUE(EOQ'counryreference.ITV.ADBQ) -4 THEN ITA, CZE, ESP, IRL EOQ'counryreference.ITV[T-1] * (1 + PCT($CHAINLINK2(EOQ, {counryreference.ic, counryreference.imeq}, LASY, MAKEDATE(QUARTER, EOQ'counryreference.BYEAR, 4))) / EOQ'counryreference.CQ_SDITV) ELSE EOQ'counryreference.ITV 3. ITV = IF T GT LASTVALUE(EOQ'counryreference.ITV.ADBQ) -4 THEN EOQ'counryreference.ITV[- FIN, ISL, NLD, NOR, 1] * (1 + PCT($CHAINLINK2(EOQ,{counryreference.IP, counryreference.ig}, LASY, SWE MAKEDATE(QUARTER, EOQ'counryreference.BYEAR, 4))) / EOQ'counryreference.CQ_SDITV) ELSE EOQ'counryreference.ITV 3.j ITV = IF T GT LASTVALUE(EOQ'NZL.ITV.ADBQ) -4 THEN EOQ'NZL.ITV[T-1] * (1 + PCT NZL ($CHAINLINK2(EOQ, {NZL.IP, NZL.IG}, LASY, 1996Q1)) / EOQ'NZL.CQ_SDITV) ELSE EOQ'NZL.ITV 3.k ITV = EOQ'KOR.IMEQV + EOQ'KOR.ICV KOR 3.l ITV = No formula eher for aggregae or forecas varables EURO, EURO_WGR, HUN, LUX, OECD, POL, PRT, SVK, TUR, WGR 4.a ICV = ICNHV+IHV+ICSA KOR 4.b ICV = ICNHV+ IHV TUR 4.c ICV = No formula eher for aggregae or forecas varables AUT, CHE, DEU, ESP, IRL, ITA, NLD, WGR 5.a ICNHV = IF T GT LASTVALUE(ICNHV.ADBQ)-4 THEN $chanlnk2(eoq,{irl.c,n.irl.h}, lasy, IRL makedae (quarer, byear,4)) ELSE ICNHV 5.b ICNHV = $CHAINLINK2(EOQ,{ITA.IC,N.ITA.IH}, LASY, MAKEDATE(QUARTER,BYEAR,4)) ITA 5.c ICNHV = No formula eher for aggregae or forecas varables AUS, AUT, DEU, KOR, NLD, TUR, WGR 6.a KBV = IBV/4 + KBV[T-1]*(1 - RSCRB/400) CHE, ISL 6.b KBV = IOBV/4 + KBV[T-1]*(1 - RSCRB/400) NOR 7.a IT = IH+ IB+ IGV* PIG AUS, AUT, BEL, CAN, CHE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, 18

19 IRL, ISL, ITA, JPN, MEX, NLD, NOR, NZL, SWE, USA 7.b IT = PIT*ITV CZE, DNK, FIN, FRA, GRC, HUN, ISL, KOR, LUX, NLD, NZL, POL, PRT, SVK, TUR 7.c IT = No formula eher for aggregae or forecas varables EURO, WGR 8.a PIB = IB/IBV CHE, EURO, IRL, ITA, KOR 8.b PIB = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, DEU, DNK, ESP, FIN, FRA, GBR, GRC, ISL, JPN, MEX, NLD, NOR, NZL, SWE, USA, WGR 9.a PIG = IG/ IGV AUS, AUT, BEL, CHE, CZE, DEU, DNK, ESP, EURO, FRA, GRC, ITA, KOR, NLD, PRT, USA 9.b PIG = No formula eher for aggregae or forecas varables CAN, FIN, GBR, IRL, ISL, JPN, MEX, NOR, NZL, SWE, WGR 10.a PIT = IT/ ITV AUS, AUT, BEL, CAN, CHE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, IRL, ISL, ITA, JPN, KOR, MEX, NLD, NOR, NZL, SWE, USA 10.b PIT = No formula eher for aggregae or forecas varables CZE, EURO_WGR, HUN, LUX, OECD, POL, PRT, SVK, TUR, WGR 19

20 3.2. Supply block Core 1.a LFS = LFPRS*POPT/100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, WGR 1.b LFS = LFPRS*POPTS/100 : USA USA 1.c LFS = No formula eher for aggregae or forecas varables EURO, EURO_WGR 2.a GDPVTR = (ETPT*ELEFF2*HRST)**XTAU*KTVS** (1-XTAU) AUS, BEL, CAN, DEU, DNK, ESP, FIN, FRA, GBR, GRC, IRL, ITA, JPN, NLD, NZL, SWE, USA, WGR 2.b GDPVTR = (ETPT*ELEFF2)**XTAU*KTVS**(1-XTAU) AUT, PRT 2.c GDPVTR = ( QBVTR+ CFKG/ PIG)/(1- XNITV)+ CGW/ PCGW CHE, ISL 2.d GDPVTR = ZCS007*TRPDTY CZE, HUN, LUX, MEX, POL, SVK, TUR 2.e GDPVTR = ( QBVTR+ GDPCSA+ CFKG/ PIG)/(1- XNITV)+ CGW/ NOR PCGW- GDPCSA 2.f GDPVTR = No formula eher for aggregae or forecas varables EURO, EURO_WGR, OECD 3.a GAP = ( GDPV/ GDPVTR-1.)*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, POL, PRT, SVK, SWE, TUR, USA 3.b GAP = (GDPMLV/GDPVTR-1)*100 NOR 3.c GAP = (GDPCSA/GDPVTR-1.)*100 NZL 3.d GAP = No formula eher for aggregae or forecas varables EURO_WGR, OECD, WGR 4.a IFU3 = GDPVTR/ GDPV AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, POL, PRT, SVK, SWE, USA, WGR 4.b IFU3 = GDPVTR/GDPMLV NOR 4.c IFU3 = GDPVTR/GDPCSA NZL 5.a GDPTR = GDP* IFU3 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NZL, POL, PRT, SVK, SWE, USA, WGR 5.b GDPTR = GDPML*IFU3 NOR 5 See also: Gorno, C., P. Rchardson, D. Rosevaere and P. Van den Noord (1995), Esmang poenal oupu, oupu gaps and srucural budge balances, OECD Economcs Deparmen Workng Paper Gorno, C. and W. Suyker (1997), Les esmaons de l écar de producon de l OCDE, Économe Inernaonale, No. 69, pp

21 Values of supply block coeffcens XLFS XTAU XNITV Uned Saes Japan Germany France Ialy Uned Kngdom Canada Ausrala Ausra Belgum Czech Republc Denmark Fnland Greece Hungary Iceland Ireland Korea Luxembourg Mexco Neherlands New Zealand Norway Poland Porugal Slovak Republc Span Sweden Swzerland Turkey 3.3. Labour marke Employmen, labour force, unemploymen 1.a ES = ET- EE AUS, CHE, ISL, JPN, KOR, MEX, NOR, POL, PRT, TUR 1.b ES = ET_NA- EE BEL, CZE, DNK, ESP, FIN, FRA, IRE, ITA, HUN, LUX, NLD, SVK, USA 1.c ES = No formula eher for aggregae or forecas varables AUT, CAN, DEU, EURO, EURO_WGR, FIN, GBR, NZL, OECD, SWE, WGR 1.d ES = CSA + CSB GRC 21

22 2.a ETB = EEP+ ES AUS, AUT, BEL, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NZL, POL, PRT, SVK, SWE, TUR, USA 2.b ETB = EEP+ ES- ECSA NOR 2.c ETB = No formula eher for aggregae or forecas varables CAN, GBR, WGR 3.a EE = EEP+ EG AUT, CAN, DEU, DNK, ESP, EURO, FIN, GBR, GRC, NZL, SWE, USA 3.b EE = No formula eher for aggregae or forecas varables AUS, BEL, CHE, CZE, FRA, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, POL, PRT, SVK, TUR, WGR 4.a ET = EE+ ES AUT, CAN, DNK, GRC, USA 4.b ET = EE+ ECSA+ ES GBR 4.c ET = R_ETNA * ETNA BEL, CZE, DEU, FIN, FRA, HUN, IRL, ITA, NLD, SVK, SWE 4.d ET = No formula eher for aggregae or forecas varables AUS, CHE, ESP, EURO, EURO_WGR, ISL, JPN, KOR, MEX, NOR, NZL, OECD, POL, PRT, TUR, WGR 5.a UN = LF- ET AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 5.b UN = No formula eher for aggregae or forecas varables EURO, EURO_WGR, OECD, WGR 6.a UNR = UN*100.0/ LF AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 6.b UNR = No formula eher for aggregae or forecas varables EURO_WGR, OECD, WGR 7.a LFPR = LF/ POPT*100.0 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, POL, PRT, SVK, TUR, USA 7.b LFPR = No formula eher for aggregae or forecas varables NZL, SWE, WGR 8.a EUFW = IF T GT LASTVALUE(EUFW.ADBQ) THEN EUFW[T-1] ELSE EUFW 8.b EUFW = No formula eher for aggregae or forecas varables TUR, WGR AUS, AUT, BEL, CAN, CHE, DEU, DNK, ESP, FIN, FRA, GRC, IRL, ITA, JPN, KOR, MEX, NLD, NOR, NZL, POL, PRT, SWE, USA 9.a PDTY = GDPV/ ET/( XGDPVB/ XETB) AUT, CAN, DNK, GRC, USA 9.b PDTY = GDPV/ ETNA/( XGDPVB/ XETB) GBR 9.c PDTY = (GDPV / ET) / (XGDPVB / XETB) BEL, CZE, DEU, FIN, FRA, HUN, IRL, ITA, NLD, SVK, SWE 9.d PDTY = GDPCSA/ ET/( XGDPVB/ XETB) NZL 9.e PDTY = No formula eher for aggregae or forecas varables AUS, CHE, ESP, EURO, EURO_WGR, ISL, JPN, KOR, MEX, NOR, OECD, POL, PRT, TUR, WGR 22

23 Wage raes 1.a WR = (WAGE - CGW) / EEP EURO, EURO_WGR, MEX 1.b WR = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA, WGR 2.a PCGW = WRG/ XPCGW AUS, AUT, CAN, CHE, CZE, DNK, ESP, EURO, EURO_WGR, FIN, GBR, GRC, HUN, IRL, ISL, ITA, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR 2.b PCGW = ( WRG/ ZCS005)/ XPCGW BEL 2.c PCGW = (CGW/EG)/XPCGW DEU, FRA 2.d PCGW = CGW / CGWV JPN 2.e PCGW = No formula eher for aggregae or forecas varables USA, WGR 3.a WSSE = ( WSSS- CGW)/ EEP AUS, AUT, BEL, CHE, CZE, DEU, DNK, EURO, FIN, FRA, HUN, ISL, JPN, KOR, LUX, NLD, NZL, POL, SVK, SWE, TUR 3.b WSSE = No formula eher for aggregae or forecas varables CAN, ESP, EURO_WGR, GBR, GRC, IRL, ITA, MEX, NOR, OECD, PRT, USA, WGR 4.a WSRE = WSSE/ PCP/( XWSSEB/ XPCPB) AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 4.b WSRE = No formula eher for aggregae or forecas varables WGR 5.a ULC = WSSS/ GDPV/( XWSSSB/ XGDPVB) AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, POL, PRT, SVK, SWE, TUR, USA 5.b ULC = WSSS/ GDPCSA/( XWSSSB/ XGDPVB) NZL 5.c ULC = No formula eher for aggregae or forecas varables EURO_WGR, OECD, WGR 6 RLCT = EOQ'counryreferrence.WSST / EOQ'counryreferrence.PGDP / ( MEAN(EOQ' counryreferrence.wsst <DATE EOQ'NBASE>) / MEAN(EOQ' counryreferrence.pgdp<date EOQ'NBASE>)) 23

24 3.4. Households appropraon accoun 1.a CGW = WAGEG+TRPGSH+TRPGPH DEU, SWE 1.b CGW = WRG*EG DNK, FIN, GBR, IRL, MEX, NZL, TUR 1.c CGW = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, CZE, ESP, EURO, EURO_WGR, FRA, GRC, HUN, ISL, ITA, JPN, KOR, LUX, NLD, NOR, POL, PRT, SVK, USA, WGR 2.a WAGE = WR * EEP + CGW AUS, AUT, CAN, CHE, CZE, DNK, ESP, FIN, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NOR, NZL, POL, PRT, TUR 2.b WAGE = WR* EEP+ WAGEG BEL, DEU, FRA, NLD, SWE, USA 2.c WAGE = No formula eher for aggregae or forecas varables EURO, WGR 3.a WSSS = WR* EEP+ CGW+ TRPBSH+ TRPBPH AUS, AUT, BEL, CZE, DNK, ESP, FIN, FRA, GRC, HUN, IRL, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SWE 3.b WSSS = WSSE * EEP + CGW CAN, DEU, GBR, ITA, SVK, USA 3.c WSSS = No formula eher for aggregae or forecas varables CHE, EURO, ISL, TUR, WGR 4.a YOTH = YPE+ YSE BEL, CAN, CZE, DNK, ESP, FIN, FRA, GBR, GRC, HUN, ITA, KOR, MEX, NZL, POL, PRT, SVK, SWE, USA 4.b YOTH = No formula eher for aggregae or forecas varables AUS, AUT, CHE, DEU, EURO, IRL, ISL, JPN, NLD, NOR, TUR, WGR 5.a TRRH = SSPG+ ZCS001 CZE 5.b TRRH = IF T GT 1995Q1 THEN ZCS001+ZCS002 ELSE TRRH ESP, GRC 5.c TRRH = SSPG+ TRPG HUN 5.d TRRH = TXTR*( WAGE+ YOTH) ISL, MEX 5.e TRRH = TXTR* WAGE LUX 5.f TRRH = SSPG+ TRPG+ ZCS001 NLD 5.g TRRH = IF T GT LASTVALUE(TRRH.ADBQ) THEN NZL TOCP+SSPG+ZCS002*WSSS/100 ELSE TRRH 5.h TRRH = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, DEU, DNK, EURO, FIN, FRA, GBR, IRL, ITA, JPN, KOR, NOR, POL, PRT, SVK, SWE, TUR, USA, WGR 6.a YRH = WSSS+ YOTH+ TRRH- INTDBT AUS, AUT, ESP, IRL, ISL, ITA, KOR, MEX, NOR 6.b YRH = WSSS+ YOTH+ TRRH BEL, CAN, CHE, DNK, FIN, GBR, GRC, HUN, JPN, NLD, NZL, PRT, SWE, TUR, USA 6.c YRH = WSSS+ YOTH+TRRH- INTDBT-ZCS002 CZE 6.d YRH = WSSS+ YOTH+ TRRH+ TRROH- YRH_ADJ DEU, FRA, POL, SVK 6.e YRH = WSSS+YOTH+TRRH-INTDBT+TRROH-YRH_ADJ EURO 6.f YRH = WSSS+ TRRH LUX 6.g YRH = No formula eher for aggregae or forecas varables WGR 24

25 7.a TRSSH = TXSSH* TRPH AUS, ESP, GRC, IRL, ISL, LUX, MEX, TUR, USA 7.b TRSSH = TRPBSH+ TRPGSH+ TRPESH BEL, FIN, FRA, HUN 7.c TRSSH = SSRG CAN 7.d TRSSH = TRPH- TROPH POL 7.e TRSSH = No formula eher for aggregae or forecas varables AUT, EURO, EURO_WGR, GBR, ITA, KOR, NLD, NOR, NZL, PRT, SVK, SWE, WGR 8.a TRPH = TROPH+ TRSSH CZE, DEU, ESP, HUN, ISL, JPN, KOR, LUX, MEX, NLD, SVK, SWE 8.b TRPH = TRSSH+ TROPH+ TRPBPH FIN 8.c TRPH = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, DNK, EURO, FRA, GBR, GRC, IRL, ITA, NOR, NZL, POL, PRT, TUR, USA, WGR 9.a YDH = YRH- TYH- TRPH AUS, AUT, BEL, CAN, CHE, DEU, DNK, ESP, EURO, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, MEX, NLD, NOR, POL, PRT, SVK, TUR, USA 9.b YDH = YRH- TYH-TRPH-CFKH+ZCS003 CZE 9.c YDH = YRH- TYH- TRPH- INTDBT FIN, NZL, SWE 9.d YDH = YRH -TRPH LUX 9.e YDH = No formula eher for aggregae or forecas varables WGR 10.a YDRH = YDH/ PCP AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 10.b YDRH = No formula eher for aggregae or forecas varables WGR 11.a CPAA = CP CAN, CHE, DNK, HUN, ISL, MEX, NOR, SWE, TUR 11.b CPAA = IF T GT LASTVALUE(CPAA.ADBQ) THEN CPAA[T- IRL, ITA 1]*CP[T]/CP[T-1] ELSE CPAA 11.c CPAA = CP + INTDBT + TRRPG + TRPPVF USA 11.d CPAA = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CZE, DEU, ESP, EURO, FIN, FRA, GBR, GRC, JPN, KOR, LUX, NLD, NZL, POL, PRT, SVK, WGR 12.a SAVH = YRH- YPH AUS, CAN, FRA, GRC, HUN, IRL, ISL, LUX, MEX, TUR, USA 12.b SAVH = YRH- YPH+ EQPF AUT, BEL, CHE, DEU, DNK, ESP, EURO, FIN, GBR, ITA, JPN, NLD, NOR, NZL, POL, PRT, SVK, SWE 12.c SAVH = YRH - YPH + EQPF - CFKH + ZCS004 CZE 12.d SAVH = YDH- CPAA+ EQPF KOR 12.e SAVH = No formula eher for aggregae or forecas varables WGR 13.a SRATIO = SAVH*100.0/ YDH AUS, CAN, FRA, GRC, HUN, IRL, ISL, TUR, USA 25

26 13.b SRATIO = SAVH*100.0/( YDH+ EQPF) AUT, BEL, CHE, CZE, DEU, DNK, ESP, EURO, FIN, GBR, ITA, JPN, KOR, NLD, NOR, NZL, POL, PRT, SVK, SWE 13.c SRATIO = No formula eher for aggregae or forecas varables EURO_WGR, OECD, WGR 3.5. Governmen appropraon accoun, no cyclcally-adjused Curren governmen revenues 1.a TYB = TY TYH EURO, MEX, NOR, NZL, TUR 1.b TYB = TFYB+ TLYB USA 1.c TYB = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, NLD, POL, PRT, SVK, SWE, WGR 2.a TY = TYH+ TYB AUS, AUT, BEL, CAN, CHE, CZE, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, MEX, NLD, NOR, POL, PRT, SVK, SWE 2.b TY = TYB+ TYH+ TYO DEU 2.c TY = TYH+ TYB+TRROW USA 2.d TY = No formula eher for aggregae or forecas varables EURO, LUX, NZL, TUR, WGR 3.a TIND = ZCS007+ ZCS012 NOR 3.b TIND = R_TIND * ( CP + CG) SWE 3.c TIND = TFIND+ TLIND USA 3.d TIND = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NZL, POL, PRT, SVK, TUR, WGR 4.a SSRG = TRSSH+ SSROG DEU 4.b SSRG = TRSSH- ZCS001 FRA 4.c SSRG = TRSSH HUN, MEX 4.d SSRG = IF T GT LASTVALUE(SSRG.ADBQ) THEN NZL ZCS005*WSSS/100 ELSE SSRG 4.d SSRG = TRFSSH+ TRLSSH USA 4.e SSRG = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, CZE, DNK, ESP, EURO, FIN, GBR, GRC, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, POL, PRT, SVK, SWE, TUR, WGR 5.a YPERG = ZCS008+ ZCS013 NOR 5.b YPERG = GGINTR + ZCS015 USA 5.c YPERG = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NZL, POL, PRT, SVK, SWE, TUR, WGR 6.a YRG = TY+ TIND+ SSRG+ TOCR+ YPERG : AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR 26

27 6.b YRG = TY+ TIND+SSRG+ TOCR+YPERG+YGSURP USA 6.c YRG = No formula eher for aggregae or forecas varables WGR 7.a YRGT = YRG+ TKTRG AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 7.b YRGT = No formula eher for aggregae or forecas varables MEX, WGR 8.a YRGTQ = YRGT/ GDP*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 8.b YRGTQ = 100*YRGT / GDP EURO 8.c YRGTQ = No formula eher for aggregae or forecas varables EURO_WGR, OECD, WGR 9.a YRGX = YRG- GGINTR AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, IRL, ITA, JPN, KOR, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 9.b YRGX = No formula eher for aggregae or forecas varables ISL, WGR Curren governmen oulays 1.a CGAA = CGW+ CGNW BEL, CAN, CHE, CZE, DEU, DNK, ESP, GBR, HUN, IRL, ISL, JPN, MEX, NLD, NOR, NZL, POL, SVK, SWE, TUR, USA 1.b CGAA = No formula eher for aggregae or forecas varables AUS, AUT, EURO, FIN, FRA, GRC, ITA, KOR, LUX, PRT, WGR 2.a CG = PCG*CGV AUS, CAN, CHE, CZE, DEU, DNK, FIN, FRA, GBR, HUN, IRL, ITA, JPN, KOR, LUX, MEX, NLD, NZL, POL, PRT, SVK, SWE, USA 2.b CG = No formula eher for aggregae or forecas varables AUT, BEL, ESP, EURO, GRC, ISL, NOR, TUR, WGR 3.a YPEPG = GGINTP USA 3.b YPEPG = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, WGR 4.a SSPG = TRRH+ SSPOG DEU 4.b SSPG = TRRH MEX 4.c SSPG = SSPFG+ SSPLG USA 4.d SSPG = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, CZE, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, WGR 27

28 5.a YPG = CGAA+ YPEPG+ TSUB+ SSPG+ TOCP AUS, AUT, BEL, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR 5.b YPG = CG+ YPEPG+ TSUB+ SSPG+ TOCP CAN 5.c YPG = CGAA+ YPEPG+TSUB+ SSPG+TOCP-WAMD USA 5.d YPG = No formula eher for aggregae or forecas varables WGR 6.a YPGX = YPG- GGINTP AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, IRL, ITA, JPN, KOR, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 6.b YPGX = No formula eher for aggregae or forecas varables ISL, WGR Governmen capal accoun and defcs 1.a SAVG = YRG- YPG AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 1.b SAVG = No formula eher for aggregae or forecas WGR varables 2.a IG = PIG*IGV CAN, DEU, FIN, GBR, IRL, ISL, JPN, MEX, NOR, NZL, SWE, USA 2.b IG = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CHE, CZE, DNK, ESP, EURO, FRA, GRC, ITA, KOR, LUX, NLD, PRT, TUR, WGR 3.a IGAA = IG AUS, AUT, CHE, ESP, GRC, KOR, MEX, PRT, USA 3.b IGAA = IF T GT LASTVALUE(IGAA.ADBQ) THEN CAN IGAA[T-1]*(IG/IG[T-1]) ELSE IGAA 3.c IGAA = IG- IENTG JPN 3.d IGAA = No formula eher for aggregae or forecas BEL, CZE, DEU, DNK, EURO, FIN, FRA, GBR, HUN, IRL, ISL, varables ITA, LUX, NLD, NOR, NZL, POL, SVK, SWE, TUR, WGR 4.a CAPOG = IGAA+ TKPG- TKTRG- CFKG AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 4.b CAPOG = IG MEX 4.c CAPOG = IGAA+TKPG-TKTRG TUR 4.d CAPOG = No formula eher for aggregae or forecas EURO, WGR varables 5.a YPGT = YPG+ IGAA+ TKPG- CFKG AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 5.b YPGT = YPG+ CAPOG MEX, TUR 5.c YPGT = No formula eher for aggregae or forecas WGR varables 6.a YPGTQ = YPGT/ GDP*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, 28

29 NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 6.b YPGTQ = 100*YPGT / GDP EURO 6.c YPGTQ = No formula eher for aggregae or forecas EURO_WGR, OECD, WGR varables 7.a NLG = SAVG- CAPOG AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 7.b NLG = No formula eher for aggregae or forecas varables WGR 8.a GNINTP = GGINTP- GGINTR AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, SVK, SWE, USA 8.b GNINTP = No formula eher for aggregae or forecas HUN, PRT, WGR varables 9.a GNINTQ = GNINTP/ GDP*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 9.b GNINTQ = 100*GNINTP / GDP EURO 9.c GNINTQ = No formula eher for aggregae or forecas EURO_WGR, OECD, WGR varables 10.a NLGX = NLG+ GNINTP AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 10.b NLGX = No formula eher for aggregae or forecas WGR varables 11.a NLGQ = NLG/ GDP*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 11.b NLGQ = * NLG / GDP EURO 11.c NLGQ = NLG/GDPCSA*100 FRA 11.d NLGQ = No formula eher for aggregae or forecas EURO_WGR, OECD, WGR varables 12.a NLGXQ = NLGX/ GDP*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 12.b NLGXQ = 100*NLGX / GDP EURO 12.c NLGXQ = No formula eher for aggregae or forecas EURO_WGR, OECD, WGR varables 13.a YPEPGX = YPEPG- GGINTP AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, IRL, ISL, ITA, JPN, KOR, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 13.b YPEPGX = No formula eher for aggregae or forecas WGR varables 29

30 14.a YPERGX = YPERG- GGINTR AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, IRL, ISL, ITA, JPN, KOR, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 14.b YPERGX = No formula eher for aggregae or forecas WGR varables 3.6. Governmen appropraon accoun, cyclcally-adjused 8 1.a TYHA = TYH* (XALPHA2* IFU3**XTYHEL + (1 XALPHA2)* IFU3[T-4]**XTYHEL) 1.b TYHA = (TYH+TYO) * (XALPHA2*IFU3**XTYHEL + (1 XALPHA2)*IFU3[T-4]**XTYHEL) 1.c TYHA = TYH * IFU3**XTYHEL EURO AUS, AUT, BEL, CAN, CHE, CZE, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA DEU, WGR 2.a TYBA = TYB* (XALPHA* IFU3**XTYBEL +(1-XALPHA)* AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, IFU3[T-4]**XTYBEL) FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, NLD, NZL, POL, PRT, SVK, SWE, USA, WGR 2.b TYBA = ZCS011* (XALPHA* IFU3**XTYBEL +(1 XALPHA)* IFU3[T-4]**XTYBEL) NOR 3.a TINDA = TIND* IFU3**XTINDE AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NZL, POL, PRT, SVK, SWE, USA, WGR 3.b TINDA = ZCS012* IFU3** XTINDE NOR 4 SSRGA = SSRG* IFU3**XSSRGE AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA, WGR 5.a YRGA = TYBA+ TYHA+ TINDA+ SSRGA+ TOCR+ AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, YPERG FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, NLD, NZL, POL, PRT, SVK, SWE, WGR 5.b YRGA = TYA + TINDA+ SSRGA+ TOCR +YPERG LUX 5.c YRGA = TYBA+TYHA+TINDA+SSRGA+ZCS018 + NOR ZCS013 5.d YRGA = TYBA+TYHA+TINDA+SSRGA+TOCR + YPERG + YGSURP+TRROW USA 6 YRGQA = YRGA/ GDPTR*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA, WGR 8 See also: Gorno, C., P. Rchardson, D. Rosevaere and P. Van den Noord (1995), Esmang poenal oupu, oupu gaps and srucural budge balances, OECD Economcs Deparmen Workng paper

31 7 YPGA = YPGXA+ GGINTP AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA, WGR 8 YPGQA = YPGA/ GDPTR*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA, WGR 9.a NLGA = YRGA- YPGA- CAPOG- KTRMOB AUS, AUT, BEL, CAN, CHE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, IRL, ISL, ITA, JPN, KOR, NLD, NZL, POL, PRT, SWE, WGR 9.b NLGA = YRGA- YPGA- CAPOG CZE, HUN, LUX, NOR, SVK, USA 10 NLGXA = NLGA+ GNINTP AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA, WGR 11.a NLGQA = NLGA/ GDPTR*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 11.b NLGQA = No formula eher for aggregae or forecas EURO_WGR, OECD, WGR varables 12.a NLGXQA = NLGXA/ GDPTR*100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 12.b NLGXQA = No formula eher for aggregae or forecas varables EURO_WGR, OECD, WGR 31

32 3.6.1 Values of ax and oulays elasces XALPHA XALPHA2 XTYBEL XTYHEL XSSRGE XTINDE XYPGEL2 XTYEL Uned Saes Japan Germany France Ialy Uned Kngdom Canada Ausrala Ausra Belgum Czech Republc Denmark Fnland Greece Hungary Iceland Ireland Korea Luxembourg Mexco 1.00 Neherlands New Zealand Norway Poland Porugal Slovak Republc Span Sweden Swzerland Turkey Governmen deb 1.a GNFL = GNFL[T-1] - NLG/4 + SDGNFL/4 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 1.b GNFL = No formula eher for aggregae or forecas EURO, WGR varables 2.a GGFL = GNFL+GFAR*GDP/100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 32

33 2.b GGFL = No formula eher for aggregae or forecas EURO, EURO_WGR, WGR varables 3.a GGFLM = IF T GT LASTVALUE(GGFLM.ADBQ) THEN (GGFLM[T-1]/GDP[T-1]+GGFL/GDP-GGFL[T-1]/GDP[T- 1])*GDP ELSE GGFLM 3.b GGFLM = IF T GT LASTVALUE(GGFLM.ADBQ) THEN GGFLMQ*GDP/100 ELSE GGFLM AUT, BEL, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ITA, LUX, NLD, POL, PRT, SVK, SWE EURO 4.a GNFLQ = GNFL / GDP * 100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA 4.b GNFLQ = No formula eher for aggregae or forecas EURO, EURO_WGR, OECD, WGR varables 5.a GGFLQ = GGFL / GDP * 100 AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, USA, WGR 5.b GGFLQ = No formula eher for aggregae or forecas varables EURO, EURO_WGR, OECD 6.a GGFLMQ = GGFLM / GDP * 100 AUT, BEL, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ITA, LUX, NLD, POL, PRT, SVK, SWE 6.b GGFLMQ = IF T GT LASTVALUE(GGFLM.ADBQ) EURO THEN GGFLMQ ELSE GGFLM/GDP*100 6.c GGFLMQ = No formula eher for aggregae or forecas varables EURO_WGR 3.8 Ineres raes, exchange raes and moneary aggregaes 1.a EXCHUD = 1./ EXCH AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 1.b EXCHUD = No formula eher for aggregae or forecas varables EURO, WGR 2.a VLCTY = GDP/ MONEYS AUS, AUT, BEL, CHE, CZE, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, MEX, NLD, NOR, POL, PRT, SVK, TUR, USA 2.b VLCTY = No formula eher for aggregae or forecas varables CAN, NZL, SWE 33

34 3.9 Exernal secor Trade volumes 1 XGSVD = XGS 2000 EXCH 2000 * XGSV / * XGSV 2000 AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 2 3 MGSVD = MGS XMKT wh, j WLD = ω j WLD m, j,2000 ω 2000 EXCH 2000 * MGSV / m, j,2000 * MGSV * MGSVD = 1; WLD j, WLD 2000 AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR NZL, POL, PRT, SEE, SVK, SWE, TUR, USA AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 4 XPERF = XGSVD / XMKT AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR NZL, POL, PRT, SEE, SVK, SWE, TUR, USA Trade prces 1.a PXNW = PXNW(-1) * (XFD * WPHFD / WPHFD(-1) + XTB * WPHTBD / WPHTBD(-1) + XEN * WPOIL / WPOIL(-1) + XAR * WPHAMD / WPHAMD(- 1) + (1 XFD XTB XEN XAR) * WPHMMD / WPHMMD(-1)) / (EXCH / PXNW = 1 EXCH(-1)); b PXNW = No formula eher for aggregae or forecas varables NZL AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, POL, PRT, SEE, SVK, SWE, TUR, USA 2 PXGS / PXGS ) WXN * log(pxnw)) / (1 PXGSX = Exp((log( 2000 WXN)) AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 3 PMNW = PMNW(-1) * (MFD * WPHFD / WPHFD(-1) + MTB * WPHTBD / WPHTBD(-1) + MEN * WPOIL / WPOIL(-1) + MAR * WPHAMD / WPHAMD(-1) + (1 MFD MEN MTB MAR) * WPHMMD / WPHMMD(- PMNW = 1 1) / (EXCH / EXCH(-1)); 2000 AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 4 PMGSX = Exp((log(PMGS / PMGS 2000 ) WMN * log(pmnw)) / (1 WMN)) AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 34

35 5 6 PMSH ( PXGS ω j WLD j WLD, PMSHX EXCH ω = ( j,2000 m, j,2000, j,2000 pm, j,2000 ω j WLD m, j,2000 * EXCH j,2000 = 1; WLD = ( ω j WLD ) /( EXCH pm, j,2000, = 1; WLD * ( PXGS j, )) /( EXCH ( PXGSX / EXCH,2000 * EXCH j,, ) j, / EXCH * EXCH ) /,2000 j, ) / ) AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 7 Relaed varables: WPHAMD,, WPHFD, WPHMMD, WPHTBD, WPOIL 8 RPMGS = PMGS / PMSH AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 9 RPXGS = PXGS / PXC AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA Trade values (US$) Quarers: 1 XGSD = XGS * EXCH AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA, WGR 2 MGSD = MGS * EXCH AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA, WGR 3.a FBGSD = FBGS * EXCH AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 3.b FBGSD = No formula eher for aggregae or EURO, EURO_WGR, OECD, WGR forecas varables Lower frequences are calculaed by averagng quarers 35

36 3.9.4 Curren accoun of he balance of paymens 1.a CBGDPR = 100*CB/ GDP AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA, WGR 1.b CBGDPR = No formula eher for aggregae or forecas EURO_WGR, OECD varables 2 BSII = XSII-MSII AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA, WGR 3.a CB = FBGS +BSII +NTR+CBR AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA, WGR 3.b CB = CBD / EXCH EURO 4.a CBR = CBRD/EXCH EURO, KOR, MEX, POL, SVK, TUR 4.b CBR = No formula eher for aggregae or forecas varables AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, EURO_WGR, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, LAT, LUX, NLD, NOR, NZL, PRT, SEE, SWE, USA, WGR 5 xxd = xx * EXCH For xx = XSII, MSII, NTR, CBR, CB 6.a BSIID = XSIID- MSIID AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, EURO, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 6.b BSIID = No formula eher for aggregae or forecas EURO_WGR, OECD, WGR varables 7.a CBD = CB*EXCH AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LAT, LUX, MEX, NLD, NOR, NZL, POL, PRT, SEE, SVK, SWE, TUR, USA 7.b CBD = No formula eher for aggregae or forecas varables EURO, EURO_WGR, OECD, WGR 8.a CBRD = CBR * EXCH AFM, ANC, ASO, AUS, AUT, BEL, CAN, CHE, CHN, CZE, DEU, DNK, ESP, FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, LAT, LUX, NLD, NOR, NZL, PRT, SEE, SWE, USA 8.b CBRD = No formula eher for aggregae or forecas EURO, EURO_WGR, KOR, MEX, OECD, POL, SVK, TUR, WGR varables 9 xx = xxd / EXCH For xx = XSIID, MSIID, NTRD, CBRD, CBD Lower frequences are calculaed by averagng quarers 36

37 3.9.5 Compeveness ndcaors 9 1 w 1 f #j j, 1 = [ Tk, 1 / Tk ', 1 ][ T jk, 1 / T j' k, 1 ] k= 1,... N k ' = 1,... N j' = 1,... N j'# w 0 f =j 1j, 1 = T k : expor of manufacured goods from counry o counry k (f #k); producon of he manufacurng secor (ne of expors) (f =k) M: number of compeors N: number of markes (counres and regons) 2 XDR, = XDR w1 j, 1 j OECD, NON12 w1 j, 1 j OECD, NON12, 1 *ln{( X = 1 *exp[ln{( X j,, * EXCHIN * EXCHIN j, ) /( X, j, 1 ) /( X, 1 * EXCHIN * EXCHIN j, 1 )}], 1 )} XDR = ULCMDR f X = ULCM XDR = CPIDR f X = CPI NON12=[Sngapore, Chnese Tape, Hong Kong Chna, Chna, Indonesa, Malaysa, he Phlppnes, Thaland, Inda, Argenna, Brazl, Russa (from 1993 onwards)] W1: overall compeveness weghs (for specfcaon see equaon 1) CZE, HUN and POL n calculaon from 1993 onwards. [calculaed for hsory and curren perod only] 3.a EXCHEB, w1 j, 1 j OECD, NON12 w1 j, 1 j OECD, NON12 = EXCHEB *ln{ EXCH = 1, 1 j, *exp[ln{ EXCH /( EXCH j, 1 }], / EXCH, 1 } NON12=[Sngapore, Chnese Tape, Hong Kong Chna, Chna, Indonesa, Malaysa, he Phlppnes, Thaland, Inda, Argenna, Brazl, Russa (from 1993 onwards)] W1: overall compeveness weghs (for specfcaon see equaon 1) CZE, HUN and POL n calculaon from 1993 onwards. 9 See also: Durand, M., C. Madasch and F. Terrble (1998), Trends n OECD counres nernaonal compeveness: he nfluence of emergng marke economes OECD Economcs Deparmen Workng Paper Durand, M., J. Smon and C. Webb (1992), OECD s ndcaors of nernaonal rade and compeveness, OECD Economcs Deparmen Workng Paper 120 on 37

38 [calculaed for hsory and curren perod only] 3.b EXCHEB = No formula eher for aggregae or forecas varables AUS, AUT, BEL, CAN, CHE, CZE, DEU, DNK, ESP, EURO FIN, FRA, GBR, GRC, HUN, IRL, ISL, ITA, JPN, KOR, LUX, MEX, NLD, NOR, NZL, POL, PRT, SVK, SWE, TUR, USA 38

39 4. DESCRIPTIONS In he frs par, he descrpons of all varables are gven n alphabecal order whle n he second par he descrpon of he mos relevan varables are gven n alphabecal order by subjec. Varables are n local currency unless menoned oherwse All varables Mos varables are defned he same for all counres. However, here are also some varables wh a counry-specfc defnon. The laer are clarfed a he end of hs subsecon. Nr. Varable code Descrpon 1 BSII Balance of ncome, value, balance of paymens bass 2 BSIID Balance of ncome, value n USD, balance of paymens bass 3 CAPOG Ne capal oulays of he governmen, value 4 CB Curren accoun, value 5 CBD Curren accoun, value n USD 6 CBGDPR Curren accoun, as a percenage of GDP 7 CBR Curren accoun, resdual em 8 CBRD Curren accoun, resdual em, USD 9 CFKG Governmen consumpon of fxed capal, value 10 CG Governmen fnal consumpon expendure, value 11 CGAA Governmen fnal consumpon expendure, value, appropraon accoun 12 CGNW Governmen fnal non-wage consumpon expendure, value 13 CGV Governmen fnal consumpon expendure, volume 14 CGW Governmen fnal wage consumpon expendure, value 15 CLFS Trend of e_na - e rao 16 CP Prvae fnal consumpon expendure, value 17 CPAA Prvae fnal consumpon expendure, value, appropraon accoun 18 CPI Consumer prce ndex 19 CPIDR Compeveness, relave consumer prces (CPI), overall weghs 20 CPIH Consumer prce ndex, harmonzed, quarerly sa 21 CPV Prvae fnal consumpon expendure, volume 22 CQ_FBGSV Ne expors, conrbuon o growh n real GDP 23 CQ_ISKV Change n nvenores, quarerly conrbuons o growh n real GDP 24 CQ_SDGDPV Sascal dscrepancy, conrbuon o chaned GDP changes 25 ECSA Employmen, counry specfc, varable a 26 EE Dependen employmen 27 EEP Dependen employmen of he prvae secor 28 EG Governmen employmen 29 EQPF Adjusmen for change nequy of households n penson fund reserves, value 30 ES Self-employmen 31 ET Toal employmen 32 ETB Toal employmen n he prvae secor 39

40 33 ETBPT Poenal employmen of he prvae secor 34 ET_NA Toal employmen based on naonal accouns bass (replace ETNIA) (ET_NA=EE+ES) 35 EUFW Unpad famly workers 36 EXCH Exchange rae, USD per local currency 37 EXCHE Nomnal effecve exchange rae, consan rade weghs 38 EXCHEB Nomnal effecve exchange rae, chan-lnked, overall weghs 39 EXCHUD Exchange rae, local currency per USD 40 FBGSD Ne expors of goods and servces, USD 41 FBGSV Ne expors of goods and servces, volume 42 FDDV Fnal domesc expendure, volume 43 GAP Oupu gap of he oal economy 44 GDP Gross domesc produc, value, marke prces 45 GDPCSA GDP value counry specfc (frequenly annual non- adjused GDP) 46 GDPML Gross domesc produc, manland, value 47 GDPMLV Gross domesc produc, manland, volume 48 GDPTR Poenal oupu of oal economy, value 49 GDPV Gross domesc produc, volume, marke prces 50 GDPVD Gross domesc produc, volume, a 2000 ppp, USD 51 GDPVTR Poenal oupu of oal economy, volume 52 GDPV_CHECK Inermedae GDPV (check varable), no publshed 53 GFAR General governmen gross fnancal asses, as a percenage of GDP 54 GGFL General governmen Gross fnancal lables, value 55 GGFLM Gross publc deb, Maasrch creron, value 56 GGFLMQ Gross publc deb, Maasrch creron, as a percenage of GDP 57 GGFLQ General governmen Gross fnancal lables, as a percenage of GDP 58 GGINTP Gross governmen neres paymens, value 59 GGINTR Gross governmen neres receps, value 60 GLINTP Federal governmen neres paymens 61 GLINTR Federal governmen neres receps on asses 62 GNFL General governmen Ne fnancal lables, value 63 GNFLQ General governmen Ne fnancal lables, as a percenage of GDP 64 GNINTP Ne governmen neres paymens, value 65 GNINTQ Ne governmen neres paymens, as a percenage of GDP 66 GNP Gross naonal produc, value, marke prces 67 GNPV Gross naonal produc, volume, marke prces 68 HRS Hours worked per employee n oal economy 69 HRST Trend of hours worked per employee n oal economy 70 IB Prvae non-resdenal fxed capal formaon, value 71 IBV Prvae non-resdenal fxed capal formaon, volume 72 ICNHV Fxed nvesmen n non-resdenal consrucon, volume 73 ICV Fxed nvesmen n consrucon, volume 74 IENTG Fxed nvesmen of governmen enerprses, value 75 IFU3 Rao of poenal and acual real GDP of he oal economy 76 IG Governmen fxed capal formaon, value 77 IGAA Governmen fxed capal formaon, value, appropraon accoun 78 IGV Governmen fxed capal formaon, volume 79 IH Prvae resdenal fxed capal formaon, value 80 IHG Governmen resdenal fxed capal formaon, value 81 IHGV Governmen resdenal fxed capal formaon, volume 82 IHV Prvae resdenal fxed capal formaon, volume 83 IMEQV Fxed nvesmen n machnery and equpmen, volume 40

41 84 INTDBT Ineres on consumer deb, value 85 IPV Prvae oal fxed capal formaon, volume 86 IRL Long-erm neres rae on governmen bonds 87 IRS Shor-erm neres rae 88 ISK Increase n socks, value 89 ISKV Increase n socks, volume 90 IT Gross oal fxed capal formaon, value 91 ITISK Gross capal formaon, curren prces 92 ITISKV Fxed capal formaon, ncluded socks, volume 93 ITV Gross oal fxed capal formaon, volume 94 KBV Capal sock, busness secor (Suspended for all counres excep Island, Norway and Swzerland - effecve snce EO79) 95 KTRMOB Capal ransfers moble phone lcences, value. 96 KTV Capals sock oal economy, volume 97 KTVS Smoohed capal sock oal economy, volume 98 LF Labour force 99 LFPR Labour force parcpaon rae 100 LFPRS Trend labour force parcpaon rae 101 LFS Trend labour force 102 MGS Impors of goods and servces, value, naonal accouns bass 103 MGSD Impors of goods and servces, value, USD 104 MGSV Impors of goods and servces, volume, naonal accouns bass 105 MGSVD Impors of goods and servces, volume, USD, 2000 prces 106 MONEYS Money supply, broad defnon M2 or M3 107 MPEN Impor peneraon, goods and servces 108 MSII Facor ncome pad abroad, value, balance of paymens bass 109 MSIID Facor ncome pad abroad, value n USD, bop bass 110 NAIRU Unemploymen rae wh non-accelerang nflaon rae 111 NITV Ne ndrec axes, volume 112 NLG Governmen ne lendng, value 113 NLGA Cyclcally adjused governmen ne lendng, value 114 NLGQ Governmen ne lendng, as a percenage of GDP 115 NLGQA Cyclcally adjused governmen ne lendng, as a percenage of poenal GDP 116 NTR Ne nernaonal ransfers, domesc currency 117 NTRD Ne nernaonal ransfers, USD 118 OILCON Ol marke condons, demand 119 OILMNT Ol marke condons, rade ne mpors 120 OILSTO Ol, socks changes, mllons of barrels per day 121 OILSUP Ol marke condons, supply 122 OILXNT Ol marke condons, rade ne expors 123 PCG Governmen fnal consumpon expendure, deflaor 124 PCGW Governmen fnal wage consumpon expendure, deflaor 125 PCORE Core nflaon ndex 126 PCOREH Core nflaon ndex, harmonzed, HICP excludng energy, food, alcohol and obacco, quarerly sa 127 PCOREH_ECB Core nflaon ndex, harmonzed, HICP excludng energy and unprocessed food, quarerly sa 128 PCP Prvae fnal consumpon expendure, deflaor 129 PDTY Labour producvy of he oal economy 130 PFDD Fnal domesc expendure, deflaor 131 PGDP Gross domesc produc, deflaor, marke prces 132 PGDPML Gross domesc produc, deflaor, manland 133 PGDP_CHECK GDP deflaor, calculaed for checkng 41

42 134 PIB Prvae non-resdenal fxed capal formaon, deflaor 135 PIG Governmen fxed capal formaon, deflaor 136 PIT Gross oal fxed capal formaon, deflaor 137 PITISK Fxed capal formaon, ncluded socks, value 138 PMGS Impors of goods and servces, deflaor, naonal accouns bass 139 PMGSX Prce of non- commody mpors of goods and servces 140 PMNW Prce of commody mpors 141 PMSH Shadow prce of goods and servces mpors 142 PMSHX Shadow prce of non- commody goods and servces mpors 143 POPT Workng-age populaon 144 PPP Purchasng power pary, local currency per USD 145 PTDD oal domesc expendure, deflaor 146 PXC Compeors' prce of goods and servces expors 147 PXCX Compeors' prce of non- commody goods and servces expors 148 PXGS Expors of goods and servces, deflaor, naonal accouns bass 149 PXGSX Prce of non- commody expors of goods and servces 150 PXNW Prce of commody expors 151 RLCT Real labour cos, oal economy 152 RPMGS Relave prce of mpored goods and servces 153 RPXGS Relave prce of expored goods and servces 154 SAVG governmen savng (ne ), value 155 SAVH Household savng, value 156 SDGDP Sascal dscrepancy of GDP, value 157 SRATIO Household savng rao 158 SSPG Socal secury benefs pad by governmen, value 159 SSPOG Oher socal secury benefs pad by governmen, value 160 SSRG Socal secury conrbuon receved by governmen, value 161 SSRGA Cyclcally adjused socal secury conrbuon s, value 162 SSROG Oher socal secury conrbuon receved by governmen, value 163 TDD Toal domesc expendure, value 164 TDDV Toal domesc expendure, volume 165 TIND Indrec axes, value 166 TINDA Cyclcally adjused ndrec axes, value 167 TKPG Capal Transfers s pad and oher capal paymens 168 TKTRG Capal ax and Transfers receps 169 TOCP Oher curren paymens 170 TOCR Oher curren receps 171 TRPH Toal ransfers pad by households, value 172 TRRH Curren ransfers receved by households, value 173 TRROH Oher curren ransfers receved by households, value 174 TRSSH Socal secury conrbuons by households, value 175 TSUB Subsdes, value 176 TY Toal drec axes, value 177 TYB Drec axes on prvae, value 178 TYBA Cyclcally adjused Drec axes on prvae, value 179 TYH Drec axes on households, value 180 TYHA Cyclcally adjused Drec axes on households, value 181 TYO Oher drec axes, value 182 ULC Un labour cos of he oal economy 183 ULCM Un labour cos of he manufacurng secor 184 ULCMDR Compeveness, relave un labour coss manufacurng secor, overall weghs 42

43 185 UN Unemploymen 186 UNR Unemploymen rae 187 VLCTY Velocy of money 188 WAGE Wages, value 189 WAGEG Wages of he governmen secor, value 190 WCSB Wage rae, counry specfc b 191 WPBRENT Crude ol prce, fob, spo Bren, USD 192 WPHAMD Agrculural raw maerals, world prce, hwwa- ndex n USD 193 WPHD Prmary commodes excludng energy, world prce, hwwa- ndex USD 194 WPHFBD Food & ropcal beverages, world prce, hwwa-ndex n US$ 195 WPHFD Food, world prce, hwwa- ndex n USD 196 WPHMMD Mnerals, ores and meals, world prce, hwwa- ndex n USD 197 WPHTBD Tropcal beverages, world prce, hwwa- ndex n USD 198 WPOIL OECD crude ol mpor prce, CIF, USD per barrel 199 WR Wage rae of he prvae secor 200 WSRE Real compensaon rae of he prvae secor, deflaor PCP 201 WSSE Compensaon rae of he prvae secor 202 WSSS Compensaon of employees, value 203 WSST Compensaon rae, oal economy 204 XGS Expors of goods and servces, value, naonal accouns bass 205 XGSD Expors of goods and servces, value, USD 206 XGSV Expors of goods and servces, volume, naonal accouns bass 207 XGSVD Expors of goods and servces, volume, USD, 2000 prces 208 XMKT Expor marke for goods and servces, volume, USD, 2000 prces 209 XPERF Expor performance for of goods and servces, volume 210 XSII Facor ncome from abroad, value, balance of paymens bass 211 XSIID Facor ncome from abroad, value n USD, bop bass 212 YDH Household dsposable ncome, value 213 YDRH Household dsposable ncome, real 214 YOTH Self-employmen and propery ncome receved by households, value 215 YPEPG Propery ncome pad by governmen, value 216 YPEPGX Propery ncome pad by governmen, excludng neres paymens 217 YPERG Propery ncome receved by governmen, value 218 YPERGX Propery ncome receved by governmen., excludng neres receps 219 YPG Governmen curren dsbursemens, value 220 YPGA Cyclcally adjused governmen curren dsbursemens, value 221 YPGQA Cyclcally adjused governmen curren dsbursemens, as a percenage of poenal GDP 222 YPGT Governmen oal dsbursemens, value 223 YPGTQ Governmen oal dsbursemens, as a percenage of GDP 224 YPGX Governmen curren dsbursemens excludng gross neres paymens 225 YPGXA Cyclcally adjused governmen curren dsbursemens excludng neres, value 226 YRG Governmen curren receps, value 227 YRGA Cyclcally adjused governmen curren receps, value 228 YRGQ Governmen curren receps, as a percenage of GDP 229 YRGQA Cyclcally adjused governmen curren receps, as a percenage of poenal GDP 230 YRGT Toal receps 231 YRGTQ Toal receps, as a percenage of GDP 232 YRGX Governmen curren receps excludng gross neres receps 233 YRH Curren receps of households, value 234 YRH_ADJ Ne compensaon of employees receved, res of he world 43

44 235 ZCS001 Counry- specfc varable number ZCS002 Counry- specfc varable number ZCS003 Counry- specfc varable number ZCS004 Counry- specfc varable number ZCS005 Counry- specfc varable number ZCS006 Counry- specfc varable number ZCS007 Counry- specfc varable number ZCS008 Counry- specfc varable number ZCS009 Counry- specfc varable number ZCS011 Counry- specfc varable number ZCS012 Counry- specfc varable number ZCS013 Counry- specfc varable number ZCS014 Counry- specfc varable number ZCS015 Counry- specfc varable number ZCS016 Counry- specfc varable number ZCS017 Counry- specfc varable number ZCS018 Counry- specfc varable number ZCS020 Counry- specfc varable number ZST001 Counry- specfc sock varable number 1 44

45 Counry-specfc varables Nr. Varable codecounry Descrpon code 334 ECSA GBR Governmen suppored ranng and employmen programs 335 GDPCSA AUT GDP value counry specfc (frequenly annual non-adjused GDP) DEU GDP value counry specfc (frequenly annual non-adjused GDP) FIN GDP value counry specfc (frequenly annual non-adjused GDP) FRA GDP a curren prces (annual non-adjused GDP) NOR Offshore GDP, value NZL gross domesc produc, volume, producon measure 336 GDPMLV NOR Gross domesc produc, volume, Manland (Old varable ZCS004 - effecve snce EO79) 337 IRL neres rae on: AUS 10-year governmen bonds AUT 10-year governmen bonds (from 1990 onwards). Publc secor bonds of more han 1 year maury (up o 1989 BEL cenral governmen bonds (more han 5 years) CAN Benchmarks 10-year long-erm governmen bonds DNK 10-year cenral governmen bonds FIN 10-year governmen bonds FRA 10-year benchmark governmen bonds DEU 9-10 year publc secor bonds (from 1990 onwards) GRC 10 year governmen bonds yeld HUN 90-days governmen bonds ISL non-ndexed secured loans IRL 10-year governmen bonds ITA 9-10-year governmen bonds (from 1992 onwards), governmen bonds more han 2 years (up o 1991) JPN 10-year governmen bonds KOR 5 year governmen bonds MEX 1-year reasury cerfcaes NLD 10-year governmen bonds (mos recen one) NZL 10-year governmen bonds NOR 6-10 year gov bonds before 1993 and 10-years gov bonds from 1993 onwards. POL 10 year gov bonds PRT 10-year governmen bonds ESP governmen bonds (more han 2 years) SWE 10-year governmen bonds CHE confederaon governmen bonds (more han 5 years) SVK Average yeld (% p.a.) on wo-year Governmen bonds TUR 6-monh o 1-year governmen blls GBR 10-year governmen bonds USA 10-year governmen bonds 338 IRS neres rae on: AUS 90-day bank acceped blls AUT 3-monh ner-bank rae (from 1990 onwards) day-o-day money (up o 1989) BEL 3-monh reasury cerfcaes CAN Charered bank raes for 90-days depos receps CHE 3-monh ner-bank rae (LIBOR) CZE 3-monh ner-bank rae (PRIBOR) DEU 3-monh FIBOR DNK 3-monh ner-bank rae EURO Before Jan 99 synhec euro area raes calculaed on he bass of naonal raes weghed by GDP. From Jan 99 euro ner-bank offered raes (EURIBOR). ESP 3-monh ner-bank loans FIN 3-monh ner-bank rae (HELIBOR) FRA 3-monh PIBOR (FROM 01/87) GBR 3-monh ner-bank rae 45

46 GRC 12 monh reasury blls HUN 90-day reasury blls IRL 3-monh fxed ner-bank rae (from 1984 onwards) ISL 90-day reasury blls, 91-day exchequer blls (up o 1983) ITA 3-monh ner-bank deposs (from 1979 onwards), ner-bank rae (up o 1978) JPN 3-6 monh cd (from 1980 onwards), 3 monh Gensak rae (up o 1979) KOR 3-monh CD rae MEX 3-monh federal reasury blls NLD 3-monh ner-bank rae (AIBOR) NOR 3-monh ner-bank rae (NIBOR) NZL 90-day bank blls (benchmark bond on 15 July 2009) POL 3 monh ner-bank rae (WIBOR) PRT days ner-bank rae SVK 3-monhs BRIBOR (Braslava Iner-bank Offered Raes & monhly average) SWE 3-monh reasury dscoun noes TUR Overngh ner-bank rae USA 3-monh LIBOR 339 PGDPML NOR GDP manland deflaor (Old varable ZCS010 - effecve snce EO79) 340 ZCS001 ESP Socal conrbuon and benefs oher han socal ransfers n knd, receved by households and non prof nsuons FRA Resdual beween TRSSH and SSRG GBR Real house prce LUX Ne ncomng cross-borders workers NLD governmen curren ransfers o abroad, value NOR off-shore GDP, deflaor a facor coss 341 ZCS002 CAN Curren ransfers households o non-resdens, value CHE unemploymen rae, sandard defnon, no used by Swss auhores ESP Socal conrbuons and benefs oher han socal ransfers n knd rec. NOR 342 ZCS003 CHE Rough savng (ZCS003 = (SAVH + CFKH) / (YDH + CFKH) * 100) IRL Ne facor ncome from abroad, resdual em NOR Resdual beween GDP and Nomnal man-land GDP, n value erms a marke prces 343 ZCS004 CHE Forced savng (ZCS004 = (EQPF / (YDH + CFKH) * 100) 344 ZCS006 NOR Drec ol axes 345 ZCS007 ESP Fxed nvesmen n consrucon, deflaor (p * v - zcs008 * meqv)/cv NOR ndrec axes relaed o ol-producon, value 346 ZCS008 ESP Fxed nvesmen n machnery & equpmen deflaor (meq / meqv) NOR propery ncome receved by governmen from ol secor 347 ZCS009 KOR Cenral governmen consoldaed balance, value 348 ZCS010 KOR Cenral governmen consoldaed balance, % of GDP 349 ZCS011 NOR drec axes on busness secor excludng ol, value - yb - zcs ZCS012 NOR ndrec axes no relaed o ol-producon, value - nd - zcs ZCS013 NOR governmen ne lendng excludng ol receps, value - yperg - zcs ZCS014 NOR Governmen ne lendng excludng ol receps, value - nlg - (zcs006 + zcs007 + zcs008 + zcs017) 353 ZCS015 USA Sae & Local receps of dvdend 354 ZCS016 USA Offse beween Federal and Sae&Local capal ransfers 355 ZCS017 NOR Curren ransfers receved by governmen from he ol secor 356 ZCS018 NOR TOCR - ZCS017 = TOCR - TRRG ol ( because ZCS017 equals o TRRG ol) = Transfers, whou ransfers from he ol acves, receved by governmen USA Federal ne purchases of non produced asses 357 ZCS020 USA Sae&Local purchases of non produced asses 46

47 5. DATA SOURCES Abbrevaons used OECD ALF OECD ANA OECD EMP OECD FS OECD FSFC OECD MEI OECD MFD OECD QLF OECD QNA OECD STD OECD TE OECD FT A OECD FT C BLS ULCM IMF IFS OECD daa sources OECD (Annually) Labour Force Sascs OECD (Annually) Naonal Accouns OECD Employmen Oulook daabase OECD Fnancal Sascs OECD Flows and Socks of Fxed Capal OECD Man Economc Indcaors Daabase of he OECD Money and Fnance Dvson of he Economcs Deparmen OECD Quarerly Labour Force Sascs OECD Quarerly Naonal Accouns OECD Sascs Deparmen OECD Shor-erm Economc Indcaors Transon Economes OECD Monhly Inernaonal Trade Sascs OECD Inernaonal Trade Sascs by Commody US Bureau of Labour Sascs, Inernaonal Comparsons of Manufacurng Producvy and Un Labour Coss Trends (hp:// IMF Inernaonal Fnancal Sascs 47

48 6. COUNTRY AND REGIONS CODES 6.1. Irrevocable euro converson raes, Counry code, Counry, Wegh, Naonal currency and s respecve ISO code Irrevocable euro converson raes Irrevocable euro converson raes Naonal currency un per euro Ausra Ireland Belgum Ialy Fnland Luxembourg France Neherlands Germany Porugal Greece Span Source: European Cenral Bank. 48

49 Counry code, Counry,Wegh Naonal currency and s respecve ISO 10 code (updaed May 2007) Counry area Weghs 11 Currency Code Name Sngular Plural Code AUS Ausrala 1.87 dollar dollars AUD AUT Ausra 0.84 euro euros EUR BEL Belgum 1.00 euro euros EUR CAN Canada 3.19 dollar dollars CAD CZE Czech Republc 0.56 koruna koruny CZK DNK Denmark 0.56 krone kroner DKK FIN Fnland 0.49 euro euros EUR FRA France 5.77 euro euros EUR DEU Germany 7.69 euro euros EUR GRC Greece 0.84 euro euros EUR HUN Hungary 0.46 forn forns HUF ISL Iceland 0.03 króna krónur ISK IRL Ireland 0.40 euro euros EUR ITA Ialy 5.40 euro euros EUR JPN Japan yen yen JPY KOR Korea Republc 2.81 won wons KRW LUX Luxembourg 0.08 euro euros EUR MEX Mexco 3.29 peso pesos MXN NLD Neherlands 1.65 euro euros EUR NZL New Zealand 0.29 dollar dollars NZD NOR Norway 0.60 krone kroner NOK POL Poland 1.50 zloy zloys PLN PRT Porugal 0.69 euro euros EUR SVK Slovak Republc 0.21 koruna koruny SKK ESP Span 3.11 euro euros EUR SWE Sweden 0.88 krona kronor SEK CHE Swzerland 0.80 franc francs CHF TUR Turkey 1.68 lra lras TRL GBR Uned Kngdom 5.51 pound pounds GBP USA Uned Saes dollar dollars USD EURO Euro area euro euros EUR The code corresponds wh he ISO-code excep for Ireland. The INTERLINK counry code s gven whn brackes n case of a dfference wh he Oulook daabase code. Base year used for expendures and oher naonal accoun seres. Base year used for rade seres and for some oher seres s Wegh n GDP of oal OECD n 2000, on he bass of purchasng power pares. In mos seres, here s a break n Daa up o end-1990 are for wesern Germany only and from 1991 onwards for oal Germany. Man excepons are he foregn rade (cusoms bass) seres, whch are oal Germany for he whole perod. 10 Codes for he represenaon of names of counres, ISO 3166 Fourh Edon, Based on 2000 GDP and purchasng power pares (PPPs). 49

50 6.2. OECD and non-oecd regon codes OECD regons Code of Descrpon regon OECD oal OECD all OECD counres BIG7 Major seven counres USA, JPN, DEU, FRA, ITA, GBR, CAN LITL Smaller counres all OECD counres excep he major seven counres TMHIGH oal OECD excludng hgh nflaon counres Hgh nflaon counres are defned as counres, whch have had 10 per cen or more nflaon durng he 1990s on he bass of hsorcal daa. From EO64 onwards hs means ha GRC, HUN, MEX, POL and TUR are excluded. TMUS oal OECD excludng Uned Saes EUR oal OECD Europe ncludes TUR EUR4 Major four European counres DEU, FRA, GBR, ITA EURS smaller European counres AUT, BEL, CHE, CZE, DNK, ESP, FIN, GRC, HUN IRL, LUX, NLD, NOR, POL, PRT, SVK, SWE, TUR EURO EU-12 AUT, BEL, DEU, ESP, FIN, FRA, GRC, IRL, ITA, LUX NLD, PRT NORAM OECD Norh-Amerca USA, CAN, MEX TMTUR oal OECD excludng Turkey EURMTUR oal OECD Europe excludng Turkey EURSMTUR smaller European OECD counres excludng Turkey Non-OECD regons Code of regon AFM Descrpon Afrca and Mddle-Eas Afrca plus Bahran, Cyprus, Iran, Iraq, Jordan, Kuwa, Lebanon, Oman, Neural zone, Qaar, Saud Araba, Syran, he Uned Arab Emraes, Yemen ANC Dynamc Asa Dynamc Asa (Chna, Chnese Tape, Hong Kong, Indonesa, Malaysa, Phlppnes, Sngapore and Thaland) ASO Oher Asa ncludng non-oecd Oceana, excludng ANC and Asan counres who were par of he Sove Unon CHN Chna excludng Hong Kong Chna LAT Lan Amerca Cenral and Souh Amerca NOECD Non-OECD area AFM, ANC, ASO, CHN, LAT, SEE SEE Cenral and Easern Europe and counres whch were par of he Sove Unon Albana, Belarus, Bosna and Herzegovna, Bulgara, Croaa, Esona, Lava, Lhuana; Moldova, Romana, Russan Federaon, Serba and Monenegro Slovena, TFYR Macedona, Ukrane and Asan counres whch were par of he Sove Unon (Armena, Azerbajan, Georga, Kazakhsan, Kyrgyzsan, Tajksan, Turkmensan, Uzbeksan) WLD oal world OECD, NOECD 50

51 7. REGIONAL AGGREGATES Seres for OECD regons are avalable for he mos mporan varables, mosly n ndex-form. These seres are adjused for rupures n he underlyng counry seres. The wo mos mporan rupures are: German (non-rade) seres up o and ncludng 1990 conan daa for wesern Germany only. From 1992, hey conan daa for oal Germany. However, 1991 daa are avalable for wesern Germany. Regonal aggregaes are based on wesern Germany up o and ncludng 1991 and on oal Germany hereafer. The Czech Republc, Hungary, Poland and Slovaka are no ncluded n he regonal aggregaes before 1994 due o daa problems. Employmen and populaon daa also have dsconnuaons due o sarng daes. For all aggregaes excep for rade and he Euro area one, GDP n 2000 n purchasng power pary s used o wegh he counry seres. For volume and prce seres, regonal growh raes are calculaed frs and ndex seres are on he bass of hese growh raes. Aggregae value seres are based on he correspondng volume and prce ndex seres. For rao seres (seres as a percenage of GDP), he levels are calculaed drecly. A dfferen aggregaon mehod s used for he Euro area, as he PPP mehod s no longer suable wh he common currency n place n Moreover, for he Euro area, more aggregaes and aggregaes n non-ndex form are needed. A separae documen s avalable on he Euro area aggregaes: A complee and conssen macro-economc daa se of he Euro area, mehodologcal ssues and resuls ) KEY INTERNATIONAL AGGREGATES 7.1 Expor marke for goods and servces, volume, US$, 2000prces (XMKT) XMKT N XGS p = * MGSVD p p = 1 XGS wld p where: XMKT = expor marke of counry 51

52 XGS XGS wld p p = goods and servces expors values n 2000 from counry o counry p = global goods and servces expors values n 2000 o counry p MGSVD = mpor volume of counry p, expressed n 2000 US$ p 7.2 Prce of non commody expors (mpors) of goods and servces, (PXGSX (PMGSX)) PXGSX log = exp ( PXGS ) wxn log( PXNW ) 1 wxn where: wxn = Wegh of commodes n goods and servces expors of counry PXNW = Prces of Commody expors of counry 7.3 Shadow Prce of non-commodes goods and servces mpors (PMSHX) PMSHX N XGS p = p 1 XGS = wld * PXGSX * EXCHIN p p * 1 EXCHIN where: XGS p = good and servces expors values n 2000 from counry p o counry PXGSX p = non-commody good and servces expor prce for counry p, 2000=1 EXCHIN : exchange rae for counry p, ndex 2000=1 p 7.4 Compeor s prces of non commody goods and servces expors (PXCX) PXCX N XGS p 1 N = * * p = 1XGS wld p XGS p XGS wld r = 1 p r, p XGS r 1 p * PXGSX r * EXCHIN r * EXCHIN 7.5 Compeor s prces of goods and servces expors (PXC) 52

53 53 EXCHIN N p p N p r r r EXCHIN r PXGS p r XGS wld XGS p XGS p wld XGS p XGS PXC 1 * 1, 1 * * * 1 * = = = 7.6 Conssency adjusmen seres for non-facor servces expors, volume = = = = 0 1 1] [ ] [ 1] [ ] [ 1] [ ] [ pour XGSVD XGSVD MGSVD MGSVD Xvras Xvras wld wld wld wld 7.7 World prces, G&S, us$ = = wld wld wld wld MGSVD MGSD PXGSD Wld XGSVD XGSD PXGSD Wld ] [ ] [ ] [. ] [ ] [ ] [. 7.8 RAS adjusmen seres mpors prces = = = = 0 1 1] [. ] [. 1] [. ] [. 1] [ ] [ pour PMGSD Wld PMGSD Wld PXGSD Wld PXGSD Wld Pmras Pmras

54 7.9 Nomnal effecve exchange rae, consan rade weghs EXCHE [ ] = 8 exp p wld p exch [ ndce,2000] Ω ( exch [ ndce,2000 ), p log p ] 7.10 TGSVD TGSVD [ ] = 0.5 XGSVD [ ] MGSVD [ ] 7.11 SHTGSVD SHTGSVD [ ] = TGSVD [ ] p wld TGSVD [ ] p 7.12 CTGSVD TGSVD[ ] TGSVD[ 1] CTGSVD[ ] = TGSVD [ 1] p wld p 7.13 XSHA and MSHA XSHA [ ] = MSHA [ ] = XGSD[ ] XGSD [ ] p wld p wld p MGSD [ ] MGSD [ ] p VOL : Trade volume seres (XGSVD, MGSVD, XMKT) PRI : Trade prces seres (PXGS, PMGS) 54

55 VAL (respecvely VALD): Trade values seres n local currency (n US$): XGS, MGS, (XGSD, MGSD ) and Balance-of-paymens seres, ncludng balances: XSII, MSII, BSII, NTR. Avalably of he varables for OECD aggregaes Caegory of varables Varables avalable for OECD aggregaes 12 Trade volumes XGSV, XGSVD, MGSV, MGSVD Trade prces PXGS, PMGS Trade values XGSD, MGSD, FBGSD, XSIID, MSIID, BSIID, NTRD, CBRD, CBD Expor marke XMKT Euro area only Curren accoun as percenage of CBGDPR GDP Expendures, volumes 13 Expendures, prces 14 Expendures, values Employmen and unemploymen Wage raes and relaed varables Governmen oulays and revenues 15 Governmen balances 16 Governmen lables 17 Oupu gap 18 CPV, CGV, ITV, IBV, IHV, FDDV, TDDV, XGSV, MGSV, GDPV PCP, PCG, PIT, PIB, PFDD, PTDD, PXGS, PMGS, PGDP CP, CG, IT, IB, IH, FDD, TDD, XGS, MGS, GDP ET, LF, UN, UNR, POPT WSSE, ULC, PDTY YPGTQ, YRGQ, GNINTQ NLGQ, NLGQA GGFLQ, GNFLQ, GGFLMQ GAP 12 More seres avalable for he euro area. See pages of he euro area daa documen on - hp:// 13 No ncluded n regonal averages of IBV and IHV: Czech Republc, Hungary, Luxembourg, Poland, Porugal, Slovak Republc, Turkey 14 No ncluded n regonal averages of PIB and PIH: Czech Republc, Hungary, Luxembourg, Poland, Porugal, Slovak Republc, Turkey 15 No ncluded n regonal averages: Czech Republc, Hungary, Poland; Korea, Luxembourg, Mexco, Swzerland, Turkey 16 See foonoe 16 (Bu Czech Republc, Hungary, Poland and Slovak Republc ncluded for NLGQ). 17 See foonoe No ncluded n regonal averages: Czech Republc, Hungary, Korea, Luxembourg, Mexco, Poland, Slovak Republc and Turkey. 55

56 8. ELECTRONIC DATA PRODUCTS BASED ON THE OUTLOOK DATABASE 8.1. Elecronc Daa producs relaed o he Economc Oulook Economc Oulook (EO) CD ROM The CD ROM conans yearly and quarerly seres for he hsorcal perod and for he projecon perod. Seres avalable for OECD counres Varables BSII ETB GNFLQ KBV PCG SAVG UN YOTH ZCS001 BSIID ETBPT GNINTP KTRMOB PCGW SAVH UNR YPEPG ZCS002 ET_NA GNINTQ KTV PCORE SDGDP YPEPGX ZCS003 CAPOG EUFW GNP KTVS PCOREH SRATIO VLCTY YPERG ZCS004 CB EXCH GNPV PCOREH_ECB SSPG YPERGX ZCS005 CBD EXCHE LF PCP SSPOG WAGE YPG ZCS006 CBGDPR EXCHEB HRS LFPR PDTY SSRG WAGEG YPGA ZCS007 CBR EXCHUD HRST LFPRS PFDD SSRGA WCSB YPGQA ZCS008 CBRD LFS PGDP SSROG WPBRENT YPGT ZCS009 CFKG FBGSD IB PGDPML WPHAMD YPGTQ ZCS010 CG FBGSV IBV MGS PGDP_CHECK TDD WPHD YPGX ZCS011 CGAA FDDV ICNHV MGSD PIB TDDV WPHFBD YPGXA ZCS012 CGNW ICV MGSV PIG TIND WPHFD YRG ZCS013 CGV GAP IENTG MGSVD PIT TINDA WPHMMD YRGA ZCS014 CGW GDP IFU3 MONEYS PITISK TKPG WPHTBD YRGQ ZCS016 CLFS GDPCSA IG MPEN PMGS TKTRG WPOIL YRGQA ZCS017 CP GDPML IGAA MSII PMGSX TOCP WR YRGT ZCS018 CPAA GDPMLV IGV MSIID PMNW TOCR WSRE YRGTQ ZCS019 CPI GDPTR IH PMSH TRPH WSSE YRGX ZCS020 CPIDR GDPV IHG NAIRU PMSHX TRRH WSSS YRH CPIH GDPVD IHGV NITV POPT TRROH WSST YRH_ADJ CPV GDPVTR IHV NLG PPP TRSSH CQ_FBGSV GDPV_CHECK IMEQV NLGA PTDD TSUB XGS CQ_ISKV GFAR INTDBT NLGQ PXC TY XGSD CQ_SDGDPV GGFL IPV NLGQA PXCX TYB XGSV GGFLM IRL NTR PXGS TYBA XGSVD ECSA GGFLMQ IRS NTRD PXGSX TYH XMKT EE GGFLQ ISK PXNW TYHA XPERF EEP GGINTP ISKV OILCON TYO XSII EG GGINTR IT OILMNT RLCT XSIID EQPF GLINTP ITISK OILSTO RPMGS ULC ES GLINTR ITISKV OILSUP RPXGS ULCM YDH ET GNFL ITV OILXNT ULCMDR YDRH 56

57 Seres avalable for non-oecd regons 19 Varable s: BSIID NTRD PMSHX WPHAMD XGSD CBD OILCON PXC WPHD XGSVD CBRD OILSUP PXCX WPHFBD XMKT EXCHUD OILXNT PXGS WPHFD XPERF FBGSD PMGS PXGSX WPHMMD XSII MGSD PMGSX PXNW WPHTBD XSIID MGSVD PMNW RPMGS WPOIL MSIID PMSH WPBRENT RPXGS Seres avalable on he Flashfle 20 Varable CBGDPR CGV CPV ET FDDV GDPV IRS ITV MGSV NLGQ PCP PGDP TDDV UNR WSSE XGSV 19 The CD-ROM conans also nformaon on commody prces and on ol demand and supply for OECD regons. 20 The Flashfle s made avalable free of charge on he web a he momen of release of he Prelmnary Edon of he Economc Oulook. 57

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