Master Thesis - Humboldt-Universität zu Berlin

9 Appendixes
9.1 Appendix 1
Data description for the estimation
The final purpose of our paper was to re-estimate the model using as a
benchmark the estimated parameters obtained by the authors in their 2005
version. For this, two sets of quarterly data have been prepared: (1) one set
sent by the authors including time series over 1970/1-2004/4; (2) another set
of data that has been collected from the international sources following the
indications of the authors with regard to the data, in their paper.
The variables in the model are not stationary; therefore we use in the
estimation their growth rates, namely log-differences for consumption, investment,
output, real wages, labor (employment), and deflators, and try to
estimate the trend in each of them. Interest rate is in nominal terms; so
are oil price and exchange rate. Net trade is expresses simply as difference
between exports and imports.
Some other doing research in the area might find it useful to consult our
transformations and sources for the data.
1. for the United states
CONS = LN(C/GD)/P op) ∗ 100
INV = LN(I/GD)/P op) ∗ 100
GDP = LN(Y/GD)/P oP ∗ 100
HOURS = LN(H ∗ Emp)/P op) ∗ 100
W AGE = LN(W/GD) ∗ 100
GDP inf = LN(GD/GD(−1)) ∗ 100
CP Iinf = LN(CP I/CP I(−1)) ∗ 100
IMP inf = LN(ID/ID(−1)) ∗ 100
R = F F R/4
NT = (EX − IM)/P oP
P oP index = P oP (1992 : 3) = 1
EMP index = EMP (1992 : 3) = 1
Sources for the original data :
GD: United States, Implicit Price Deflator, Gross Domestic Product, To-
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