RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach Appendix A: Data
March 2003
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This appendix provides a glossary of all the variables with details of the data sources. The data is sourced from the Australian Bureau of Statistics (ABS), the IMF'S International Financial Statistics (IFS), the OECD, the Reserve Bank of Australia (RBA), and our own calculations.
The base year for all price and volume indices is 1995. The dates in brackets indicate the timespan of the individual series. Unless otherwise stated all variables are seasonally adjusted. World prices/quantities are marked with an asterisk (^{*}). Lower-case variables are logs of the corresponding upper-case variables.
A_{t} | Foreign assets |
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Definition: | Foreign assets in A$, converted into real terms using P_{gdp} |
Source: | ABS Cat No 5302.0 (1994:Q1–2001:Q4) |
CA_{t} | Current account |
Definition: | Current account, converted into A$ using e^{us} |
Source: | IFS line AUI78ALDA (1960:Q1–2001:Q1) |
D_{t} | Foreign liabilities |
Definition: | Foreign liabilities in A$, converted into real terms using P_{gdp} |
Source: | ABS Cat No 5302.0 (1991:Q3–2001:Q4) |
Trade-weighted exchange rate | |
Definition: | Trade-weighted exchange rate index for the A$ |
Source: | RBA (1988:Q1–2002:Q3); own calculations using geometric weights (see also Ellis (2001)) (1970:Q2–1987:Q4) |
Nominal bilateral exchange rate (US$) | |
Definition: | Nominal bilateral exchange rate, A$ units per US$ |
Source: | IFS line AUI.AF (1960:Q1–2001:Q4) |
M_{t,gds} | Import volume (goods) |
Definition: | Volume of goods imports |
Source: | Calculated using (1960: Q1–2001: Q4) |
M_{t,srv} | Import volume (services) |
Definition: | Volume of service imports |
Source: | Calculated using (1984:Q3–2001:Q4) |
NT_{t} | Net transfers |
Definition: | Real net transfers, converted into A$ |
Source: | IFS line AUI78AJDA minus AUI78AKDA, converted into A$ using e^{us} and into real terms using P_{gdp} (1960:Q1–2001:Q1) |
Import price (goods) | |
Definition: | Implicit price deflator of goods imports |
Source: | ABS Cat No 5302.0 (1960:Q1–2002:Q1) |
Import price (services) | |
Definition: | Implicit price deflator of service imports |
Source: | ABS Cat No 5302.0 (1984:Q3–2001:Q4) |
Export price (agriculture) | |
Definition: | Implicit price deflator of agricultural exports |
Source: | Calculation using deflated by a chain volume measure of rural exports (ABS Cat No 5302.0) (1974:Q3–2001:Q4) |
Export price (manufacturing) | |
Definition: | Implicit price deflator of manufactured exports |
Source: | Calculation using deflated by a chain volume measure of manufactured exports (ABS Cat No 5302.0) (1974:Q3–2001:Q4) |
Export price (resources) | |
Definition: | Implicit price deflator of resource exports |
Source: | Calculation using deflated by a chain volume measure of resource exports (ABS Cat No 5302.0) (1974:Q3–2001:Q4) |
Export price (services) | |
Definition: | Implicit price deflator of service exports |
Source: | ABS Cat No 5302.0 (1984:Q3–2002:Q1) |
P_{t,cpi} | Consumer price index |
Definition: | Australian consumer price index |
Source: | IFS line AUI64…F (1960:Q1–2001:Q3) |
P_{t,gdp} | GDP deflator |
Definition: | Australian GDP deflator |
Source: | ABS Cat No 5206.0 (1960:Q1–2002:Q1) |
P_{t,lab} | Real unit labour costs |
Definition: | Real unit labour costs |
Source: | Calculation using P_{lab} = P_{ulc} /P_{gdp} (1975:Q1–2001:Q3) |
P_{t,ppi} | Producer prices |
Definition: | Price index of manufactured goods (articles produced) |
Source: | RBA, unpublished (1968:Q3–2001:Q4) |
P_{t,ulc} | Nominal unit labour costs |
Definition: | Nominal unit labour costs |
Source: | Calculation using total wage divided by productivity, where productivity is GDP divided by the average hours worked (1975:Q1–2001:Q4) |
World export prices | |
Definition: | Trade-weighted world export price index |
Source: | Own calculation using the TWI weights and the export price series for each country from Datastream (1970:Q2–2002:Q2) |
World consumer prices | |
Definition: | World consumer price index |
Source: | IFS line WDI64…F (1968:Q1–2001:Q3) |
World oil price | |
Definition: | World spot price of petroleum, index |
Source: | IFS line WDI76AAZA in US$ per barrel, converted into an index (1960:Q1–2001:Q4) |
World food price | |
Definition: | World food price index in US$ |
Source: | IFS line WDI76EXDF (1960:Q1–2001:Q4) |
World base metals prices | |
Definition: | World base metals price index in US$ |
Source: | IFS line WDI76AYDF (1960:Q1–2001:Q4) |
World coal price | |
Definition: | World price of coal, index |
Source: | IFS line AUI74VRDF in US$ per metric ton, converted into an index (1966:Q3–2002:Q1) |
World price of resources | |
Definition: | World price of resources |
Source: | Calculation using . The weights are value weights for each subcategory as at March 2002 (1966:Q3–2001:Q4) |
Rate of return of foreign assets | |
Definition: | Implied return on foreign assets |
Source: | Calculation using income credits (IFS line AUI78AGDA), converted into A$ using e^{us} and into real terms using P_{gdp}. The implied rate is then calculated from quarterly estimates of A (1994:Q1–2001:Q1) |
Rate of return of foreign liabilities | |
Definition: | Implied return on foreign liabilities |
Source: | Calculation using income debits (IFS line AUI78AHDA), converted into A$ using e^{us} and into real terms using P_{gdp}. The implied rate is then calculated from quarterly estimates of D (1991:Q3–2001:Q1) |
S_{t,agr} | Agricultural subsidies |
Definition: | Agricultural subsidies |
Source: | ABS Cat No 5206.0 in A$, converted into real terms using P_{gdp} (1977:Q4–2001:Q4) |
Import value (goods) | |
Definition: | Value of goods imports, not seasonally adjusted |
Source: | ABS Cat No 5302.0 in A$ (1960:Q1–2001:Q4) |
Import value (services) | |
Definition: | Volume of service imports, not seasonally adjusted |
Source: | ABS Cat No 5368.0 in A$ (1960:Q1–2001:Q4) |
Export value (agriculture) | |
Definition: | Value of agricultural exports |
Source: | ABS Cat No 5302.0 in A$ (1969:Q3–2001:Q4) |
Export value (manufacturing) | |
Definition: | Value of manufactured exports |
Source: | ABS Cat No 5302.0 in A$ (1969:Q3–2001:Q4) |
Export value (resources) | |
Definition: | Value of resource exports |
Source: | ABS Cat No 5302.0 in A$ (1960:Q1–2001:Q4) |
Export value (services) | |
Definition: | Value of service exports, not seasonally adjusted |
Source: | ABS Cat No 5368.0 in A$ (1960:Q1–2001:Q4) |
V_{t,y} | Australian nominal GDP |
Definition: | Australian nominal GDP |
Source: | ABS Cat No 5206.0 in A$ (1960:Q1–2002:Q1) |
Export volume (agriculture) | |
Definition: | Volume of agricultural exports |
Source: | Calculation using (1974: Q3–2001: Q4) |
Export volume (manufacturing) | |
Definition: | Volume of manufactured exports |
Source: | Calculation using (1974:Q3–2001:Q4) |
Export volume (resources) | |
Definition: | Volume of resource exports |
Source: | Calculation using (1974:Q3–2001: Q4) |
Export volume (services) | |
Definition: | Volume of service exports |
Source: | Calculation using (1984:Q3–2001 :Q4) |
Y^{t} | Australian real GDP |
Definition: | Australian real GDP |
Source: | Calculation using Y = V_{y}/P_{gdp} (1960:Q1–2002:Q1) |
The estimate of the domestic output gap in the reference periods for Table 2 and Figure 6 was taken from Gruen, Robinson and Stone (2002). We modified their output gap measure in order to obtain a cyclical measure which is ‘at trend’ when actual inflation is constant. For this, we adjusted the final output gap estimate in their Table 2 by setting the bond market inflation expectations to zero. We did this by calculating .
World real GDP | |
Definition: | OECD real GDP |
Source: | OECD, QNA line OC001000D (annual) in US$ at 1995 prices and PPP exchange rates, converted into quarterly numbers (1960:Q1–2001:Q3) |
The estimate of the world output gap in the reference periods for Table 2 and Figure 6 was taken from OECD (2002).