RDP 2018-04: DSGE Reno: Adding a Housing Block to a Small Open Economy Model Appendix A: Data Sources for Estimation

GDP: Quarterly percentage change of real gross domestic product, seasonally adjusted and in chain volume terms. Source: ABS Cat No 5206.0 ‘Australian National Accounts: National Income, Expenditure and Product’.

Consumption: Quarterly percentage change of real household final consumption expenditure, seasonally adjusted and in chain volume terms. Source: ABS Cat No 5206.0.

Investment: Quarterly percentage change of real private gross fixed capital formation, seasonally adjusted and in chain volume terms. Source: ABS Cat No 5206.0.

Housing investment: Quarterly percentage change of real private dwelling investment (gross fixed capital formation), seasonally adjusted and in chain volume terms. Source: ABS Cat No 5206.0.

Public demand: Quarterly percentage change of real public demand. Public demand is calculated as the sum of government final consumption expenditure and public gross fixed capital formation, with all data seasonally adjusted and in chain volume terms. Source: ABS Cat No 5206.0.

Hours worked: Quarterly percentage change in hours worked, seasonally adjusted. Source: ABS Cat No 5206.0.

Resource exports: Quarterly percentage change in resource export volumes, seasonally adjusted and in chain volume terms. Source: RBA statistical table I1 International Trade and Balance of Payments.

Non-resource exports: Quarterly percentage change in non-resource export volumes. Non-resource export volumes are calculated as the difference between total export volumes and resource export volumes, with all data in seasonally adjusted and in chain volume terms. Source: RBA statistical table I1.

Non-tradeable excluding housing value added: Quarterly growth rate of value-added production in the non-tradeable sector. The non-tradeable sector consists of the following industries: electricity, gas, water & waste; retail trade; information, media & telecommunications; finance & insurance; professional services; administrative services; public administration; education industry; healthcare; arts & recreation; and other services. Part of the construction industry is apportioned to this sector, based on the share of total construction work done that is non-residential. We calculate the growth rate of this series by summing the growth rates of each industry weighted by that industry's share of non-tradeable excluding housing value added. Sources: ABS Cat No 5204.0 ‘Australian System of National Accounts’, ABS Cat No 8755.0 ‘Construction Work Done, Australia, Preliminary’ and ABS Cat No 5206.0.

Housing value added: Quarterly growth rate of value-added production in the housing sector. The housing sector consists of the real estate industry and ownership of dwellings. Part of the construction industry is apportioned to this sector, based on the share of total construction work done that is residential. We calculate the growth rate of this series by summing the growth rates of each industry weighted by that industry's share of housing. Sources: ABS Cat Nos 5204.0, 8755.0 and 5206.0.

Non-resource tradeable value added: Quarterly growth rate of value-added production in the non-resource tradeable sector. The non-resource tradeable sector consists of the following industries: agriculture, forestry & fishing; manufacturing; transport; wholesale trade; and accommodation & food services. We calculate the growth rate of this series by summing the growth rates of each industry weighted by that industry's share of non-resource tradeable value added. Sources: ABS Cat Nos 5204.0 and 5206.0.

Resource value added: Quarterly growth rate of value-added production in the mining industry. Source: ABS Cat No 5206.0.

Inflation: Quarterly trimmed mean inflation excluding interest and tax changes. Source: RBA statistical table G1 Consumer Price Inflation.

Housing sector inflation: Quarterly inflation in housing-related components of the CPI, including: rents, home maintenance & repairs; home insurance; and new purchases by owner occupiers. Weighted using ABS's Consumer Price Index Weighting Patterns (various releases). Seasonally adjusted using seasonal factors released by the ABS. Source: ABS Cat No 6401.0 ‘Consumer Price Index, Australia’.

Non-tradeable excluding housing inflation: Quarterly inflation in non-housing-related non-tradeable components of the CPI. For details on inclusions see RBA (2014). Weighted using ABS's Consumer Price Index Weighting Patterns (various releases). Seasonally adjusted using seasonal factors released by the ABS. Source: ABS Cat No 6401.0.

Tradeable inflation: Quarterly growth in the services credits implicit price deflator, seasonally adjusted. ABS Cat No 5302.0.

Sectoral wages: Quarterly growth in the wage price index for each sector. Industry allocation to sectors is the same as for value added. We calculate the growth rate of the series by summing the growth rates of each industry weighted by that industry's share of total sectoral hours. All data are seasonally adjusted. Sources: ABS Cat No 6345.0 ‘Wage Price Index, Australia’ and ABS Cat No 6291.0.55.003 ‘Labour Force, Australia, Detailed, Quarterly’.

Cash rate: Quarterly average cash rate target. Source: RBA statistical table F1.1 Interest Rates and Yields – Money Market.

Nominal exchange rate: Quarterly average percentage change in the nominal trade-weighted exchange rate. Source: RBA statistical table F11 Exchange Rates.

Resource prices: Quarterly average percentage change in the RBA non-rural commodity price index measured in Special Drawing Rights. Source: RBA statistical table I2 Commodity Prices.

Foreign GDP: Quarterly percentage change of the real gross domestic product of Australia's major trading partners weighted by export share. Source: RBA.

Foreign inflation: Quarterly average inflation rate of Australia's major trading partners weighted by export share. Source: RBA.

Foreign interest rates: Quarterly average policy rate of the United States, Japan and euro area (Germany before 1999). Source: RBA statistical table F13 International Official Interest Rates.