RDP 2013-06: Estimating and Identifying Empirical BVAR-DSGE Models for Small Open Economies Appendix C: Data Definitions

C.1 United States

Output – real GDP, 1 decimal, billions of chained 2005 dollars, seasonally adjusted at an annual rate; Federal Reserve Bank of St. Louis, FRED database: GDPC1

Inflation – chain price index of GDP; FRED database: GDPCTPI

Interest rates – Federal Funds rate, average quarter; RBA Statistical Table F13 International Official Interest Rates

Real wages – real compensation per hour, non-farm business sector, seasonally adjusted; Bureau of Labor Statistics: PRS85006153

Hours worked – non-farm business sector; Bureau of Labor Statistics: PRS85006033

C.2 Australia

Output – real non-farm GDP, chain volume, seasonally adjusted; Australian Bureau of Statistics (ABS), Australian National Acccounts: National Income, Expenditure and Product (ABS Cat No 5206.0)

Inflation – trimmed mean inflation, excluding interest payments and tax changes, seasonally adjusted; RBA

Interest rates – cash rate, average quarter; RBA Statistical Table F1 Interest Rates and Yields – Money Market

Real wages – non-farm compensation of employees, seasonally adjusted, divided by non-farm hours worked and trimmed mean inflation; compensation of employees and hours worked from ABS Cat No 5206.0

Hours worked – non-farm; ABS Cat No 5206.0, special request

Real exchange rate – real trade-weighted exchange rate; RBA Statistical Table F15 Real Exchange Rate Measures

Terms of trade – ABS Cat No 5206.0