JORDÀ SCHULARICK TAYLOR MACROHISTORY DATABASE · The Jordà-Schularick-Taylor Macrohistory Database would not have come into being without the dedication of doctoral students, research

JORDÀ-SCHULARICK-TAYLOR MACROHISTORY DATABASE

http://www.macrohistory.net/data

JSTDatasetR4

Release 4

May 2019

http://www.macrohistory.net/data

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TERMS OF USE FOR THIS DATASET

This dataset was developed over many years with the generous financial support of the Institute for New Economic Thinking, the Volkswagen Foundation, the German Federal Ministry of Education Research, and the European Research Council. We also thank our home institutions where we have conducted our research. Consistent with the terms of the support we have received from all of these organizations, our dataset is being made freely available in this noncommercial form.

We grant every user at no cost a license (see below) to use and/or share the licensed material, in whole or in part, provided that it is for non-commercial (e.g., academic) purposes, provided that our dataset is properly attributed and cited to credit the authors, and provided that it may only be shared under identical license terms. Commercial data providers are thus strictly forbidden to integrate all or parts of the dataset into their services and/or resell the data.

LICENCE TERMS

All users of this work agree to the terms of a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. The detailed terms of this license can be found here.

To comply with the attribution requirement in the license, whenever it is used the dataset must be cited as follows:

"Òscar Jordà, Moritz Schularick, and Alan M. Taylor. 2017. Macrofinancial History and the New Business Cycle Facts. in NBER Macroeconomics Annual 2016, volume 31, edited by Martin Eichenbaum and Jonathan A. Parker. Chicago: University of Chicago Press."

However, those using any data pertaining to asset prices or rates of return should cite Òscar Jordà, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M. Taylor. 2019. “The Rate of Return on Everything, 1870–2015.” Quarterly Journal of Economics. Forthcoming.

We advise making explicit reference to the date when the database was consulted, as statistics are subject to revisions.

Detailed terms of licence.

http://www.macrohistory.net/licence-terms/http://www.macrohistory.net/licence-terms/

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ACKNOWLEDGEMENTS

The Jordà-Schularick-Taylor Macrohistory Database would not have come into being without the dedication of doctoral students, research assistants, the generosity of many colleagues at universities, central banks, and historical archives. We are particularly grateful to Felix Ward (Bonn Graduate School of Economics) and Niklas Flamang (Berkeley) for coordinating work on the database at various stages of the project.

In order of countries, we are grateful to:

Australia: Tim Hatton, ANU, Peter Tulip, Reserve Bank of Australia; Philipp Hofflin, Lazard Asset Management, Christoph Trebesch, Kiel Institute for the World Economy.

Belgium: Willy Bieseman, National Bank of Belgium, René Brion, BNP Paribas, Frans Buelens, University of Antwerp, Erik Buyst, University of Leuven, Els Demuynck, Vlaamse Overheid, Daisy Dillens, National Bank of Belgium, Guy Lambrechts, Vlaamse Overheid, Ivo Maes, National Bank of Belgium, Jean-Louis Moreau, BNPParibas, Viviane De Pré, National Bank of Belgium, Erik Vloeberghs, Statistics Belgium, Paul de Wael, STADIM, Christopher Warisse, National Bank of Belgium, Stijn Van Nieuwerburgh, New York University Stern School of Business.

Canada: Debra Conner, Canadian Housing Information Centre, Gregory Klump, CREA, Marvin McInnis, Queens University.

Denmark: Kim P. Abildgren, Danmarks Nationalbank, Rune Egstrup, Danmarks Nationalbank, ina Saaby Hvolbøl, Danmarks Nationalbank, Finn Østrup, Copenhagen Business School, Kevin O’Rourke, University of Oxford.

Finland: Soile Hakonen, Library of the Bank of Finland, Risto Herrala, Bank of Finland, Riita Hjerppe, University of Helsinki, Vappu Ikonen, Bank of Finland, Petri Kettunen, Statistics Finland, Antti Kuusterä, Bank of Finland, Kari Leväinen, Helsinki University of Technology, Susanna Lindström, Bank of Finland, Marketta Lukkari, Statistics Finland, Tiina Skogberg, Library of the Bank of Finland, Essi Tamminen, Bank of Finland, Anja Törmä, Statistics Finland, Information Service of the Library of Statistics, Hannele Turunen, Bank of Finland, Juhani Väänänen, National Land Survey of Finland, Mika Vaihekoski, University of Turku.

France: Patrice Baubeau, Université Paris Ouest Nanterre, Sabine Effosse, Université Francois Rabelais Tours, Jacques Friggit, CGEDD, Frederik Grélard, Banque de France, Pierre-Cyrille Hautcoeur, EHESS, David Le Bris, Toulouse Business School, Eric Monnet, Banque de France.

Germany: Carsten Burhop, University of Bonn, Jens Conrad, Bundesbank, Karin Fitzner, Bundesbank, Peter Gleber, Bundesverband der Deutschen Volksbanken und Raiffeisenbanken, Petra Hauck, Statistisches Bundesamt, Carl-Ludwig Holtfrerich, Freie Universität Berlin, Alexander Nützenadel, Humboldt Universität Berlin, Andrea Papadia, London School of Economics, Albrecht Ritschl, London School of Economics, Ulrich Ronge, Knoesel & Ronge, Thorsten Weber, Sparkassenhistorisches Dokumentationszentrum, Ulrich Weber, Hoschule Anhalt, Nikolaus Wolf, Humboldt Universität Berlin.

Italy: Riccardo De Bonis, Banca d’Italia, Sergio Cardarelli, Banca d’Italia, Massimo Caruso, Banca d’Italia; Giuseppe Conte, Banca d’Italia; Silvia Giacinti, Banca d’Italia, Alfredo

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Gigliobianco, Banca d’Italia, Andrea Mercatanti, Banca d’Italia, Stefano Battilossi, Universidad Carlos III de Madrid; Giovanni Pellegrino, University of Verona; Roberto Violi, Banca d’Italia.

Japan: John James, University of Virginia, Makoto Kasuya, University of Tokyo, Ryoji Koike, Bank of Japan, Magdalena Korb, KfW, Yuzuru Kumon, UC Davis, Masato Shizume, Bank of Japan.

Netherlands: Piet Eichholtz, Maastricht University; Ferry Lapré, Statistics Netherlands, Wouter Leenders, Oxford University, Alfred Moest, Library Statistics Netherlands, Marjan Peppelmann, BDB, Tijmen Swank, Dutch National Bank, Joost Jonker, Universiteit van Amsterdam, Roger Otten, Maastricht University.

Norway: Roger Bjornstad, Samfunnsøkonomisk Analyse, Ola Gruyyen, Norwegian School of Economics, Jan Tore Klovland, Norwegian School of Economics; Anders Kvernberg, Oslo Nasjonalbiblioteket; Einar Thorsrud Lømo, Statistics Norway, Kari Pedersen, Statistics Norway, Trond Amund Steinset, Statistics Norway, Lars Tingelstad, Oslo Nasjonalbiblioteket.

Portugal: Rui Alpalhão, ISCTE Business School, Jaime Reis, University of Lisbon, Nuno Valério, Technical University of Lisbon, Jose Rodrigues da Costa, Lisbon Stock Exchange and New University of Lisbon; Maria Eugénia Mata, Nova School of Business.

Spain: Pablo Martin Acena, University of Alcana, Stefano Battilossi, Universidad Carlos III de Madrid, Clara Martinez Toledano-Toledano, Paris School of Economics.

Sweden: Johannes Andersson, Statistics Sweden, Daniel Waldenström, Uppsala University, Olle Krantz, Umeå Universitet, Birgitta Magnusson Wärmark, Statistics Sweden; Jonas Zeed, Statistics Sweden.

Switzerland: Christoph Enzler, Bundesamt für Wohnungswesen, Joel Floris, University of Zurich, Franz Murbach, Bundesamt für Statistik, Rebekka Schefer, UBS AG, Iso Schmid, Agristat, Annika Steiner, Wüest und Partner, Peter Steiner, Eidgenössische Finanzverwaltung, Robert Weinert, Wüest und Partner, Martin Zehnder, Swiss National Bank.

United Kingdom: Amanda Bell, Office for National Statistics, Colin Beattie, London School of Economics, Richard Grossman, Wesleyan University, Defra Krieghoff, London School of Economics, Niels Krieghoff, London School of Economics, Peter Mayer, Land Registry, Joshua Miller, RICS, Neil Monnery, Ashridge Strategic Management Centre, Ryland Thomas, Bank of England, John Turner, Queen's University Belfast.

United States: Kris Mitchener, Santa Clara, Jonathan D. Rose, Board of Governors of the Federal Reserve System, Kenneth Snowden, University of North Carolina Greensboro, Matthew Rognli, Northwestern University.

Various countries: Lars Jonung, Lund University School of Economics and Management, Josefin Meyer, Kiel Institute for the World Economy, Lyndon Moore, University of Melbourne.

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Doctoral students and postdocs: Francisco Amaral, Katharina Knoll, Dmitry Kuvshinov, Björn Richter, Kaspar Zimmermann.

Research assistants:João Azevedo, Felipe Benguria, Stephanie Feser, Larissa Fuchs, Nina Furbach, Dimitrios Kanelis, Corinna Kohl, Sarah Leitner, Sandra Matuschke, Manuel Peter, Laura Puglisi, Karthik Reddy, Mario Richarz, Mandy Skierlo, Lucie Stoppok, Marco Wyzietzki, Thomas Schwarz , Maira Talha, Dominik Wehr, Yevhenii Usenko, Elin Al Zaim, Felix Rhiel.

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VARIABLE NAMES AND DESCRIPTIVE LABELS IN STATA Variable Label

year Year

country Country

iso ISO 3-letter code

ifs IFS 3-number country-code

pop Population

rgdpmad Real GDP per capita (PPP)

rgdppc Real GDP per capita (index, 2005=100)

rconpc Real consumption per capita (index, 2006=100)

gdp GDP (nominal, local currency)

iy Investment-to-GDP ratio

cpi Consumer prices (index, 1990=100)

ca Current account (nominal, local currency)

imports Imports (nominal, local currency)

exports Exports (nominal, local currency)

narrowm Narrow money (nominal, local currency)

money Broad money (nominal, local currency)

stir Short-term interest rate (nominal, percent per year)

ltrate Long-term interest rate (nominal, percent per year)

debtgdp Public debt-to-GDP ratio

revenue Government revenues (nominal, local currency)

expenditure Government expenditure (nominal, local currency)

xrusd USD exchange rate (local currency/USD)

peg Peg dummy

peg_strict Strict peg dummy

crisisJST Systemic financial crises (0-1 dummy)

tloans Total loans to non-financial private sector (nominal, local currency)

tmort Mortgage loans to non-financial private sector (nominal, local currency)

thh Total loans to households (nominal, local currency)

tbus Total loans to business (nominal, local currency)

hpnom House prices (nominal index, 1990=100)

peg_type Peg type (BASE, PEG, FLOAT)

peg_base Peg base (GBR, USA, DEU, HYBRID, NA)

eq_tr Equity total return, nominal. r[t] = [[p[t] + d[t]] / p[t-1] ] - 1

housing_tr Housing total return, nominal. r[t] = [[p[t] + d[t]] / p[t-1] ] - 1

bond_tr Government bond total return, nominal. r[t] = [[p[t] + coupon[t]] / p[t-1] ] - 1

bill_rate Bill rate, nominal. r[t] = coupon[t] / p[t-1]

rent_ipolated 1 if housing rental yields interpolated e.g. wartime housing_capgain_ipolated 1 if housing capital gains and total returns interpolated e.g. wartime

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housing_capgain Housing capital gain, nominal. cg[t] = [ p[t] / p[t-1] ] - 1

housing_rent_rtn Housing rental return. dp_rtn[t] = rent[t]/p[t-1]

housing_rent_yd Housing rental yield. dp[t] = rent[t]/p[t]

eq_capgain Equity capital gain, nominal. cg[t] = [ p[t] / p[t-1] ] - 1

eq_dp Equity dividend yield. dp[t] = dividend[t]/p[t]

eq_capgain_interp 1 if equity cap. gain interpolated to cover exchange closure

eq_tr_interp 1 if equity total return interpolated to cover exchange closure

eq_dp_interp 1 if equity dividend interpolated or assumed zero to cover exchange closure

bond_rate Gov. bond rate, rate[t] = coupon[t] / p[t-1], or yield to maturity at t

eq_div_rtn Equity dividend return. dp_rtn[t] = dividend[t]/p[t-1]

capital_tr Tot. rtn. on wealth, nominal. Wtd. avg. of housing, equity, bonds and bills

risky_tr Tot. rtn. on risky assets, nominal. Wtd. avg. of housing and equity

safe_tr Tot. rtn. on safe assets, nominal. Equally wtd. avg. of bonds and bills

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AUSTRALIA .......................................................................................................................... 17 Macro Data ............................................................................................................................................................................... 17

GDP .................................................................................................................................................................................................... 17 Real GDP per capita (PPP) ..................................................................................................................................................... 17 Real GDP per capita (index, 2005=100) ........................................................................................................................... 17 Real consumption per capita (index, 2006=100)......................................................................................................... 18 Investment-to-GDP ratio ......................................................................................................................................................... 18 Consumer prices (index, 1990=100) .................................................................................................................................. 18 Narrow Money ............................................................................................................................................................................. 18 Broad Money ................................................................................................................................................................................. 18 Current Account .......................................................................................................................................................................... 19 Imports & Exports....................................................................................................................................................................... 19 Government Revenues .............................................................................................................................................................. 19 Government Expenditure ........................................................................................................................................................ 19 Public debt-to-GDP ratio ......................................................................................................................................................... 20 Short–term interest rate (nominal, percent per year) .............................................................................................. 20 Long–term interest rate (nominal, percent per year) ............................................................................................... 20 Peg variables ................................................................................................................................................................................. 21 House prices (nominal index, 1990=100) ........................................................................................................................ 21 USD exchange rate (local currency/USD) ....................................................................................................................... 21 Population ...................................................................................................................................................................................... 21 Systemic financial crises (0-1- dummy) ........................................................................................................................... 22

Credit Data ................................................................................................................................................................................ 22 Total loans to non-financial private sector .................................................................................................................... 22 Mortgage loans to non-financial private sector ........................................................................................................... 22 Total Loans to Households ..................................................................................................................................................... 23 Total Loans to Business ........................................................................................................................................................... 23

BELGIUM ............................................................................................................................. 24 Macro Data ............................................................................................................................................................................... 24

GDP .................................................................................................................................................................................................... 24 Real GDP per capita (PPP) ..................................................................................................................................................... 24 Real GDP per capita (index, 2005=100) ........................................................................................................................... 24 Real consumption per capita (index, 2006=100)......................................................................................................... 24 Investment-to-GDP ratio ......................................................................................................................................................... 25 Consumer prices (index, 1990=100) .................................................................................................................................. 25 Narrow Money ............................................................................................................................................................................. 25 Broad Money ................................................................................................................................................................................. 26 Current Account .......................................................................................................................................................................... 26 Import & Export .......................................................................................................................................................................... 26 Government Revenues .............................................................................................................................................................. 27 Government Expenditure ........................................................................................................................................................ 27 Public debt-to-GDP ratio ......................................................................................................................................................... 27 Short–term interest rate (nominal, percent per year) .............................................................................................. 28 Long–term interest rate (nominal, percent per year) ............................................................................................... 28 Peg variables ................................................................................................................................................................................. 28 House prices (nominal index, 1990=100) ........................................................................................................................ 28 USD exchange rate (local currency/USD) ....................................................................................................................... 29 Population ...................................................................................................................................................................................... 29 Systemic financial crises (0-1- dummy) ........................................................................................................................... 29

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CANADA .............................................................................................................................. 31 Macro Data ............................................................................................................................................................................... 32



DENMARK ........................................................................................................................... 39 Macro Data ............................................................................................................................................................................... 39

GDP .................................................................................................................................................................................................... 39 Real GDP per capita (PPP) ..................................................................................................................................................... 39 Real GDP per capita (index, 2005=100) ........................................................................................................................... 39 Real consumption per capita (index, 2006=100)......................................................................................................... 39 Investment-to-GDP ratio ......................................................................................................................................................... 39 Narrow Money ............................................................................................................................................................................. 40 Broad Money ................................................................................................................................................................................. 40 Consumer prices (index, 1990=100) .................................................................................................................................. 40 Current Account .......................................................................................................................................................................... 40 Imports & Exports....................................................................................................................................................................... 40 Government Revenues .............................................................................................................................................................. 41 Government Expenditure ........................................................................................................................................................ 41 Public debt-to-GDP ratio ......................................................................................................................................................... 41 Short–term interest rate (nominal, percent per year) .............................................................................................. 41 Long–term interest rate (nominal, percent per year) ............................................................................................... 42

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Peg variables ................................................................................................................................................................................. 42 House prices (nominal index, 1990=100) ........................................................................................................................ 42 USD exchange rate (local currency/USD) ....................................................................................................................... 42 Population ...................................................................................................................................................................................... 43 Systemic financial crises (0-1- dummy) ........................................................................................................................... 43


FINLAND .............................................................................................................................. 44 Macro Data ............................................................................................................................................................................... 44



FRANCE ............................................................................................................................... 50 Macro Data ............................................................................................................................................................................... 50

GDP .................................................................................................................................................................................................... 50 Real GDP per capita (PPP) ..................................................................................................................................................... 50 Real GDP per capita (index, 2005=100) ........................................................................................................................... 50 Real consumption per capita (index, 2006=100)......................................................................................................... 50 Investment-to-GDP ratio ......................................................................................................................................................... 51 Narrow Money ............................................................................................................................................................................. 51 Broad Money ................................................................................................................................................................................. 51 Consumer prices (index, 1990=100) .................................................................................................................................. 51 Current Account .......................................................................................................................................................................... 51 Imports & Exports....................................................................................................................................................................... 52

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Government Revenues .............................................................................................................................................................. 52 Government Expenditure ........................................................................................................................................................ 52 Public debt-to-GDP ratio ......................................................................................................................................................... 52 Short–term interest rate (nominal, percent per year) .............................................................................................. 53 Long–term interest rate (nominal, percent per year) ............................................................................................... 53 Peg variables ................................................................................................................................................................................. 53 House prices (nominal index, 1990=100) ........................................................................................................................ 54 USD exchange rate (local currency/USD) ....................................................................................................................... 54 Population ...................................................................................................................................................................................... 54 Systemic financial crises (0-1- dummy) ........................................................................................................................... 54


GERMANY ........................................................................................................................... 59 Macro Data ............................................................................................................................................................................... 60

GDP .................................................................................................................................................................................................... 60 Real GDP per capita (PPP) ..................................................................................................................................................... 60 Real GDP per capita (index, 2005=100) ........................................................................................................................... 60 Real consumption per capita (index, 2006=100)......................................................................................................... 60 Investment-to-GDP ratio ......................................................................................................................................................... 61 Narrow Money ............................................................................................................................................................................. 61 Broad Money ................................................................................................................................................................................. 61 Consumer prices (index, 1990=100) .................................................................................................................................. 62 Current Account .......................................................................................................................................................................... 62 Imports & Exports....................................................................................................................................................................... 62 Government Revenues .............................................................................................................................................................. 62 Government Expenditure ........................................................................................................................................................ 63 Public debt-to-GDP ratio ......................................................................................................................................................... 63 Short–term interest rate (nominal, percent per year) .............................................................................................. 64 Long–term interest rate (nominal, percent per year) ............................................................................................... 64 Peg variables ................................................................................................................................................................................. 65 House prices (nominal index, 1990=100) ........................................................................................................................ 65 USD exchange rate (local currency/USD) ....................................................................................................................... 65 Population ...................................................................................................................................................................................... 65 Systemic financial crises (0-1- dummy) ........................................................................................................................... 66


ITALY ................................................................................................................................... 67 Macro Data ............................................................................................................................................................................... 67

GDP .................................................................................................................................................................................................... 67 Real GDP per capita (PPP) ..................................................................................................................................................... 68 Real GDP per capita (index, 2005=100) ........................................................................................................................... 68 Real consumption per capita (index, 2006=100)......................................................................................................... 68 Investment-to-GDP ratio ......................................................................................................................................................... 68

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Narrow Money ............................................................................................................................................................................. 68 Broad Money ................................................................................................................................................................................. 69 Consumer prices (index, 1990=100) .................................................................................................................................. 69 Current Account .......................................................................................................................................................................... 69 Imports & Exports....................................................................................................................................................................... 69 Government Revenues .............................................................................................................................................................. 69 Government Expenditure ........................................................................................................................................................ 70 Public debt-to-GDP ratio ......................................................................................................................................................... 70 Short–term interest rate (nominal, percent per year) .............................................................................................. 70 Long–term interest rate (nominal, percent per year) ............................................................................................... 71 Peg variables ................................................................................................................................................................................. 71 House prices (nominal index, 1990=100) ........................................................................................................................ 71 USD exchange rate (local currency/USD) ....................................................................................................................... 72 Population ...................................................................................................................................................................................... 72 Systemic financial crises (0-1- dummy) ........................................................................................................................... 72


JAPAN ................................................................................................................................. 73 Macro Data ............................................................................................................................................................................... 74



NETHERLANDS ..................................................................................................................... 80 Macro Data ............................................................................................................................................................................... 80

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NORWAY ............................................................................................................................. 86 Macro Data ............................................................................................................................................................................... 87


Credit Data ................................................................................................................................................................................ 91 Total loans to non-financial private sector .................................................................................................................... 91

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Mortgage loans to non-financial private sector ........................................................................................................... 91 Total Loans to Households ..................................................................................................................................................... 92 Total Loans to Business ........................................................................................................................................................... 92

PORTUGAL .......................................................................................................................... 92 Macro Data ............................................................................................................................................................................... 93

GDP .................................................................................................................................................................................................... 93 Real GDP per capita (PPP) ..................................................................................................................................................... 93 Real GDP per capita (index, 2005=100) ........................................................................................................................... 93 Real consumption per capita (index, 2006=100)......................................................................................................... 93 Investment-to-GDP ratio ......................................................................................................................................................... 93 Consumer prices (index, 1990=100) .................................................................................................................................. 94 Narrow Money ............................................................................................................................................................................. 94 Broad Money ................................................................................................................................................................................. 94 Current Account .......................................................................................................................................................................... 94 Imports & Exports....................................................................................................................................................................... 95 Government Revenues .............................................................................................................................................................. 95 Government Expenditure ........................................................................................................................................................ 95 Public debt-to-GDP ratio ......................................................................................................................................................... 95 Short–term Interest rate (nominal, percent per year) .............................................................................................. 95 Long–term Interest rate (nominal, percent per year) ............................................................................................... 96 Peg variables ................................................................................................................................................................................. 96 House prices (nominal index, 1990=100) ........................................................................................................................ 97 USD exchange rate (local currency/USD) ....................................................................................................................... 97 Population ...................................................................................................................................................................................... 97 Systemic financial crises (0-1- dummy) ........................................................................................................................... 97


SPAIN .................................................................................................................................. 99 Macro Data ............................................................................................................................................................................... 99

GDP .................................................................................................................................................................................................... 99 Real GDP per capita (PPP) ..................................................................................................................................................... 99 Real GDP per capita (index, 2005=100) ........................................................................................................................... 99 Real consumption per capita (index, 2006=100)......................................................................................................... 99 Investment-to-GDP ratio ...................................................................................................................................................... 100 Narrow Money .......................................................................................................................................................................... 100 Broad Money .............................................................................................................................................................................. 100 Consumer prices (index, 1990=100) ............................................................................................................................... 100 Current Account ....................................................................................................................................................................... 100 Imports & Exports.................................................................................................................................................................... 101 Government Revenues ........................................................................................................................................................... 101 Government Expenditure ..................................................................................................................................................... 101 Public debt-to-GDP ratio ...................................................................................................................................................... 101 Short–term interest rate (nominal, percent per year) ........................................................................................... 101 Long–term interest rate (nominal, percent per year) ............................................................................................ 102 Peg variables .............................................................................................................................................................................. 102 House prices (nominal index, 1990=100) ..................................................................................................................... 103

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USD exchange rate (local currency/USD) .................................................................................................................... 103 Population ................................................................................................................................................................................... 103 Systemic financial crises (0-1- dummy) ........................................................................................................................ 103

Credit Data ............................................................................................................................................................................. 103 Total loans to non-financial private sector ................................................................................................................. 103 Mortgage loans to non-financial private sector ........................................................................................................ 104 Total Loans to Households .................................................................................................................................................. 104 Total Loans to Business ........................................................................................................................................................ 104

SWEDEN ............................................................................................................................ 104 Macro Data ............................................................................................................................................................................ 105

GDP ................................................................................................................................................................................................. 105 Real GDP per capita (PPP) .................................................................................................................................................. 105 Real GDP per capita (index, 2005=100) ........................................................................................................................ 105 Real consumption per capita (index, 2006=100)...................................................................................................... 105 Investment-to-GDP ratio ...................................................................................................................................................... 105 Narrow Money .......................................................................................................................................................................... 105 Broad Money .............................................................................................................................................................................. 106 Consumer prices (index, 1990=100) ............................................................................................................................... 106 Current Account ....................................................................................................................................................................... 106 Imports & Exports.................................................................................................................................................................... 106 Government Revenues ........................................................................................................................................................... 106 Government Expenditure ..................................................................................................................................................... 106 Public debt-to-GDP ratio ...................................................................................................................................................... 107 Short–term interest rate (nominal, percent per year) ........................................................................................... 107 Long–term interest rate (nominal, percent per year) ............................................................................................ 107 Peg variables .............................................................................................................................................................................. 107 House prices (nominal index, 1990=100) ..................................................................................................................... 108 USD exchange rate (local currency/USD) .................................................................................................................... 108 Population ................................................................................................................................................................................... 108 Systemic financial crises (0-1- dummy) ........................................................................................................................ 108

Credit Data ............................................................................................................................................................................. 109 Total loans to non-financial private sector ................................................................................................................. 109 Mortgage loans to non-financial private sector ........................................................................................................ 109 Total Loans to Households .................................................................................................................................................. 109 Loans to Households Secured by Real Estate .............................................................................................................. 110 Total Loans to Business ........................................................................................................................................................ 110

SWITZERLAND ................................................................................................................... 110 Macro Data ............................................................................................................................................................................ 110

GDP ................................................................................................................................................................................................. 110 Real GDP per capita (PPP) .................................................................................................................................................. 111 Real GDP per capita (index, 2005=100) ........................................................................................................................ 111 Real consumption per capita (index, 2006=100)...................................................................................................... 111 Investment-to-GDP ratio ...................................................................................................................................................... 111 Narrow Money .......................................................................................................................................................................... 111 Broad Money .............................................................................................................................................................................. 112 Consumer prices (index, 1990=100) ............................................................................................................................... 112 Current Account ....................................................................................................................................................................... 112 Imports & Exports.................................................................................................................................................................... 112 Government Revenues ........................................................................................................................................................... 112

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Government Expenditure ..................................................................................................................................................... 113 Public debt-to-GDP ratio ...................................................................................................................................................... 113 Short–term interest rate (nominal, percent per year) ........................................................................................... 113 Long–term interest rate (nominal, percent per year) ............................................................................................ 114 Peg variables .............................................................................................................................................................................. 114 House prices (nominal index, 1990=100) ..................................................................................................................... 114 USD exchange rate (local currency/USD) .................................................................................................................... 115 Population ................................................................................................................................................................................... 115 Systemic financial crises (0-1- dummy) ........................................................................................................................ 115


UNITED KINGDOM ............................................................................................................. 117 Macro Data ............................................................................................................................................................................ 117

GDP ................................................................................................................................................................................................. 117 Real GDP per capita (PPP) .................................................................................................................................................. 117 Real GDP per capita (index, 2005=100) ........................................................................................................................ 117 Real consumption per capita (index, 2006=100)...................................................................................................... 117 Investment-to-GDP ratio ...................................................................................................................................................... 117 Narrow Money .......................................................................................................................................................................... 118 Broad Money .............................................................................................................................................................................. 118 Consumer prices (index, 1990=100) ............................................................................................................................... 118 Current Account ....................................................................................................................................................................... 118 Imports & Exports.................................................................................................................................................................... 118 Government Revenues ........................................................................................................................................................... 118 Government Expenditure ..................................................................................................................................................... 118 Public debt-to-GDP ratio ...................................................................................................................................................... 118 Short–term interest rate (nominal, percent per year) ........................................................................................... 119 Long–term interest rate (nominal, percent per year) ............................................................................................ 119 Peg variables .............................................................................................................................................................................. 119 House prices (nominal index, 1990=100) ..................................................................................................................... 119 USD exchange rate (local currency/USD) .................................................................................................................... 119 Population ................................................................................................................................................................................... 120 Government military expenditures .................................................................................................................................. 120 Systemic financial crises (0-1- dummy) ........................................................................................................................ 120


UNITED STATES OF AMERICA ............................................................................................. 121 Macro Data ............................................................................................................................................................................ 121

GDP ................................................................................................................................................................................................. 121 Real GDP per capita (PPP) .................................................................................................................................................. 122 Real GDP per capita (index, 2005=100) ........................................................................................................................ 122 Real consumption per capita (index, 2006=100).................

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JORDÀ SCHULARICK TAYLOR MACROHISTORY DATABASE · The Jordà-Schularick-Taylor Macrohistory Database would not have come into being without the dedication of doctoral students, research