RDP 8809: The Intertemporal Government Budget Constraint and Tests for Bubbles Appendix 1: Data Sources

Government Spending and Taxation

The series for Commonwealth, State and Local spending are from the ABS publication “Government Financial Estimates” (5501.0). The Public Trading Enterprise sector is subtracted (excepting for subsidies paid and receipts received). The nominal series is used.

Money

The series is the money base as published in the Reserve of Australia Occasional Paper 4B and RBA Bulletins (various).

Debt

This series is Commonwealth securities on issue from RBA Occasional Paper 8A (Norton and Garmston (1984)) (Table 2.21) less RBA holdings of securities (Table 2.23a)

Interest Rates

The series chosen was the rate on two year government bonds as reported in the RBA Bulletins (various).

GNP

This data was obtained from the ABS publication “Quarterly estimates of National Income and Expenditure” (5206.0)