RDP 9508: Are Terms of Trade Rises Inflationary? Appendix 1: Data

All data are quarterly, seasonally adjusted and expressed as 1989/90 constant prices for the period 1972:Q1 to 1994:Q2, unless otherwise specified.

(a) Prices

The general price level is the private consumption deflator. Source: ABS Cat. No. 5206.0.

The terms of trade is the ratio of the implicit price deflator of exports of goods and services to imports of goods and services. Source: ABS Cat. No. 5206.0.

The price of imports is the implicit price deflator for endogenous imports. Source: ABS Cat. No. 5206.0.

The price of import competing goods is an index of the domestic producer prices of industries identified as import competing. Data are not seasonally adjusted, but do not exhibit a seasonal pattern, and are for the period 1972:Q2 to 1992:Q2. Source: Dwyer (1992).

The world price of imports is an index of the export prices of the 17 largest non-oil exporting countries from which Australia imports. Source: Dwyer et al. (1993).

(b) Output

Output is represented by real gross domestic product (GDP(A)). Source: ABS Cat. No. 5206.0.

(c) Interest Rates

Interest rates are 90-day bank bill rates. Source: Reserve Bank of Australia, Bulletin.

(d) Exchange Rates

The nominal exchange rate is the trade weighted index, expressed as a quarterly average. Source: Reserve Bank of Australia, Bulletin.

The real exchange rate is calculated as a geometrically weighted quarterly average of the bilateral nominal exchange rate indices adjusted for relative consumer prices. Weights are proportional to merchandise trade shares between Australia and its 22 largest trading partners. Source: Reserve Bank of Australia, unpublished.

(e) Shares of Exportables and Importables in Consumption

The share of exportables in consumption is represented by the following expenditure classes of the CPI: dairy products; meat and seafoods; and breakfast cereal products. Source: ABS Cat. No. 6450.0.

The share of importables in consumption is represented by the following expenditure classes of the CPI: processed fruit and vegetables; confectionery; margarine; cooking oils and fats; clothing (less dry cleaning and shoe repairs); furniture and floor coverings; appliances; household textiles; household utensils and tools; motor vehicles; and recreation goods. Source: ABS Cat. No. 6450.0.