RDP 2008-07: A Medium-scale Open Economy Model of Australia Appendix A: Data Description and Sources

Inflation : trimmed mean consumer price index excluding taxes and interest (RBA)

Real wage (Δln(W_t/P_t)): seasonally adjusted real consumer earnings per wage and salary earner (ABS, Cat No 5206.0)

Consumption (ΔlnC_t): real seasonally adjusted household final consumption expenditure (ABS, Cat No 5206.0)

Investment (ΔlnI_t): real seasonally adjusted private final investment expenditure (ABS, Cat No 5206.0)

Real exchange rate : real trade-weighted exchange rate (RBA)

Nominal interest rate (R_t): overnight cash rate, averaged over the quarter (RBA)

Employment (E_t): seasonally adjusted employed persons (ABS, Cat No 6206.0)

Output (ΔlnY_t): real seasonally adjusted non-farm GDP (ABS, Cat No 5206.0)

Exports (ΔlnX_t): real seasonally adjusted goods and services credits (ABS, Cat No 5302.0)

Imports (ΔlnM_t): real seasonally adjusted goods and services debits (ABS, Cat No 5302.0)

World Output : real trade-weighted G7 GDP (RBA)

World inflation : trade-weighted G7 headline CPI inflation (RBA)

World interest rate : average of US, euro area and Japanese short-term nominal interest rates (RBA)

Commodity price inflation : RBA Commodity Price Index (RBA)

Commodity demand (ΔInCom_t): real seasonally adjusted exports (general merchandise) (ABS, Cat No 5302.0)