The Role of the Real Interest Rate in us macroeconomic History

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Appendix: Data

Dick, T.J.O. Macroeconomic Data: 1790-1935 ( A list of sources and methods of this data set is contained in the Data Appendix to the working paper: Dick, T.J.O. and J.E. Floyd. 2001. Capital Imports and the Jacksonian Economy: A New View of the Balance of Payments, Department of Economics and Institute for Policy Analysis, University of Toronto, Working Paper Number UT-ECIPA-Floyd-01-01.
International Financial Statistics, International Monetary Fund (IMF), Washington.
Mitchell, B.R. 1998. International Historical Statistics. The Americas 1750-1993. 4th ed., London: Macmillan.
National Bureau of Economic Research. NBER Macrohistory Database ( macrohistory).
The data sources of Figures 1 and 2 are:
Figure 1
1831-1856: Commercial paper rate (Dick); 1858-1947: Commercial paper rate (NBER); 1948-2004: 90-day US Treasury bill rate (IMF). No adjustments were made for the breaks in the series in 1857 and 1948. In 1857 the commercial paper rate was 11.00 percent (NBER) and 11.56 percent (Dick). In 1948 the 90-day Treasury bill rate and the commercial paper rate were 1.04 percent and 1.44 percent. The real interest rate is the nominal interest rate minus the annual inflation rate (Figure 2).
Figure 2
Consumer price index (CPI): Mitchell (1831-1947) and IMF (1948-2004).


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