Q-JEM Equation Documentation

This document lists all equations in the Quarterly Japanese Economic Model (Q-JEM).

In equations, deterministic variables are denoted in green font. Coefficients and their standard errors (in < >) are denoted in pink font. @movav(x, n) stands for n periods backward moving average of x, and @movsum(x, n) stands for n periods backward moving sum of x. d(x) and dlog(x) denote difference and log difference of x, respectively. D~ stands for a dummy variable. D083 takes the value of 1 at 2008/3Q, and 0 otherwise. D083Z takes the value of 1 from 2008/3Q to the end, and 0 otherwise. D083091 takes the value of 1 from 2008/3Q to 2009/1Q, and 0 otherwise.

Table of Contents

1. List of Variables

Variable Definition Unit Source, calculation, etc.
BASE Permanent component of inflation rate of the consumer price index y/y % chg. Estimated following Takahashi (2016)
BASEX Permanent component of inflation rate of the trimmed mean y/y % chg. Estimated following Takahashi (2016)
BASEXFDENV Permanent component of inflation rate of the consumer price index (all items, less food and energy, consumption tax adjusted) y/y % chg. Estimated following Takahashi (2016)
BASEXFENORV Permanent component of inflation rate of the consumer price index (all items, less fresh food and energy, consumption tax adjusted) y/y % chg. Estimated following Takahashi (2016)
BASEXFORV Permanent component of inflation rate of the consumer price index (all items, less fresh food, consumption tax adjusted) y/y % chg. Estimated following Takahashi (2016)
BPNEXI Primary income, S.A. 100 million yen Ministry of Finance, Bank of Japan, "Balance of Payments"
BPNTR Secondary income, S.A. 100 million yen Ministry of Finance, Bank of Japan, "Balance of Payments"
CA Current account, S.A. 100 million yen Ministry of Finance, Bank of Japan, "Balance of Payments"
CALL Policy interest rate % per annum Bank of Japan, "Call Money Market Data" (monthly average)
CALLQ Equilibrium policy interest rate % per annum -
CG Real government consumption, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
CGN Nominal government consumption, S.A. Billion yen per annum Cabinet Office, "National Accounts"
CHAIN Parameter for chain-linking method - takes 1 when GDP is calculated by chain-linking method, 0 otherwise.
CHAIN_DENOM Variable for chain-linking method (for real GDP) - Based on the definition
CHAIN_DENOM_DD Variable for chain-linking method (for real domestic demand) - Based on the definition
CHAIN_DENOM_DDF Variable for chain-linking method (for real domestic final demand) - Based on the definition
CHAIN_DENOM_DDP Variable for chain-linking method (for real private demand) - Based on the definition
CHAIN_DENOM_FD Variable for chain-linking method (for real final demand) - Based on the definition
CHAIN_DENOM_G Variable for chain-linking method (for real public demand) - Based on the definition
CHAIN_DENOM_GCF Variable for chain-linking method (for real gross fixed capital formation) - Based on the definition
CORE_CPI Consumer price index (all items, less fresh food), S.A. CY2015 = 100 Equal to CPIXF
CORE_CPIV Consumer price index (all items, less fresh food, consumption tax adjusted), S.A. CY2015 = 100 Equal to CPIXFV
CP Real private consumption, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
CPIEN Consumer price index (energy), S.A. CY2015 = 100 CPIENV*(1+VATCPIENOR)
CPIENOR Consumer price index (energy) CY2015 = 100 Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPIENORV Consumer price index (energy, consumption tax adjusted) CY2015 = 100 Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPIENV Consumer price index (energy, consumption tax adjusted), S.A. CY2015 = 100 Seasonally adjusted by X-12-ARIMA
CPIENW Weight of the consumer price index (energy) - Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPIXF Consumer price index (all items, less fresh food), S.A. CY2015 = 100 CPIXFV*(1+VATCPIXFOR)
CPIXFDENORV Consumer price index (all items, less food and energy, consumption tax adjusted) CY2015 = 100 Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPIXFDENV Consumer price index (all items, less food and energy, consumption tax adjusted), S.A. CY2015 = 100 Seasonally adjusted by X-12-ARIMA
CPIXFEN Consumer price index (all items, less fresh food and energy), S.A. CY2015 = 100 CPIXFENV*(1+VATCPIXFENOR)
CPIXFENOR Consumer price index (all items, less fresh food and energy) CY2015 = 100 Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPIXFENORV Consumer price index (all items, less fresh food and energy, consumption tax adjusted) CY2015 = 100 Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPIXFENV Consumer price index (all items, less fresh food and energy, consumption tax adjusted), S.A. CY2015 = 100 Seasonally adjusted by X-12-ARIMA
CPIXFENW Weight of the consumer price index (all items, less fresh food and energy) - Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPIXFOR Consumer price index (all items, less fresh food) CY2015 = 100 Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPIXFORV Consumer price index (all items, less fresh food, consumption tax adjusted) CY2015 = 100 Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPIXFV Consumer price index (all items, less fresh food, consumption tax adjusted), S.A. CY2015 = 100 Seasonally adjusted by X-12-ARIMA
CPIXFW Weight of the consumer price index (all items, less fresh food) - Ministry of Internal Affairs and Communications, "Consumer Price Index"
CPN Nominal private consumption, S.A. Billion yen per annum Cabinet Office, "National Accounts"
CPQ Long-run level of real private consumption Billions of chained (2011) yen per annum -
DCSPREAD Loan-deposit spread % point per annum IRDEPO-CALL
DD Real domestic demand, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
DD_DOT Quarter-to-quarter change of real domestic demand - DD/DD(-1)-1
DDF Real domestic final demand, S.A. Billions of chained (2011) yen per annum Based on the definition
DDF_DOT Quarter-to-quarter change of real domestic final demand - DDF/DDF(-1)-1
DDFN Nominal domestic final demand, S.A. Billion yen per annum Based on the definition
DDN Nominal domestic demand, S.A. Billion yen per annum Based on the definition
DDP Real private demand, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
DDP_DOT Quarter-to-quarter change of real private demand - DDP/DDP(-1)-1
DDPN Nominal private demand, S.A. Billion yen per annum Based on the definition
DELTA Parameter for the trend inflation rate - Estimated following Takahashi (2016). 1-DELTA is the credibility measure of the inflation target policy.
DEPR Consumption of fixed capital Billion yen per annum Cabinet Office, "National Accounts"
DEPRATE Depreciation rate of fixed capital (based on National Accounts) % per annum (1-(KF-INV/4)/KF(-1))*400
DFT Depreciation rate of fixed capital % per annum Cabinet Office, "National Accounts"
EX Real exports of goods and services, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
EXN Nominal exports of goods and services, S.A. Billion yen per annum Cabinet Office, "National Accounts"
EXQ Long-run level of real exports of goods and services Billions of chained (2011) yen per annum -
EXUSWEIGHT Share of the United States in Japanese exports % Ministry of Finance, "Trade Statistics of Japan"
FASSET Financial assets (households and private nonprofit institutions serving households) Billion yen Bank of Japan, "Flow of Funds"
FCPI Consumer price index of foreign economy, S.A. - Seasonally adjusted by X-12-ARIMA (original data: Japanese CPI*FXN/FXR)
FCPIUSWEIGHT Share of U.S. dollar in effective exchange rate % Bank for International Settlements
FD Real final demand, S.A. Billions of chained (2011) yen per annum Based on the definition
FD_DOT Quarter-to-quarter change of real final demand - FD/FD(-1)-1
FDN Nominal final demand, S.A. Billion yen per annum Based on the definition
FGAP Output gap of foreign economy % Based on the definition
FGDP Real gross domestic product of foreign economy, S.A. 1960/Q1 = 100 Weighted average of individual countries' GDP, where countries' shares in Japanese exports are used as weights
FGDPQ Potential GDP of foreign economy - Trend of FGDP using the Hodrick-Prescott filter (lambda=1600)
FXN Nominal effective exchange rate (broad index) CY2010 = 100 Bank for International Settlements
FXR Real effective exchange rate (broad index) CY2010 = 100 Bank for International Settlements
FXYEN Nominal exchange rate (yen per U.S. dollar) Yen per U.S. dollar Bank of Japan (closing price, Tokyo Foreign Exchange Market, monthly average)
FXYENQ Long-run level of nominal exchange rate (yen per U.S. dollar) Yen per U.S. dollar -
G Real public demand, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
G_DOT Quarter-to-quarter change of real public demand - G/G(-1)-1
GAP Output gap % Estimated following Hara et al. (2006) and Kawamoto et al. (2017)
GCF Real gross fixed capital formation, S.A. Billions of chained (2011) yen per annum Chain-linked volume of IG, IH, and INV
GCF_DOT Quarter-to-quarter change of real gross fixed capital formation - GCF/GCF(-1)-1
GDP Real gross domestic product, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
GDP_DOT Quarter-to-quarter change of real gross domestic product - GDP/GDP(-1)-1
GDPN Identity of nominal gross domestic product, S.A. Billion yen per annum Cabinet Office, "National Accounts"
GDPNADJ Adjusted nominal gross domestic product, S.A. Billion yen per annum Based on the definition
GDPQ Potential GDP Billion yen Estimated following Hara et al. (2006) and Kawamoto et al. (2017)
GDPQNONHP Potential GDP (unfiltered) Billion yen Estimated following Hara et al. (2006) and Kawamoto et al. (2017)
GN Nominal public demand, S.A. Billion yen per annum Cabinet Office, "National Accounts"
H_D12 Total hours worked Hours per capita per month Estimated following Hara et al. (2006) and Kawamoto et al. (2017)
H_OVER05_BI Base index of total hours worked (5 or more employees) Hours per capita per month Ministry of Health, Labour and Welfare, "Monthly Labour Survey"
H_SA Total hours worked, S.A. CY2015 = 100 Seasonally adjusted by X-12-ARIMA (original data: Ministry of Health, Labour and Welfare, "Monthly Labour Survey")
HQ Potential total hours worked Hours per capita per month Estimated following Hara et al. (2006) and Kawamoto et al. (2017)
HQFGDP Real growth rate of foreign economy - dlog(FGDP)
HQFGDPQ Potential growth rate of foreign economy - dlog(FGDPQ)
HQNUSCPIQ Trend inflation rate of the rest of the world consumer price index q/q % chg., per annum Estimated based on actual data
HQNUSGDPQ Potential growth rate of the rest of the world - (HQFGDPQ-EXUSWEIGHT/100*HQUSGDPQ)/(1-EXUSWEIGHT/100)
HQUSCPI Inflation rate of the U.S. consumer price index - dlog(USCPI)
HQUSCPIQ Trend inflation rate of the U.S. consumer price index % Estimated based on actual data
HQUSCPIQ_CB Target inflation rate of the United States % -
HQUSCPIXFDEN Inflation rate of the U.S. consumer price index (all items, less food and energy) - dlog(USCPIXFDEN)
HQUSGDPQ Potential growth rate of the U.S. economy - dlog(USGDPQ)
HYCPIX Inflation rate of the trimmed mean y/y % chg. Bank of Japan, "Measures of Underlying Inflation"
HYCPIXFDENORV Inflation rate of the consumer price index (all items, less food and energy, consumption tax adjusted) - CPIXFDENORV/CPIXFDENORV(-4)-1
HYCPIXFENORV Inflation rate of the consumer price index (all items, less fresh food and energy, consumption tax adjusted) - CPIXFENORV/CPIXFENORV(-4)-1
HYCPIXFORV Inflation rate of the consumer price index (all items, less fresh food, consumption tax adjusted) - CPIXFORV/CPIXFORV(-4)-1
HYGDPQ Potential growth rate - HYGDPQPC/100
HYGDPQ_SS Potential growth rate at steady-state - Estimated based on actual data
HYGDPQPC Potential growth rate y/y % chg. Estimated following Hara et al. (2006) and Kawamoto et al. (2017)
HYPOP15 Population growth of 15 years old or more - pop15/pop15(-4)-1
HYPOP2024 Population growth of 20-24 years old - pop2024/pop2024(-4)-1
HYPOP2529 Population growth of 25-29 years old - pop2529/pop2529(-4)-1
HYPOP3034 Population growth of 30-34 years old - pop3034/pop3034(-4)-1
HYPOP3539 Population growth of 35-39 years old - pop3539/pop3539(-4)-1
HYPOP4044 Population growth of 40-44 years old - pop4044/pop4044(-4)-1
HYPOP4549 Population growth of 45-49 years old - pop4549/pop4549(-4)-1
HYPOP5054 Population growth of 50-54 years old - pop5054/pop5054(-4)-1
HYPOP5559 Population growth of 55-59 years old - pop5559/pop5559(-4)-1
HYPOP6064 Population growth of 60-64 years old - pop6064/pop6064(-4)-1
HYPOP65 Population growth of 65 years old or more - pop65/pop65(-4)-1
IAD Import intensity-adjusted demand Billions of chained (2011) yen per annum Calculated following Bussiere et al. (2013)
IG Real public investment, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
IGN Nominal public investment, S.A. Billion yen per annum Cabinet Office, "National Accounts"
IH Real private residential investment, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
IHN Nominal private residential investment, S.A. Billion yen per annum Cabinet Office, "National Accounts"
IHQ Long-run level of real private residential investment Billions of chained (2011) yen per annum -
IIG Change in real public inventories, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
IIGN Change in nominal public inventories, S.A. Billion yen per annum Cabinet Office, "National Accounts"
IIGN_SS Change in nominal public inventories at steady-state Billion yen per annum Estimated based on actual data
IM Real imports of goods and services, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
IMN Nominal imports of goods and services, S.A. Billion yen per annum Cabinet Office, "National Accounts"
IMOILSHARE Share of petroleum in Japanese imports - Cabinet Office, "National Accounts"; Ministry of Finance, "Trade Statistics of Japan"
INV Real private non-residential investment, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
INVN Nominal private non-residential investment, S.A. Billion yen per annum Cabinet Office, "National Accounts"
INVQ Long-run level of real private non-residential investment Billions of chained (2011) yen per annum -
IRDEPO Average interest rate on ordinary deposits % per annum Bank of Japan, "Average Interest Rates Posted a Financial Institutions by Type of Deposit"
IRL Long-term interest rate on Japanese government bonds (10 years) % per annum Ministry of Finance
IRLOAN Long-term interest rate on loans % per annum Bank of Japan, "Average Interest Rates Posted a Financial Institutions by Type of Deposit", "Prime Lending Rates (Principal Banks)"
IRM Medium-term interest rate on Japanese government bonds (3-5 years) % per annum The average yield (3-5 years) on government bonds (original data: Ministry of Finance)
KF Net real capital stocks of private non-residential fixed assets Billion yen per annum Cabinet Office, "National Accounts"
KIV Real private inventory stock, S.A. Billion yen per annum Accumulation of SNAIV based on KIV at the end of CY2011
L Employed persons, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
LF Labor force, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
LFGAP Gap of labor force - log(LF/LFQ)
LFQ Potential labor force 10,000 persons POP15*LPRATQ/100
LGAP Gap of employed persons - log(L/LQ)
LI Labor input - Based on the definition
LOANDI Lending attitude of financial institutions (all enterprises, all industries) DI ("accommodative" - "severe"), % points Bank of Japan, "TANKAN"
LP Labor productivity (based on adjusted nominal GDP) - Based on the definition
LPRATQ Potential labor force participation rate % Estimated following Hara et al. (2006) and Kawamoto et al. (2017)
LQ Potential employed persons 10,000 persons Estimated following Hara et al. (2006) and Kawamoto et al. (2017)
LSELF Self-employed workers and family workers, S.A. 10,000 persons L-LW
LSQ Long-run level of labor share - Estimated based on actual data
LW Employees, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
NINDTAX Taxes on production and imports less subsidies, S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
NOISEX Transitory component of the inflation rate of the trimmed mean y/y % chg. Estimated following Takahashi (2016)
NOISEXFDENV Transitory component of inflation rate of the consumer price index (all items, less food and energy, consumption tax adjusted) y/y % chg. Estimated following Takahashi (2016)
NOISEXFENORV Transitory component of inflation rate of the consumer price index (all items, less fresh food and energy, consumption tax adjusted) y/y % chg. Estimated following Takahashi (2016)
NOISEXFORV Transitory component of inflation rate of the consumer price index (all items, less fresh food, consumption tax adjusted) y/y % chg. Estimated following Takahashi (2016)
NRATE Natural interest rate % Estimated following Clark and Kozicki (2005)
NUSCALL Policy interest rate of the rest of the world % per annum Weighted average of the rest of the world' short-term interest rates, where countries shares in Japanese exports are used as weights
NUSCALLQ Equilibrium policy interest rate of the rest of the world % per annum -
NUSCPI Consumer price index of the rest of the world CY2005 = 100 Calculated based on the defining equation of FCPI and standardized the level to CY 2005 = 100
NUSGAP Output gap of the rest of the world % log(NUSGDP/NUSGDPQ)*100
NUSGDP Real GDP of the rest of the world 1960/Q1 = 100 -
NUSGDPQ Potential GDP of the rest of the world - Estimated based on actual data
NUSPIX Inflation rate of the rest of the world consumer price index q/q % chg., per annum dlog(NUSCPI)*400
NUSZCALLn Expected policy interest rate of the rest of the world (n quarters ahead) % per annum Estimated based on actual data
NUSZCALL10 Long-term expected policy interest rate of the rest of the world (10 year average) % per annum Based on the definition
NUSZGAPn Expected output gap of the rest of the world (n quarters ahead) % Estimated based on actual data
NUSZPIn Expected inflation rate of the rest of the world consumer price index (n quarters ahead) % per annum Estimated based on actual data
NUSZPI10 Long-term expected inflation rate of the rest of the world consumer price index (10 year average) % per annum Based on the definition
OTHERNINDTAX Other indirect taxes less subsidies, S.A. Billion yen per annum NINDTAX-SNAVAT
PCG Government consumption deflator CY2011 = 100 CGN/CG*100
PCG_S Government consumption deflator of the previous calendar year CY2011 = 100 Equal to PCG_S_HIST(-4)
PCG_S_HIST Government consumption deflator of the calendar year CY2011 = 100 Cabinet Office, "National Accounts"
PCP Private consumption deflator CY2011 = 100 CPN/CP*100
PCP_S Private consumption deflator of the previous calendar year CY2011 = 100 Equal to PCP_S_HIST(-4)
PCP_S_HIST Private consumption deflator of the calendar year CY2011 = 100 Cabinet Office, "National Accounts"
PDD Domestic demand deflator CY2011 = 100 DDN/DD*100
PDDF Domestic final demand deflator CY2011 = 100 DDFN/DDF*100
PDDP Private demand deflator CY2011 = 100 DDPN/DDP*100
PEX Exports of goods & services deflator CY2011 = 100 EXN/EX*100
PEX_S Exports of goods & services deflator of the previous calendar year CY2011 = 100 Equal to PEX_S_HIST(-4)
PEX_S_HIST Exports of goods & services deflator of the calendar year CY2011 = 100 Cabinet Office, "National Accounts"
PFD Final demand deflator CY2011 = 100 FDN/FD*100
PG Public demand deflator CY2011 = 100 GN/G*100
PGDP GDP deflator CY2011 = 100 GDPN/GDP*100
PIG Public investment deflator CY2011 = 100 IGN/IG*100
PIG_S Public investment deflator of the previous calendar year CY2011 = 100 Equal to PIG_S_HIST(-4)
PIG_S_HIST Public investment deflator of the calendar year CY2011 = 100 Cabinet Office, "National Accounts"
PIH Private residential investment deflator CY2011 = 100 IHN/IH*100
PIH_S Private residential investment deflator of the previous calendar year CY2011 = 100 Equal to PIH_S_HIST(-4)
PIH_S_HIST Private residential investment deflator of the calendar year CY2011 = 100 Cabinet Office, "National Accounts"
PIIG Change in public inventories deflator CY2011 = 100 IIGN/IIG*100
PIIG_S Change in public inventories deflator of the previous calendar year CY2011 = 100 Equal to PIIG_S_HIST(-4)
PIIG_S_HIST Change in public inventories deflator of the calendar year CY2011 = 100 Cabinet Office, "National Accounts"
PIM Imports of goods & services deflator CY2011 = 100 IMN/IM*100
PIM_S Imports of goods & services deflator of the previous calendar year CY2011 = 100 Equal to PIM_S_HIST(-4)
PIM_S_HIST Imports of goods & services deflator of the calendar year CY2011 = 100 Cabinet Office, "National Accounts"
PINV Private non-residential investment deflator CY2011 = 100 INVN/INV*100
PINV_S Private non-residential investment deflator of the previous calendar year CY2011 = 100 Equal to PINV_S_HIST(-4)
PINV_S_HIST Private non-residential investment deflator of the calendar year CY2011 = 100 Cabinet Office, "National Accounts"
PIQ Trend inflation rate of the consumer price index % Estimated following Takahashi (2016)
PIQ_CB Target inflation rate % -
PIX Inflation rate of the consumer price index (all items, less fresh food, consumption tax adjusted), S.A. q/q % chg., per annum dlog(CORE_CPIV)*400
POIL CIF price of oil $/bbl Ministry of Finance, "Trade Statistics of Japan"
POP15 Population of 15 years old or more, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP20 Population of 20 years old or more, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP2024 Population of 20-24 years old, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP2529 Population of 25-29 years old, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP3034 Population of 30-34 years old, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP3539 Population of 35-39 years old, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP4044 Population of 40-44 years old, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP4549 Population of 45-49 years old, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP5054 Population of 50-54 years old, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP5559 Population of 55-59 years old, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP60 Population of 60 years old or more, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP6064 Population of 60-64 years old, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
POP65 Population of 65 years old or more, S.A. 10,000 persons Ministry of Internal Affairs and Communications, "Labour Force Survey"
PROF Ordinary profits (large enterprises, all industries excluding finance and insurance), S.A. Million yen Seasonally adjusted by X-12-ARIMA (original data: Ministry of Finance, "Financial statements statistics of corporations by industry")
PSNAIV Change in private inventories deflator CY2011 = 100 SNAIVN/SNAIV*100
PSNAIV_S Change in private inventories deflator of the previous calendar year CY2011 = 100 Equal to PSNAIV_S_HIST(-4)
PSNAIV_S_HIST Change in private inventories deflator of the calendar year CY2011 = 100 Cabinet Office, "National Accounts"
Q1 Dummy variable - Every 1Q = 1, otherwise = 0
Q2 Dummy variable - Every 2Q = 1, otherwise = 0
Q3 Dummy variable - Every 3Q = 1, otherwise = 0
Q4 Dummy variable - Every 4Q = 1, otherwise = 0
RESIDYDNOR Residual of the nominal disposable income Billion yen -
RSDPROF Operating surplus as the residual, S.A. Billion yen per annum GDPN-(YW+DEPR+NINDTAX)
SFCPIENV Seasonal factor of the consumer price index (all items, less energy, consumption tax adjusted) - CPIENORV/CPIENV*100
SFCPIXFDENV Seasonal factor of the consumer price index (all items, less food and energy, consumption tax adjusted) - CPIXFDENORV/CPIXFDENV*100
SFCPIXFENV Seasonal factor of the consumer price index (all items, less fresh food and energy, consumption tax adjusted) - CPIXFENORV/CPIXFENV*100
SH Real housing stock, S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
SNA_A Dummy variable for the existence of SNA based deflator - Observation in P*_S is NA = 0, otherwise = 1.
SNAIV Change in real private inventories, S.A. Billions of chained (2011) yen per annum Cabinet Office, "National Accounts"
SNAIVN Change in nominal private inventories, S.A. Billion yen per annum Cabinet Office, "National Accounts"
SNAVAT Value added type taxes, S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
TOB Tobin's q - ("The market value of all outstanding stock and all debt"/PGDP*100-KIV)/KF(-1)
TOPIX Tokyo stock price index Jan.4, 1968 = 100 Tokyo Stock Exchange
TT Terms of trade - PEX/PIM
U Unemployment rate, S.A. % Ministry of Internal Affairs and Communications, "Labour Force Survey"
USCALL Policy interest rate of the United States % per annum Federal Reserve Bank of New York (federal funds rate, monthly average)
USCALLQ Equilibrium policy interest rate of the United States % per annum -
USCALLQR Real equilibrium policy interest rate of the United States % per annum Estimated value from Laubach and Williams (2003)
USCPI Consumer price index of the United States (for all urban consumers, all items), S.A. 1982-1984=100 U.S. Bureau of Labor Statistics
USCPIXFDEN Consumer price index of the United States (for all urban consumers, all items less food and energy), S.A. 1982-1984=100 U.S. Bureau of Labor Statistics
USGAP Output gap of the United States % log(USGDP/USGDPQ)*100
USGDP Real gross domestic product of the United States, S.A. 1960/Q1=100 U.S. Bureau of Economic Analysis
USGDPQ Potential GDP of the United States 1960/Q1=100 Standardized by USGDPQ_CBO
USGDPQ_CBO Potential GDP of the United States Billion dollar Estimated by Congressional Budget Office
USIRL Long-term interest rate of the United States % per annum Board of Governors of the Federal Reserve System (Yield on treasury securities, 10 years, monthly average)
USPIX Inflation rate of the U.S. consumer price index (for all urban consumers, all items less food and energy) q/q % chg., per annum dlog(USCPIXFDEN)*400
USZCALLn Expected policy interest rate of the United States (n quarters ahead) % per annum Estimated based on actual data
USZCALL10 Long-term expected policy interest rate of the United States (10 year average) % per annum Based on the definition
USZGAPn Expected output gap of the United States (n quarters ahead) % Estimated based on actual data
USZPIn Expected inflation rate of the U.S. consumer price index (n quarters ahead) % per annum Estimated based on actual data
USZPI10 Long-term expected inflation rate of the U.S. consumer price index (10 year average) % per annum Based on the definition
VATCPIENOR Consumption tax factor of the consumer price index (energy) - CPIENOR/CPIENORV-1
VATCPIXFENOR Consumption tax factor of the consumer price index (all items, less fresh food and energy) - CPIXFENOR/CPIXFENORV-1
VATCPIXFOR Consumption tax factor of the consumer price index (all items, less fresh food) - CPIXFOR/CPIXFORV-1
WHN Nominal wage (per capita per hour) 100,000 yen per capita per hour YW/LW/(H_SA*H_OVER05_BI/100)/12
WHNQ Long-run level of nominal wage (per capita per hour) 100,000 yen per capita per hour -
WN Nominal wage (per capita) 100,000 yen per capita YW/LW
YDN Nominal disposable income, net (households including private unincorporated enterprises), S.A. Billion yen per annum YW+YP+YOSMI+YTR-YTAX
YHOUSE Operating surplus (imputed service of owner-occupied dwellings), net (households including private unincorporated enterprises), S.A. Billion yen per annum YOSMI-YMIX
YHOUSEGR Operating surplus (imputed service of owner-occupied dwellings), gross (households including private unincorporated enterprises), S.A. Billion yen per annum YOSMIGR-YMIXGR
YMIX Mixed income, net (households including private unincorporated enterprises), S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
YMIXGR Mixed income, gross (households including private unincorporated enterprises), S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
YOSMI Operating surplus and mixed income, net (households including private unincorporated enterprises), S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
YOSMIGR Operating surplus and mixed income, gross (households including private unincorporated enterprises), S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
YP Property income, net (households including private unincorporated enterprises), S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
YTAX Current taxes on income, wealth, etc., (households including private unincorporated enterprises), S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
YTAXRAT Effective income tax rate, S.A. - YTAX/(YW+YMIXGR+YTR)
YTR Social contribution and other current transfers, excluding social transfer in kind, net (households including private unincorporated enterprises), S.A. Billion yen per annum Seasonally adjusted by X-12-ARIMA (original data: Cabinet Office, "National Accounts")
YW Nominal compensation of employees, S.A. Billion yen per annum Cabinet Office, "National Accounts"
ZCALLn Expected policy interest rate (n quarters ahead) % per annum Estimated based on actual data
ZCALL10 Long-term expected policy interest rate (10 year average) % per annum Based on the definition
ZCALL4 Medium-term expected policy interest rate (4 year average) % per annum Based on the definition
ZCG_DOT Real government consumption (contribution to q/q chg. in real GDP) - -
ZCP_DOT Real private consumption (contribution to q/q chg. in real GDP) - -
ZDD_DOT Real domestic demand (contribution to q/q chg. in real GDP) - -
ZDDCG_DOT Real government consumption (contribution to q/q chg. in real domestic demand) - -
ZDDCP_DOT Real private consumption (contribution to q/q chg. in real domestic demand) - -
ZDDFCG_DOT Real government consumption (contribution to q/q chg. in real domestic final demand) - -
ZDDFCP_DOT Real private consumption (contribution to q/q chg. in real domestic final demand) - -
ZDDFIG_DOT Real public investment (contribution to q/q chg. in real domestic final demand) - -
ZDDFIH_DOT Real private residential investment (contribution to q/q chg. in real domestic final demand) - -
ZDDFINV_DOT Real private non-residential investment (contribution to q/q chg. in real domestic final demand) - -
ZDDIG_DOT Real public investment (contribution to q/q chg. in real domestic demand) - -
ZDDIH_DOT Real private residential investment (contribution to q/q chg. in real domestic demand) - -
ZDDIIG_DOT Real change in public inventories (contribution to q/q chg. in real domestic demand) - -
ZDDINV_DOT Real private non-residential investment (contribution to q/q chg. in real domestic demand) - -
ZDDP_DOT Real private demand (contribution to q/q chg. in real GDP) - -
ZDDPCP_DOT Real private consumption (contribution to q/q chg. in real private demand) - -
ZDDPIH_DOT Real private residential investment (contribution to q/q chg. in real private demand) - -
ZDDPINV_DOT Real private non-residential investment (contribution to q/q chg. in real private demand) - -
ZDDPSNAIV_DOT Change in real private inventories (contribution to q/q chg. in real private demand) - -
ZDDSNAIV_DOT Change in real private inventories (contribution to q/q chg. in real domestic demand) - -
ZEX_DOT Real exports of goods and services (contribution to q/q chg. in real GDP) - -
ZEXIM_DOT Real net exports of goods and services (contribution to q/q chg. in real GDP) - -
ZFDCG_DOT Real government consumption (contribution to q/q chg. in real final demand) - -
ZFDCP_DOT Real private consumption (contribution to q/q chg. in real final demand) - -
ZFDEX_DOT Real exports of goods and services (contribution to q/q chg. in real final demand) - -
ZFDIG_DOT Real public investment (contribution to q/q chg. in real final demand) - -
ZFDIH_DOT Real private residential investment (contribution to q/q chg. in real final demand) - -
ZFDINV_DOT Real private non-residential investment (contribution to q/q chg. in real final demand) - -
ZG_DOT Real public demand (contribution to q/q chg. in real GDP) - -
ZGAPn Expected output gap (n quarters ahead) % Estimated based on actual data
ZGCFIG_DOT Real public investment (contribution to q/q chg. in real gross fixed capital formation) - -
ZGCFIH_DOT Real private residential investment (contribution to q/q chg. in real gross fixed capital formation) - -
ZGCFINV_DOT Real private non-residential investment (contribution to q/q chg. in real gross fixed capital formation) - -
ZGCG_DOT Real government consumption (contribution to q/q chg. in real public demand) - -
ZGIG_DOT Real public investment (contribution to q/q chg. in real public demand) - -
ZGIIG_DOT Change in real public inventories (contribution to q/q chg. in real public demand) - -
ZIG_DOT Real public investment (contribution to q/q chg. in real GDP) - -
ZIH_DOT Real private residential investment (contribution to q/q chg. in real GDP) - -
ZIIG_DOT Change in real public inventories (contribution to q/q chg. in real GDP) - -
ZIM_DOT Real imports of goods and services (contribution to q/q chg. in real GDP) - -
ZINV_DOT Real private non-residential investment (contribution to q/q chg. in real GDP) - -
ZPIn Expected inflation rate of the consumer price index (n quarters ahead) % per annum Estimated based on actual data
ZPI10 Long-term expected inflation rate of the consumer price index (10 year average) % per annum Based on the definition
ZPIL Long-term expected inflation rate of the consumer price index (6-10 year ahead) % per annum Estimated following Takahashi (2016)
ZPIM Medium-term expected inflation rate of the consumer price index (3 year ahead) % per annum Estimated based on actual data
ZSNAIV_DOT Change in real private inventories (contribution to q/q chg. in real GDP) - -

2. Documentation of Equations

2-A. Real GDP and Output Gap

Real gross domestic product, S.A. (GDP)

[Definition/Referenced Variable: BPNEXI GAP INVQ KIV PGDP ZCG_DOT ZCP_DOT ZEX_DOT ZIG_DOT ZIH_DOT ZIIG_DOT ZIM_DOT ZINV_DOT ZSNAIV_DOT ]
GDPt/GDPt-1 - 1 = GDP_DOTt

Quarter-to-quarter change of real gross domestic product (GDP_DOT)

[Definition/Referenced Variable: GDP ]

Potential growth rate (HYGDPQPC)

[Definition/Referenced Variable: HYGDPQ ]
HYGDPQPCt = HYGDPQ_SSt * 100

Potential growth rate (HYGDPQ)

[Definition/Referenced Variable: CALLQ GDPQ NRATE ]
HYGDPQt = HYGDPQPCt/100

Potential GDP (GDPQ)

[Definition/Referenced Variable: CPQ GDPQNONHP TOPIX YHOUSE YHOUSEGR ]
GDPQt = (1 + HYGDPQt)^0.25 * GDPQt-1

Potential GDP (unfiltered) (GDPQNONHP)

[Definition/Referenced Variable: GAP ]
log(GDPQNONHPt/GDPQt) = 0.391<0.073> * log(GDPQNONHPt-1/GDPQt-1)
Adjusted-R2: 0.16,S.E. of regression: 0.007,Sample period: 1980Q3 2018Q4

Output gap (GAP)

[Definition/Referenced Variable: CALL CPIXFDENV CPIXFENV HYCPIX LFGAP LGAP NRATE YTAXRAT ZGAPn ]
GAPt = GDPt/GDPQNONHPt * 100 - 100

2-B. Expenditure Components of Real GDP

Long-run level of real private consumption (CPQ)

[Definition/Referenced Variable: CP ]
log(CPQt * (PCPt/100)/(YDNt - YPt)) = - 0.101<0.017> - 0.808<0.230> * ((IRLt - ZPI10t)/100 - (GDPQt/GDPQt-4 - 1)) + 0.094<0.011> * log(FASSETt/(YDNt - YPt))
Adjusted-R2: 0.57,S.E. of regression: 0.022,Sample period: 1983Q2 2018Q1

Real private consumption, S.A. (CP)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDF CHAIN_DENOM_DDP CHAIN_DENOM_FD CPN IAD PCP_S ZCP_DOT ZDDCP_DOT ZDDFCP_DOT ZDDPCP_DOT ZFDCP_DOT ]
d(log(CPt)) = 0.012<0.002> - 0.204<0.078> * log(CPt-1/CPQt-1) - 0.008<0.003> * D932Zt - 0.012<0.004> * D972Zt + 0.010<0.004> * D004Zt
Adjusted-R2: 0.20,S.E. of regression: 0.009,Sample period: 1983Q3 2018Q2

Long-run level of real private non-residential investment (INVQ)

[Definition/Referenced Variable: INV ]
log(INVQt * PINVt/(GDPt * PGDPt)) = - 1.684<0.073> + 0.164<0.041> * log(TOBt) - 0.107<0.026> * log(@abs(IRLt - ZPI10t - NRATEt + DEPRATEt))
Adjusted-R2: 0.46,S.E. of regression: 0.037,Sample period: 1994Q1 2018Q3

Real private non-residential investment, S.A. (INV)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDF CHAIN_DENOM_DDP CHAIN_DENOM_FD CHAIN_DENOM_GCF INVN KF PINV_S ZDDFINV_DOT ZDDINV_DOT ZDDPINV_DOT ZFDINV_DOT ZGCFINV_DOT ZINV_DOT ]
dlog(INVt) = 0.001<0.002> - 0.201<0.054> * log(INVt-1/INVQt-1) + 0.258<0.079> * @movav(dlog(EXt),4)
Adjusted-R2: 0.34,S.E. of regression: 0.017,Sample period: 1994Q2 2018Q4

Long-run level of real private residential investment (IHQ)

[Definition/Referenced Variable: IH ]
log((IHQt * PIHt)/GDPNt) = 10.904<1.304> - 1.398<0.248> * log(SHt-1 * PIHt-1/GDPNt-1) - 3.596<0.217> * (POP5054t + POP5559t + POP6064t + POP65t)/POP20t - 3.520<1.341> * (IRLOANt - ZPIMt - NRATEt)/400
Adjusted-R2: 0.90,S.E. of regression: 0.060,Sample period: 1994Q2 2018Q4

Real private residential investment, S.A. (IH)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDF CHAIN_DENOM_DDP CHAIN_DENOM_FD CHAIN_DENOM_GCF IHN PIH_S SH ZDDFIH_DOT ZDDIH_DOT ZDDPIH_DOT ZFDIH_DOT ZGCFIH_DOT ZIH_DOT ]
dlog(IHt) = - 0.003<0.003> - 0.360<0.049> * log(IHt-1/IHQt-1) + 0.486<0.073> * dlog(IHt-1)
Adjusted-R2: 0.48,S.E. of regression: 0.028,Sample period: 1994Q3 2018Q4

Real housing stock, S.A. (SH)

[Definition/Referenced Variable: IHQ ]
SHt = 0.987<0.000> * SHt-1 + IHt
Adjusted-R2: 1.00,S.E. of regression: 1586.769,Sample period: 1994Q2 2018Q3

Long-run level of real exports of goods and services (EXQ)

[Definition/Referenced Variable: EX ]
log(EXQt) = 4.195<0.166> + 1.118<0.025> * log(FGDPt) + 0.009<0.003> * D021Zt * log(FGDPt) - 0.021<0.003> * D092Zt * log(FGDPt) - 0.123<0.034> * log(FXRt)
Adjusted-R2: 0.99,S.E. of regression: 0.056,Sample period: 1980Q3 2018Q4

Real exports of goods and services, S.A. (EX)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_FD EXN IAD INV PEX_S ZEX_DOT ZFDEX_DOT ]
d(log(EXt)) = - 0.026<0.005> - 0.228<0.047> * log(EXt-1/EXQt-1) + 0.229<0.071> * d(log(EXt-1)) + 3.603<0.527> * d(log(FGDPt)) - 0.140<0.053> * d(log(FXRt))
Adjusted-R2: 0.41,S.E. of regression: 0.029,Sample period: 1980Q4 2018Q4

Real imports of goods and services, S.A. (IM)

[Definition/Referenced Variable: CHAIN_DENOM IMN PIM_S ZIM_DOT ]
dlog(IMt) = 0.003<0.002> + 0.194<0.149> * @movav((EXNt-1 - IMNt-1)/DDNt-1,16) + 0.800<0.134> * dlog(IADt) + 0.610<0.104> * dlog(IADt-1) + 0.170<0.081> * @movav(dlog(FXRt),6) - 0.073<0.022> * D091t + 0.008<0.005> * (2 * D971t + 3 * D141t) - 0.012<0.005> * (2 * D972t + 3 * D142t)
Adjusted-R2: 0.70,S.E. of regression: 0.016,Sample period: 1994Q1 2018Q4

Import intensity-adjusted demand (IAD)

[Definition/Referenced Variable: IM ]
log(IADt) = (0.111488624 * log(CPt) + 0.046702366 * log(CGt) + 0.128937525 * log(GCFt) + 0.121295784 * log(EXt))/(0.111488624 + 0.046702366 + 0.128937525 + 0.121295784)

Real gross fixed capital formation, S.A. (GCF)

[Definition/Referenced Variable: IAD ]
GCFt/GCFt-1 - 1 = GCF_DOTt

Quarter-to-quarter change of real gross fixed capital formation (GCF_DOT)

[Definition/Referenced Variable: GCF ]

Real private non-residential investment (contribution to q/q chg. in real gross fixed capital formation) (ZGCFINV_DOT)

[Definition/Referenced Variable: GCF_DOT ]

Real private residential investment (contribution to q/q chg. in real gross fixed capital formation) (ZGCFIH_DOT)

[Definition/Referenced Variable: GCF_DOT ]

Real public investment (contribution to q/q chg. in real gross fixed capital formation) (ZGCFIG_DOT)

[Definition/Referenced Variable: GCF_DOT ]

Variable for chain-linking method (for real gross fixed capital formation) (CHAIN_DENOM_GCF)

[Definition/Referenced Variable: ZGCFIG_DOT ZGCFIH_DOT ZGCFINV_DOT ]
CHAIN_DENOM_GCFt = PINV_St * INVt-1 + PIH_St * IHt-1 + PIG_St * IGt-1

Quarter-to-quarter change of real public demand (G_DOT)

[Definition/Referenced Variable: G ]

Real public demand, S.A. (G)

[Definition/Referenced Variable: PG ZGCG_DOT ZGIG_DOT ZGIIG_DOT ]
Gt/Gt-1 - 1 = G_DOTt

Real public investment, S.A. (IG)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDF CHAIN_DENOM_FD CHAIN_DENOM_G CHAIN_DENOM_GCF PIG_S ZDDFIG_DOT ZDDIG_DOT ZFDIG_DOT ZGCFIG_DOT ZGIG_DOT ZIG_DOT ]
IGt = IGNt/PIGt * 100

Change in real public inventories, S.A. (IIG)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_G PIIG PIIG_S ZDDIIG_DOT ZGIIG_DOT ZIIG_DOT ]
IIGt = IIGt-1

Change in real private inventories, S.A. (SNAIV)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDP SNAIVN ZDDPSNAIV_DOT ZDDSNAIV_DOT ZSNAIV_DOT ]
SNAIVt/4 = d(KIVt)

Real private inventory stock, S.A. (KIV)

[Definition/Referenced Variable: SNAIV ]
d(log(KIVt)) = - 0.000<0.001> * D981Zt + 0.238<0.055> * d(log(GDPt)) + 0.549<0.080> * @movsum(d(log(KIVt-1)),4)/4 + 0.030<0.008> * D084t - 0.025<0.007> * D093t
Adjusted-R2: 0.29,S.E. of regression: 0.007,Sample period: 1981Q2 2018Q4

Financial assets (households and private nonprofit institutions serving households) (FASSET)

[Definition/Referenced Variable: CPQ ]
d(FASSETt) = 0.018<0.004> * (YDNt-1 - YPt-1) + 0.069<0.009> * dlog(TOPIXt) * FASSETt-1
Adjusted-R2: 0.46,S.E. of regression: 10140.260,Sample period: 2000Q1 2018Q2

2-C. Nominal GDP (Expenditure Approach)

Identity of nominal gross domestic product, S.A. (GDPN)

[Definition/Referenced Variable: BPNEXI BPNTR CA DDN GDPNADJ IHQ PGDP RSDPROF SNAVAT YMIX YMIXGR YTR ]
GDPNt = CPNt + IHNt + INVNt + SNAIVNt + GNt + EXNt - IMNt

Nominal private consumption, S.A. (CPN)

[Definition/Referenced Variable: DDFN DDPN FDN GDPN PCP_S ]
CPNt = CPt * PCPt/100

Nominal private non-residential investment, S.A. (INVN)

[Definition/Referenced Variable: DDFN DDPN FDN GDPN PINV_S ]
INVNt = INVt * PINVt/100

Nominal private residential investment, S.A. (IHN)

[Definition/Referenced Variable: DDFN DDPN FDN GDPN PIH_S ]
IHNt = IHt * PIHt/100

Nominal exports of goods and services, S.A. (EXN)

[Definition/Referenced Variable: CA DDN FDN GDPN IM PEX_S PROF YMIX YMIXGR ]
EXNt = EXt * PEXt/100

Nominal imports of goods and services, S.A. (IMN)

[Definition/Referenced Variable: CA DDN GDPN IM PIM_S ]
IMNt = IMt * PIMt/100

Share of petroleum in Japanese imports (IMOILSHARE)

[Definition/Referenced Variable: PIM ]
IMOILSHAREt = 0.091<0.005> + 0.003<0.000> * FXYENt * POILt/PIMt - 0.089<0.005> * D141Zt
Adjusted-R2: 0.94,S.E. of regression: 0.020,Sample period: 1994Q1 2018Q4

Nominal public demand, S.A. (GN)

[Definition/Referenced Variable: GDPN PG ]
GNt = IGNt + CGNt + IIGNt

Nominal government consumption, S.A. (CGN)

[Definition/Referenced Variable: DDFN FDN GN PCG_S ]
CGNt = CGt * PCGt/100

Change in nominal public inventories, S.A. (IIGN)

[Definition/Referenced Variable: GN PIIG PIIG_S ]

Change in nominal private inventories, S.A. (SNAIVN)

[Definition/Referenced Variable: DDPN GDPN ]
SNAIVNt = SNAIVt * PSNAIVt/100

Adjusted nominal gross domestic product, S.A. (GDPNADJ)

[Definition/Referenced Variable: LOANDI LP PROF WHNQ ]

2-D. Income

Long-run level of labor share (LSQ)

[Definition/Referenced Variable: WHNQ ]
Adjusted-R2: 0.68,S.E. of regression: 0.009,Sample period: 1980Q1 2018Q1

Long-run level of nominal wage (per capita per hour) (WHNQ)

[Definition/Referenced Variable: WHN ]
log(WHNQt/GDPNADJt * LWt * (H_SAt * H_OVER05_BIt/100) * 12) = 0.456<0.079> * log(LSQt) + (1 - 0.456<0.079>) * @movav(log(WHNQt-1/GDPNADJt-1 * LWt-1 * (H_SAt-1 * H_OVER05_BIt-1/100) * 12),4)
Adjusted-R2: 0.76,S.E. of regression: 0.013,Sample period: 1981Q1 2018Q1

Nominal wage (per capita per hour) (WHN)

[Definition/Referenced Variable: PCP WN ]
dlog(WHNt) = 0.019<0.002> + 0.205<0.056> * dlog(LPt) - 0.455<0.066> * Ut/100 - 0.301<0.055> * log(WHNt-1/WHNQt-1)
Adjusted-R2: 0.37,S.E. of regression: 0.008,Sample period: 1981Q2 2018Q1

Nominal wage (per capita) (WN)

[Definition/Referenced Variable: YW ]
WNt = WHNt * (H_SAt * H_OVER05_BIt/100) * 12

Ordinary profits (large enterprises, all industries excluding finance and insurance), S.A. (PROF)

[Definition/Referenced Variable: LOANDI TOPIX ]
log(PROFt/GDPNADJt) = 3.689<0.544> - 2.605<0.905> * log(YWt/GDPNADJt) + 1.201<0.129> * log(EXNt/GDPNADJt) - 1.185<0.103> * D084091t - 0.131<0.036> * (IRLOANt - ZPIMt)
Adjusted-R2: 0.90,S.E. of regression: 0.138,Sample period: 1998Q1 2018Q1

Nominal disposable income, net (households including private unincorporated enterprises), S.A. (YDN)

[Definition/Referenced Variable: CPQ FASSET ]
YDNt = YWt + YPt + YOSMIt + YTRt - YTAXt + RESIDYDNORt * 4

Nominal compensation of employees, S.A. (YW)

[Definition/Referenced Variable: PROF RSDPROF YDN YTAX ]
YWt = WNt * LWt

Property income, net (households including private unincorporated enterprises), S.A. (YP)

[Definition/Referenced Variable: CPQ FASSET YDN ]
log(YPt) = 7.631<0.222> + 0.284<0.034> * log(TOPIXt) + 0.050<0.006> * D882Zt * log(TOPIXt) + 0.071<0.006> * IRLt
Adjusted-R2: 0.70,S.E. of regression: 0.127,Sample period: 1981Q1 2018Q1

Operating surplus and mixed income, net (households including private unincorporated enterprises), S.A. (YOSMI)

[Definition/Referenced Variable: YDN ]
YOSMIt = YMIXt + YHOUSEt

Operating surplus and mixed income, gross (households including private unincorporated enterprises), S.A. (YOSMIGR)

[Definition/Referenced Variable: GDPNADJ ]

Mixed income, net (households including private unincorporated enterprises), S.A. (YMIX)

[Definition/Referenced Variable: YOSMI ]
log(YMIXt/GDPNt) = 0.121<0.149> + 0.549<0.053> * log(IGNt-1/GDPNt-1) - 0.299<0.038> * log(EXNt-1/GDPNt-1) + 1.368<0.043> * log(LSELFt/LFt) - 0.421<0.075> * D021Zt * log(IGNt-1/GDPNt-1) + 0.475<0.110> * D021Zt * log(LSELFt/LFt)
Adjusted-R2: 0.98,S.E. of regression: 0.067,Sample period: 1980Q2 2018Q1

Mixed income, gross (households including private unincorporated enterprises), S.A. (YMIXGR)

[Definition/Referenced Variable: YOSMIGR YTAX ]
log(YMIXGRt/GDPNt) = 0.164<0.124> + 0.531<0.044> * log(IGNt-1/GDPNt-1) - 0.252<0.032> * log(EXNt-1/GDPNt-1) + 1.222<0.036> * log(LSELFt/LFt) - 0.481<0.063> * D021Zt * log(IGNt-1/GDPNt-1) + 0.583<0.092> * D021Zt * log(LSELFt/LFt)
Adjusted-R2: 0.98,S.E. of regression: 0.056,Sample period: 1980Q2 2018Q1

Operating surplus (imputed service of owner-occupied dwellings), net (households including private unincorporated enterprises), S.A. (YHOUSE)

[Definition/Referenced Variable: YOSMI ]
dlog(YHOUSEt) = dlog(GDPQt) + dlog(PGDPt)

Operating surplus (imputed service of owner-occupied dwellings), gross (households including private unincorporated enterprises), S.A. (YHOUSEGR)

[Definition/Referenced Variable: YOSMIGR ]
dlog(YHOUSEGRt) = dlog(GDPQt) + dlog(PGDPt)

Social contribution and other current transfers, excluding social transfer in kind, net (households including private unincorporated enterprises), S.A. (YTR)

[Definition/Referenced Variable: YDN YTAX ]
YTRt/GDPNt = - 0.032<0.004> + 0.008<0.001> * Ut-1
Adjusted-R2: 0.55,S.E. of regression: 0.005,Sample period: 2004Q1 2018Q1

Current taxes on income, wealth, etc., (households including private unincorporated enterprises), S.A. (YTAX)

[Definition/Referenced Variable: YDN ]
YTAXt = YTAXRATt * (YWt + YMIXGRt + YTRt)

Effective income tax rate, S.A. (YTAXRAT)

[Definition/Referenced Variable: YTAX ]
log(YTAXRATt) = - 0.256<0.074> + 0.763<0.202> * GAPt/100 + 0.543<0.077> * log(YTAXRATt-1) + 0.343<0.074> * log(YTAXRATt-2)
Adjusted-R2: 0.90,S.E. of regression: 0.040,Sample period: 1980Q3 2018Q1

Taxes on production and imports less subsidies, S.A. (NINDTAX)

[Definition/Referenced Variable: GDPNADJ RSDPROF ]

Value added type taxes, S.A. (SNAVAT)

[Definition/Referenced Variable: NINDTAX ]
SNAVATt/GDPNt = 0.000<0.000> + 0.013<0.001> * D901Zt + 0.012<0.000> * D981Zt + 0.016<0.001> * D151Zt
Adjusted-R2: 0.97,S.E. of regression: 0.002,Sample period: 1980Q1 2018Q1

Other indirect taxes less subsidies, S.A. (OTHERNINDTAX)

[Definition/Referenced Variable: NINDTAX ]

Current account, S.A. (CA)

[Definition/Referenced Variable: - ]
CAt/GDPNt = - 0.001<0.000> + ((EXNt - IMNt) * (10/4) + BPNEXIt + BPNTRt)/GDPNt - 0.002<0.001> * D031Zt
Adjusted-R2: 0.99,S.E. of regression: 0.004,Sample period: 1980Q1 2018Q4

Primary income, S.A. (BPNEXI)

[Definition/Referenced Variable: CA ]
BPNEXIt * 4/10/GDPNt = - 0.003<0.001> + 15.672<0.377> * (FGDPt * FCPIt/FXNt/(GDPt * CORE_CPIt/100))
Adjusted-R2: 0.93,S.E. of regression: 0.003,Sample period: 1988Q1 2018Q4

Secondary income, S.A. (BPNTR)

[Definition/Referenced Variable: CA ]
(BPNTRt * 4/10)/GDPNt = - 0.001<0.000> - 0.005<0.001> * D911t - 0.001<0.000> * D961Zt
Adjusted-R2: 0.48,S.E. of regression: 0.001,Sample period: 1980Q1 2018Q4

Depreciation rate of fixed capital (based on National Accounts) (DEPRATE)

[Definition/Referenced Variable: INVQ KF ]

Consumption of fixed capital (DEPR)

[Definition/Referenced Variable: RSDPROF ]
DEPRt/(KFt * PINVt) = DEPRt-1/(KFt-1 * PINVt-1)

Operating surplus as the residual, S.A. (RSDPROF)

[Definition/Referenced Variable: - ]
RSDPROFt = GDPNt - (YWt + DEPRt + NINDTAXt)

2-E. Labor Market

Potential employed persons (LQ)

[Definition/Referenced Variable: L ]
LQt = LFQt * (1 - 5/100)

Employed persons, S.A. (L)

[Definition/Referenced Variable: LW U ]
log(Lt/LQt) = LGAPt

Gap of employed persons (LGAP)

[Definition/Referenced Variable: L ]
LGAPt = 0.902<0.032> * LGAPt-1 + 0.037<0.011> * GAPt-1/100
Adjusted-R2: 0.83,S.E. of regression: 0.003,Sample period: 1980Q3 2018Q4

Employees, S.A. (LW)

[Definition/Referenced Variable: LI WHNQ YW ]
LWt = Lt - LSELFt

Self-employed workers and family workers, S.A. (LSELF)

[Definition/Referenced Variable: LW YMIX YMIXGR ]
LSELFt/LSELFt-1 = (1 - 0.015)^0.25

Potential labor force (LFQ)

[Definition/Referenced Variable: LF LQ ]
LFQt = POP15t * LPRATQt/100

Labor force, S.A. (LF)

[Definition/Referenced Variable: U YMIX YMIXGR ]
log(LFt) = log(LFQt) + LFGAPt

Gap of labor force (LFGAP)

[Definition/Referenced Variable: LF ]
LFGAPt = 0.902<0.039> * LFGAPt-1 + 0.020<0.010> * GAPt-1/100
Adjusted-R2: 0.78,S.E. of regression: 0.002,Sample period: 1980Q3 2018Q4

Potential total hours worked (HQ)

[Definition/Referenced Variable: H_D12 ]
HQt = HQt-1

Total hours worked (H_D12)

[Definition/Referenced Variable: H_SA ]
log(H_D12t) = log(HQt)

Total hours worked, S.A. (H_SA)

[Definition/Referenced Variable: LI WHNQ WN ]
(H_SAt * H_OVER05_BIt/100) = H_D12t

Unemployment rate, S.A. (U)

[Definition/Referenced Variable: WHN YTR ]
Ut = (1 - Lt/LFt) * 100

Labor input (LI)

[Definition/Referenced Variable: LP ]
LIt = LWt * (H_SAt * H_OVER05_BIt/100) * 12

Labor productivity (based on adjusted nominal GDP) (LP)

[Definition/Referenced Variable: WHN ]
LPt = GDPNADJt/PGDPt * 100/LIt

2-F. Financial Market

Natural interest rate (NRATE)

[Definition/Referenced Variable: IHQ INVQ ]
NRATEt = - 0.522<0.275> + 1.098<0.259> * HYGDPQt * 100 + 0.826<0.077> * GAPt
Adjusted-R2: 0.65,S.E. of regression: 1.161,Sample period: 1994Q1 2018Q4

Equilibrium policy interest rate (CALLQ)

[Definition/Referenced Variable: CALL ZCALLn ]
CALLQt - PIQt = - 0.522 + 1.098 * HYGDPQt * 100

Policy interest rate (CALL)

[Definition/Referenced Variable: IRDEPO ZCALLn ]
CALLt = CALLQt + 0.897 * (CALLt-1 - CALLQt) + (1 - 0.897) * (0.500 * GAPt + 1.500 * (PIXt - PIQ_CBt))

Expected policy interest rate (n quarters ahead) (ZCALLn)

[Definition/Referenced Variable: ZCALL10 ZCALL4 ]
ZCALLt, n = 0.897<0.037> * ZCALLt, n-1 + (1 - 0.897<0.037>) * (CALLQt + 0.500 * ZGAPt, n + 1.500 * (ZPIt, n - PIQt))

Medium-term expected policy interest rate (4 year average) (ZCALL4)

[Definition/Referenced Variable: IRL IRM ]
ZCALL4t = (1/16) * (ZCALLt, 0 + ZCALLt, 1 + ZCALLt, 2 + ZCALLt, 3 + ZCALLt, 4 + ZCALLt, 5 + ZCALLt, 6 + ZCALLt, 7 + ZCALLt, 8 + ZCALLt, 9 + ZCALLt, 10 + ZCALLt, 11 + ZCALLt, 12 + ZCALLt, 13 + ZCALLt, 14 + ZCALLt, 15)

Long-term expected policy interest rate (10 year average) (ZCALL10)

[Definition/Referenced Variable: IRL ]
ZCALL10t = (1/40) * (ZCALLt, 0 + ZCALLt, 1 + ZCALLt, 2 + ZCALLt, 3 + ZCALLt, 4 + ZCALLt, 5 + ZCALLt, 6 + ZCALLt, 7 + ZCALLt, 8 + ZCALLt, 9 + ZCALLt, 10 + ZCALLt, 11 + ZCALLt, 12 + ZCALLt, 13 + ZCALLt, 14 + ZCALLt, 15 + ZCALLt, 16 + ZCALLt, 17 + ZCALLt, 18 + ZCALLt, 19 + ZCALLt, 20 + ZCALLt, 21 + ZCALLt, 22 + ZCALLt, 23 + ZCALLt, 24 + ZCALLt, 25 + ZCALLt, 26 + ZCALLt, 27 + ZCALLt, 28 + ZCALLt, 29 + ZCALLt, 30 + ZCALLt, 31 + ZCALLt, 32 + ZCALLt, 33 + ZCALLt, 34 + ZCALLt, 35 + ZCALLt, 36 + ZCALLt, 37 + ZCALLt, 38 + ZCALLt, 39)

Long-term interest rate on Japanese government bonds (10 years) (IRL)

[Definition/Referenced Variable: CPQ FXYENQ INVQ YP ]
IRLt - ZCALL10t = 0.182<0.032> + 1.064<0.040> * (IRMt - ZCALL4t)
Adjusted-R2: 0.83,S.E. of regression: 0.370,Sample period: 1983Q3 2018Q4

Medium-term interest rate on Japanese government bonds (3-5 years) (IRM)

[Definition/Referenced Variable: IRL IRLOAN ]
IRMt - ZCALL4t = 0.018<0.039> + 0.807<0.048> * (IRMt-1 - ZCALL4t-1)
Adjusted-R2: 0.67,S.E. of regression: 0.449,Sample period: 1983Q3 2018Q4

Long-term interest rate on loans (IRLOAN)

[Definition/Referenced Variable: IHQ LOANDI PROF TOB TOPIX ]
IRLOANt = 1.036<0.035> + 1.013<0.011> * IRMt - 0.004<0.002> * LOANDIt
Adjusted-R2: 0.99,S.E. of regression: 0.286,Sample period: 1983Q3 2018Q4

Average interest rate on ordinary deposits (IRDEPO)

[Definition/Referenced Variable: LOANDI ]

Lending attitude of financial institutions (all enterprises, all industries) (LOANDI)

[Definition/Referenced Variable: IRLOAN ]
LOANDIt = - 26.867<4.599> + 1.185<0.167> * (PROFt-1/GDPNADJt-1) + 13.104<3.920> * (TOPIXt/TOPIXt-4) + 2.703<0.547> * (IRLOANt - IRDEPOt) - 18.276<4.596> * D981984t
Adjusted-R2: 0.50,S.E. of regression: 8.746,Sample period: 1988Q1 2018Q2

Tokyo stock price index (TOPIX)

[Definition/Referenced Variable: FASSET LOANDI TOB YP ]
log(TOPIXt/PROFt) = - 7.735<0.028> - 9.923<9.692> * ((IRLOANt - ZPIMt)/100 - log(GDPQt/GDPQt-4))/4 - 1.032<0.041> * D023Zt + 1.266<0.160> * D084091t
Adjusted-R2: 0.84,S.E. of regression: 0.222,Sample period: 1985Q1 2018Q3

Tobin's q (TOB)

[Definition/Referenced Variable: INVQ ]
d(log(TOBt)) = 0.384<0.017> * (dlog(TOPIXt) - IRLOANt/400)
Adjusted-R2: 0.76,S.E. of regression: 0.018,Sample period: 1980Q2 2018Q3

Long-run level of nominal exchange rate (yen per U.S. dollar) (FXYENQ)

[Definition/Referenced Variable: FXYEN ]
log(FXYENQt) = 5.246<0.017> + 0.1 * (USIRLt - IRLt - (USZPI10t - ZPI10t)) - log(USCPIXFDENt/CPIXFDENVt)
Adjusted-R2: 0.36,S.E. of regression: 0.205,Sample period: 1983Q2 2018Q4

Nominal exchange rate (yen per U.S. dollar) (FXYEN)

[Definition/Referenced Variable: CPIENV FXN IMOILSHARE PIM ]
log(FXYENt/FXYENQt-1) = 0.930<0.028> * log(FXYENt-1/FXYENQt-2)
Adjusted-R2: 0.89,S.E. of regression: 0.067,Sample period: 1983Q4 2018Q4

Nominal effective exchange rate (broad index) (FXN)

[Definition/Referenced Variable: BPNEXI FXR ]
d(log(FXNt)) = 0.000<0.001> - 0.858<0.030> * d(log(FXYENt)) + 0.059<0.017> * D981t
Adjusted-R2: 0.86,S.E. of regression: 0.017,Sample period: 1986Q1 2018Q4

Real effective exchange rate (broad index) (FXR)

[Definition/Referenced Variable: EX EXQ IM PEX ]
FXRt = 1/((1/FXNt) * FCPIt/(CORE_CPIVt))

CIF price of oil (POIL)

[Definition/Referenced Variable: CPIENV HQUSCPI IMOILSHARE NUSCPI PEX PIM ]
log(POILt/USCPIXFDENt) = - 0.086<0.040> + 0.981<0.022> * log(POILt-1/USCPIXFDENt-1) + 0.015<0.006> * dlog(FGDPt) * 400 - 0.388<0.151> * D084t
Adjusted-R2: 0.93,S.E. of regression: 0.143,Sample period: 1980Q1 2018Q4

Expected output gap (n quarters ahead) (ZGAPn)

[Definition/Referenced Variable: ZCALLn ZPIL ZPIM ]
ZGAPt, n = 1.458<0.069> * ZGAPt, n-1 - 0.534<0.069> * ZGAPt, n-2

2-G. Prices

Trend inflation rate of the consumer price index (PIQ)

[Definition/Referenced Variable: CALLQ CPIENV ZCALLn ZPIL ZPIn ]
PIQt = DELTAt * BASEt-1 + (1 - DELTAt) * PIQ_CBt

Long-term expected inflation rate of the consumer price index (6-10 year ahead) (ZPIL)

[Definition/Referenced Variable: CPIXFDENV CPIXFENV HYCPIX ZPIM ZPIn ]
ZPILt = 0.869 * ZPILt-1 + (1 - 0.869) * PIQt + 0.261 * ZGAPt, 24

Medium-term expected inflation rate of the consumer price index (3 year ahead) (ZPIM)

[Definition/Referenced Variable: IHQ PROF TOPIX ZPIn ]
ZPIMt = 0.245 * @movav(ZPIt, 0,8) + (1 - 0.245) * ZPILt + 0.332 * ZGAPt, 13

Parameter for the trend inflation rate (DELTA)

[Definition/Referenced Variable: PIQ ]
DELTAt = 0.977 * DELTAt-1 + 0.321 * D131t

Inflation rate of the trimmed mean (HYCPIX)

[Definition/Referenced Variable: BASEX ]
HYCPIXt * 100 = 0.966<0.016> * HYCPIXt-1 * 100 + (1 - 0.966<0.016>) * ZPILt + 0.038<0.009> * GAPt
Adjusted-R2: 0.95,S.E. of regression: 0.189,Sample period: 1990Q1 2018Q4

Permanent component of inflation rate of the consumer price index (BASE)

[Definition/Referenced Variable: PIQ ]

Permanent component of inflation rate of the trimmed mean (BASEX)

[Definition/Referenced Variable: BASE ]
BASEXt = HYCPIXt * 100 - NOISEXt

Permanent component of inflation rate of the consumer price index (all items, less food and energy, consumption tax adjusted) (BASEXFDENV)

[Definition/Referenced Variable: BASE ]

Permanent component of inflation rate of the consumer price index (all items, less fresh food, consumption tax adjusted) (BASEXFORV)

[Definition/Referenced Variable: BASE ]
BASEXFORVt = (CPIXFVt/CPIXFVt-4 - 1) * 100 - NOISEXFORVt

Permanent component of inflation rate of the consumer price index (all items, less fresh food and energy, consumption tax adjusted) (BASEXFENORV)

[Definition/Referenced Variable: BASE ]
BASEXFENORVt = (CPIXFENVt/CPIXFENVt-4 - 1) * 100 - NOISEXFENORVt

Transitory component of the inflation rate of the trimmed mean (NOISEX)

[Definition/Referenced Variable: BASEX NOISEXFDENV NOISEXFENORV NOISEXFORV ]
NOISEXt = 0.462 * NOISEXt-1 + 0.039 * NOISEXFDENVt-1 + 0.258 * NOISEXFORVt-1 + 0.112 * NOISEXFENORVt-1 - 0.079 * NOISEXt-2 - 0.071 * NOISEXFDENVt-2 + 0.003 * NOISEXFORVt-2 - 0.044 * NOISEXFENORVt-2

Transitory component of inflation rate of the consumer price index (all items, less food and energy, consumption tax adjusted) (NOISEXFDENV)

[Definition/Referenced Variable: BASEXFDENV NOISEX NOISEXFENORV NOISEXFORV ]
NOISEXFDENVt = 0.012 * NOISEXt-1 + 0.629 * NOISEXFDENVt-1 + 0.140 * NOISEXFORVt-1 + 0.194 * NOISEXFENORVt-1 - 0.150 * NOISEXt-2 + 0.062 * NOISEXFDENVt-2 - 0.045 * NOISEXFORVt-2 - 0.013 * NOISEXFENORVt-2

Transitory component of inflation rate of the consumer price index (all items, less fresh food, consumption tax adjusted) (NOISEXFORV)

[Definition/Referenced Variable: BASEXFORV NOISEX NOISEXFDENV NOISEXFENORV ]
NOISEXFORVt = 0.051 * NOISEXt-1 + 0.075 * NOISEXFDENVt-1 + 0.759 * NOISEXFORVt-1 + 0.105 * NOISEXFENORVt-1 - 0.187 * NOISEXt-2 - 0.069 * NOISEXFDENVt-2 + 0.018 * NOISEXFORVt-2 - 0.142 * NOISEXFENORVt-2

Transitory component of inflation rate of the consumer price index (all items, less fresh food and energy, consumption tax adjusted) (NOISEXFENORV)

[Definition/Referenced Variable: BASEXFENORV NOISEX NOISEXFDENV NOISEXFORV ]
NOISEXFENORVt = 0.036 * NOISEXt-1 + 0.156 * NOISEXFDENVt-1 + 0.226 * NOISEXFORVt-1 + 0.596 * NOISEXFENORVt-1 - 0.152 * NOISEXt-2 - 0.035 * NOISEXFDENVt-2 - 0.011 * NOISEXFORVt-2 + 0.005 * NOISEXFENORVt-2

Expected inflation rate of the consumer price index (n quarters ahead) (ZPIn)

[Definition/Referenced Variable: ZCALLn ZPI10 ZPIM ]

Long-term expected inflation rate of the consumer price index (10 year average) (ZPI10)

[Definition/Referenced Variable: CPQ FXYENQ INVQ ]
ZPI10t = (1/40) * (ZPIt, 0 + ZPIt, 1 + ZPIt, 2 + ZPIt, 3 + ZPIt, 4 + ZPIt, 5 + ZPIt, 6 + ZPIt, 7 + ZPIt, 8 + ZPIt, 9 + ZPIt, 10 + ZPIt, 11 + ZPIt, 12 + ZPIt, 13 + ZPIt, 14 + ZPIt, 15 + ZPIt, 16 + ZPIt, 17 + ZPIt, 18 + ZPIt, 19 + ZPIt, 20 + ZPIt, 21 + ZPIt, 22 + ZPIt, 23 + ZPIt, 24 + ZPIt, 25 + ZPIt, 26 + ZPIt, 27 + ZPIt, 28 + ZPIt, 29 + ZPIt, 30 + ZPIt, 31 + ZPIt, 32 + ZPIt, 33 + ZPIt, 34 + ZPIt, 35 + ZPIt, 36 + ZPIt, 37 + ZPIt, 38 + ZPIt, 39)

Consumer price index (all items, less fresh food, consumption tax adjusted) (CPIXFORV)

[Definition/Referenced Variable: HYCPIXFORV ]

Inflation rate of the consumer price index (all items, less fresh food, consumption tax adjusted) (HYCPIXFORV)

[Definition/Referenced Variable: - ]

Consumer price index (all items, less fresh food and energy, consumption tax adjusted) (CPIXFENORV)

[Definition/Referenced Variable: CPIXFORV HYCPIXFENORV ]

Inflation rate of the consumer price index (all items, less fresh food and energy, consumption tax adjusted) (HYCPIXFENORV)

[Definition/Referenced Variable: - ]

Inflation rate of the consumer price index (all items, less food and energy, consumption tax adjusted) (HYCPIXFDENORV)

[Definition/Referenced Variable: - ]

Consumer price index (all items, less food and energy, consumption tax adjusted) (CPIXFDENORV)

[Definition/Referenced Variable: BASEXFDENV HYCPIXFDENORV ]

Consumer price index (energy, consumption tax adjusted) (CPIENORV)

[Definition/Referenced Variable: CPIXFORV ]
CPIENORVt = CPIENVt * (SFCPIENVt/100)

Consumer price index (all items, less fresh food) (CPIXFOR)

[Definition/Referenced Variable: - ]

Consumer price index (all items, less fresh food and energy) (CPIXFENOR)

[Definition/Referenced Variable: CPIXFOR ]
CPIXFENORt = CPIXFENVt * (SFCPIXFENVt/100) * (1 + VATCPIXFENORt)

Consumer price index (energy) (CPIENOR)

[Definition/Referenced Variable: CPIXFOR ]
CPIENORt = CPIENVt * (SFCPIENVt/100) * (1 + VATCPIENORt)

Inflation rate of the consumer price index (all items, less fresh food, consumption tax adjusted), S.A. (PIX)

[Definition/Referenced Variable: CALL ]
PIXt = d(log(CORE_CPIVt)) * 400

Consumer price index (all items, less fresh food, consumption tax adjusted), S.A. (CORE_CPIV)

[Definition/Referenced Variable: FXR PCP PIX ZPIn ]

Consumer price index (energy, consumption tax adjusted), S.A. (CPIENV)

[Definition/Referenced Variable: CPIEN CPIENOR CPIENORV CPIXFV ]
d(log(CPIENVt)) - PIQt/400 = - 0.003<0.001> + 0.068<0.007> * dlog(FXYENt * POILt) + 0.036<0.007> * dlog(FXYENt-1 * POILt-1) + 0.032<0.007> * dlog(FXYENt-2 * POILt-2) + 0.022<0.007> * dlog(FXYENt-3 * POILt-3) + 0.054<0.012> * D083t - 0.078<0.013> * D084t
Adjusted-R2: 0.68,S.E. of regression: 0.012,Sample period: 1983Q2 2018Q4

Consumer price index (all items, less food and energy, consumption tax adjusted), S.A. (CPIXFDENV)

[Definition/Referenced Variable: CPIXFDENORV FXYENQ ]
dlog(CPIXFDENVt) * 400 = 0.888<0.049> * @movav(dlog(CPIXFDENVt-1),2) * 400 + (1 - 0.888<0.049>) * ZPILt + 0.062<0.033> * GAPt
Adjusted-R2: 0.61,S.E. of regression: 0.685,Sample period: 1990Q1 2018Q4

Consumer price index (all items, less fresh food and energy, consumption tax adjusted), S.A. (CPIXFENV)

[Definition/Referenced Variable: BASEXFENORV CPIXFEN CPIXFENOR CPIXFENORV CPIXFV ]
dlog(CPIXFENVt) * 400 = 0.880<0.044> * @movav(dlog(CPIXFENVt-1),2) * 400 + (1 - 0.880<0.044>) * ZPILt + 0.084<0.028> * GAPt
Adjusted-R2: 0.71,S.E. of regression: 0.586,Sample period: 1990Q1 2018Q4

Consumer price index (all items, less fresh food, consumption tax adjusted), S.A. (CPIXFV)

[Definition/Referenced Variable: BASEXFORV CORE_CPIV CPIXF ]

Consumer price index (all items, less fresh food), S.A. (CPIXF)

[Definition/Referenced Variable: CORE_CPI ]
CPIXFt = CPIXFVt * (1 + VATCPIXFORt)

Consumer price index (all items, less fresh food), S.A. (CORE_CPI)

[Definition/Referenced Variable: BPNEXI ]

Consumer price index (energy), S.A. (CPIEN)

[Definition/Referenced Variable: - ]
CPIENt = CPIENVt * (1 + VATCPIENORt)

Consumer price index (all items, less fresh food and energy), S.A. (CPIXFEN)

[Definition/Referenced Variable: - ]

Weight of the consumer price index (all items, less fresh food and energy) (CPIXFENW)

[Definition/Referenced Variable: CPIXFOR CPIXFORV CPIXFV ]

GDP deflator (PGDP)

[Definition/Referenced Variable: INVQ LP YHOUSE YHOUSEGR ]
PGDPt = GDPNt/GDPt * 100

Private consumption deflator (PCP)

[Definition/Referenced Variable: CPN CPQ PCG PIG PIH PINV ]
d(log(PCPt)) = - 0.001<0.000> + 0.970<0.059> * dlog(CORE_CPIVt) + 0.028<0.018> * d(log(WHNt)) + 0.005<0.000> * 3 * D892t + 0.005<0.000> * 2 * D972t + 0.005<0.000> * 3 * D142t
Adjusted-R2: 0.77,S.E. of regression: 0.002,Sample period: 1982Q1 2018Q3

Private non-residential investment deflator (PINV)

[Definition/Referenced Variable: DEPR INVN INVQ ]
d(log(PINVt)) * 400 = - 1.963<0.235> + 1.339<0.273> * D051Zt + 0.683<0.302> * D901Zt + dlog(PCPt) * 400
Adjusted-R2: 0.37,S.E. of regression: 1.467,Sample period: 1980Q2 2018Q4

Private residential investment deflator (PIH)

[Definition/Referenced Variable: IHN IHQ ]
dlog(PIHt) - dlog(PCPt) = 0.001<0.000> + 0.175<0.079> * (dlog(PIHt-1) - dlog(PCPt-1)) + 0.030<0.010> * dlog(PIMt) + 0.004<0.001> * 3 * D892t + 0.004<0.001> * 2 * D972t + 0.004<0.001> * 3 * D142t
Adjusted-R2: 0.18,S.E. of regression: 0.005,Sample period: 1985Q1 2018Q4

Exports of goods & services deflator (PEX)

[Definition/Referenced Variable: EXN TT ]
log(PEXt/PIMt) = - 0.693<0.100> - 0.102<0.010> * log(POILt/USCPIXFDENt) + 0.146<0.022> * log(FXRt) + 0.403<0.063> * log(PEXt-1/PIMt-1) - 0.044<0.009> * D082Zt
Adjusted-R2: 0.94,S.E. of regression: 0.016,Sample period: 2006Q1 2018Q4

Imports of goods & services deflator (PIM)

[Definition/Referenced Variable: IMN IMOILSHARE PEX PIG PIH TT ]
dlog(PIMt) = - 0.006<0.002> + 0.556<0.027> * dlog(FXYENt) + 0.498<0.235> * dlog(FCPIt) + 0.100<0.029> * dlog(POILt) + 0.323<0.113> * dlog(POILt) * (IMOILSHAREt)
Adjusted-R2: 0.85,S.E. of regression: 0.016,Sample period: 1980Q2 2018Q4

Government consumption deflator (PCG)

[Definition/Referenced Variable: CGN ]
dlog(PCGt) = dlog(PCPt)

Public investment deflator (PIG)

[Definition/Referenced Variable: IG ]
dlog(PIGt) - dlog(PCPt) = 0.000<0.000> + 0.320<0.072> * (dlog(PIGt-1) - dlog(PCPt-1)) + 0.030<0.008> * dlog(PIMt) + 0.002<0.001> * 3 * D892t + 0.002<0.001> * 2 * D972t + 0.002<0.001> * 3 * D142t
Adjusted-R2: 0.21,S.E. of regression: 0.004,Sample period: 1980Q3 2018Q4

Change in public inventories deflator (PIIG)

[Definition/Referenced Variable: - ]
PIIGt = IIGNt/IIGt * 100

Change in private inventories deflator (PSNAIV)

[Definition/Referenced Variable: SNAIVN ]
PSNAIVt = 104.912<6.093> - 281.035<73.620> * D813t - 664.154<73.620> * D831t + 197.462<73.620> * D871t - 242.499<73.620> * D844t - 178.706<73.620> * D864t - 473.239<73.620> * D062t + 181.826<73.620> * D083t + 119.718<73.620> * D971t - 177.403<73.620> * D943t - 143.463<73.620> * D863t
Adjusted-R2: 0.52,S.E. of regression: 73.367,Sample period: 1980Q2 2018Q4

Domestic demand deflator (PDD)

[Definition/Referenced Variable: - ]
PDDt = DDNt/DDt * 100

Private demand deflator (PDDP)

[Definition/Referenced Variable: - ]
PDDPt = DDPNt/DDPt * 100

Domestic final demand deflator (PDDF)

[Definition/Referenced Variable: - ]
PDDFt = DDFNt/DDFt * 100

Final demand deflator (PFD)

[Definition/Referenced Variable: - ]
PFDt = FDNt/FDt * 100

Public demand deflator (PG)

[Definition/Referenced Variable: - ]
PGt = GNt/Gt * 100

Terms of trade (TT)

[Definition/Referenced Variable: - ]
TTt = PEXt/PIMt

Private consumption deflator of the previous calendar year (PCP_S)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDF CHAIN_DENOM_DDP CHAIN_DENOM_FD ZCP_DOT ZDDCP_DOT ZDDFCP_DOT ZDDPCP_DOT ZFDCP_DOT ]
PCP_St = SNA_At * PCP_S_HISTt-4 + (1 - SNA_At) * (Q1t * (@movsum(CPNt-1,4)/(@movsum(CPt-1,4)) * 100) + Q2t * (@movsum(CPNt-2,4)/(@movsum(CPt-2,4)) * 100) + Q3t * (@movsum(CPNt-3,4)/(@movsum(CPt-3,4)) * 100) + Q4t * (@movsum(CPNt-4,4)/(@movsum(CPt-4,4)) * 100))

Private consumption deflator of the calendar year (PCP_S_HIST)

[Definition/Referenced Variable: PCP_S ]

Private non-residential investment deflator of the previous calendar year (PINV_S)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDF CHAIN_DENOM_DDP CHAIN_DENOM_FD CHAIN_DENOM_GCF ZDDFINV_DOT ZDDINV_DOT ZDDPINV_DOT ZFDINV_DOT ZGCFINV_DOT ZINV_DOT ]
PINV_St = SNA_At * PINV_S_HISTt-4 + (1 - SNA_At) * (Q1t * (@movsum(INVNt-1,4)/(@movsum(INVt-1,4)) * 100) + Q2t * (@movsum(INVNt-2,4)/(@movsum(INVt-2,4)) * 100) + Q3t * (@movsum(INVNt-3,4)/(@movsum(INVt-3,4)) * 100) + Q4t * (@movsum(INVNt-4,4)/(@movsum(INVt-4,4)) * 100))

Private non-residential investment deflator of the calendar year (PINV_S_HIST)

[Definition/Referenced Variable: PINV_S ]

Private residential investment deflator of the previous calendar year (PIH_S)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDF CHAIN_DENOM_DDP CHAIN_DENOM_FD CHAIN_DENOM_GCF ZDDFIH_DOT ZDDIH_DOT ZDDPIH_DOT ZFDIH_DOT ZGCFIH_DOT ZIH_DOT ]
PIH_St = SNA_At * PIH_S_HISTt-4 + (1 - SNA_At) * (Q1t * (@movsum(IHNt-1,4)/(@movsum(IHt-1,4)) * 100) + Q2t * (@movsum(IHNt-2,4)/(@movsum(IHt-2,4)) * 100) + Q3t * (@movsum(IHNt-3,4)/(@movsum(IHt-3,4)) * 100) + Q4t * (@movsum(IHNt-4,4)/(@movsum(IHt-4,4)) * 100))

Private residential investment deflator of the calendar year (PIH_S_HIST)

[Definition/Referenced Variable: PIH_S ]

Exports of goods & services deflator of the previous calendar year (PEX_S)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_FD ZEX_DOT ZFDEX_DOT ]
PEX_St = SNA_At * PEX_S_HISTt-4 + (1 - SNA_At) * (Q1t * (@movsum(EXNt-1,4)/(@movsum(EXt-1,4)) * 100) + Q2t * (@movsum(EXNt-2,4)/(@movsum(EXt-2,4)) * 100) + Q3t * (@movsum(EXNt-3,4)/(@movsum(EXt-3,4)) * 100) + Q4t * (@movsum(EXNt-4,4)/(@movsum(EXt-4,4)) * 100))

Exports of goods & services deflator of the calendar year (PEX_S_HIST)

[Definition/Referenced Variable: PEX_S ]

Imports of goods & services deflator of the previous calendar year (PIM_S)

[Definition/Referenced Variable: CHAIN_DENOM ZIM_DOT ]
PIM_St = SNA_At * PIM_S_HISTt-4 + (1 - SNA_At) * (Q1t * (@movsum(IMNt-1,4)/(@movsum(IMt-1,4)) * 100) + Q2t * (@movsum(IMNt-2,4)/(@movsum(IMt-2,4)) * 100) + Q3t * (@movsum(IMNt-3,4)/(@movsum(IMt-3,4)) * 100) + Q4t * (@movsum(IMNt-4,4)/(@movsum(IMt-4,4)) * 100))

Imports of goods & services deflator of the calendar year (PIM_S_HIST)

[Definition/Referenced Variable: PIM_S ]

Government consumption deflator of the previous calendar year (PCG_S)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDF CHAIN_DENOM_FD CHAIN_DENOM_G ZCG_DOT ZDDCG_DOT ZDDFCG_DOT ZFDCG_DOT ZGCG_DOT ]
PCG_St = SNA_At * PCG_S_HISTt-4 + (1 - SNA_At) * (Q1t * (@movsum(CGNt-1,4)/(@movsum(CGt-1,4)) * 100) + Q2t * (@movsum(CGNt-2,4)/(@movsum(CGt-2,4)) * 100) + Q3t * (@movsum(CGNt-3,4)/(@movsum(CGt-3,4)) * 100) + Q4t * (@movsum(CGNt-4,4)/(@movsum(CGt-4,4)) * 100))

Government consumption deflator of the calendar year (PCG_S_HIST)

[Definition/Referenced Variable: PCG_S ]

Public investment deflator of the previous calendar year (PIG_S)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDF CHAIN_DENOM_FD CHAIN_DENOM_G CHAIN_DENOM_GCF ZDDFIG_DOT ZDDIG_DOT ZFDIG_DOT ZGCFIG_DOT ZGIG_DOT ZIG_DOT ]
PIG_St = SNA_At * PIG_S_HISTt-4 + (1 - SNA_At) * (Q1t * (@movsum(IGNt-1,4)/(@movsum(IGt-1,4)) * 100) + Q2t * (@movsum(IGNt-2,4)/(@movsum(IGt-2,4)) * 100) + Q3t * (@movsum(IGNt-3,4)/(@movsum(IGt-3,4)) * 100) + Q4t * (@movsum(IGNt-4,4)/(@movsum(IGt-4,4)) * 100))

Public investment deflator of the calendar year (PIG_S_HIST)

[Definition/Referenced Variable: PIG_S ]

Change in public inventories deflator of the previous calendar year (PIIG_S)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_G ZDDIIG_DOT ZGIIG_DOT ZIIG_DOT ]
PIIG_St = SNA_At * PIIG_S_HISTt-4 + (1 - SNA_At) * (Q1t * (@movsum(IIGNt-1,4)/(@movsum(IIGt-1,4)) * 100) + Q2t * (@movsum(IIGNt-2,4)/(@movsum(IIGt-2,4)) * 100) + Q3t * (@movsum(IIGNt-3,4)/(@movsum(IIGt-3,4)) * 100) + Q4t * (@movsum(IIGNt-4,4)/(@movsum(IIGt-4,4)) * 100))

Change in public inventories deflator of the calendar year (PIIG_S_HIST)

[Definition/Referenced Variable: PIIG_S ]

Change in private inventories deflator of the previous calendar year (PSNAIV_S)

[Definition/Referenced Variable: CHAIN_DENOM CHAIN_DENOM_DD CHAIN_DENOM_DDP ZDDPSNAIV_DOT ZDDSNAIV_DOT ZSNAIV_DOT ]
PSNAIV_St = SNA_At * PSNAIV_S_HISTt-4 + (1 - SNA_At) * PSNAIV_St-4

Change in private inventories deflator of the calendar year (PSNAIV_S_HIST)

[Definition/Referenced Variable: PSNAIV_S ]

Variable for chain-linking method (for real GDP) (CHAIN_DENOM)

[Definition/Referenced Variable: ZCG_DOT ZCP_DOT ZEX_DOT ZIG_DOT ZIH_DOT ZIIG_DOT ZIM_DOT ZINV_DOT ZSNAIV_DOT ]
CHAIN_DENOMt = PCP_St * CPt-1 + PINV_St * INVt-1 + PIH_St * IHt-1 + PSNAIV_St * SNAIVt-1 + PCG_St * CGt-1 + PIG_St * IGt-1 + PIIG_St * IIGt-1 + PEX_St * EXt-1 - PIM_St * IMt-1

Variable for chain-linking method (for real domestic demand) (CHAIN_DENOM_DD)

[Definition/Referenced Variable: ZDDCG_DOT ZDDCP_DOT ZDDIG_DOT ZDDIH_DOT ZDDIIG_DOT ZDDINV_DOT ZDDSNAIV_DOT ]
CHAIN_DENOM_DDt = PCP_St * CPt-1 + PINV_St * INVt-1 + PIH_St * IHt-1 + PSNAIV_St * SNAIVt-1 + PCG_St * CGt-1 + PIG_St * IGt-1 + PIIG_St * IIGt-1

Variable for chain-linking method (for real domestic final demand) (CHAIN_DENOM_DDF)

[Definition/Referenced Variable: ZDDFCG_DOT ZDDFCP_DOT ZDDFIG_DOT ZDDFIH_DOT ZDDFINV_DOT ]
CHAIN_DENOM_DDFt = PCP_St * CPt-1 + PINV_St * INVt-1 + PIH_St * IHt-1 + PCG_St * CGt-1 + PIG_St * IGt-1

Variable for chain-linking method (for real private demand) (CHAIN_DENOM_DDP)

[Definition/Referenced Variable: ZDDPCP_DOT ZDDPIH_DOT ZDDPINV_DOT ZDDPSNAIV_DOT ]
CHAIN_DENOM_DDPt = PCP_St * CPt-1 + PINV_St * INVt-1 + PIH_St * IHt-1 + PSNAIV_St * SNAIVt-1

Variable for chain-linking method (for real public demand) (CHAIN_DENOM_G)

[Definition/Referenced Variable: ZGCG_DOT ZGIG_DOT ZGIIG_DOT ]
CHAIN_DENOM_Gt = PCG_St * CGt-1 + PIG_St * IGt-1 + PIIG_St * IIGt-1

Variable for chain-linking method (for real final demand) (CHAIN_DENOM_FD)

[Definition/Referenced Variable: ZFDCG_DOT ZFDCP_DOT ZFDEX_DOT ZFDIG_DOT ZFDIH_DOT ZFDINV_DOT ]
CHAIN_DENOM_FDt = PCP_St * CPt-1 + PINV_St * INVt-1 + PIH_St * IHt-1 + PCG_St * CGt-1 + PIG_St * IGt-1 + PEX_St * EXt-1

2-H. Definition of Expenditure Components

Real domestic demand (contribution to q/q chg. in real GDP) (ZDD_DOT)

[Definition/Referenced Variable: GDP_DOT ]

Real private demand (contribution to q/q chg. in real GDP) (ZDDP_DOT)

[Definition/Referenced Variable: ZDD_DOT ]

Real public demand (contribution to q/q chg. in real GDP) (ZG_DOT)

[Definition/Referenced Variable: ZDD_DOT ]

Real net exports of goods and services (contribution to q/q chg. in real GDP) (ZEXIM_DOT)

[Definition/Referenced Variable: GDP_DOT ]

Real private consumption (contribution to q/q chg. in real GDP) (ZCP_DOT)

[Definition/Referenced Variable: ZDDP_DOT ]
ZCP_DOTt = CHAINt * (PCP_St * d(CPt)/CHAIN_DENOMt) + (1 - CHAINt) * (d(CPt)/GDPt-1)

Real private non-residential investment (contribution to q/q chg. in real GDP) (ZINV_DOT)

[Definition/Referenced Variable: ZDDP_DOT ]
ZINV_DOTt = CHAINt * (PINV_St * d(INVt)/CHAIN_DENOMt) + (1 - CHAINt) * (d(INVt)/GDPt-1)

Real private residential investment (contribution to q/q chg. in real GDP) (ZIH_DOT)

[Definition/Referenced Variable: ZDDP_DOT ]
ZIH_DOTt = CHAINt * (PIH_St * d(IHt)/CHAIN_DENOMt) + (1 - CHAINt) * (d(IHt)/GDPt-1)

Change in real private inventories (contribution to q/q chg. in real GDP) (ZSNAIV_DOT)

[Definition/Referenced Variable: ZDDP_DOT ]
ZSNAIV_DOTt = CHAINt * (PSNAIV_St * d(SNAIVt)/CHAIN_DENOMt) + (1 - CHAINt) * (d(SNAIVt)/GDPt-1)

Real government consumption (contribution to q/q chg. in real GDP) (ZCG_DOT)

[Definition/Referenced Variable: ZG_DOT ]
ZCG_DOTt = CHAINt * (PCG_St * d(CGt)/CHAIN_DENOMt) + (1 - CHAINt) * (d(CGt)/GDPt-1)

Real public investment (contribution to q/q chg. in real GDP) (ZIG_DOT)

[Definition/Referenced Variable: ZG_DOT ]
ZIG_DOTt = CHAINt * (PIG_St * d(IGt)/CHAIN_DENOMt) + (1 - CHAINt) * (d(IGt)/GDPt-1)

Change in real public inventories (contribution to q/q chg. in real GDP) (ZIIG_DOT)

[Definition/Referenced Variable: ZG_DOT ]
ZIIG_DOTt = CHAINt * (PIIG_St * d(IIGt)/CHAIN_DENOMt) + (1 - CHAINt) * (d(IIGt)/GDPt-1)

Real exports of goods and services (contribution to q/q chg. in real GDP) (ZEX_DOT)

[Definition/Referenced Variable: ZEXIM_DOT ]
ZEX_DOTt = CHAINt * (PEX_St * d(EXt)/CHAIN_DENOMt) + (1 - CHAINt) * (d(EXt)/GDPt-1)

Real imports of goods and services (contribution to q/q chg. in real GDP) (ZIM_DOT)

[Definition/Referenced Variable: ZEXIM_DOT ]
ZIM_DOTt = CHAINt * (PIM_St * d(IMt)/CHAIN_DENOMt) + (1 - CHAINt) * (d(IMt)/GDPt-1)

Real private consumption (contribution to q/q chg. in real domestic demand) (ZDDCP_DOT)

[Definition/Referenced Variable: DD_DOT ]
ZDDCP_DOTt = CHAINt * (PCP_St * d(CPt)/CHAIN_DENOM_DDt) + (1 - CHAINt) * (d(CPt)/DDt-1)

Real private non-residential investment (contribution to q/q chg. in real domestic demand) (ZDDINV_DOT)

[Definition/Referenced Variable: DD_DOT ]
ZDDINV_DOTt = CHAINt * (PINV_St * d(INVt)/CHAIN_DENOM_DDt) + (1 - CHAINt) * (d(INVt)/DDt-1)

Real private residential investment (contribution to q/q chg. in real domestic demand) (ZDDIH_DOT)

[Definition/Referenced Variable: DD_DOT ]
ZDDIH_DOTt = CHAINt * (PIH_St * d(IHt)/CHAIN_DENOM_DDt) + (1 - CHAINt) * (d(IHt)/DDt-1)

Change in real private inventories (contribution to q/q chg. in real domestic demand) (ZDDSNAIV_DOT)

[Definition/Referenced Variable: DD_DOT ]
ZDDSNAIV_DOTt = CHAINt * (PSNAIV_St * d(SNAIVt)/CHAIN_DENOM_DDt) + (1 - CHAINt) * (d(SNAIVt)/DDt-1)

Real government consumption (contribution to q/q chg. in real domestic demand) (ZDDCG_DOT)

[Definition/Referenced Variable: DD_DOT ]
ZDDCG_DOTt = CHAINt * (PCG_St * d(CGt)/CHAIN_DENOM_DDt) + (1 - CHAINt) * (d(CGt)/DDt-1)

Real public investment (contribution to q/q chg. in real domestic demand) (ZDDIG_DOT)

[Definition/Referenced Variable: DD_DOT ]
ZDDIG_DOTt = CHAINt * (PIG_St * d(IGt)/CHAIN_DENOM_DDt) + (1 - CHAINt) * (d(IGt)/DDt-1)

Real change in public inventories (contribution to q/q chg. in real domestic demand) (ZDDIIG_DOT)

[Definition/Referenced Variable: DD_DOT ]
ZDDIIG_DOTt = CHAINt * (PIIG_St * d(IIGt)/CHAIN_DENOM_DDt) + (1 - CHAINt) * (d(IIGt)/DDt-1)

Real private consumption (contribution to q/q chg. in real private demand) (ZDDPCP_DOT)

[Definition/Referenced Variable: DDP_DOT ]
ZDDPCP_DOTt = CHAINt * (PCP_St * d(CPt)/CHAIN_DENOM_DDPt) + (1 - CHAINt) * (d(CPt)/DDPt-1)

Real private non-residential investment (contribution to q/q chg. in real private demand) (ZDDPINV_DOT)

[Definition/Referenced Variable: DDP_DOT ]
ZDDPINV_DOTt = CHAINt * (PINV_St * d(INVt)/CHAIN_DENOM_DDPt) + (1 - CHAINt) * (d(INVt)/DDPt-1)

Real private residential investment (contribution to q/q chg. in real private demand) (ZDDPIH_DOT)

[Definition/Referenced Variable: DDP_DOT ]
ZDDPIH_DOTt = CHAINt * (PIH_St * d(IHt)/CHAIN_DENOM_DDPt) + (1 - CHAINt) * (d(IHt)/DDPt-1)

Change in real private inventories (contribution to q/q chg. in real private demand) (ZDDPSNAIV_DOT)

[Definition/Referenced Variable: DDP_DOT ]
ZDDPSNAIV_DOTt = CHAINt * (PSNAIV_St * d(SNAIVt)/CHAIN_DENOM_DDPt) + (1 - CHAINt) * (d(SNAIVt)/DDPt-1)

Real government consumption (contribution to q/q chg. in real public demand) (ZGCG_DOT)

[Definition/Referenced Variable: G_DOT ]
ZGCG_DOTt = CHAINt * (PCG_St * d(CGt)/CHAIN_DENOM_Gt) + (1 - CHAINt) * (d(CGt)/Gt-1)

Real public investment (contribution to q/q chg. in real public demand) (ZGIG_DOT)

[Definition/Referenced Variable: G_DOT ]
ZGIG_DOTt = CHAINt * (PIG_St * d(IGt)/CHAIN_DENOM_Gt) + (1 - CHAINt) * (d(IGt)/Gt-1)

Change in real public inventories (contribution to q/q chg. in real public demand) (ZGIIG_DOT)

[Definition/Referenced Variable: G_DOT ]
ZGIIG_DOTt = CHAINt * (PIIG_St * d(IIGt)/CHAIN_DENOM_Gt) + (1 - CHAINt) * (d(IIGt)/Gt-1)

Real private consumption (contribution to q/q chg. in real final demand) (ZFDCP_DOT)

[Definition/Referenced Variable: FD_DOT ]
ZFDCP_DOTt = CHAINt * (PCP_St * d(CPt)/CHAIN_DENOM_FDt) + (1 - CHAINt) * (d(CPt)/FDt-1)

Real private non-residential investment (contribution to q/q chg. in real final demand) (ZFDINV_DOT)

[Definition/Referenced Variable: FD_DOT ]
ZFDINV_DOTt = CHAINt * (PINV_St * d(INVt)/CHAIN_DENOM_FDt) + (1 - CHAINt) * (d(INVt)/FDt-1)

Real private residential investment (contribution to q/q chg. in real final demand) (ZFDIH_DOT)

[Definition/Referenced Variable: FD_DOT ]
ZFDIH_DOTt = CHAINt * (PIH_St * d(IHt)/CHAIN_DENOM_FDt) + (1 - CHAINt) * (d(IHt)/FDt-1)

Real government consumption (contribution to q/q chg. in real final demand) (ZFDCG_DOT)

[Definition/Referenced Variable: FD_DOT ]
ZFDCG_DOTt = CHAINt * (PCG_St * d(CGt)/CHAIN_DENOM_FDt) + (1 - CHAINt) * (d(CGt)/FDt-1)

Real public investment (contribution to q/q chg. in real final demand) (ZFDIG_DOT)

[Definition/Referenced Variable: FD_DOT ]
ZFDIG_DOTt = CHAINt * (PIG_St * d(IGt)/CHAIN_DENOM_FDt) + (1 - CHAINt) * (d(IGt)/FDt-1)

Real exports of goods and services (contribution to q/q chg. in real final demand) (ZFDEX_DOT)

[Definition/Referenced Variable: FD_DOT ]
ZFDEX_DOTt = CHAINt * (PEX_St * d(EXt)/CHAIN_DENOM_FDt) + (1 - CHAINt) * (d(EXt)/FDt-1)

Real private consumption (contribution to q/q chg. in real domestic final demand) (ZDDFCP_DOT)

[Definition/Referenced Variable: DDF_DOT ]
ZDDFCP_DOTt = CHAINt * (PCP_St * d(CPt)/CHAIN_DENOM_DDFt) + (1 - CHAINt) * (d(CPt)/DDFt-1)

Real private non-residential investment (contribution to q/q chg. in real domestic final demand) (ZDDFINV_DOT)

[Definition/Referenced Variable: DDF_DOT ]
ZDDFINV_DOTt = CHAINt * (PINV_St * d(INVt)/CHAIN_DENOM_DDFt) + (1 - CHAINt) * (d(INVt)/DDFt-1)

Real private residential investment (contribution to q/q chg. in real domestic final demand) (ZDDFIH_DOT)

[Definition/Referenced Variable: DDF_DOT ]
ZDDFIH_DOTt = CHAINt * (PIH_St * d(IHt)/CHAIN_DENOM_DDFt) + (1 - CHAINt) * (d(IHt)/DDFt-1)

Real government consumption (contribution to q/q chg. in real domestic final demand) (ZDDFCG_DOT)

[Definition/Referenced Variable: DDF_DOT ]
ZDDFCG_DOTt = CHAINt * (PCG_St * d(CGt)/CHAIN_DENOM_DDFt) + (1 - CHAINt) * (d(CGt)/DDFt-1)

Real public investment (contribution to q/q chg. in real domestic final demand) (ZDDFIG_DOT)

[Definition/Referenced Variable: DDF_DOT ]
ZDDFIG_DOTt = CHAINt * (PIG_St * d(IGt)/CHAIN_DENOM_DDFt) + (1 - CHAINt) * (d(IGt)/DDFt-1)

Quarter-to-quarter change of real final demand (FD_DOT)

[Definition/Referenced Variable: FD ]

Real final demand, S.A. (FD)

[Definition/Referenced Variable: PFD ZFDCG_DOT ZFDCP_DOT ZFDEX_DOT ZFDIG_DOT ZFDIH_DOT ZFDINV_DOT ]
FDt/FDt-1 - 1 = FD_DOTt

Quarter-to-quarter change of real domestic final demand (DDF_DOT)

[Definition/Referenced Variable: DDF ]

Real domestic final demand, S.A. (DDF)

[Definition/Referenced Variable: PDDF ZDDFCG_DOT ZDDFCP_DOT ZDDFIG_DOT ZDDFIH_DOT ZDDFINV_DOT ]
DDFt/DDFt-1 - 1 = DDF_DOTt

Quarter-to-quarter change of real domestic demand (DD_DOT)

[Definition/Referenced Variable: DD ]

Real domestic demand, S.A. (DD)

[Definition/Referenced Variable: PDD ZDDCG_DOT ZDDCP_DOT ZDDIG_DOT ZDDIH_DOT ZDDIIG_DOT ZDDINV_DOT ZDDSNAIV_DOT ]
DDt/DDt-1 - 1 = DD_DOTt

Quarter-to-quarter change of real private demand (DDP_DOT)

[Definition/Referenced Variable: DDP ]

Real private demand, S.A. (DDP)

[Definition/Referenced Variable: PDDP ZDDPCP_DOT ZDDPIH_DOT ZDDPINV_DOT ZDDPSNAIV_DOT ]
DDPt/DDPt-1 - 1 = DDP_DOTt

Nominal final demand, S.A. (FDN)

[Definition/Referenced Variable: PFD ]
FDNt = CPNt + IHNt + INVNt + CGNt + IGNt + EXNt

Nominal domestic final demand, S.A. (DDFN)

[Definition/Referenced Variable: PDDF ]
DDFNt = CPNt + IHNt + INVNt + CGNt + IGNt

Nominal domestic demand, S.A. (DDN)

[Definition/Referenced Variable: IM PDD ]
DDNt = GDPNt - EXNt + IMNt

Nominal private demand, S.A. (DDPN)

[Definition/Referenced Variable: PDDP ]
DDPNt = CPNt + IHNt + INVNt + SNAIVNt

2-I. Foreign Economies

Real growth rate of foreign economy (HQFGDP)

[Definition/Referenced Variable: FGDP ]
HQFGDPt = (1 - EXUSWEIGHTt/100) * d(log(NUSGDPt)) + EXUSWEIGHTt/100 * d(log(USGDPt))

Share of the United States in Japanese exports (EXUSWEIGHT)

[Definition/Referenced Variable: HQFGDP HQFGDPQ ]

Real gross domestic product of foreign economy, S.A. (FGDP)

[Definition/Referenced Variable: BPNEXI EX EXQ FGAP POIL ]
d(log(FGDPt)) = HQFGDPt

Potential growth rate of foreign economy (HQFGDPQ)

[Definition/Referenced Variable: FGDPQ ]
HQFGDPQt = (1 - EXUSWEIGHTt/100) * d(log(NUSGDPQt)) + EXUSWEIGHTt/100 * d(log(USGDPQt))

Potential GDP of foreign economy (FGDPQ)

[Definition/Referenced Variable: FGAP ]
d(log(FGDPQt)) = HQFGDPQt

Output gap of foreign economy (FGAP)

[Definition/Referenced Variable: NUSCPI ]
FGAPt = log(FGDPt/FGDPQt) * 100

Consumer price index of foreign economy, S.A. (FCPI)

[Definition/Referenced Variable: BPNEXI FXR PIM ]
d(log(FCPIt)) = (1 - FCPIUSWEIGHTt/100) * d(log(NUSCPIt)) + FCPIUSWEIGHTt/100 * d(log(USCPIt))

Real gross domestic product of the United States, S.A. (USGDP)

[Definition/Referenced Variable: HQFGDP ]
log(USGDPt/USGDPQt) * 100 = USGAPt

Potential GDP of the United States (USGDPQ)

[Definition/Referenced Variable: HQFGDPQ USGDP ]
d(log(USGDPQt)) = HQUSGDPQt

Output gap of the United States (USGAP)

[Definition/Referenced Variable: HQUSCPIXFDEN NUSGAP USCALL USGDP USZGAPn ]
USGAPt = - 0.085<0.059> + 0.905<0.027> * USGAPt-1 + 0.241<0.109> * d(NUSGAPt) - 0.039<0.032> * (@movsum(USIRLt - USZPI10t - USCALLQt + HQUSCPIQt,4)/4) + 0.249<0.077> * d(USGAPt-1) + 0.127<0.077> * d(USGAPt-2)
Adjusted-R2: 0.90,S.E. of regression: 0.651,Sample period: 1977Q3 2018Q4

Real equilibrium policy interest rate of the United States (USCALLQR)

[Definition/Referenced Variable: USCALLQ ]
USCALLQRt = 0.908<0.021> * log(USGDPQ_CBOt/USGDPQ_CBOt-4) * 100
Adjusted-R2: 0.57,S.E. of regression: 0.704,Sample period: 1980Q1 2018Q3

Equilibrium policy interest rate of the United States (USCALLQ)

[Definition/Referenced Variable: USCALL USGAP USZCALLn ]

Policy interest rate of the United States (USCALL)

[Definition/Referenced Variable: USZCALLn ]
USCALLt - USCALLQt = (0.841<0.028>) * (USCALLt-1 - USCALLQt) + (1 - 0.841<0.028>) * (0.5 * USGAPt + 1.5 * (USPIXt - HQUSCPIQt))
Adjusted-R2: 0.87,S.E. of regression: 0.866,Sample period: 1980Q3 2007Q2

Expected policy interest rate of the United States (n quarters ahead) (USZCALLn)

[Definition/Referenced Variable: USZCALL10 ]
USZCALLt, n = 0.841 * USZCALLt, n-1 + (1 - 0.841) * (USCALLQt + 0.500 * USZGAPt, n + 1.500 * (USZPIt, n - HQUSCPIQt))

Long-term expected policy interest rate of the United States (10 year average) (USZCALL10)

[Definition/Referenced Variable: USIRL ]
USZCALL10t = (1/40) * (USZCALLt, 0 + USZCALLt, 1 + USZCALLt, 2 + USZCALLt, 3 + USZCALLt, 4 + USZCALLt, 5 + USZCALLt, 6 + USZCALLt, 7 + USZCALLt, 8 + USZCALLt, 9 + USZCALLt, 10 + USZCALLt, 11 + USZCALLt, 12 + USZCALLt, 13 + USZCALLt, 14 + USZCALLt, 15 + USZCALLt, 16 + USZCALLt, 17 + USZCALLt, 18 + USZCALLt, 19 + USZCALLt, 20 + USZCALLt, 21 + USZCALLt, 22 + USZCALLt, 23 + USZCALLt, 24 + USZCALLt, 25 + USZCALLt, 26 + USZCALLt, 27 + USZCALLt, 28 + USZCALLt, 29 + USZCALLt, 30 + USZCALLt, 31 + USZCALLt, 32 + USZCALLt, 33 + USZCALLt, 34 + USZCALLt, 35 + USZCALLt, 36 + USZCALLt, 37 + USZCALLt, 38 + USZCALLt, 39)

Long-term interest rate of the United States (USIRL)

[Definition/Referenced Variable: FXYENQ USGAP ]
USIRLt - USZCALL10t = 0.027<0.038> + 0.959<0.023> * (USIRLt-1 - USZCALL10t-1)
Adjusted-R2: 0.92,S.E. of regression: 0.443,Sample period: 1977Q1 2018Q4

Expected output gap of the United States (n quarters ahead) (USZGAPn)

[Definition/Referenced Variable: USZCALLn USZPIn ]
USZGAPt, n = 1.297<0.072> * USZGAPt, n-1 - 0.352<0.072> * USZGAPt, n-2

Target inflation rate of the United States (HQUSCPIQ_CB)

[Definition/Referenced Variable: HQUSCPIQ ]

Inflation rate of the U.S. consumer price index (all items, less food and energy) (HQUSCPIXFDEN)

[Definition/Referenced Variable: HQUSCPI USCPIXFDEN ]
HQUSCPIXFDENt * 400 = 0.376 * HQUSCPIXFDENt-1 * 400 + (1 - 0.376) * USZPIt, 1 + 0.008 * USGAPt

Consumer price index of the United States (for all urban consumers, all items less food and energy), S.A. (USCPIXFDEN)

[Definition/Referenced Variable: FXYENQ PEX POIL USPIX ]

Inflation rate of the U.S. consumer price index (for all urban consumers, all items less food and energy) (USPIX)

[Definition/Referenced Variable: USCALL USZPIn ]
USPIXt = d(log(USCPIXFDENt)) * 400

Trend inflation rate of the U.S. consumer price index (HQUSCPIQ)

[Definition/Referenced Variable: USCALL USCALLQ USGAP USZCALLn USZPIn ]
HQUSCPIQt = 0.234/(1 - 0.639) * @movsum(USZPIt-1, 0,8)/8 + (1 - 0.234/(1 - 0.639)) * HQUSCPIQ_CBt

Expected inflation rate of the U.S. consumer price index (n quarters ahead) (USZPIn)

[Definition/Referenced Variable: HQUSCPIQ HQUSCPIXFDEN USZCALLn USZPI10 ]
USZPIt, n = 0.639 * (USZPIt, n-1 - HQUSCPIQt) + 0.020 * USZGAPt, n + HQUSCPIQt

Long-term expected inflation rate of the U.S. consumer price index (10 year average) (USZPI10)

[Definition/Referenced Variable: FXYENQ USGAP ]
USZPI10t = (1/40) * (USZPIt, 0 + USZPIt, 1 + USZPIt, 2 + USZPIt, 3 + USZPIt, 4 + USZPIt, 5 + USZPIt, 6 + USZPIt, 7 + USZPIt, 8 + USZPIt, 9 + USZPIt, 10 + USZPIt, 11 + USZPIt, 12 + USZPIt, 13 + USZPIt, 14 + USZPIt, 15 + USZPIt, 16 + USZPIt, 17 + USZPIt, 18 + USZPIt, 19 + USZPIt, 20 + USZPIt, 21 + USZPIt, 22 + USZPIt, 23 + USZPIt, 24 + USZPIt, 25 + USZPIt, 26 + USZPIt, 27 + USZPIt, 28 + USZPIt, 29 + USZPIt, 30 + USZPIt, 31 + USZPIt, 32 + USZPIt, 33 + USZPIt, 34 + USZPIt, 35 + USZPIt, 36 + USZPIt, 37 + USZPIt, 38 + USZPIt, 39)

Inflation rate of the U.S. consumer price index (HQUSCPI)

[Definition/Referenced Variable: USCPI ]
HQUSCPIt * 400 = 0.944<0.032> * HQUSCPIXFDENt * 400 + 0.020<0.001> * dlog(POILt) * 400
Adjusted-R2: 0.69,S.E. of regression: 1.102,Sample period: 1984Q1 2018Q4

Consumer price index of the United States (for all urban consumers, all items), S.A. (USCPI)

[Definition/Referenced Variable: FCPI ]
d(log(USCPIt)) = HQUSCPIt

Real GDP of the rest of the world (NUSGDP)

[Definition/Referenced Variable: HQFGDP ]
log(NUSGDPt/NUSGDPQt) * 100 = NUSGAPt

Potential GDP of the rest of the world (NUSGDPQ)

[Definition/Referenced Variable: HQFGDPQ NUSCALLQ NUSGDP ]
d(log(NUSGDPQt)) = HQNUSGDPQt

Output gap of the rest of the world (NUSGAP)

[Definition/Referenced Variable: NUSCALL NUSGDP NUSZGAPn USGAP ]
NUSGAPt = 0.872<0.037> * NUSGAPt-1 + 0.225<0.059> * d(USGAPt-1) - 0.055<0.028> * (@movsum(NUSZCALL10t-1 - NUSZPI10t-1 - NUSCALLQt-1 + HQNUSCPIQt-1,4)/4)
Adjusted-R2: 0.80,S.E. of regression: 0.457,Sample period: 1981Q2 2018Q4

Equilibrium policy interest rate of the rest of the world (NUSCALLQ)

[Definition/Referenced Variable: NUSCALL NUSGAP NUSZCALLn ]
NUSCALLQt - HQNUSCPIQt = 0.690<0.052> * log(NUSGDPQt/NUSGDPQt-4) * 100
Adjusted-R2: 0.96,S.E. of regression: 2.825,Sample period: 1981Q1 2018Q4

Policy interest rate of the rest of the world (NUSCALL)

[Definition/Referenced Variable: NUSZCALLn ]
NUSCALLt - NUSCALLQt = 0.970<0.017> * (NUSCALLt-1 - NUSCALLQt) + 0.140<0.043> * NUSGAPt + 0.094<0.030> * (d(log(NUSCPIt)) * 400 - HQNUSCPIQt)
Adjusted-R2: 0.96,S.E. of regression: 0.501,Sample period: 1980Q3 2018Q4

Expected policy interest rate of the rest of the world (n quarters ahead) (NUSZCALLn)

[Definition/Referenced Variable: NUSZCALL10 ]
NUSZCALLt, n = 0.970 * NUSZCALLt, n-1 + (1 - 0.970) * NUSCALLQt + 0.140 * NUSZGAPt, n + 0.094 * (NUSZPIt, n - HQNUSCPIQt)

Long-term expected policy interest rate of the rest of the world (10 year average) (NUSZCALL10)

[Definition/Referenced Variable: NUSGAP ]
NUSZCALL10t = (1/40) * (NUSZCALLt, 0 + NUSZCALLt, 1 + NUSZCALLt, 2 + NUSZCALLt, 3 + NUSZCALLt, 4 + NUSZCALLt, 5 + NUSZCALLt, 6 + NUSZCALLt, 7 + NUSZCALLt, 8 + NUSZCALLt, 9 + NUSZCALLt, 10 + NUSZCALLt, 11 + NUSZCALLt, 12 + NUSZCALLt, 13 + NUSZCALLt, 14 + NUSZCALLt, 15 + NUSZCALLt, 16 + NUSZCALLt, 17 + NUSZCALLt, 18 + NUSZCALLt, 19 + NUSZCALLt, 20 + NUSZCALLt, 21 + NUSZCALLt, 22 + NUSZCALLt, 23 + NUSZCALLt, 24 + NUSZCALLt, 25 + NUSZCALLt, 26 + NUSZCALLt, 27 + NUSZCALLt, 28 + NUSZCALLt, 29 + NUSZCALLt, 30 + NUSZCALLt, 31 + NUSZCALLt, 32 + NUSZCALLt, 33 + NUSZCALLt, 34 + NUSZCALLt, 35 + NUSZCALLt, 36 + NUSZCALLt, 37 + NUSZCALLt, 38 + NUSZCALLt, 39)

Expected output gap of the rest of the world (n quarters ahead) (NUSZGAPn)

[Definition/Referenced Variable: NUSZCALLn NUSZPIn ]
NUSZGAPt, n = 1.355<0.068> * NUSZGAPt, n-1 - 0.536<0.068> * NUSZGAPt, n-2

Expected inflation rate of the rest of the world consumer price index (n quarters ahead) (NUSZPIn)

[Definition/Referenced Variable: NUSCPI NUSZCALLn NUSZPI10 ]
NUSZPIt, n = 0.429<0.067> * (NUSZPIt, n-1 - HQNUSCPIQt) + 0.340<0.097> * NUSZGAPt, n + HQNUSCPIQt + 5.401<1.154> * D942t

Long-term expected inflation rate of the rest of the world consumer price index (10 year average) (NUSZPI10)

[Definition/Referenced Variable: NUSGAP ]
NUSZPI10t = (1/40) * (NUSZPIt, 0 + NUSZPIt, 1 + NUSZPIt, 2 + NUSZPIt, 3 + NUSZPIt, 4 + NUSZPIt, 5 + NUSZPIt, 6 + NUSZPIt, 7 + NUSZPIt, 8 + NUSZPIt, 9 + NUSZPIt, 10 + NUSZPIt, 11 + NUSZPIt, 12 + NUSZPIt, 13 + NUSZPIt, 14 + NUSZPIt, 15 + NUSZPIt, 16 + NUSZPIt, 17 + NUSZPIt, 18 + NUSZPIt, 19 + NUSZPIt, 20 + NUSZPIt, 21 + NUSZPIt, 22 + NUSZPIt, 23 + NUSZPIt, 24 + NUSZPIt, 25 + NUSZPIt, 26 + NUSZPIt, 27 + NUSZPIt, 28 + NUSZPIt, 29 + NUSZPIt, 30 + NUSZPIt, 31 + NUSZPIt, 32 + NUSZPIt, 33 + NUSZPIt, 34 + NUSZPIt, 35 + NUSZPIt, 36 + NUSZPIt, 37 + NUSZPIt, 38 + NUSZPIt, 39)

Consumer price index of the rest of the world (NUSCPI)

[Definition/Referenced Variable: FCPI NUSCALL NUSPIX ]
d(log(NUSCPIt)) * 400 - HQNUSCPIQt = 0.148<0.129> * FGAPt + 0.823<0.146> * (NUSZPIt-1, 1 - HQNUSCPIQt) + 0.005<0.002> * d(log(POILt)) * 400 + 5.339<1.099> * D942t
Adjusted-R2: 0.43,S.E. of regression: 1.099,Sample period: 1984Q1 2018Q4

Inflation rate of the rest of the world consumer price index (NUSPIX)

[Definition/Referenced Variable: NUSZPIn ]
NUSPIXt = d(log(NUSCPIt)) * 400

Trend inflation rate of the rest of the world consumer price index (HQNUSCPIQ)

[Definition/Referenced Variable: NUSCALL NUSCALLQ NUSCPI NUSGAP NUSZCALLn NUSZPIn ]

3. References