Appendix A: Tables for the US Model
Table A.1: The Six Sectors
Table A.2: Variables in Alphabetical Order
Table A.3: The Equations
Table A.4: The Raw Data Variables
Table A.5: Links between NIPA and FFA
Table A.6: Construction of the Variables
Table A.7: First Stage Regressors
Table A.8: Solution under Alternative Monetary Policy Assumptions
Table A.9: Cross Reference Chart
Table A.1: The Six Sectors
				Table A.1
                     The Six Sectors of the US Model

Sector in the Model  Corresponding Sector(s) in the Flow of Funds Accounts

1. Household (h)     1a. Households and Nonprofit Organizations (H1)
                     1b. Farm Business (FA)
                     1c. Nonfarm Noncorporate Business (NN)

2. Firm (f)           2. Nonfarm Nonfinancial Corporate Business (F)

3. Financial (b)     3a. Commercial Banking (B1):
                       (1) U.S.-Chartered Commercial Banks
                       (2) Foreign Banking Offices in U.S.
                       (3) Bank Holding Companies
                       (4) Banks in U.S.-Affiliated Areas
                     3b. Private Nonbank Financial Institutions (B2):
                       (1) Funding Corporations
                       (2) Savings Institutions
                       (3) Credit Unions
                       (4) Life Insurance Companies
                       (5) Other Insurance Companies
                       (6) Private Pension Funds
                       (7) State and Local Government Employee Retirement Funds
                       (8) Finance Companies
                       (9) Mortgage Companies
                      (10) Mutual Funds
                      (11) Closed-End Funds
                      (12) Money Market Mutual Funds
                      (13) Real Estate Investment Trusts
                      (14) Security Brokers and Dealers
                      (15) Issuers of Asset Backed Securities 
                      (16) Bank Personal Trusts and Estates

4. Foreign (r)       4. Foreign (R)

5. Fed. Gov. (g)     5a. U.S. Government (US)
                     5b. Government-Sponsored Enterprises (CA)
                     5c. Federally Related Mortgage Pools
                     5d. Monetary Authority (MA)
	
6. S & L Gov. (s)     6. State and Local Governments General Funds (S)	
Table A.2: Variables in Alphabetical Order
				Table A.2
             The Variables in the US Model in Alphabetical Order

Var.    Eq.   Description

AA      89     Total net wealth, h, B92$.
AB      73     Net financial assets, b, B$.
AF      70     Net financial assets, f, B$.
AG      77     Net financial assets, g, B$.
AG1     Exog.  Percent of 16+ population 26-55 minus percent 16-25.
AG2     Exog.  Percent of 16+ population 56-65 minus percent 16-25.
AG3     Exog.  Percent of 16+ population 66+ minus percent 16-25.
AH      66     Net financial assets, h, B$.
AR      75     Net financial assets, r, B$.
AS      79     Net financial assets, s, B$.
BF      55     Estimated long term bond issues in the current period, f, B$.
BG      56     Estimated long term bond issues in the current period, g, B$.
BO      22     Bank borrowing from the Fed, B$.
BR      57     Total bank reserves, B$.
CCB     Exog.  Capital consumption, b, B92$.
CCF     21     Capital consumption, f, B$.
CCG     Exog.  Capital consumption, g, B$.
CCH     Exog.  Capital consumption, h, B$.
CCS     Exog.  Capital consumption, s, B$.
CD      3      Consumer expenditures for durable goods, B92$.
CDA     Exog.  Peak to peak interpolation of CD/POP.
CF      68     Cash flow, f, B$.
CG      25     Capital gains(+) or losses(-) on corporate stocks held by h, B$
CN      2      Consumer expenditures for nondurable goods, B92$.
COG     Exog.  Purchases of consumption and investment goods, g, B92$.
COS     Exog.  Purchases of consumption and investment goods, s, B92$.
CS      1      Consumer expenditures for services, B92$.
CUR     26     Currency held outside banks, B$.
D1G     Exog.  Personal income tax parameter, g.
D1GM    90     Marginal personal income tax rate, g.
D1S     Exog.  Personal income tax parameter, s.
D1SM    91     Marginal personal income tax rate, s.
D2G     Exog.  Profit tax rate, g.
D2S     Exog.  Profit tax rate, s.
D3G     Exog.  Indirect business tax rate, g.
D3S     Exog.  Indirect business tax rate, s.
D4G     Exog.  Employee social security tax rate, g.
D5G     Exog.  Employer social security tax rate, g.
D691    Exog.  1 in 1969:1; 0 otherwise.
D692    Exog.  1 in 1969:2; 0 otherwise.
D714    Exog.  1 in 1971:4; 0 otherwise.
D721    Exog.  1 in 1972:1; 0 otherwise.
D794823 Exog.  1 from 1979:4 through 1982:3; 0 otherwise.
D811824 Exog.  1 from 1981:1 through 1982:4; 0 otherwise.
D831834 Exog.  1 from 1983:1 through 1983:4; 0 otherwise.
DB      Exog.  Dividends paid, b, B$.
DD772   Exog.  1 from 1977:2 on; 0 otherwise.
DELD    Exog.  Physical depreciation rate of the stock of durable goods, 
               rate per quarter.
DELH    Exog.  Physical depreciation rate of the stock of housing, 
               rate per quarter.
DELK    Exog.  Physical depreciation rate of the stock of capital, 
               rate per quarter.
DF      18     Dividends paid, f, B$.
DISB    Exog.  Discrepancy for b, B$.
DISBA   Exog.  Discrepancy between NIPA and FFA data on capital consumption, 
               nonfinancial corporate business, B$.
DISF    Exog.  Discrepancy for f, B$.
DISG    Exog.  Discrepancy for g, B$.
DISH    Exog.  Discrepancy for h, B$.
DISR    Exog.  Discrepancy for r, B$.
DISS    Exog.  Discrepancy for s, B$.
DRS     Exog.  Dividends received by s, B$.
E       85     Total employment, civilian and military, millions.
EX      Exog.  Exports, B92$.
EXPG    106    Total expenditures, g, B$.
EXPS    113    Total expenditures, s, B$.
FA      Exog.  Farm gross product, B92$.
FIROW   Exog.  Payments of factor income to the rest of the world, B$.
FIROWD  Exog.  FIROW price index.
FIUS    Exog.  Receipts of factor income from the rest of the world, B$.
FIUSD   Exog.  FIUS price index.
G1      Exog.  Reserve requirement ratio.
GDP     82     Gross Domestic Product, B$.
GDPD    84     GDP chain price index.
GDPR    83     Gross Domestic Product, B92$.
GNP     129    Gross National Product, B$.
GNPD    131    GNP chain price index.
GNPR    130    Gross National Product, B92$.
HF      14     Average number of hours paid per job, f, hours per quarter.
HFF     100    Deviation of HF from its peak to peak interpolation.
HFS     Exog.  Peak to peak interpolation of HF.
HG      Exog.  Average number of hours paid per civilian job, g, hours 
               per quarter.
HM      Exog.  Average number of hours paid per military job, g, hours 
               per quarter.
HN      62     Average number of non overtime hours paid per job, f, hours 
               per quarter.
HO      15     Average number of overtime hours paid per job, f, hours 
               per quarter.
HS      Exog.  Average number of hours paid per job, s, hours per quarter.
IBTG    51     Indirect business taxes, g, B$.
IBTS    52     Indirect business taxes, s, B$.
IGZ     Exog.  Gross investment, g, B$.
IHB     Exog.  Residential investment, b, B92$.
IHF     Exog.  Residential investment, f, B92$.
IHH     4      Residential investment, h, B92$.
IHHA    Exog.  Peak to peak interpolation of IHH/POP.
IKB     Exog.  Nonresidential fixed investment, b, B92$.
IKF     12     Nonresidential fixed investment, f, B92$.
IKFA    Exog.  Peak to peak interpolation of IKF.       
IKG     Exog.  Nonresidential fixed investment, g, B92$.
IKH     Exog.  Nonresidential fixed investment, h, B92$.
IM      27     Imports, B92$.
INS     Exog.  Insurance credits to households from g, B$.
INTF    19     Net interest payments, f, B$.
INTG    29     Net interest payments, g, B$.
INTOTH  Exog.  Net interest payments, sole proprietorships and partnerships 
               and other private business, B$.
INTROW  88     Net interest receipts, r, B$.
INTS    Exog.  Net interest payments, s, B$.
ISZ     Exog.  Gross investment, s, B$.
IVA     20     Inventory valuation adjustment, B$.
IVF     117    Inventory investment, f, B92$.
IVH     Exog.  Inventory investment, h, B92$.
IVVH    Exog.  Inventory investment, h, B$.
JF      13     Number of jobs, f, millions.
JG      Exog.  Number of civilian jobs, g, millions.
JHMIN   94     Number of worker hours required to produce Y, millions.
JJ      95     Ratio of the total number of worker hours paid for to the 
               total population 16 and over.
JJP     Exog.  Potential value of JJ.
JJS     96     Ratio of actual to potential JJ.
JM      Exog.  Number of military jobs, g, millions.
JS      Exog.  Number of jobs, s, millions.
KD      58     Stock of durable goods, B92$.
KH      59     Stock of housing, h, B92$.
KK      92     Stock of capital, f, B92$.
KKMIN   93     Amount of capital required to produce Y, B92$.
L1      5      Labor force of men 25-54, millions.
L2      6      Labor force of women 25-54, millions.
L3      7      Labor force of all others, 16+, millions.
LAM     Exog.  Amount of output capable of being produced per worker hour.
LM      8      Number of "moonlighters":  difference between the total 
               number of jobs (establishment data) and the total number of 
               people employed (household survey data), millions.
M1      81     Money supply, end of quarter, B$.
MB      71     Net demand deposits and currency, b, B$.
MDIF    Exog.  Net increase in demand deposits and currency of banks in 
               U.S. possessions plus change in demand deposits and currency 
               of private nonbank financial institutions plus change in demand
               deposits and currency of federally sponsored credit agencies 
               and mortgage pools minus mail float, U.S. government, B$.
MF      17     Demand deposits and currency, f, B$.
MG      Exog.  Demand deposits and currency, g, B$.
MH      9      Demand deposits and currency, h, B$.
MR      Exog.  Demand deposits and currency, r, B$.
MRS     Exog.  Mineral rights sales, B$.
MS      Exog.  Demand deposits and currency, s, B$.
MUH     Exog.  Amount of output capable of being produced per unit of capital.
P2554   Exog.  Percent of 16+ population 25-54.
PCD     37     Price index for CD.
PCGDPD  122    Percentage change in GDPD, annual rate, percentage points.
PCGDPR  123    Percentage change in GDPR, annual rate, percentage points.
PCM1    124    Percentage change in M1, annual rate, percentage points.
PCN     36     Price price index for CN.
PCS     35     Price price index for CS.
PD      33     Price price index for X - EX + IM (domestic sales).
PEX     32     Price price index for EX.
PF      10     Price price index for X - FA.
PFA     Exog.  Price price index for FA.
PG      40     Price price index for COG.
PH      34     Price price index for CS + CN + CD + IHH inclusive of indirect 
               business taxes.
PIEB    Exog.  Before tax profits, b, B92$.
PIEF    67     Before tax profits, f, B$.
PIEH    Exog.  Before tax profits, h, B$.
PIH     38     Price price index for residential investment.
PIK     39     Price price index for nonresidential fixed investment.
PIM     Exog.  Price price index for IM.
PIV     42     Price price index for inventory investment, adjusted.
POP     120    Noninstitutional population 16+, millions.
POP1    Exog.  Noninstitutional population of men 25-54, millions.
POP2    Exog.  Noninstitutional population of women 25-54, millions.
POP3    Exog.  Noninstitutional population of all others, 16+, millions.
PROD    118    Output per paid for worker hour ("productivity").
PS      41     Price price index for COS.
PSI1    Exog.  Ratio of PEX to PX.
PSI2    Exog.  Ratio of PCS to (1 + D3G + D3S)PD.
PSI3    Exog.  Ratio of PCN to (1 + D3G + D3S)PD.
PSI4    Exog.  Ratio of PCD to (1 + D3G + D3S)PD.
PSI5    Exog.  Ratio of PIH to PD.
PSI6    Exog.  Ratio of PIK to PD.
PSI7    Exog.  Ratio of PG to PD.
PSI8    Exog.  Ratio of PS to PD.
PSI9    Exog.  Ratio of PIV to PD.
PSI10   Exog.  Ratio of WG to WF.
PSI11   Exog.  Ratio of WM to WF.
PSI12   Exog.  Ratio of WS to WF.
PSI13   Exog.  Ratio of gross product of g and s to total employee hours 
               of g and s.
PSI14   Exog.  Ratio of INTROW to INTF+INTG.
PUG     104    Purchases of goods and services, g, B$.
PUS     110    Purchases of goods and services, s, B$.
PX      31     Price price index for X.
Q       Exog.  Gold and foreign exchange, g, B$.
RB      23     Bond rate, percentage points.
RD      Exog.  Discount rate, percentage points.
RECG    105    Total receipts, g, B$.
RECS    112    Total receipts, s, B$.
RET     Exog.  Retirement credits to households from s, B$.
RM      24     Mortgage rate, percentage points.
RMA     128    After tax mortgage rate, percentage points.
RNT     Exog.  Rental income, h, B$.
RS      30     Three month Treasury bill rate, percentage points.
RSA     130    After tax bill rate, percentage points.
SB      72     Saving, b, B$.
SF      69     Saving, f, B$.
SG      76     Saving, g, B$.
SGP     107    NIA surplus (+) or deficit (-), g, B$.
SH      65     Saving, h, B$.
SHRPIE  121    Ratio of after tax profits to the wage bill net of employer 
               social security taxes.
SIFG    54     Employer social insurance contributions, f to g, B$.
SIFS    Exog.  Employer social insurance contributions, f to s, B$.
SIG     103    Total employer and employee social insurance contributions 
               to g, B$.
SIGG    Exog.  Employer social insurance contributions, g to g, B$.
SIHG    53     Employee social insurance contributions, h to g, B$.
SIHS    Exog.  Employee social insurance contributions, h to s, B$.
SIS     109    Total employer and employee social insurance contributions 
               to s, B$.
SISS    Exog.  Employer social insurance contributions, s to s, B$.
SR      74     Saving, r, B$.
SRZ     116    Saving rate, h.
SS      78     Saving, s, B$.
SSP     114    NIA surplus (+) or deficit (-), s, B$.
STAT    Exog.  Statistical discrepancy, B$.
STATP   Exog.  Statistical discrepancy relating to the use of chain type 
               price indices, B92$.
SUBG    Exog.  Subsidies less current surplus of government enterprises, 
               g, B$.
SUBS    Exog.  Subsidies less current surplus of government enterprises, 
               s, B$.
SUR     Exog.  Current surplus of federally sponsored credit agencies and 
               mortgage pools and of the monetary authority, B$.
T       Exog.  1 in 1952:1, 2 in 1952:2, etc.
TAUG    Exog.  Progressivity tax parameter in personal income tax equation 
               for g.
TAUS    Exog.  Progressivity tax parameter in personal income tax equation 
               for s.
TBG     Exog.  Corporate profit taxes, b to g, B$.
TBS     Exog.  Corporate profit taxes, b to s, B$.
TCG     102    Corporate profit tax receipts, g, B$.
TCS     108    Corporate profit tax receipts, s, B$.
TFA     Exog.  Farm taxes, B$.
TFG     49     Corporate profit taxes, f to g, B$.
TFS     50     Corporate profit taxes, f to s, B$.
THG     47     Personal income taxes, h to g, B$.
THS     48     Personal income taxes, h to s, B$.
TI      Exog.  0 through 1981:2, 1 in 1981:3, 2 in 1981:4,...,40 in 1991:2 
               and thereafter.
TPG     101    Personal income tax receipts, g, B$.
TRFH    Exog.  Transfer payments, f to h, B$.
TRFR    Exog.  Transfer payments, f to r, B$.
TRGH    Exog.  Transfer payments, g to h, B$.
TRGR    Exog.  Transfer payments, g to r, B$.
TRGS    Exog.  Transfer payments, g to s, B$.
TRHR    Exog.  Transfer payments, h to r, B$.
TRRSH   111    Total transfer payments, s to h, B$.
TRSH    Exog.  Transfer payments, s to h, excluding unemployment insurance 
               benefits, B$.
TXCR    Exog.  Dummy variable for the investment tax credit.
U       86     Number of people unemployed, millions.
UB      28     Unemployment insurance benefits, B$.
UBR     128    Unborrowed  reserves, B$.
UR      87     Civilian unemployment rate.
V       63     Stock of inventories, f, B92$.
WA      126    After tax wage rate. (Includes supplements to wages and 
               salaries except employer contributions for social insurance.)
WF      16     Average hourly earnings excluding overtime of workers in f. 
               (Includes supplements to wages and salaries except employer 
               contributions for social insurance.)
WG      44     Average hourly earnings of civilian workers in g. 
               (Includes supplements to wages and salaries including employer 
               contributions for social insurance.)
WH      43     Average hourly earnings excluding overtime of all workers. 
               (Includes supplements to wages and salaries except employer 
               contributions for social insurance.)
WLDG    Exog.  Wage accruals less disbursements, g, B$.
WLDS    Exog.  Wage accruals less disbursements, s, B$.
WM      45     Average hourly earnings of military workers. 
               (Includes supplements to wages and salaries including employer 
               contributions for social insurance.)
WR      119    Real wage rate of workers in f. 
               (Includes supplements to wages and salaries except employer 
               contributions for social insurance.)
WS      46     Average hourly earnings of workers in s. 
               (Includes supplements to wages and salaries including employer 
               contributions for social insurance.)
X       60     Total sales f, B92$.
XX      61     Total sales, f, B$.
Y       11     Production, f, B92$.
YD      115    Disposable income, h, B$.
YNL     99     After tax nonlabor income, h, B$.
YS      98     Potential output of the firm sector.
YT      64     Taxable income, h, B$.
Z       97     Labor constraint variable.

B$ = Billions of dollars, B92$ = Billions of 1992 dollars.
Table A.3: The Equations
				Table A.3
                     The Equations of the US Model

STOCHASTIC EQUATIONS
LHS Var.          Explanatory Variables

Household Sector 
1. log(CS/POP)   
                  cnst, AG1, AG2, AG3, log(CS/POP)-1, log[YD/(POP*PH)], RSA
                  [Consumer expenditures: services]
2. log(CN/POP)   
                  cnst, AG1, AG2, AG3, log(CN/POP)-1,<>log(CN/POP)-1, 
                  log(AA/POP)-1, log[YD/(POP*PH)], RMA
                  [Consumer expenditures: nondurables]
3. CD/POP   
                  cnst, AG1, AG2, AG3, (CD/POP)-1, (KD/POP)-1, YD/(POP*PH), 
                  RMA*CDA
                  [Consumer expenditures: durables]
4. IHH/POP   
                  cnst, (IHH/POP)-1, (KH/POP)-1, (AA/POP)-1, YD/(POP*PH), 
                  RMA-1*IHHA, RHO=2
                  [Residential investment--h]
5. log(L1/POP1)   
                  cnst, log(L1/POP1)-1, log(WA/PH), Z, T
                  [Labor force--men 25-54]
6. log(L2/POP2)   
                  cnst, log(L2/POP2)-1, log(WA/PH), Z
                  [Labor force--women 25-54]
7. log(L3/POP3)   
                  cnst, log(L3/POP1)-1), log(WA/PH), Z, log(AA/POP)-1, T
                  [Labor force--all others 16+]
8. log(LM/POP)   
                  cnst, log(LM/POP)-1, log(WA/PH), Z
                  [Number of moonlighters]
9. log[MH/(POP*PH)]   
                  cnst, log[MH-1/(POP-1*PH)], log[YD/(POP*PH)], RSA, RHO=1
                  [Demand deposits and currency--h]

Firm Sector

10. logPF   
                  logPF-1, log[WF(1+D5G)], cnst, logPIM, log[(YS-Y)/YS+.04]-1, RHO=1
                  [Price price index for X-FA]
11. Y   
                  cnst, Y-1, X, V-1, RHO=3
                  [Production--f]
12. <>IKF   
                  (KK-KKMIN)-1, IKF-1-DELK*KK-1, <>Y, <>Y-1, <>Y-2, <>Y-3, <>Y-4, TXCR*IKFA, RB'-3*IKFA
                  [Nonresidential fixed investment--f]
13. <>logJF   
                  cnst, DD772, log(JF/JHMIN)-1,DD772*log(JF/JHMIN)-1, 
                  <>logJF-1, DD772*<>logJF-1, T, DD772*T, <>logY
                  [Number of jobs--f]
14. <>logHF   
                  cnst, logHF-1, log(JF/JHMIN)-1, T, <>logY, RHO=1 
                  [Average number of hours paid per job--f]
15. logHO   
                  cnst, HFF, HFF-1, RHO=1 
                  [Average number of overtime hours paid per job--f]
16. logWF   
                  logWF-1, logPF, logWF-2, logWF-3, logWF-4, cnst, T, 
                  logPF-1, logPF-2, logPF-3, logPF-4, RHO=1
                  [Average hourly earnings excluding overtime--f]
17. log(MF/PF)
                  cnst, T, log(MF-1/PF), log(X-FA), RS(1-D2G-D2S)
                  [Demand deposits and currency--f]
18. <>logDF   
                  log[(PIEF-TFG-TFS)/DF-1] 
                  [Dividends paid--f]
19. INTF   
                  .24*TI + Sum0i=-33(1/400)RBiBFi+(1/400)RS*.50*|AF| 
                  [Interest payments--f]
20. IVA   
                  cnst, (PX-PX-1)V-1, RHO=1
                  [Inventory valuation adjustment]
21. <>logCCF   
                  log[(PIK*IKF)/CCF-1], D811824, D831834
                  [Capital consumption--f]

Financial Sector

22. BO/BR   
                  cnst, (BO/BR)-1, RS, RD
                  [Bank borrowing from the Fed]
23. RB-RS-2   
                  cnst, RB-1-RS-2, RS-RS-2, RS-1-RS-2, RHO=1
                  [Bond rate]
24. RM-RS-2   
                  cnst, RM-1-RS-2, RS-RS-2, RS-1-RS-2
                  [Mortgage rate]
25. CG   
                  cnst, <>RB, <>(CF-TFG-TFS)
                  [Capital gains or losses on corporate stocks held by h]
26. log[CUR/(POP*PF)]   
                  cnst, log[CUR-1/(POP-1*PF)], log[(X-FA)/POP], RSA, RHO=1
                  [Currency held outside banks]

Import Equation

27. log(IM/POP)   
                  cnst, log(IM/POP)-1, log[YD/(POP*PH)], log(PF/PIM), RMA-1, 
                  D691, D692, D714, D721
                  [Imports]

Government Sectors

28. logUB   
                  cnst, logUB-1, logU, logWF, RHO=1
                  [Unemployment insurance benefits]
29. INTG   
                  Sum0i=-17(1/400)(RBi-.3)BGi+(1/400)RS*.30*|AG| 
                  [Interest payments--g]
30. RS   
                  cnst, RS-1, 100[(PD/PD-1)4-1], JJS, PCGDPR, PCM1-1, 
                  D794823*PCM1-1, <>RS-1, <>RS-2
                  [Three month Treasury bill rate]

IDENTITIES
31. PX     = [PF(X - FA) + PFA*FA]/X
                  [Price price index for X]

32. PEX    = PSI1*PX
                  [Price price index for EX]

33. PD     = (PX*X - PEX*EX + PIM*IM)/(X - EX + IM)
                  [Price price index for domestic sales]

34. PH     = (PCS*CS + PCN*CN + PCD*CD + PIH*IHH + IBTG + IBTS)/(CS + CN 
              + CD + IHH)
                  [Price price index for (CS + CN + CD + IHH) inclusive of 
                  indirect business taxes]

35. PCS    = PSI2(1 + D3G + D3S)PD
                  [Price price index for CS]

36. PCN    = PSI3(1 + D3G + D3S)PD
                  [Price price index for CN]

37. PCD    = PSI4(1 + D3G + D3S)PD
                  [Price price index for CD]

38. PIH    = PSI5*PD
                  [Price price index for residential investment]

39. PIK    = PSI6*PD
                  [Price price index for nonresidential fixed investment]

40. PG     = PSI7*PD
                  [Price price index for COG]

41. PS     = PSI8*PD
                  [Price price index for COS]

42. PIV     = PSI9*PD
                  [Price price index for inventory investment]

43. WH     = 100[(WF*JF(HN + 1.5*HO) + WG*JG*HG + WM*JM*HM + WS*JS*HS 
              - SIGG - SISS)/(JF(HN + 1.5*HO) + JG*HG + JM*HM + JS*HS)]
                  [Average hourly earnings excluding overtime of all workers]

44. WG     = PSI10*WF
                  [Average hourly earnings of civilian workers--g]

45. WM     = PSI11*WF
                  [Average hourly earnings of military workers]

46. WS     = PSI12*WF
                  [Average hourly earnings of workers--s]

47. THG    = [D1G + ((TAUG*YT)/POP)]YT
                  [Personal income taxes--h to g]

48. THS    = [D1S + ((TAUS*YT)/POP)]YT
                  [Personal income taxes--h to s]

49. TFG    = D2G(PIEF - TFS)
                  [Corporate profits taxes--f to g]

50. TFS    = D2S*PIEF
                  [Corporate profits taxes--f to s]

51. IBTG   = [D3G/(1 + D3G)](PCS*CS + PCN*CN + PCD*CD - IBTS)
                  [Indirect business taxes--g]

52. IBTS   = [D3S/(1 + D3S)](PCS*CS + PCN*CN + PCD*CD - IBTG)
                  [Indirect business taxes--s]

53. SIHG   = D4G[WF*JF(HN + 1.5*HO)]
                  [Employee social insurance contributions--h to g]

54. SIFG   = D5G[WF*JF(HN + 1.5*HO)]
                  [Employer social insurance contributions--f to g]

55. BF     = -.50(AF-AF-1)+BF-34
                  [Estimated long term bond issues in the current period, f]

56. BG     = -.70(AG-AG-1)+BG-18
                  [Estimated long term bond issues in the current period, g]

57. BR     = -G1*MB
                  [Total bank reserves]

58. KD     = (1 - DELD)KD-1 + CD
                  [Stock of durable goods]

59. KH     = (1 - DELH)KH-1 + IHH
                  [Stock of housing--h]

60. X      = CS + CN + CD + IHH + IKF + EX - IM + COG + COS + IKH + IKB + IKG 
              + IHF + IHB + IVH - PIEB - CCB
                  [Total sales--f]

61. XX     = PCS*CS + PCN*CN + PCD*CD + PIH*IHH + PIK*IKF + PEX*EX - PIM*IM 
              + PG*COG + PS*COS + PIK(IKH + IKB + IKG) + PIH(IHF + IHB) 
              + IVVH - PX(PIEB + CCB) - IBTG - IBTS
                  [Total nominal sales--f]

62. HN     = HF - HO
                  [Average number of non overtime hours paid per job--f]

63. V      = V-1 + Y - X
                  [Stock of inventories--f]

64. YT     = WF*JF(HN + 1.5*HO) + WG*JG*HG + WM*JM*HM + WS*JS*HS + DF + DB 
              - DRS + INTF + INTG + INTS + INTOTH - INTROW + RNT + TRFH 
              + PIEH - SIGG - SISS
                  [Taxable income--h]

65. SH     = YT  + CCH - PCS*CS - PCN*CN - PCD*CD - PIH*IHH - PIK*IKH - IVVH 
              - TRHR - THG - SIHG + TRGH - THS - SIHS + TRSH + UB + INS + RET
                  [Saving--h]

66. 0      = SH - <>AH - <>MH + CG - DISH
                  [Budget constraint--h; (determines AH)]

67. PIEF   = XX + PIV(V - V-1) - WF*JF(HN + 1.5*HO) - RNT - TRFH 
              - TRFR - PIEH - CCH + SUBG + SUBS - INTF -INTOTH + INTROW 
              - CCF - IVA - STAT - SIFG - SIFS + FIUS - FIROW - CCG - CCS
                  [Before tax profits--f]

68. CF     = XX - WF*JF(HN + 1.5*HO) - RNT - TRFH - TRFR - PIEH - CCH + SUBG 
              + SUBS - INTF -INTOTH + INTROW - PIK*IKF - PIH*IHF - MRS -SIFG 
              - SIFS + FIUS - FIROW - CCG - CCS
                  [Cash flow--f]

69. SF     = CF - TFG - TFS - DF
                  [Saving--f]

70. 0      = SF - <>AF - <>MF - DISF - STAT + DISBA
                  [Budget constraint--f; (determines AF)]

71. 0      = <>MB + <>MH + <>MF + <>MR + <>MG + <>MS - <>CUR
                  [Demand deposit identity; (determines MB)]

72. SB     = PX(PIEB + CCB) - PIK*IKB - PIH*IHB - DB - TBG - TBS - SUR
                  [Saving--b]

73. 0      = SB - <>AB - <>MB - <>(BR - BO) - DISB - DISBA
                  [Budget constraint--b; (determines AB)]

74. SR     = PIM*IM + TRHR + TRGR + TRFR - PEX*EX + FIROW - FIUS
                  [Saving--r]

75. 0      = SR - <>AR - <>MR + <>Q - DISR
                  [Budget constraint--r; (determines AR)]

76. SG     = THG + IBTG + TFG + TBG + SUR + SIHG + SIFG + MRS - PG*COG 
              - WG*JG*HG - WM*JM*HM - INTG - TRGR - TRGH - TRGS - SUBG 
              - INS + SIGG - PIK*IKG + CCG
                  [Saving--g]

77. 0      = SG - <>AG - <>MG + <>CUR + <>(BR - BO) - <>Q - DISG
                  [Budget constraint--g; (determines AG unless AG is 
                  exogenous)]

78. SS     = THS + IBTS + TFS + TBS + SIHS + SIFS + TRGS + DRS - PS*COS 
              - WS*JS*HS - INTS - SUBS - TRSH - UB - RET + SISS + CCS
                   [Saving--s]

79. 0      = SS - <>AS - <>MS - DISS
                   [Budget constraint--s; (determines AS)]

80. 0      = <>AH + <>AF + <>AB + <>AG + <>AS + <>AR - CG + DISH 
              + DISF + DISB + DISG + DISS + DISR + STAT
                   [Asset identity (redundant equation)]

81. M1     = M1-1 + <>MH + <>MF + <>MR + <>MS + MDIF
                   [Money supply]

82. GDP    = XX + PIV(V - V-1) + IBTG + IBTS + WG*JG*HG + WM*JM*HM 
              + WS*JS*HS + WLDG + WLDS + PX(PIEB + CCB)
                   [Nominal GDP]

83. GDPR   = Y + PIEB + CCB + PSI13(JG*HG + JM*HM + JS*HS) + STATP
                   [Real GDP]

84. GDPD   = GDP/GDPR
                   [GDP chain price index]

85. E      = JF + JG + JM + JS - LM
                   [Total employment, civilian and military]

86. U      = L1 + L2 +L3 - E
                   [Number of people unemployed]

87. UR     = U/(L1 + L2 + L3 - JM)
                   [Civilian unemployment rate]

88. INTROW = PSI14(INTF+INTG)
                   [Net interest receipts--r]

89. AA     = (AH + MH)/PH + KH
                   [Total net wealth--h]

90. D1GM   = D1G + (2*TAUG*YT)/POP
                   [Marginal personal income tax rate--g]

91. D1SM   = D1S + (2*TAUS*YT)/POP
                   [Marginal personal income tax rate--s]

92. KK     = (1 - DELK)KK-1 + IKF
                   [Stock of capital--f]

93. KKMIN  = Y/MUH
                   [Amount of capital required to produce Y]

94. JHMIN  = Y/LAM
                   [Number of worker hours required to produce Y]

95. JJ     = (JF*HF + JG*HG + JM*HM + JS*HS)/POP
                   [Ratio of the total number of worker hours paid for to 
                   the total population 16 and over]

96. JJS    = JJ/JJP
                   [Ratio of actual to potential JJ]

97. Z      = min(0,1 - JJP/JJ)
                   [Labor constraint variable]

98. YS     = LAM(JJP*POP - JG*HG - JM*HM - JS*HS)
                   [Potential output of the firm sector]

99. YNL    = [1-D1G-D1S-(TAUG+TAUS)(YT/POP)](RNT+DF+DB-DRS+INTF+INTG+INTS
              +INTOTH-INTROW+TRFH+PIEH)+TRGH+TRSH+UB
                   [After-tax nonlabor income--h]

100. HFF    = HF - HFS
                   [Deviation of HF from its peak to peak interpolation]

101. TPG    = THG - TFA
                   [Personal income tax receipts--g]

102. TCG    = TFG + TFA + TBG
                   [Corporate profit tax receipts--g]

103. SIG    = SIHG + SIFG + SIGG
                   [Total social insurance contributions to g]

104. PUG    = PG*COG + WG*JG*HG + WM*JM*HM + WLDG
                   [Purchases of goods and services--g]

105. RECG   = TPG + TCG + IBTG + SIG
                   [Total receipts--g]

106. EXPG   = PUG + TRGH + TRGR + TRGS + INTG + SUBG - WLDG - IGZ
                   [Total expenditures--g]

107. SGP    = RECG - EXPG
                   [NIPA surplus or deficit--g]

108. TCS    = TFS + TBS
                   [Corporate profit tax receipts--s]

109. SIS    = SIHS + SIFS + SISS
                   [Total social insurance contributions to s]

110. PUS    = PS*COS + WS*JS*HS + WLDS
                   [Purchases of goods and services--s]

111. TRRSH  = TRSH + UB
                   [Total transfer payments--s to h]

112. RECS   = THS + TCS + IBTS + SIS + TRGS
                   [Total receipts--s]

113. EXPS   = PUS + TRRSH + INTS - DRS + SUBS - WLDS - ISZ
                   [Total expenditures--s]

114. SSP    = RECS - EXPS
                   [NIPA surplus or deficit--s]

115. YD     = WF*JF(HN + 1.5*HO) + WG*JG*HG + WM*JM*HM + WS*JS*HS + RNT + DF 
               + DB - DRS + INTF + INTG + INTS + INTOTH - INTROW + TRFH 
               + TRGH + TRSH + UB - SIHG - SIHS - THG + TFA - THS - TRHR 
               - SIGG - SISS
                   [Disposable income--h]

116. SRZ    = (YD - PCS*CS - PCN*CN - PCD*CD)/YD
                   [Saving rate--h]

117. IVF    = V - V-1
                   [Inventory investment--f]

118. PROD   = Y/(JF*HF)
                   [Output per paid for worker hour: "productivity"]

119. WR     = WF/PF
                   [Real wage rate of workers in f]

120. POP    = POP1 + POP2 + POP3
                   [Noninstitutional population 16 and over]

121. SHRPIE = [(1 - D2G - D2S)PIEF]/[WF*JF(HN + 1.5*HO)]
                   [Ratio of after tax profits to the wage bill net of 
                   employer social security taxes]

122. PCGDPR = 100[(GDPR/GDPR-1)4 -1]
                   [Percentage change in GDPR]

123. PCGDPD = 100[(GDPD/GDPD-1)4 -1]
                   [Percentage change in GDPD]

124. PCM1   = 100[(M1/M1-1)4 -1]
                   [Percentage change in M1]

125. UBR    = BR - BO
                   [Unborrowed reserves]

126. WA     = 100[(1-D1GM-D1SM-D4G)[WF*JF(HN + 1.5*HO)] 
               + (1-D1GM-D1SM)(WG*JG*HG + WM*JM*HM + WS*JS*HS - SIGG - SISS)]/
               [JF(HN + 1.5*HO) + JG*HG + JM*HM + JS*HS]
                   [After tax wage rate]

127. RSA    = RS(1 - D1GM - D1SM)
                   [After tax bill rate]

128. RMA    = RM(1 - D1GM - D1SM)
                   [After tax mortgage rate]

129. GNP    = GDP + FIUS - FIROW
                   [Nominal GNP]

130. GNPR   = GDPR + FIUS/FIUSD - FIROW/FIROWD
                   [Real GNP]

131. GNPD   = GNP/GNPR
                   [GNP chain price index]

Sector definitions:

b = financial sector
f = firm sector 
g = federal government sector 
h = household sector 
r = foreign sector 
s = state and local government sector 
Table A.4: The Raw Data Variables
				Table A.4
                 The Raw Data Variables for the US Model

NIPA Data from the Survey of Current Business
Real variables are in 1992 dollars
Variable   Table Line  Description

R1   GDP     1.1   1  Gross Domestic Product
R2   CDZ     1.1   3  Personal Consumption Expenditures, Durable Goods
R3   CNZ     1.1   4  Personal Consumption Expenditures, Nondurable Goods
R4   CSZ     1.1   5  Personal Consumption Expenditures, Services
R5   IKZ     1.1   8  Nonresidential Fixed Investment
R6   IHZ     1.1  11  Residential Fixed Investment
R7   IVZ     1.1  12  Change in Business Inventories
R9   EXZ     1.1  14  Exports
R10  IMZ     1.1  17  Imports
R61  PURGZ   1.1  21  Consumption Expenditures and Gross Investment, Federal 
                      Government
R72  PURSZ   1.1  24  Consumption Expenditures and Gross Investment, S&L
R11  GDPR    1.2   1  Real Gross Domestic Product
R12  CD      1.2   3  Real Personal Consumption Expenditures, Durable Goods
R13  CN      1.2   4  Real Personal Consumption Expenditures, Nondurable Goods
R14  CS      1.2   5  Real Personal Consumption Expenditures, Services
R15  IK      1.2   8  Real Nonresidential Fixed Investment
R16  IH      1.2  11  Real Residential Fixed Investment
R17  IV      1.2  12  Real Change in Business Inventories
R19  EX      1.2  14  Real Exports
R20  IM      1.2  17  Real Imports
R21  PURG    1.2  21  Real Federal Government Purchases
R22  PURS    1.2  24  Real State and Local Government Purchases
R23  FAZ     1.7   6  Farm Gross Domestic Product
R24  PROGZ   1.7  11  Federal Government Gross Domestic Product
R25  PROSZ   1.7  12  State and Local Government Domestic Gross Product
R26  FA      1.8   6  Real Farm Gross Domestic Product
R27  PROG    1.8  11  Real Federal Government Gross Domestic Product
R28  PROS    1.8  12  Real State and Local Government Gross Domestic Product
R29  FIUS    1.9   2  Receipts of Factor Income from the Rest of the World
R30  FIROW   1.9   3  Payments of Factor Income to the Rest of the World
R31  CCT     1.9   6  Private Consumption of Fixed Capital
R32  TRF     1.9  14  Business Transfer Payments
R33  STAT    1.9  15  Statistical Discrepancy
R34  WLDF    1.9  21  Wage Accruals less Disbursements
R35  DPER    1.9  23  Personal Dividend Income
R36  TRFH    1.9  25  Business Transfer Payments to Persons
R94  FIUSR   1.10  2  Real Receipts of Factor Income from the Rest of 
                      the World
R95  FIROWR  1.10  3  Real Payments of Factor Income to the Rest of the World
R37  COMPT   1.14  2  Compensation of Employees
R38  SIT     1.14  7  Employer Contributions for Social Insurance
R39  DC      1.14 25  Dividends
R40  CCCB    1.16  2  Consumption of Fixed Capital, Corporate Business
R41  PIECB   1.16 10  Profits Before Tax, Corporate Business
R42  DCB     1.16 13  Dividends, Corporate Business
R43  IVA     1.16 15  Inventory Valuation Adjustment, Corporate Business
R44  CCADCB  1.16 16  Capital Consumption Adjustment, Corporate Business
R45  INTF    1.16 17  Net Interest, Corporate Business
R46  CCCBN   1.16 20  Consumption of Fixed Capital, Nonfinancial Corporate 
                      Business
R47  PIECBN  1.16 28  Profits Before Tax, Nonfinancial Corporate Business
R48  TCBN    1.16 29  Profits Tax Liability, Nonfinancial Corporate Business
R49  DCBN    1.16 31  Dividends, Nonfinancial Corporate Business
R50  CCADCBN 1.16 34  Capital Consumption Adjustment, Nonfinancial Corporate 
                      Business
R51  PRI     2.1  10  Proprietors'Income with Inventory Valuation and Capital 
                      Consumption Adjustments
R52  RNT     2.1  13  Rental Income of Persons with Capital Consumption Adjustment
R53  PII     2.1  15  Personal Interest Income
R54  UB      2.1  18  Government Unemployment Insurance Benefits
R55  IPP     2.1  29  Interest Paid by Persons
R56  TRHR    2.1  30  Personal Transfer Payments to Rest of the World (net)
R57  TPG     3.2   2  Personal Tax and Nontax Receipts, Federal Government 
                      (see below for adjustments)
R58  TCG     3.2   6  Corporate Profits Tax Accruals, Federal Government
R59  IBTG    3.2   9  Indirect Business Tax and Nontax Accruals, Federal 
                      Government
R60  SIG     3.2  13  Contributions for Social Insurance, Federal Government
R204 CONGZ   3.2  15  Consumption Expenditures, Federal Government
R62  TRGH    3.2  17  Transfer Payments (net) to Persons, Federal Government 
                      (see below for adjustments)
R63  TRGR    3.2  18  Transfer Payments (net) to Rest of the World, Federal 
                      Government
R64  TRGS    3.2  19  Grants in Aid to State and Local Governments, Federal 
                      Government
R65  INTG    3.2  20  Net Interest Paid, Federal Government
R66  SUBG    3.2  25  Subsidies less Current Surplus of Government 
                      Enterprises, Federal Government
R67  WLDG    3.2  28  Wage Accruals less Disbursements, Federal Government
R68  TPS     3.3   2  Personal Tax and Nontax Receipts, State and Local 
                      Government (S&L)
R69  TCS     3.3   6  Corporate Profits Tax Accruals, S&L
R70  IBTS    3.3   7  Indirect Business Tax and Nontax Accruals, S&L
R71  SIS     3.3  11  Contributions for Social Insurance, S&L
R205 CONGS   3.3  14  Consumption Expenditures, S&L
R73  TRRSH   3.3  15  Transfer Payments to Persons, S&L
R74  INTS    3.3  16  Net Interest Paid, S&L
R75  SUBS    3.3  20  Subsidies Less Current Surplus of Government 
                      Enterprises, S&L
R76  WLDS    3.3  23  Wage Accruals less Disbursements, S&L
R77  COMPMIL 3.7b  8  Compensation of Employees, Military, Federal Government
R78  SIHGA   3.14  3  Personal Contributions for Social Insurance to the 
                      Federal Government, annual data only
R79  SIQGA   3.14  5  Government Employer Contributions for Social Insurance 
                      to the Federal Government, annual data only
R80  SIFGA   3.14  6  Other Employer Contributions for Social Insurance to 
                      the Federal Government, annual data only
R81  SIHSA   3.14 14  Personal Contributions for Social Insurance to the 
                      S&L Governments, annual data only
R82  SIQSA   3.14 16  Government Employer Contributions for Social Insurance 
                      to the S&L Governments, annual data only
R83  SIFSA   3.14 17  Other Employer Contributions for Social Insurance to 
                      the S&L Governments, annual data only
R8   IVFAZ   5.10  2  Change in Farm Business Inventories
R18  IVFA    5.11  2  Real Change in Farm Business Inventories
R96  INTROWA 8.17 61  Net Interest, Rest of the World, annual data only

Flow of Funds Data

Variable  Code   Description

R97  CDDCF     103020005  Change in Demand Deposits and Currency, F
R98  NFIF      105000005  Net Financial Investment, F
R99  IHFZ      105012001  Residential Construction, F
R100 MRS       105030003  Mineral Rights Sales
R101 PIEF      106060005  Profits before Tax, F
R102 CCNF      106300015  Depreciation Charges, NIPA, F
R103 DISF1     107005005  Discrepancy, F
R104 CDDCNN    113020003  Change in Demand Deposits and Currency, NN
R105 NFINN     115000005  Net Financial Investment, NN
R106 IKNN      115013005  Nonresidential Fixed Investment, NN
R107 IVNN      115020003  Inventory Investment, NN
R108 CCNN      116300005  Capital Consumption, NN. Also, Current Surplus 
                          = Gross Saving, NN
R109 CDDCFA    133020003  Change in Demand Deposits and Currency, FA
R110 NFIFA     135000005  Net Financial Investment, FA
R111 IKFA      135013003  Nonresidential Fixed Investment, FA
R112 PIEFA     136060005  Corporate Profits, FA
R113 DFA       136120003  Dividends, FA
R114 TFA       136231003  Tax Accruals, FA
R115 CCFA      136300183  Capital Consumption, FA
R116 CCADFA    136310103  Capital Consumption Adjustment, FA
R117 CDDCH1    153020005  Change in Checkable Deposits and Currency, H1
R118 MVCE, CCE 153064105  Net Purchases of Corporate Equities of Households, 
                          MVCE is the market value of the stock.  CCE is the 
                          change in the stock excluding capital gains and 
                          losses
R119 NFIH1     155000005  Net Financial Investment, H1
R120 IKH1      155013003  Nonresidential Fixed Investment, Nonprofit 
                          Institutions
R121 DISH1     157005005  Discrepancy, H1
R122 NFIS      205000005  Net Financial Investment, S
R207 CCS       206300001  Capital Consumption, S
R123 DISS      217005005  Discrepancy, S
R124 CDDCS     213020005  Change in Demand Deposits and Currency, S
R125 RET       224090005  Retirement Credits to Households, S
R126 CGLDR     263011005  Change in Gold and SDR's, R
R127 CDDCR     263020003  Change in U.S. Demand Deposits, R
R128 CFXUS     263111005  Change in U.S. Official Foreign Exchange and Net 
                          IMF Position
R129 NFIR      265000005  Net Financial Investment, R
R130 PIEF2     266060005  Net Corporate Earnings Retained Abroad
R131 DISR1     267005005  Discrepancy, R
R132 CGLDFXUS  313011005  Change in Gold, SDR’s, and Foreign Exchange, US
R134 NGRR      313011301  Net Capital Grants from R, US
R133 CDDCUS    313020005  Change in Demand Deposits and Currency, US
R135 INS       313154005  Insurance Credits to Households, US
R136 NFIUS     315000005  Net Financial Investment, US
R206 CCG       316300001  Capital Consumption, G
R137 DISUS     317005005  Discrepancy, US
R138 CDDCCA    403020003  Change in Demand Deposits and Currency, CA
R139 NIACA     404090005  Net Increase in Financial Assets, CA
R140 NILCA     404190005  Net Increase in Liabilities, CA
R141 IKCAZ     405013003  Fixed Nonresidential Investment, CA
R142 GSCA      406000105  Gross Saving, CA
R143 DISCA     407005005  Discrepancy, CA
R144 NIDDLB2   443127005  Net Increase in Liabilities in the form of 
              +473127003  Checkable Deposits, B2
R145 CBRB2     443013053  Change in Reserves at Federal Reserve, B2
R146 IHBZ6     45012205   Residential Construction, Multi Family Units, Reits
R147 CGD       656120000  Capital Gains Dividend
R148 CDDCB2    793020005  Change in Demand Deposits and Currency, B2
              -NIDDAB1
              -CDDCCA
R149 NIAB2     444090005  Net Increase in Financial Assets, B2
              +474090005
              +604090005
              +544090005
              +514090005
              +574090005
              +224090005
              +634000005
              +654090005
              +554090005
              +674190005
              +614090005
              +623065003
              +644090005
              +664090005
              +504090005
R150 NILB2     444190005  Net Increase in Liabilities, B2
              +474190005
              +604090005
              +544190005
              +514190005
              +573150005
              +224090005
              +634000005
              +653164005
              +554090005
              +674190005
              +614190005
              +624190005
              +644190005
              +664190005
              +504190005
R151 IKB2Z     795013005  Nonresidential Fixed Investment, B2
              -IKB1Z
              -IKCAZ
              -IKMAZ
R152 DISB2     447005005  Discrepancy, B2
              +477005005
              +547005005
              +517005005
              +617005005
              +647005005
              +667005005
R153 CGLDFXMA  713011005  Change in Gold and Foreign Exchange, MA
R154 CFRLMA    713068003  Change in Federal Reserve Loans to Domestic 
                          Banks, MA
R155 NILBRMA   713113000  Change in Member Bank Reserves, MA
R156 NIDDLRMA  713122605  Change in Liabilities in the form of Demand Deposits
                          and Currency due to Foreign of the MA
R157 NIDDLGMA  713123105  Change in Liabilities in the form of Demand Deposits
                          and Currency due to U.S. Government of the MA
R158 NILCMA    713125005  Change in Liabilities in the form of Currency 
                          Outside Banks of the MA
R159 NIAMA     714090005  Net Increase in Financial Assets, MA
R160 NILMA     714190005  Net Increase in Liabilities, MA
R161 IKMAZ     715013003  Fixed Nonresidential Investment, MA
R162 GSMA      716000105  Gross Savings, MA
R163 DISMA     717005005  Discrepancy, MA
R164 CVCBRB1   723020005  Change in Vault Cash and Member Bank Reserves, 
                          U.S. Chartered Commercial Banks
R165 NILVCMA   723025000  Change in Liabilities in the form of Vault Cash 
                          of Commercial Banks of the MA
R166 NIDDAB1   743020003  Net increase in Financial Assets in the form of 
                          Demand Deposits and Currency of Banks in U.S. 
                          Possessions
R167  CBRB1A   753013003  Change in Reserves at Federal Reserve, Foreign 
                          Banking Offices in U.S.
R168 NIDDLB1   763120005  Net Increase in Liabilities in the form of Checkable
                          Deposits, B1
R169 NIAB1     764090005  Net Increase in Financial Assets, B1
R170 NILB1     764190005  Net Increase in Liabilities, B1
R171 IKB1Z     765013005  Nonresidential Fixed Investment, B1
R172 DISB1     767005005  Discrepancy, B1
R173 MAILFLT1  903023105  Mail Float, U.S. Government
R174 MAILFLT2  903029205  Mail Float, Private Domestic Nonfinancial

Interest Rate Data

Variable   Description

R175 RS    Three Month Treasury Bill Rate (Auction Average), percentage points
           [FRB, Table 1.35.  Quarterly average of monthly data.]
R176 RM    Mortgage Rate, percentage points. [FRB, Table 1.53. FHA mortgages,
           secondary markets.  Quarterly average of monthly data.  
           Linear interpolation for missing monthly observations.
R177 RB    Aaa Corporate Bond Rate, percentage points. [FRB, Table 1.35.
           Quarterly average of monthly data.]
R178 RD    Discount Rate, percentage points. [FRB, Table 1.14.  Rate at 
           F.R. Bank of N.Y.  Quarterly average, inclusive of any surcharge.]

Employment and Population Data

Variable   Description

R179 CE    Civilian Employment, SA in millions. [EE, A-1.  Quarterly 
           average of monthly data.  See below for adjustments.]
R180 U     Unemployment, SA in millions. [EE, A-1.  Quarterly average of 
           monthly data.  See below for adjustments.]
R181 CL1   Civilian Labor Force of Males 25-54, SA in millions. [EE, A-7 
           and A-8.  Sum of Employed and Unemployed.  Quarterly average of 
           monthly data.  See below for adjustments.]
R182 CL2   Civilian Labor Force of Females 25-54, SA in millions. [EE, A-7 
           and A-8.  Sum of Employed and Unemployed.  Quarterly average of 
           monthly data.  See below for adjustments.]
R183 TL    Total Labor Force, SA in millions. [BLS, unpublished, "Labor 
           Force Level--Total Noninstitutional Population." Quarterly 
           average of monthly data.]
R184 AF1   Armed Forces of Males 25-54, millions. [BLS, unpublished, "Armed 
           Forces, Males 25-54." Quarterly average of monthly data.]
R185 AF2   Armed Forces of Females 25-54, millions. [BLS, unpublished,"Armed
           Forces, Females 25-54." Quarterly average of monthly data.]
R186 POP   Total noninstitutional population 16 and over, millions. [BLS, 
           unpublished.  Quarterly average of monthly data.  See below for 
           adjustments.]
R187 POP1  Noninstitutional population of males 25-54, millions. [BLS, 
           unpublished.  Quarterly average of monthly data.  See below for 
           adjustments.]
R188 POP2  Noninstitutional population of females 25-54,millions. [BLS, 
           unpublished.  Quarterly average of monthly data.  See below for 
           adjustments.]
R189 JF    Employment, Total Private Sector, All Persons, SA in millions. 
           [BLS, unpublished, "Basic Industry Data for the Economy less 
           General Government, All Persons."]
R190 HF    Average Weekly Hours, Total Private Sector, All Persons, SA. 
           [BLS, unpublished, "Basic Industry Data for the Economy less 
           General Government, All Persons."]
R191 HO    Average Weekly Overtime Hours in Manufacturing, SA. [EE, B-8.  
           Quarterly average of monthly data.]
R192 JQ    Total Government Employment, SA in millions. [EE, B-1.  Quarterly 
           average of monthly data.]
R193 JG    Federal Government Employment, SA in millions. [EE, B-1.  Quarterly
           average of monthly data.]
R194 JHQ   Total Government Employee Hours, SA in millions of hours per 
           quarter. [EE, B-10.  Quarterly average of monthly data.]

Adjustments to the Raw Data

R195 SIHG   =  [SIHGA/(SIHGA + SIHSA)](SIG + SIS - SIT)
               [Employee Contributions for Social Insurance, h to g.]
R196 SIHS   =  SIG + SIS - SIT - SIHG
               [Employee Contributions for Social Insurance, h to s.]
R197 SIFG   =  [SIFGA/(SIFGA + SIQGA)](SIG - SIHG)
               [Employer Contributions for Social Insurance, f to g.]
R198 SIGG   =  SIG - SIHG - SIFG
               [Employer Contributions for Social Insurance, g to g.]
R199 SIFS   =  [SIFSA/(SIFSA + SIQSA)](SIS - SIHS)
               [Employer Contributions for Social Insurance, f to s.]
R200 SISS   =  SIS - SIHS - SIFS
               [Employer Contributions for Social Insurance, s to s.]
R201 TBG    =  [TCG/(TCG + TCS)](TCG + TCS - TCBN)
               [Corporate Profit Tax Accruals, b to g.]
R202 TBS    =  TCG + TCS - TCBN - TBG
               [Corporate Profit Tax Accruals, b to s.]
R203 INTROW =  -[(INTF+INTG)/(INTF annual + INTG annual)]INTROWA
               [Net Interest Receipts of r.]
R57  TPG    =  TPG from raw data - TAXADJ
R62  TRGH   =  TRGH from raw data - TAXADJ
               [TAXADJ: 1968:3 = 1.525, 1968:4 = 1.775, 1969:1 = 2.675, 
               1969:2 = 2.725, 1969:3 = 1.775, 1969:4 = 1.825, 1970:1 = 1.25, 
               1970:2 = 1.25, 1970:3 = 0.1,   1975:2  = -7.8.]

Multiplication factors (see the discussion in Section 3.2.2 in Fair (1994).)

Variable 1952:1-    1952:1-   1973:1     1952:1-        1970:1-1989:4
         1971:4     1972:4               1977:4

POP     1.00547    1.00009    1.00006      -      1.0058886-.0000736075*TPOP90
POP1    0.99880    1.00084    1.00056      -      1.0054512 -.00006814*TPOP90
POP2    1.00251    1.00042    1.00028      -      1.00091654-.000011457*TPOP90
(CE+U)  1.00391    1.00069    1.00046   1.00239   1.0107312-.00013414*TPOP90
CL1     0.99878    1.00078    1.00052   1.00014   1.00697786-.00008722*TPOP90
CL2     1.00297    1.00107    1.00071   1.00123           -
CE      1.00375    1.00069    1.00046   1.00268   1.010617-.00013271*TPOP90

TPOP90 is 0 before 1970:1, 79 in 1970:1, 78 in 1970:2, ..., 1 in 1989:3,
 0 in 1989:4, and 0 thereafter.

Abbreviations:

BLS    Bureau of Labor Statistics
EE     Employment and Earnings, June 1996
FRB    Federal Reserve Bulletin, September 1996
SA     Seasonally Adjusted

Notes:
  1.  For the construction of variables R195, R197, R199, and R203, the 
      annual observation was used for each quarter of the year.
  2.  See Table A.1 for abbreviations:  B1, B2, CA, F, FA, H1, MA, NN, R, 
      S, US.

The Raw Data Variables in Alphabetical Order 

Variable    No.    Variable    No.    Variable    No.    Variable    No.

 AF1        R184    DISF1      R103    JG         R193    PROSZ       R25 
 AF2        R185    DISH1      R121    JHQ        R194    PSA         R93 
 CBRB1A     R167    DISMA      R163    JQ         R192    PURG        R21 
 CBRB2      R145    DISR1      R131    MAILFLT1   R173    PURGZ       R61 
 CCADCB      R44    DISS       R123    MAILFLT2   R174    PURS        R22 
 CCADCBN     R50    DISUS      R137    MRS        R100    PURSZ       R72 
 CCADFA     R116    DPER        R35    MVCE       R118    PYA         R84 
 CCCB        R40    EX          R19    NFIF        R98    RB         R177 
 CCCBN       R46    EXZ          R9    NFIFA      R110    RD         R178 
 CCE        R118    FA          R26    NFIH1      R119    RET        R125 
 CCFA       R115    FAZ         R23    NFINN      R105    RM         R176 
 CCG        R206    FIROW       R30    NFIR       R129    RNT         R52 
 CCNF       R102    FIROWR      R95    NFIS       R122    RS         R175 
 CCNN       R108    FIUS        R29    NFIUS      R136    SIFG       R197 
 CCS        R207    FIUSR       R94    NGRR       R134    SIFGA       R80 
 CCT         R31    GDP          R1    NIAB1      R169    SIFS       R199 
 CD          R12    GDPR        R11    NIAB2      R149    SIFSA       R83 
 CDDCB2     R148    GSCA       R142    NIACA      R139    SIG         R60 
 CDDCCA     R138    GSMA       R162    NIAMA      R159    SIGG       R198 
 CDDCF       R97    HF         R190    NIDDAB1    R166    SIHG       R195 
 CDDCFA     R109    HO         R191    NIDDLB1    R168    SIHGA       R78 
 CDDCH1     R117    IBTG        R59    NIDDLB2    R144    SIHS       R196 
 CDDCNN     R104    IBTS        R70    NIDDLGMA   R157    SIHSA       R81 
 CDDCR      R127    IH          R16    NIDDLRMA   R156    SIQGA       R79 
 CDDCS      R124    IHBZ       R146    NILBRMA    R155    SIQSA       R82 
 CDDCUS     R133    IHFZ        R99    NILB1      R170    SIS         R71 
 CDZ          R2    IHZ          R6    NILB2      R150    SISS       R200 
 CE         R179    IK          R15    NILCA      R140    SIT         R38 
 CFRLMA     R154    IKB1Z      R171    NILCMA     R158    STAT        R33 
 CFXUS      R128    IKB2Z      R151    NILMA      R160    SUBG        R66 
 CGD        R147    IKCAZ      R141    NILVCMA    R165    SUBS        R75 
 CGLDFXMA   R153    IKFA       R111    PCDA        R85    TBG        R201 
 CGLDFXUS   R132    IKH1       R120    PCNA        R86    TBS        R202 
 CGLDR      R126    IKMAZ      R161    PCSA        R87    TCBN        R48 
 CL1        R181    IKNN       R106    PEXA        R90    TCG         R58 
 CL2        R182    IKZ          R5    PGA         R92    TCS         R69 
 CN          R13    IM          R20    PIECB       R41    TFA        R114 
 CNZ          R3    IMZ         R10    PIECBN      R47    TL         R183 
 COMPMIL     R77    INS        R135    PIEFA      R112    TPG         R57 
 COMPT       R37    INTF        R45    PIEF1      R101    TPS         R68 
 CONGZ      R204    INTG        R65    PIEF2      R130    TRF         R32 
 CONSZ      R205    INTROW     R203    PIHA        R89    TRFH        R36 
 CS          R14    INTROWA     R96    PII         R53    TRGH        R62 
 CSZ          R4    INTS        R74    PIKA        R88    TRGR        R63 
 CVCBRB1    R164    IPP         R55    PIMA        R91    TRGS        R64 
 DC          R39    IV          R17    POP        R186    TRHR        R56 
 DCB         R42    IVA         R43    POP1       R187    TRRSH       R73 
 DCBN        R49    IVFA        R18    POP2       R188    U          R180 
 DFA        R113    IVFAZ        R8    PRI         R51    UB          R54 
 DISB1      R172    IVNN       R107    PROG        R27    WLDF        R34 
 DISB2      R152    IVZ          R7    PROGZ       R24    WLDG        R67 
 DISCA      R143    JF         R189    PROS        R28    WLDS        R76 
Table A.5: Links between NIPA and FFA
				Table A.5
              Links Between the National Income and Product Accounts 
                        and the Flow of Funds Accounts 

Receipts from i to j: (i,j = h, f, b, r, g, s)

hh = 0
fh = COMPT - PROGZ - PROSZ - (SIT - SIGG - SISS) - SUBG - SUBS + PRI + RNT 
     + INTF + TRFH + DCBN + DC - DFA - DCB + PIEFA + CCT - CCCB + CCFA 
     + CCADFA - WLDF
bh = DCB - DCBN
rh = 0
gh = PROGZ - SIGG - WLDG + TRGH + INS + INTG + SUBG
sh = PROSZ - SISS - WLDS + TRRSH + RET + INTS + DPER - DC + SUBS
hf = CSZ + CNZ + CDZ - IBTG - IBTS - IMZ - FIROW - PIECB + PIECBN - CCCB 
     + CCCBN - CCADCB + CCADCBN + IHZ - IHFZ - IHBZ + IKH1 + IKFA + IKNN 
     + IVFAZ + IVNN
ff = IHFZ + IKZ - IKH1 - IKFA - IKNN - IKBZ - IKGZ +IVZ -IVFAZ -IVNN
bf = IHBZ + IKBZ
rf = EXZ + FIUS
gf = PURGZ - PROGZ + IKGZ - CCG
sf = PURSZ - PROSZ - CCS
hb = PIECB - PIECBN + CCCB - CCCBN + CCADCB - CCADCBN
fb = 0
bb = 0
rb = 0
gb = 0
sb = 0
hr = IMZ + TRHR + FIROW
fr = TRFR
br = 0
rr = 0
gr = TRGR
sr = 0
hg = TPG + TFA + IBTG + SIHG
fg = TCG - TFA - TBG + MRS + SIFG
bg = TBG + GSCA + GSMA
rg = 0
gg = SIGG
sg = 0
hs = TPS + IBTS + SIHS
fs = TCS - TBS + SIFS
bs = TBS
rs = 0
gs = TRGS
ss = SISS

Saving of the Sectors

SH = fh + bh + gh + sh - (hf + hb + hr + hg + hs)
SF = hf + ff + bf + rf + gf + sf - (fh + ff + fg + fs + fr)
SB = hb - (bh + bf + bs + bg)
SR = hr + gr - rf + fr
SG = hg + fg + bg + gg - (gh + gf + gr + gs + gg)
SS = hs + fs + bs + gs + ss - (sh + sf + ss)

Checks

0  = SH + SF + SB + SR + SG + SS
SH = NFIH1 + NFIFA + NFINN + DISH1
SF = NFIF + DISF1 + STAT - DISBA + WLDF
SB = NIAB1 - NILB1 + NIAB2 - NILB2 + DISB1 + DISB2 + DISBA
SR = NFIR + DISR1 + NGRR
SG = NFIUS + NIACA - NILCA + NIAMA - NILMA + DISUS + DISCA + DISMA
SS = NFIS + DISS
0  = -NIDDLB1 + NIDDAB1 + CDDCB2 - NIDDLB2 + CDDCF + MAILFLT1 + MAILFLT2 
     + CDDCUS + CDDCCA - NIDDLRMA - NIDDLGMA + CDDCH1 + CDDCFA + CDDCNN 
     + CDDCR + CDDCS - NILCMA
0  = CVCBRB1 + CBRB1A + CBRB2 - NILBRMA - NILVCMA
0  = CGLDR - CFXUS + CGLDFXUS + CGLDFXMA

See Table A.4 for the definitions of the raw data variables.
Table A.6: Construction of the Variables
				Table A.6
               Construction of the Variables for the US Model

Variable in     Construction
US Model

AA      Def., Eq. 89.
AB      Def., Eq. 73. Base Period=1971:4, Value=244.977
AF      Def., Eq. 70. Base Period=1971:4, Value=-230.421
AG      Def., Eq. 77. Base Period=1971:4, Value=-215.665
AH      Def., Eq. 66. Base Period=1971:4, Value=1926.964
AR      Def., Eq. 75. Base Period=1971:4, Value=-.394
AS      Def., Eq. 79. Base Period=1971:4, Value=-108.310
BF      Def., Eq. 55. Value for 1952.1 taken to be 0.0; values before 1952.1 
        taken to be the same as the value for 1952.1
BG      Def., Eq. 56. Value for 1952.1 taken to be 7.1; values before 1952.1 
        taken to be the same as the value for 1952.1
BO      Sum of CFRLMA. Base Period=1971:4, Value=.039
BR      Sum of CVCBRB1 + CBRB1A + CBRB2. Base Period=1971:4, Value=35.329
CCB     (CCCB+CCADCB-CCCBN-CCADCBN)/PX.  See below for PX.
CCF     CCCBN+CCADCBN-CCFA-CCADFA
CCG     CCG
CCH     CCT-CCCB+CCFA+CCADFA
CCS     CCS
CD      CD
CDA     Peak to peak interpolation of CD/POP.  Peak quarters are 1953:1, 
        1955:3, 1960:2, 1963:2, 1965:4, 1968:3, 1973:2, 1978:4, 1985:1, 
        1988:4, 1994:1, and 1995:4.
CF      Def., Eq. 68
CG      MVCE-MVCE-1-CCE
CN      CN
COG     PURG-PROG
COS     PURS-PROS
CS      CS
CUR     Sum of NILCMA. Base Period=1971:4, Value=53.521
D1G     Def., Eq. 47
D1GM    Def., Eq. 90
D1S     Def., Eq. 48
D1SM    Def., Eq. 91
D2G     Def., Eq. 49
D2S     Def., Eq. 50
D3G     Def., Eq. 51
D3S     Def., Eq. 52
D4G     Def., Eq. 53
D5G     Def., Eq. 55
DB      DCB-DCBN
DELD    .049511
DELH    .006716
DELK    .014574 for 1952:1-1970:4, .018428 for 1971:1-1980:4, .023068 for 
        1981:1-1993:2.
DF      DC-DFA-(DCB-DCBN)
DISB    DISB1+DISB2
DISBA   0
DISF    DISF1 + WLDF
DISG    DISUS+DISCA+DISMA
DISH    DISH1
DISR    DISR+NGRR
DISS    DISS
DRS     DC-DPER
E       TL-U
EX      EX
EXPG    Def., Eq. 106
EXPS    Def., Eq. 113
FA      FA
FIROW   FIROW
FIROWD  FIROW/FIROWR
FIUS    FIUS
FIUSD   FIUS/FIUSR
G1      Def., Eq. 57
GDP     Def., Eq. 82, or GDP
GDPD    Def., Eq. 84
GDPR    GDPR
GNP     Def., Eq. 129
GNPD    Def., Eq. 131
GNPR    Def., Eq. 130
HF      13*HF
HFF     Def., Eq. 100
HFS     Peak to peak interpolation of HF.  The peaks are 1952:4, 1966:1, 
        1977:2, and 1989:3.  Flat end.
HG      JHQ/JQ
HM      520
HN      Def., Eq. 62
HO      13*HO. Constructed values for 1952:1-1955:4.
HS      JHQ/JQ
IBTG    IBTG
IBTS    IBTS
IGZ     PURGZ-CONGZ
IHB     IHBZ/(IHZ/IH)
IHF     IHFZ/(IHZ/IH)
IHH     (IHZ-IHFZ-IHBZ)/(IHZ/IH)
IHHA    Peak to peak interpolation of IHH/POP.  Peak quarters are 1955:2, 
        1963:4, 1978:3, 1986:3, and 1994:2.  Flat end.
IKB     (IKB1Z+IKB2Z)/(IKZ/IK)
IKF     (IKZ-IKH1-IKFA-IKNN-IKBZ)/(IKZ/IK)
IKFA    Peak to peak interpolation of IKF.  Peak quarters are 1957:3, 1964:3, 
        1966:1, 1969:3, 1974:1, 1980:1, 1985:2, 1993:2, and 1994:4.
IKG     ((IKCAZ+IKMAZ)/(IKZ/IK)
IKH     (IKH1+IKNN+IKFA)/(IKZ/IK)
IM      IM
INS     INS
INTF    INTF
INTG    INTG
INTOTH  PII-INTF-INTG-INTS-IPP+INTROW
INTROW  INTROW
INTS    INTS
ISZ     PURSZ-CONSZ
IVA     IVA
IVF     IV-IVFA-IVNN/PIV
IVH     IVFA+IVNN/PIV
IVVH    IVFAZ+IVNN
JF      JF
JG      JG
JHMIN   Def., Eq. 94
JJ      Def., Eq. 95
JJP     Peak to peak interpolation of JJ.  The peaks are 1952:4, 1955:4, 
        1959:3, 1969:1, 1973:3, 1979:3, 1985:4, 1990:1, 1995:1, and 1996:3.
JJS     Def., Eq. 96
JM      TL-CE-U
JS      JQ-JG
KD      Def., Eq. 58. Base Period=1952:4, Value=448.1, Dep. Rate=DELD
KH      Def., Eq. 59. Base Period=1952:4, Value=1814.7, Dep. Rate=DELH
KK      Def., Eq. 92. Base Period=1952:4, Value=1268.0, Dep. Rate=DELK
KKMIN   Def., Eq. 93
L1      CL1+AF1
L2      CL2+AF2
L3      Def., Eq. 86
LAM     Peak to peak interpolation of Y/(JF*HF). Peak quarters are 1953:4, 
        1961:4, 1965:4, 1973:2, 1977:3, and 1992:4.
LM      Def., Eq. 85
M1      Def., Eq. 81. Base Period=1971:4, Value=247.219
MB      Def., Eq. 71. Also sum of -NIDDLB1+NIDDAB1+CDDCB2-NIDDLB2. 
        Base Period=1971:4, Value=-189.610
MDIF    NIDDAB1+CDDCB2+CDDCCA-MAILFLT1
MF      Sum of CDDCF+MAILFLT1+MAILFLT2, Base Period= 1971:4, Value=64.909
MG      Sum of CDDCUS+CDDCCA-NIDDLRMA-NIDDLGMA, Base Period=1971:4, 
        Value=10.526
MH      Sum of CDDCH1+CDDCFA+CDDCNN. Base Period=1971:4, Value=149.079
MR      Sum of CDDCR. Base Period=1971:4, Value=6.503
MRS     MRS
MS      Sum of CDDCS. Base Period=1971:4, Value=12.114
MUH     Peak to peak interpolation of Y/KK. Peak quarters are 1953:2, 1955:3, 
        1959:2, 1962:3, 1965:4, 1969:1, 1978:2, 1984:2, 1989:2, and 1992:4. 
        Flat beginning and flat end.
PCD     CDZ/CD
PCGNPD  Def., Eq. 122
PCGNPR  Def., Eq. 123
PCM1    Def., Eq. 124
PCN     CNZ/CN
PCS     CSZ/CS
PD      Def., Eq. 33
PEX     EXZ/EX
PF      Def., Eq. 31
PFA     FAZ/FA
PG      (PURGZ-PROGZ)/(PURG-PROG)
PH      Def., Eq. 34
PIEB    (PIECB-PIECBN)/PX.  See below for PX.
PIEF    Def., Eq. 67, or PIEF1+PIEF2
PIEH    PIEFA
PIH     IHZ/IH
PIK     IKZ/IK
PIM     IMZ/IM
PIV     (IVZ-IVFAZ)/(IV-IVFA), with the following adjustments: 1954:4 = .24, 
        1958:3 = .28, 1959:3 and 1959:4 = .32, 1970:4 = .38, 1975:3 
        and 1975:4 = .70, 1979:3  = .70, 1980:2 = .8, 1980:4 = .85, 
        1981:2 = .80
POP     POP
POP1    POP1
POP2    POP2
POP3    POP-POP1-POP2
PROD    Def., Eq. 118
PS      (PURSZ-PROSZ)/(PURS-PROS)
PSI1    Def., Eq. 32
PSI2    Def., Eq. 35
PSI3    Def., Eq. 36
PSI4    Def., Eq. 37
PSI5    Def., Eq. 38
PSI6    Def., Eq. 39
PSI7    Def., Eq. 40
PSI8    Def., Eq. 41
PSI9    Def., Eq. 42
PSI10   Def., Eq. 44
PSI11   Def., Eq. 45
PSI12   Def., Eq. 46
PSI13   (PROG+PROS)/(JHQ + 520*AF)
PSI14   Def., Eq. 88
PUG     Def., Eq. 104 or PURGZ
PUS     Def., Eq. 110 or PURSZ
PX      (CDZ+CNZ+CSZ+IHZ+IKZ+PURGZ-PROGZ+PURSZ-PROSZ+EXZ-IMZ-IBTG-IBTS+IVFAZ
        +IVNN)/(CD+CN+CS+IH+IK+PURG-PROG+PURS-PROS+EX-IM+IVFA+IVNN/PIV)
Q       Sum of CGLDFXUS+CGLDFXMA. Base Period=1971:4, Value=30.867.
RB      RB
RD      RD
RECG    Def., Eq. 105
RECS    Def., Eq. 112
RET     RET
RM      RM
RMA     Def., Eq. 128
RNT     RNT
RS      RS
RSA     Def., Eq. 130
SB      Def., Eq. 72
SF      Def., Eq. 69
SG      Def., Eq. 76
SGP     Def., Eq. 107
SH      Def., Eq. 65
SHRPIE  Def., Eq. 121
SIFG    SIFG
SIFS    SIFS
SIG     SIG
SIGG    SIGG
SIHG    SIHG
SIHS    SIHS
SIS     SIS
SISS    SISS
SR      Def., Eq. 74
SRZ     Def., Eq. 116
SS      Def., Eq. 78
SSP     Def., Eq. 114
STAT    STAT
STATP   Def., Eq. 83
SUBG    SUBG
SUBS    SUBS
SUR     GSCA+GSKA
TAUG    Determined from a regression.  See Section 3.2.3 in Fair (1994).
TAUS    Determined from a regression.  See Section 3.2.3 in Fair (1994).
TBG     TBG
TBS     TBS
TCG     TCG
TCS     TCS
TFA     TFA
TFG     Def., Eq. 102
TFS     Def., Eq. 108
THG     Def., Eq. 101
THS     TPS
TI      0 through 1981:2, 1 in 1981:3, 2 in 1981:4, ... , 40 in 1991:2 
        and thereafter.
TPG     TPG
TRFH    TRFH
TRFR    TRF-TRFH
TRGH    TRGH
TRGR    TRGR
TRGS    TRGS
TRHR    TRHR
TRRSH   TRRSH
TRSH    Def., Eq. 111
TXCR    .5 in 1962:3-1963:4 and 1971:3, 1.0 in 1964:1-1966:3 and 1967:3-1969:1
        and 1971:4-1975:1, 1.43 in 1975:2-1986:1, and 0 otherwise 
U       (CE+U)-CE
UB      UB
UBR     Def., Eq. 125
UR      Def., Eq. 87
V       Def., Eq. 117. Base Period=1988:4, Value=1242.9
WA      Def., Eq. 126
WF      [COMPT-PROGZ-PROSZ-(SIT-SIGG-SISS)+PRI]/[JF(HF+.5*HO)]
WG      (PROGZ-COMPMIL-WLDG)/[JG(JHQ/JQ)]
WH      Def., Eq. 43
WLDF    WLDF
WLDG    WLDG
WLDS    WLDS
WM      COMPMIL/[520(TL-CE-U)]
WR      Def., Eq. 119
WS      (PROSZ-WLDS)/[(JQ-JG)(JHQ/JQ)]
X       Def., Eq. 60
XX      Def., Eq. 61
Y       Def., Eq. 63
YD      Def., Eq. 115
YNL     Def., Eq. 99
YS      Def., Eq. 98
YT      Def., Eq. 64
Z       Def., Eq. 97

Variables in the model in the first column are defined in terms of the
raw data variables in Table A.4 or by the identities in Table A.3.
Table A.7: First Stage Regressors
				Table A.7
          First Stage Regressors for the US Model for 2SLS and 3SLS

			Basic Sets
          Linear                            Log

  1  constant               constant
  2  (AA/POP)-1              log(AA/POP)-1
  3  COG+COS                log(COG+COS)
  4  (CD/POP)-1              log(CD/POP)-1
  5  (CN/POP)-1              log(CN/POP)-1
  6  (CS/POP)-1              log(CS/POP)-1
  7  (1-D1GM-D1SM-D4G)-1     log(1-D1GM-D1SM-D4G)-1
  8  EX                     logEX
  9  HF-1                    logHF-1
 10  (IHH/POP)-1             log(IHH/POP)-1
 11  (IM/POP)-1              log(IM/POP)-1
 12  (JF-JHMIN)-1            log(JF/JHMIN)-1
 13  (JG*HG+JM*HM+JS*HS)/POP log[(JG*HG+JM*HM+JS*HS)/POP] 
 14  (KH/POP)-1              log(KH/POP)-1
 15  (KK-KKMIN)-1            log(KK/KKMIN)-1
 16  PCM1-1                  PCM1-1
 17  100[(PD/PD-1)4-1]-1      100[(PD/PD-1)4-1]-1
 18  PF-1                    logPF-1
 19  PIM                    logPIM
 20  RB-1                    RB-1
 21  RS-1                    RS-1
 22  RS-2                    RS-2
 23  T                      T
 24  (TRGH+TRSH)/(POP*PH-1)  log[(TRGH+TRSH)/(POP*PH-1)]
 25  V-1                     logV-1
 26  WF-1                    logWF-1
 27  Y-1                     logY-1
 28  Y-2                     logY-2
 29  Y-3                     logY-3
 30  Y-4                     logY-4
 31  [YNL/(POP*PH)]-1        log[YNL/(POP*PH)]-1
 32  Z-1                     Z-1
 33  UR-1                    UR-1

Additional First Stage Regressors for Each Equation

Basic

Eq.     Set       Additional

  1   log     log(WA/PH)-1, log(PCS/PH)-1, RSA-1, AG1, AG2, AG3,  
              log(CS/POP)-2, log[YD/(POP*PH)]-1, 100[(PD/PD-4)-1]-1
  2   log     log(WA/PH)-1, log(PCN/PH)-1, RSA-1, RMA-1, AG1, AG2, AG3, 
              log(CN/POP)-2, log(CN/POP)-3, log(AA/POP)-2, 
              log[YD/(POP*PH)]-1, 100[(PD/PD-4)-1]-1
  3   linear  (WA/PH)-1, (PCD/PH)-1, RMA-1*CDA, (KD/POP)-1, AG1, AG2, 
              AG3, (CD/POP)-2, [YD/(POP*PH)]-1, 100[(PD/PD-4)-1]-1
  4   linear  (WA/PH)-1, (PIH/PH)-1, RMA-1*IHHA, (IHH/POP)-2, 
              (AA/POP)-2, [YD/(POP*PH)]-1, [YD/(POP*PH)]-2, 
              RMA-2*IHHA-1, (KH/POP)-2, 100[(PD/PD-4)-1]-1, (IHH/POP)-3,
              (AA/POP)-3,(KH/POP)-3
  5   log     log(WA-1/PH-1), log(L1/POP1)-1, log(L1/POP1)-2, log(AA/POP)-2
  6   log     log(WA-1/PH-1), log(L2/POP2)-1, log(L2/POP2)-2, log(AA/POP)-2
  7   log     log(WA-1/PH-1), log(L3/POP3)-1, log(L3/POP1)-2, log(AA/POP)-2
  8   log     log(WA-1/PH-1), log(LM/POP)-1, log(LM/POP)-2, log(AA/POP)-2
  9   log     log[MH/(POP*PH)]-1, log[YD/(POP*PH)]-1, log[MH-1/(POP-1*PH)]-1,
              AG1, AG2, AG3, AG1-1, AG2-1, AG3-1, log[YD/(POP*PH)]-2, 
              RSA-2
 10   log     log(1+D5G), log[(YS-Y)/YS+.04]-1, logPF-2, log[(YS-Y)/YS+.04]-2, 
              log(1+D5G)-1, logPIM-1, logPIM-2, log[(YS-Y)/YS+.04]-3, 
              log(1+D5G)-2, logWF-2, logPF-3
 11   linear  V-2, V-3, V-4
 12   linear  IKF-1, DELK*KK-1, [RB(1-D2G-D2S)]-1, (KK-KKMIN)-2, 
              TXCR*IKFA, Y-5, RB'-3*IKFA, IKF-2
 13   log     <>logJF-1, log(JF/JHMIN)-2, <>logJF-2, DD772, DD772*T, 
              DD772*<>logJF-1, DD772*log(JF/JHMIN)-1, DD772-1*log(JF/JHMIN)-2,
              DD772-1*<>logJF-2
 14   log     logHF-2, log(JF/JHMIN)-2, DD772, DD772*T, 
              DD772*log(JF/JHMIN)-1, DD772-1*log(JF/JHMIN)-2
 16   log     log[(YS-Y)/YS+.04]-1, logPF-1,logPF-2, logPF-3, logPF-4, logPF-5, 
              logPF-6,logWF-2, logWF-3, logWF-4, logWF-5, logWF-6
 17   log     log(MF/PF)-1, 1-D2G-D2S, RS-1(1-D2G-D2S)-1, log(MF-2/PF-1), 
              RS-2(1-D2G-D2S)-2
 18   log     log(PIEF-TFG-TFS)-1, log(D2G+D2S), logDF-1, logDF-2
 22   linear  (BO/BR)-1, RD-1, (BO/BR)-2, RD-2
 23   linear  RB-2, RB-3, RS-3, RS-4, 100[(PD/PD-4)-1]-1 
 24   linear  RM-1, RM-2, RS-3, 100[(PD/PD-4)-1]-1 
 25   linear  <>(CF-TFG-TFS)-1, CF-1, D2G+D2S, TFG+TFS
 26   log     log[CUR/(POP*PF)]-1, log[(X-FA)/POP]-1, log[CUR-2/(POP-2*PF-1)]
 27   log     D691, D692, D714, D721, RSA-1, RSA-2, log(IM/POP)-1, 
              log(IM/POP)-2, 100[(PD/PD-4)-1]-1, log[YD/(POP*PH)]-1, 
              log[YD/(POP*PH)]-2, log(PF/PIM)-2
 28   log     logUB-1, logU-1, logU-2, logUB-2
 30   linear  D794823*PCM1-1, JJS-1, RS-3, RS-4, RS-5, RS-6, 
              100[(PD/PD-4)-1]-1 

                  3SLS First Stage Regressors

 1  constant
 2  (AA/POP)-1
 3  COG+COS
 4  (CD/POP)-1
 5  log(CN/POP)-1
 6  log(CS/POP)-1
 7  (1-D1GM-D1SM-D4G)-1
 8  EX
 9  logHF-1
10  (IHH/POP)-1
11  log(IM/POP)-1
12  log(JF/JHMIN)-1
13  (JG*HG+JM*HM+JS*HS)/POP
14  (KH/POP)-1
15  (KK-KKMIN)-1
16  PCM1-1
17  100[(PD/PD-1)4-1]-1
18  logPF-1
19  logPIM
20  RB-1
21  RS-1
22  RS-2
23  T
24  (TRGH+TRSH)/(POP*PH-1)
25  V-1
26  logWF-1
27  Y-1
28  Y-2
29  Y-3
30  Y-4
31  Z-1
32  UR-1
33  log[YD/(POP*PH)]-1
34  log[YD/(POP*PH)]-2
35  AG1
36  AG2
37  AG3
38  (KD/POP)-1
39  log(CN/POP)-2
40  log(L1/POP1)-1
41  log(L2/POP2)-1
42  log(L3/POP3)-1
43  log(LM/POP)-1
44  log(WA/PH)-1
45  log(WA/PH)-2
46  log(WA/PH)-3
47  log(WA/PH)-4
48  RM-1
49  RM-2
50  RS-3
51  RS-4
52  RS-5
53  RD-1
54  (BO/BR)-1
55  log[MH-1/(POP-1*PH)]
56  log(MF-1/PF)
57  log[CUR-1/(POP-1*PF)]
58  D794823*PMC1-1
59  log[(YS-Y)/YS+.04]-1
60  IKF-1-DELK*KK-1
61  log(JF-1/JF-2)
62  DD772
63  DD772*log(JF/JHMIN)-1
64  DD772*<>logJF-2
65  DD772*T
66  JJS-1
67  (IHH/POP)-2
68  TXCR*IKFA
69  RB'-3*IKFA
Table A.8: Solution under Alternative Monetary Policy Assumptions
				Table A.8
    Solution of the US Model Under Alternative Monetary Policy Assumptions

There are five possible assumptions that can be made with respect to 
monetary policy in the US model.  In the standard version monetary policy
is endogenous; it is explained by equation 30--the interest rate 
reaction function.  Under alternative assumptions, where monetary policy is
exogenous, equation 30 is dropped and some of the other equations are 
rearranged for purposes of solving the model.  For example, in the standard
version equation 125 is used to solve for the level of nonborrowed 
reserves (UBR):

(125)       UBR = BR - BO 

When, however, the level of nonborrowed reserves is set exogenously, the 
equation is rearranged and used to solve for total bank reserves (BR):

(125)       BR = UBR+BO 

The following shows the arrangement of the equations for each of the five
monetary policy assumptions. The variable listed is the one that is 
put on the left hand side of the equation and "solved for."

Eq.  RS      RS     M1    UBR     AG 
No. Eq.30   Exog.  Exog.  Exog.  Exog. 

  9  MH      MH     RSA    RSA    RSA    
 30  RS      Out    Out    Out    Out  
 57  BR      BR     BR     MB     MB  
 71  MB      MB     MB     MH     MH  
 77  AG      AG     AG     AG     BR  
 81  M1      M1     MH     M1     M1  
125  UBR     UBR    UBR    BR     UBR  
127  RSA     RSA    RS     RS     RS  
Table A.9: Cross Reference Chart
				Table A.9
                  Cross-Reference Chart for the US Model

Variable Eq.   Used in Equation   

AA       89    2, 4, 7                       
AB       73    80                                            
AF       70    19, 55, 80                                    
AG       77    29, 56, 80                                    
AG1      Exog  1, 2, 3
AG2      Exog  1, 2, 3
AG3      Exog  1, 2, 3
AH       66    80, 89                                        
AR       75    80                                            
AS       79    80                                            
BF       55    19                                            
BG       56    29                                            
BO       22    73, 77, 125                                   
BR       57    22, 73, 77, 125                               
CCB      Exog  60, 61, 72, 82, 83                         
CCF      21    67     
CCG      Exog  67, 68, 76                                      
CCH      Exog  65, 67, 68
CCS      Exog  67, 68, 77                                 
CD       3     34, 51, 52, 58, 60, 61, 65, 116                
CDA      Exog  3                                          
CF       68    25, 69                                        
CG       25    66, 80                                        
CN       2     34, 51, 52, 60, 61, 65, 116                    
COG      Exog  60, 61, 76, 104                            
COS      Exog  60, 61, 78, 110                            
CS       1     34, 51, 52, 60, 61, 65, 116                    
CUR      26    71, 77                                       
D1G      Exog  47, 90, 99                                 
D1GM     90    126, 127, 128                               
D1S      Exog  48, 91, 99                                 
D1SM     91    126, 127, 128                               
D2G      Exog  17, 49, 121                                
D2S      Exog  17, 50, 121                                
D3G      Exog  35, 36, 37, 51                             
D3S      Exog  35, 36, 37, 52                             
D4G      Exog  53, 126                                    
D5G      Exog  10, 54                                     
D691     Exog  27                                        
D692     Exog  27                                        
D714     Exog  27                                        
D721     Exog  27                                        
D794823  Exog  30                                     
D811824  Exog  21                                     
D831834  Exog  21                                     
DB       Exog  64, 72, 99, 115                             
DD772    Exog  13, 14                                   
DELD     Exog  58                                        
DELH     Exog  59                                        
DELK     Exog  12, 92                                    
DF       18    64, 69, 99, 115                               
DISB     Exog  73, 80                                    
DISBA    Exog  70, 73                                   
DISF     Exog  70, 80                                    
DISG     Exog  77, 80                                    
DISH     Exog  66, 80                                    
DISR     Exog  75, 80                                    
DISS     Exog  79, 80                                    
DRS      Exog  64, 78, 99, 113, 115                       
E        85    86                                             
EX       Exog  33, 60, 61, 74                              
EXPG     106   107                                        
EXPS     113   114                                        
FA       Exog  17, 26, 31                                  
FIROW    Exog  67, 68, 74, 129, 130                     
FIROWD   Exog  130                                     
FIUS     Exog  67, 68, 74, 129, 130                      
FIUSD    Exog  130                                      
G1       Exog  57                                          
GDP      82    84, 129                                      
GDPD     84    123                                         
GDPR     83    84, 122, 130                                
GNP      129   131                                         
GNPD     131   -                                          
GNPR     130   131                                        
HF       14    62, 95, 100, 118                              
HFF      100   15                                          
HFS      Exog  100                                        
HG       Exog  43, 64, 76, 82, 83, 95, 98, 104, 115, 126   
HM       Exog  43, 64, 76, 82, 83, 95, 98, 104, 115, 126   
HN       62    43, 53, 54, 64, 67, 68, 115, 121, 126         
HO       15    43, 53, 54, 62, 64, 67, 68, 115, 121, 126     
HS       Exog  43, 64, 78, 82, 83, 95, 98, 110, 115, 126   
IBTG     51    34, 52, 61, 76, 82, 105                     
IBTS     52    34, 51, 61, 78, 82, 112                     
IGZ      Exog  106
IHB      Exog  60, 61, 72                                 
IHF      Exog  60, 61, 68                                 
IHH      4     34, 59, 60, 61, 65                            
IHHA     Exog  4                                         
IKB      Exog  60, 61, 72                                 
IKF      12    21, 60, 61, 68, 92                           
IKFA     Exog  12                                        
IKG      Exog  60, 61, 76                                 
IKH      Exog  60, 61, 65                                 
IM       27    33, 60, 61, 74                                
INS      Exog  65, 76                                     
INTF     19    64, 67, 68, 88, 99, 115                     
INTG     29    64, 76, 88, 99, 106, 115                    
INTOTH   Exog  64, 67, 68, 99, 115                     
INTROW   88    64, 67, 68, 99, 115                       
INTS     Exog  64, 78, 99, 113, 115                      
ISZ      Exog  113
IVA      20    67                                           
IVF      117   -                                           
IVH      Exog  60                                         
IVVH     Exog  61, 65                                    
JF       13    14, 43, 53, 54, 64, 67, 68, 85, 95, 115, 118, 
JG       Exog  43, 64, 76, 82, 83, 85, 95, 98, 104, 115, 12
JHMIN    94    13, 14                                     
JJ       95    96, 97                                        
JJP      Exog  96, 97, 98                                 
JJS      96    30                                           
JM       Exog  43, 64, 76, 82, 83, 85, 87, 95, 98, 104, 115
JS       Exog  43, 64, 78, 82, 83, 85, 95, 98, 110, 115, 12
KD       58    3                                             
KH       59    4, 89                                         
KK       92    12                                            
KKMIN    93    12                                         
L1       5     86, 87                                         
L2       6     86, 87                                         
L3       7     86, 87                                         
LAM      Exog  94, 98                                     
LM       8     85                                             
M1       81    124                                           
MB       71    57, 73                                        
MDIF     Exog  81                                        
MF       17    70, 71, 81                                    
MG       Exog  71, 77                                      
MH       9     66, 71, 81, 89                                 
MR       Exog  71, 75, 81                                  
MRS      Exog  68, 76                                     
MS       Exog  71, 79, 81                                  
MUH      Exog  93                                         
P2554    Exog  -                                        
PCD      37    34, 51, 52, 61, 65, 116                      
PCGDPD   122   -                                        
PCGDPR   123   30                                       
PCM1     124   30                                         
PCN      36    34, 51, 52, 61, 65, 116                      
PCS      35    34, 51, 52, 61, 65, 116                      
PD       33    12, 30, 35, 36, 37, 38, 39, 40, 41, 42        
PEX      32    33, 61, 74                                   
PF       10    16, 17, 26, 27, 31, 119                       
PFA      Exog  31                                         
PG       40    61, 76, 104                                   
PH       34    1, 2, 3, 4, 5, 6, 7, 8, 9, 27, 89             
PIEB     Exog  60, 61, 72, 82, 83                        
PIEF     67    18, 49, 50, 121                             
PIEH     Exog  64, 67, 68, 99                            
PIH      38    34, 61, 65, 68, 72                           
PIK      39    21, 61, 65, 68, 72, 76                       
PIM      Exog  10, 27, 33, 61, 74                         
PIV      42    67, 82                                       
POP      120   1, 2, 3, 4, 7, 8, 9, 26, 27, 47, 48, 90, 91,
POP1     Exog  5, 120                                    
POP2     Exog  6, 120                                    
POP3     Exog  7, 120                                    
PROD     118   -                                          
PS       41    61, 78, 110                                   
PSI1     Exog  32                                        
PSI2     Exog  35                                        
PSI3     Exog  36                                        
PSI4     Exog  37                                        
PSI5     Exog  38                                        
PSI6     Exog  39                                        
PSI7     Exog  40                                        
PSI8     Exog  41                                        
PSI9     Exog  42                                        
PSI10    Exog  44                                       
PSI11    Exog  45                                       
PSI12    Exog  46                                       
PSI13    Exog  83                                       
PSI14    Exog  88                                       
PUG      104   106                                         
PUS      110   113                                         
PX       31    20, 32, 33, 61, 72, 82, 119                   
Q        Exog  75, 77                                       
RB       23    12, 19, 25, 29                                
RD       Exog  22                                          
RECG     105   107                                        
RECS     112   114                                        
RET      Exog  65, 78                                     
RM       24    128                                           
RMA      12    82, 3, 4, 27                                 
RNT      Exog  64, 67, 68, 99, 115                        
RS       30    17, 19, 22, 23, 24, 29, 127                   
RSA      130   1, 9, 26                                    
SB       72    73                                            
SF       69    70                                            
SG       76    77                                            
SGP      107   -                                           
SH       65    66                                            
SHRPIE   121   -                                        
SIFG     54    67, 68, 76, 103                             
SIFS     Exog  67, 68, 78, 109                           
SIG      103   105                                         
SIGG     Exog  43, 64, 76, 103, 115, 126                 
SIHG     53    65, 76, 103, 115                            
SIHS     Exog  65, 78, 109, 115                          
SIS      109   112                                         
SISS     Exog  43, 64, 78, 109, 115, 126                 
SR       74    75                                            
SRZ      116   -                                           
SS       78    79                                            
SSP      114   -                                           
STAT     Exog  67, 70, 80                                
STATP    Exog  83                                       
SUBG     Exog  67, 68, 76, 106                           
SUBS     Exog  67, 68, 78, 113                           
SUR      Exog  72, 76                                     
T        Exog  5, 7, 13, 14, 16                             
TAUG     Exog  47, 90, 99                                
TAUS     Exog  48, 91, 99                                
TBG      Exog  72, 76, 102                                
TBS      Exog  72, 78, 108                                
TCG      102   105                                         
TCS      108   112                                         
TFA      Exog  101, 102, 115                              
TFG      49    18, 25, 69, 76, 102                          
TFS      50    18, 25, 49, 69, 78, 108                      
THG      47    65, 76, 101, 115                             
THS      48    65, 78, 112, 115                             
TI       Exog  29                                          
TPG      101   105                                         
TRFH     Exog  64, 67, 68, 99, 115                       
TRFR     Exog  67, 68, 74                                
TRGH     Exog  65, 76, 99, 106, 115                      
TRGR     Exog  74, 76, 106                               
TRGS     Exog  76, 78, 106, 112                          
TRHR     Exog  65, 74, 115                               
TRRSH    111   113                                       
TRSH     Exog  65, 78, 99, 111, 115                      
TXCR     Exog  12                                        
U        86    28, 87                                         
UB       28    65, 78, 99, 111, 115                          
UBR      128   -                                           
UR       87    -                                             
V        63    11, 20, 67, 82, 117                            
WA       126   5, 6, 7, 8                                   
WF       16    10, 28, 43, 44, 45, 46, 53, 54, 64, 67, 68, 11
WG       44    43, 64, 76, 82, 104, 115, 126                 
WH       43    -                                             
WLDG     Exog  82, 104, 106                              
WLDS     Exog  82, 110, 113                              
WM       45    43, 64, 76, 82, 104, 115, 126                 
WR       119   -                                            
WS       46    43, 64, 78, 82, 110, 115, 126                 
X        60    11, 17, 26, 31, 33, 63                         
XX       61    67, 68, 82                                    
Y        11    10, 12, 13, 14, 63, 83, 93, 94, 118            
YD       115   1, 2, 3, 4, 9, 27, 116                       
YNL      99    -                                            
YS       98    10                                            
YT       64    47, 48, 65, 90, 91, 99                        
Z        97    5, 6, 7, 8