This PDF is a selection from an out-of-print volume from the National Bureau
of Economic Research
Volume Title: The American Business Cycle: Continuity and Change
Volume Author/Editor: Robert J. Gordon, ed.
Volume Publisher: University of Chicago Press
Volume ISBN: 0-226-30452-3
Volume URL: http://www.nber.org/books/gord86-1
Publication Date: 1986
Chapter Title: Appendix B: Historical Data
Chapter Author: Nathan Balke, Robert J. Gordon
Chapter URL: http://www.nber.org/chapters/c10036
Chapter pages in book: (p. 781 - 850)
Appendix B
Historical Data
Nathan S. Balke and Robert J. Gordon
1.
Annual Data from 1869 to 1983
Year
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 = 100)
Trend
Real
GNP
Commercial
Paper Rate
Yield on
Corporate
Bonds
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
8.06
7.83
7.80
9.02
9.00
8.79
8.74
8.84
9.13
9.04
9.65
12.14
12.13
13.10
12.79
12.44
11.66
12.06
12.56
12.48
12.96
13.65
14.02
14.82
34.93
35.96
35.25
42.94
43.36
42.78
43.57
46.19
49.54
52.95
58.44
66.74
67.97
71.12
70.28
72.18
72.44
75.96
78.30
76.44
78.93
84.82
88.65
97.19
23.07
21.78
22.13
21.01
20.76
20.54
20.06
19.14
18.45
17.08
16.48
18.19
17.84
18.41
18.19
17.24
16.10
15.88
16.04
16.32
16.42
16.09
15.83
15.24
34.93
36.78
38.72
40.76
42.91
45.17
47.56
50.07
52.71
55.49
58.44
60.50
62.04
63.94
65.89
67.90
69.98
72.12
74.32
76.59
78.93
82.44
86.62
90.74
10.95
8.54
8.27
9.92
11.60
7.27
6.73
6.42
6.47
6.09
6.35
6.52
6.49
6.93
6.91
6.49
5.35
6.05
7.04
6.18
6.15
6.91
6.48
5.40
9.11
8.99
8.93
8.77
8.80
8.49
7.93
7.64
7:65
7.58
7.24
6.94
6.62
6.67
6.69
6.64
6.44
6.17
6.23
6.16
6.02
6.14
6.31
6.19
Nathan S. Balke is a graduate student at Northwestern University. Robert J. Gordon
is professor of economics at Northwestern University.
781
782
Nathan S. Balke/Robert J. Gordon
Annual Data from 1869 to 1983
(continued)
Year
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 = 100)
Trend
Real
GNP
Commercial
Paper Rate
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
14.40
13.12
14.47
13.78
15.18
16.00
18.05
19.40
21.47
22.39
23.80
23.78
26.07
29.88
31.59
28.80
33.39
35.26
35.98
39.34
39.54
38.84
40.14
48.30
60.54
76.56
84.29
91.54
69.52
74.16
83.38
84.88
93.30
97.17
95.01
97.17
103.42
90.73
76.12
58.33
55.84
65.27
72.50
82.79
90.89
85.05
92.36
89.92
100.55
98.44
107.86
110.20
120.40
123.55
137.87
139.13
146.10
144.21
155.04
172.97
175.61
161.22
180.93
185.98
191.90
201.51
203.38
195.96
193.63
208.19
211.43
244.33
228.99
214.22
199.94
229.54
254.09
256.39
276.03
291.81
293.27
296.22
315.69
285.52
263.46
227.04
222.13
239.09
260.04
295.54
310.16
296.75
15.57
14.59
14.39
14.00
14.06
14.52
14.98
15.70
15.57
16.09
16.29
16.48
16.81
17.27
17.99
17.86
18.44
18.96
18.74
19.52
19.44
19.83
20.73
23.20
28.61
31.30
36.80
42.70
34.80
32.30
33.60
33.10
33.80
33.30
32.40
32.80
32.76
31.75
28.87
25.67
25.13
27.30
27.88
28.00
29.30
28.66
95.06
99.58
104.32
109.28
114.48
119.92
125.62
131.60
137.87
142.96
147.71
152.89
158.26
163.82
169.57
175.52
181.69
188.06
194.67
201.50
206.31
210.18
214.66
219.23
223.90
228.68
233.55
238.52
243.61
248.80
254.10
262.73
273.17
283.23
293.66
304.48
315.70
323.86
330.61
338.32
346.22
354.30
362.57
371.03
379.69
388.55
7.64
5.22
5.80
7.02
4.72
5.34
5.50
5.71
5.40
5.81
6.16
5.14
5.18
6.25
6.66
5.00
4.67
5.72
4.75
5.41
6.20
5.47
4.01
3.84
5.07
6.02
5.37
7.50
6.62
4.52
5.07
3.98
4.02
4.34
4.11
4.85
5.85
3.59
2.64
2.73
1.73
1.02
0.76
0.75
0.94
0.81
Yield on
Corporate
Bonds
6.29
6.08
5.95
5.99
5.80
5.74
5.60
5.66
5.66
5.73
5.97
5.99
5.94
6.03
6.25
6.22
6.13
6.28
6.32
6.36
6.53
6.52
6.65
6.51
6.77
7.14
7.19
8.12
8.46
7.13
7.24
6.89
6.31
5.92
5.51
5.46
5.87
5.83
7.31
9.56
7.81
6.39
5.83
4.82
4.94
5.84
783
Historical Data
Annual Data from 1869 to 1983
Real
GNP
GNP
(continued)
Year
Nominal
GNP
(1972
dollars)
Deflator
(1972 = 100)
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
90.95
100.04
125.30
158.59
192.20
210.64
212.11
209.89
233.00
259.48
258.30
286.45
330.73
347.95
366.75
366.78
400.05
421.70
443.98
449.60
487.90
506.50
524.55
565.03
596.73
637.73
691.03
756.00
799.58
873.40
943.98
992.73
1077.65
1185.93
1326.38
1434.23
1549.20
1718.03
1918.30
2163.83
2417.78
2631.70
2957.75
3069.23
3304.78
319.83
344.16
400.40
461.80
531.66
569.13
560.17
478.28
470.39
489.74
492.24
534.57
579.17
600.63
623.46
615.64
657.37
671. 72
683.57
680.88
721.72
737.01
756.59
800.29
832.20
875.96
929.00
984.62
1011.38
1058.06
1087.58
1085.58
1122.42
1185.92
1254.20
1246.30
1231.61
1298.20
1369.71
1438.55
1479.44
1474.98
1512.15
1479.98
1534.68
28.43
29.06
31.23
34.32
36.14
37.01
37.91
43.88
49.53
52.98
52.48
53.55
57.10
57.93
58.83
59.58
60.85
62.78
64.95
66.03
67.60
68.73
69.33
70.60
71.70
72.80
74.38
76.78
79.05
82.54
86.80
91.45
96.00
99.98
105.74
115.10
125.75
132.33
140.02
150.35
163.41
178.44
195.61
207.39
215.30
Trend
Real
GNP
397.61
406.89
416.39
426.11
436.05
446.23
456.64
467.30
478.20
489.36
500.78
523.73
547.68
572.83
599.00
621.18
639.33
659.03
680.18
705.03
724.20
749.65
778.45
806.65
834.:15
865.70
895.48
936.48
977.83
1012.43
1048.43
1087.60
1131.85
1173.63
1217.20
1257.08
1298.98
1345.1:0
1391.38
1436.63
1480.75
1525.18
1570.95
1618.10
1667.00
Commercial
Paper Rate
0.59
0.56
0.53
0.66
0.69
0.73
0.75
0.81
1.03
1.44
1.49
1.45
2.16
2.33
2.52
1.59
2.19
3.31
3.82
2.47
3.96
3.85
2.96
3.26
3.56
3.96
4.38
5.55
5.11
5.90
7.83
7.71
5.11
4.73
8.15
9.84
6.32
5.34
5.61
7.99
10.91
12.29
14.76
11.89
8.81
Yield on
Corporate
Bonds
5.00
4.74
4.32
4.27
3.94
3.64
3.32
3.04
3.21
3.47
3.43
3.25
3.39
3.51
3.71
3.54
3.51
3.81
4.66
4.74
5.02
5.22
5.08
5.04
4.86
4.76
4.85
5.56
6.15
6.91
7.70
9.07
8.61
8.19
8.16
9.36
10.42
9.75
8.98
9.42
10.54
13.38
15.97
16.35
13.52
784
Nathan S. Balke/Rpbert J. Gordon
Annual Data from 1869 to 1983
(continued)
Money Supply
Year
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
Ml
M2
Base
Disposable
Income
(1929 dollars)
1.73
1.83
2.03
2.18
2.19
2.23
2.33
2.28
2.24
2.14
2.26
2.76
3.31
3.57
3.79
3.79
3.89
4.21
4.49
4.61
4.88
5.31
5.54
6.00
5.78
5.80
6.01
5.90
6.29
7.13
8.26
8.96
10.14
11.08
11.77
12.54
13.89
15.02
15.73
15.55
17.25
18.12
19.21
20.54
21.34
22.21
0.62
0.63
0.64
0.64
0.65
0.66
0.63
0.62
0.62
0.62
0.66
0.78
0.89
0.94
0.97
0.99
1.01
0.99
1.04
1.08
1.10
1.14
1.20
1.26
1.28
1.29
1.23
1.19
1.27
1.38
1.49
1.61
1.72
1.78
1.87
1.99
2.04
2.17
2.33
2.53
2.56
2.60
2.69
2.52
2.79
2.89
24.43
25.39
26.97
28.37
31.46
31.51
33.56
34.27
36.01
40.64
41.77
38.18
43.55
42.38
42.88
43.36
45.71
44.60
Disposable
Income
NIPA
(1972 dollars)
785
Historical Data
Annual Data from 1869 to 1983
(continued.)
Money Supply
Year
Ml
M2
Base
1915
1916
1917
1918
1919
1920
1921
1922
1923
1024
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
12.21
14.38
16.71
18.57
21.40
23.01
20.70
21.24
22.28
23.32
25.19
25.38
25.49
25.69
25.79
24.77
22.78
20.10
19.06
21.59
25.52
29.03
29.57
29.76
33.63
39.01
45.82
56.13
72.65
85.72
98.29
104.79
109.83
110.10
109.07
112.21
117.23
123.01
125.99
127.95
132.00
133.51
134.10
136.02
141.38
141.41
23.93
28.39
32.68
36.37
42.32
47.37
44.58
46.14
49.93
52.67
57.44
59.49
61.02
63.32
63.44
62.04
57.24
47.79
42.21
45.77
52.66
58.91
61.72
61.67
66.83
74.80
84.84
97.44
123.60
146.75
174.01
189.90
200.40
203.32
202.39
206.99
214.74
226.38
234.96
243.19
252.18
256.51
263.30
276.10
292.15
303.05
2.99
3.40
4.07
4.91
5.46
5.92
5.38
5.18
5.51
5.67
5.80
5.86
5.89
5.88
5.87
5.73
5.98
6.40
6.77
7.55
8.88
10.16
11.03
12.04
14.49
17.50
19.30
20.97
24.77
29.47
34.52
36.12
36.84
37.71
37.17
35.65
38.14
39.89
41.03
41.34
41.68
42.18
42.52
43.20
43.90
43.98
Disposable
Income
(1929 dollars)
47.60
50.42
52.21
47.50
59.14
51.19
50.05
54.37
62.09
64.64
65.20
68.71
70.72
71.12
76.10
68.15
62.78
51.55
Disposable
Income
NIPA
(1972 dollars)
229.53
210.89
202.10
174.66
169.41
179.93
196.90
220.23
227.37
212.41
229.57
243.79
277.59
317.79
331. 75
343.42
338.14
332.51
318.88
335.70
336.68
363.08
372.97
383.45
399.08
403.61
426.96
446.54
455.22
461.00
479.39
489.55
786
Nathan S. Balke/Robert J. Gordon
Annual Data from 1869 to 1983
(continued)
Money Supply
Disposable
Income
(1929 dollars)
Year
Ml
M2
Base
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
144.45
147.99
152.64
158.61
165.49
172.76
180.00
192.66
203.79
211.63
226.17
242.56
259.73
272.61
285.39
301.85
325.19
351.66
379.03
401.48
430.08
458.50
509.18
323.38
348.63
377.93
407.55
440.58
469.58
502.33
544.55
578.30
600.75
673.63
757.85
833.40
885.18
969.38
1097.00
1239.00
1349.25
1468.08
1567.10
1715.28
1879.08
2116.30
45.08
46.74
48.87
51.62
54.51
57.68
60.73
64.75
68.32
72.05
77.75
83.49
90.79
98.50
106.30
115.18
123.03
133.85
144.93
157.00
167.10
178.58
195.53
Real Consumption
Year
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
DeLong
and
Summers
(1929)
dollars
Kendrick
(1929)
dollars
NIPA
(1972)
dollars
Disposable
Income
NIPA
(1972 dollars)
503.79
524.82
542.62
580.49
616.30
646.96
673.11
701.44
722.77
751.66
779.02
810.32
865.18
858.43
875.46
906.88
943.30
988.59
1015.48
1021.70
1049.73
1058.51
1095.54
Real Consumption
Year
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
DeLong
and
Summers
(1929)
dollars
Kendrick
(1929)
dollars
NIPA
(1972)
dollars
787
Historical Data
Annual Data from 1869 to 1983
(continued)
Real Consumption
Year
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
DeLong
and
Summers
(1929)
dollars
Kendrick
(1929)
dollars
23.98
24.96
26.76
27.57
30.25
30.73
32.59
33.31
34.89
37.71
39.30
38.18
41.17
42.05
43.04
42.72
44.59
47.12
48.21
48.80
50.02
48.45
49.85
50.86
54.78
57.10
61.99
66.55
64.81
69.78
71.63
72.41
77.30
72.54
71.36
18.00
17.96
19.25
20.16
20.26
19.66
22.12
22.06
23.79
24.19
27.05
27.30
30.65
30.91
32.76
33.19
35.09
38.97
39.70
37.20
41.27
42.03
44.06
45.21
46.70
46.12
45.32
49.41
48.34
48.12
50.25
52.71
56.08
58.15
63.43
68.13
66.14
71.55
73.16
74.81
78.95
74.67
72.52
Real Consumption
NIPA
(1972)
dollars
Year
215.10
199.50
191.80
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
DeLong
and
Summers
(1929)
dollars
63.13
Kendrick
(1929)
dollars
NIPA
(1972)
dollars
66.03
64.57
67.97
72.29
79.65
82.62
81.33
85.88
90.47
96.42
94.67
97.30
101.23
108.60
120.94
122.57
125.13
128.47
136.30
137.18
141.36
147.55
173.90
170.50
176.90
187.70
206.20
213.80
208.80
219.80
229.90
243.60
241.10
248.20
255.20
270.90
301.00
305.80
312.20
319.30
337.30
341.60
350.10
363.40
370.00
394.10
405.40
413.80
418.00
440.40
452.00
461.40
482.00
500.50
528.00
557.50
585.70
602.70
634.40
657.90
672.10
696.80
737.10
768.50
763.60
788
Nathan S. Balke/Robert J. Gordon
Annual Data from 1869 to 1983 (continued)
Real Consumption
Year
1975
1976
1977
1978
1979
DeLong
and
Summers
(1929)
dollars
Kendrick
(1929)
dollars
NIPA
(1972)
dollars
780.20
823.10
864.30
903.20
927.60
Real Consumption
Year
DeLong
and
Summers
(1929)
dollars
Kendrick
(1929)
dollars
1980
1981
1982
1983
NIPA
(1972)
dollars
931.80
950.50
963.30
1009.20
Section 1 Source Notes
Nominal GNP
(Billions of dollars) 1869-88: nominal income (net national product) from Milton Friedman and Anna J. Schwartz, Monetary Trends in the United States and the United
Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867-1975 (Chicago:
University of Chicago Press, 1982), 122-29, added to capital consumption from
Simon Kuznets, Capital in the American Economy; Its Formation and Financing
(Princeton: University of Princeton Press, 1961), table R8, 499, and unraveled fiveyear moving average table R29, 572-73. Linked in 1889 to
1889-1908: series A7 from Long Term Economic Growth, 1860-1970 (Washington,
D. C.: Department of Commerce, 1973). Linked in 1909 to
1909-28: National Income and Product Accounts of the United States, 1929-76 Statistical Tables (Washington, D.C.: Department of Commerce, 1981), table 1.22.
1929-83: national income and product accounts, table 1.1.
Real GNP
(Billions of dollars) 1869-88: real income (real net national product) from Friedman
and Schwartz, Monetary Trends, 122-29, added to capital consumption from Kuznets (1961), table R8, 499, and unraveled five-year moving average table R29, 57273. Linked in 1889 to
1889-1908: series Al from Long Term Economic Growth, 1860-1970. Linked in 1909
to
1909-28: National Income and Product Accounts of the United States, 1929-76 Statistical Tables, table 1.22.
1929-83: national income and product accounts, table 1.2.
GNP deflator
1869-1983: nominal GNP divided by real GNP, then multiplied by 100.
Trend real GNP
1869-1948: geometric interpolation between the benchmark years 1869, 1879, 1889,
1901, 1912, 1923, 1929, and 1949.
1950-82: Robert J. Gordon, Macroeconomics, 3d ed. (Boston: Little, Brown, 1984),
app. B.
1983: extrapolation from 1982 using an annual growth rate of 3%.
Commercial paper rate
1869-89: Friedman and Schwartz, Monetary Trends, 122-29. Linked in 1890 to
1890-1941: 4-6-month prime commercial paper from Banking and Monetary Statistics, 1919-1941, 448.
1942-46: 4-6-month prime commercial paper from Banking and Monetary Statistics,
1942-1970, 674.
1947-83: 6-month commercial paper-bank discount basis from CITIBASE.
Historical Data
789
Yield on corporate bonds
1869-1918: yields on railroad bonds adjusted for drift from Frederick R. Macaulay,
The Movements ofInterest Rates, Bond Yields and Stock Prices in the United States
since 1856 (New York: National Bureau of Economic Research, 1938), AI41-61.
Linked in 1919 to
1919-46: yield on corporate bonds, Moody's Baa rating, Banking and Monetary
Statistics.
1947-83: yield on corporate bonds, Moody's Baa rating, Business Statistics.
Money supply, Ml
1915-83: average of quarterly Ml series described in section 2 source notes.
Money supply, M2
1869-74: money stock from Friedman and Schwartz, Monetary Trends, 122-29. Linked
in 1875 to
1875-1983: averaged from the quarterly M2 series described in section 2 source notes.
Money supply, Base
1869-74: high-powered money from Friedman and Schwartz, Monetary Trends, 12229.
1875-1983: averaged from the quarterly money base series described in section 2
source notes.
Disposable income
1897-1932: J. Bradford DeLong and Lawrence H. Summers, "The Changing Cyclical
Variability of Economic Activity," in this volume.
Dispos"able income, NIPA
1929-83: Disposable income from national income: and product accounts, table 2.1,
divided by the implicit price deflator for personal consumption expenditures from
national income and product accounts, table 7. 1.
Consumption, Kendrick
1890-1953: series A23 from Long Term Economic Growth, 1860-1970.
Consumption, derived from Kuznets
1897-1932: DeLong and Summers, this volume.
Consumption, NIPA
1929-83: national income and product accounts, table 1.2.
2.
Quarterly Data from 1875 to 1983
Quarter
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972
1(0)
Trend
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
1875:1
2
3
4
1876:1
2
3
4
1877:1
2
3
4
8.83
8.88
8.62
8.60
9.08
8.78
8.58
8.94
9.18
9.21
9.10
9.04
43.44
44.03
43.27
43.55
46.09
46.11
45.98
46.57
48.17
48.58
50.59
50.82
20.44
20.16
19.92
19.74
19.69
19.04
18.66
19.20
19.06
18.95
17.99
17.78
46.64
47.25
47.86
48.48
49.11
49.74
50.38
51.04
51.70
52.36
53.(14
53.73
6.74
6.14
6.34
7.73
7.01
6.39
5.34
6.95
6.12
5.44
6.68
7.64
8.07
7.95
7.88
7.83
7.67
7.66
7.60
7.64
7.66
7.69
7.61
7.65
790
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1875 to 1983
(continued)
Quarter
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
100)
Trend
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
1878:1
2
3
4
1879:1
2
3
4
1880:1
2
3
4
1881:1
2
3
4
1882:1
2
3
4
1883:1
2
3
4
1884:1
2
3
4
1885:1
2
3
4
1886:1
2
3
4
1887:1
2
3
4
1888:1
2
3
4
1889:1
2
9.15
8.92
9.17
8.93
8.95
8.97
9.41
11.29
12.59
12.14
11.85
11.98
11.84
11.84
12.24
12.61
12.68
13.11
13.37
13.24
13.12
12.91
12.56
12.55
12.78
12.72
12.40
11.89
11.74
11.59
11.48
11.84
12.05
11.87
12.15
12.18
12.67
12.61
12.29
12.65
12.37
12.21
12.41
12.93
12.96
12.74
51.99
52.20
53.90
53.71
54.83
56.59
58.74
63.61
66.18
66.91
66.52
67.34
66.57
67.48
68.58
69.27
69.86
70.82
71.78
72.03
70.48
69.90
70.32
70.44
71.34
73.06
72.53
71.78
71.76
72.13
72.54
73.35
74.19
75.37
77.07
77.23
78.17
78.62
77.67
78.73
75.67
75.72
76.64
77.71
78.39
77.93
17.61
17.09
17.02
16.62
16.32
15.85
16.02
17.75
19.02
18.15
17.81
17.79
17.78
17.54
17.85
18.20
18.15
18.51
18.63
18.38
18.62
18.47
17.86
17.82
17.91
17.40
17.10
16.56
16.36
16.07
15.83
16.15
16.24
15.75
15.76
15.77
16.21
16.04
15.83
16.07
16.35
16.12
16.19
16.64
16.53
16.35
54.42
55.13
55.84
56.56
57.29
58.04
58.79
59.55
59.90
60.26
60.62
60.98
61.34
61.81
62.27
62.74
63.22
63.69
64.18
64.66
65.15
65.64
66.14
66.64
67.14
67.64
68.16
68.67
69.19
69.71
70.24
70.77
71.31
71.84
72.39
72.94
73.49
74.04
74.60
75.16
75.73
76.30
76.88
77.46
78.05
78.64
6.72
5.86
5.30
6.50
5.69
6.00
6.37
7.34
6.69
6.37
6.20
6.81
6.68
5.54
6.17
7.56
6.83
6.30
6.96
7.64
7.04
6.84
6.75
7.02
6.04
6.47
6.94
6.52
5.84
5.02
4.93
5.60
5.32
5.34
6.27
7.27
6.51
6.53
7.78
7.33
6.51
6.11
5.86
6.22
5.76
5.30
7.63
7.59
7.57
7.52
7.33
7.26
7.17
7.19
7.07
7.04
6.93
6.73
6.66
6.59
6.56
6.66
6.69
6.65
6.66
6.69
6.69
6.69
6.71
6.69
6.60
6.62
6.69
6.66
6.55
6.48
6.40
6.33
6.19
6.16
6.14
6.18
6.19
6.20
6.25
6.30
6.20
6.19
6.12
6.13
6.05
5.99
791
Historical Data
Quarterly Data from 1875 to 1983
(continued)
Quarter
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
100)
Trend
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
1889:3
4
1890:1
2
3
4
1891:1
2
3
4
1892:1
2
3
4
1893:1
2
3
4
1894:1
2
3
4
1895:1
2
3
4
1896:1
2
3
4
1897:1
2
3
4
1898:1
2
3
4
1899:1
2
3
4
1900:1
2
3
4
12.89
13.25
13.15
13.47
13.94
14.04
13.63
13.64
14.28
14.54
14.64
14.42
14.83
15.36
15.88
15.26
13.41
13.06
12.76
12.60
13.35
13.75
13.66
14.44
14.81
14.98
14.13
13.76
13.42
13.81
14.44
14.56
15.59
16.10
16.19
16.25
15.66
15.91
17.06
17.42
18.37
19.34
19.51
19.42
19.35
19.30
78.93
80.49
82.17
84.45
85.80
86.86
84.77
84.90
91.17
93.78
96.55
96.85
97.16
98.21
98.04
96.85
88.73
85.82
86.72
87.17
90.76
95.03
96.88
98.73
102.28
104.33
99.97
99.00
97.73
97.06
103.28
105.80
110.46
111.92
111.32
109.69
108.74
110.07
117.78
118.69
121.64
123.48
122.63
123.63
123.75
124.20
16.33
16.47
16.00
15.95
16.25
16.16
16.08
16.07
15.67
15.51
15.17
14.89
15.27
15.64
16.19
15.75
15.11
15.22
14.71
14.46
14.71
14.47
14.11
14.62
14.48
14.35
14.14
13.90
13.73
14.23
13.99
13.77
14.12
14.39
14.55
14.82
14.40
14.32
14.49
14.68
15.10
15:66
15.91
15.71
15.64
15.54
79.23
79.83
80.86
81.90
82.96
84.03
85.12
86.11
87.12
88.14
89.17
90.21
91.26
92.33
93.41
94.50
95.60
96.72
97.85
98.99
100.15
101.32
102.51
103.70
104.92
106.41
107.38
108.64
109.91
111.19
112.49
113.80
115.13
116.48
117.84
119.22
121.61
122.02
123.44
124.89
126.34
127.82
129.32
130.83
132.36
133.90
6.24
7.32
6.44
6.44
6.50
8.25
6.72
6.42
6.65
6.14
5.25
4.59
5.49
6.27
6.29
8.08
9.86
6.33
5.16
4.83
5.14
5.75
6.39
5.14
5.43
6.25
7.59
5.94
7.94
6.62
4.56
4.56
4.80
4.96
5.10
6.23
5.23
4.79
4.73
4.85
5.68
6.73
6.24
5.31
5.47
5.80
5.98
6.05
6.07
6.09
6.15
6.26
6.24
6.33
6.37
6.29
6.21
6.18
6.17
6.21
6.19
6.26
6.46
6.28
6.16
6.08
6.07
6.00
6.02
5.99
5.88
5.90
5.96
5.93
6.08
5.99
5.86
5.81
5.77
5.75
5.73
5.82
5.73
5.67
5.61
5.56
5.59
5.67
5.65
5.65
5.67
5.66
792
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1875 to 1983
(continued)
Quarter
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
100)
Trend
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
1901:1
2
3
4
1902:1
2
3
4
1903:1
2
3
4
1904:1
2
3
4
1905:1
2
3
4
1906:1
2
3
4
1907:1
2
3
4
1908:1
2
3
4
1909:1
2
3
4
1910:1
2
3
4
1911:1
2
3
4
1912:1
2
20.55
21.33
21.79
22.20
21.62
22.01
22.51
23.42
24.14
23.95
23.98
23.12
23.70
23.24
23.48
24.68
25.15
25.51
26.11
27.49
28.89
29.38
29.76
31.49
31.72
32.18
32.25
30.20
27.72
28.13
29.09
30.26
31.41
32.77
33.92
35.46
35.82
35.64
35.14
34.45
35.03
35.11
36.64
37.13
37.88
39.44
132.71
138.79
139.80
140.91
137.71
137.93
140.61
140.27
144.64
147.68
148.31
143.78
143.33
143.05
143.20
147.26
149.33
152.80
155.81
162.22
168.88
170.74
173.90
178.38
178.52
179.22
177.26
167.44
157.63
158.04
161.87
167.37
174.23
178.71
183.58
187.20
187.60
185.72
184.69
185.91
188.97
191.02
193.26
194.37
197.52
200.43
15.49
15.37
15.59
15.84
15.70
15.96
16.01
16.70
16.69
16.22
16.17
16.08
16.54
16.25
16.39
16.76
16.84
16.70
16.76
16.95
17.10
17.21
17.11
17.65
17.77
17.95
18.19
18.04
17.59
17.80
17.97
18.08
18.03
18.34
18.48
18.94
19.09
19.19
19.03
18.53
18.54
18.38
18.96
19.10
19.18
19.68
135.57
137.05
138.65
140.27
141.14
142.46
143.56
144.66
145.80
147.07
148.34
149.63
150.92
152.23
153.55
154.58
156.22
157.57
158.94
160.32
161.71
163.11
164.52
165.94
167.38
168.83
.170.29
171.77
173.26
174.76
176.27
177.80
179.34
180.89
182.46
184.04
185.64
187.25
188.87
190.50
192.15
193.82
195.50
197.19
198.90
200.62
5.09
5.40
5.65
5.45
5.43
5.37
5.86
6.57
5.80
5.79
6.50
6.54
5.61
4.71
4.92
5.32
4.72
4.75
5.08
6.17
5.85
5.83
6.55
6.76
6.67
6.14
6.71
7.16
6.01
4.71
4.59
4.71
4.30
4.25
4.49
5.64
5.22
5.51
6.26
5.88
4.64
4.41
4.99
4.97
4.68
4.83
5.62
5.64
5.68
5.68
5.67
5.69
5.75
5.82
5.86
5.94
6.04
6.02
6.03
6.01
5.96
5.95
5.92
5.94
5.93
5.95
5.98
6.02
6.05
6.06
6.11
6.18
6.27
6.45
6.30
6.26
6.20
6.14
6.09
6.11
6.14
6.19
6.22
6.30
6.32
6.29
6.31
6.31
6.33
6.33
6.32
6.34
793
Historical Data
Quarterly Data from 1875 to 1983
Quarter
1912:3
4
1913:1
2
3
4
1914:1
2
3
4
1915:1
2
3
4
1916:1
2
3
4
1917:1
2
3
4
1918:1
2
3
4
1919:1
2
3
4
1920:1
2
3
4
1921:1
2
3
4
1922:1
2
3
4
1923:1
2
3
4
(continued)
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
100)
Trend
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
39.75
40.30
39.68
39.07
39.81
39.59
39.07
39.24
39.47
37.55
38.63
39.09
39.97
42.88
46.31
47.14
47.84
51.92
53.20
60.90
63.17
64.89
67.24
75.37
81.82
81.81
77.97
81.42
87.29
90.43
95.98
95.95
93.84
80.40
69.78
68.56
69.35
70.37
69.65
72.44
75.49
79.07
84.71
87.17
84.68
84.93
202.84
205.25
204.12
202.99
204.51
201.90
200.19
200.54
195.97
187.11
188.71
189.26
193.74
202.81
208.15
207.53
208.43
208.64
203.40
210.64
211.98
219.70
229.84
248.53
254.60
244.35
229.01
228.00
229.53
229.43
227.51
216.09
212.44
200.82
191.68
196.63
202.42
209.02
216.05
226.51
233.41
242.27
251.51
257.75
253.39
253.71
19.60
19.63
19.44
19.25
19.47
19.61
19.52
19.57
20.14
20.07
20.47
20.66
20.63
21.14
22.25
22.71
22.95
24.89
26.16
28.91
29.80
29.54
29.26
30.33
32.14
33.48
34.05
35.71
38.03
39.41
42.19
44.40
44.17
40.04
36.40
34.87
34.26
33.67
32.24
31.98
32.34
32.64
33.68
33.82
33.42
33.48
202.36
204.12
204.99
205.90
206.75
207.63
208.52
209.62
210.73
211.84
212.96
214.09
215.22
216.36
217.50
218.65
219.81
220.97
222.14
223.31
224.49
225.68
226.87
228.07
229.29
230.49
231.70
232.93
234.16
235.40
236.64
237.89
239.15
240.4]
241.68
242.96
244.25
245.54
246.84248.14249.45
250.77
252.09
253.43
254.77
256.11
5.63
6.50
5.75
6.15
6.58
6.31
4.64
4.43
6.54
6.28
4.23
4.31
3.90
3.62
3.50
3.67
4.17
4.03
4.32
5.03
5.26
5.69
5.90
6.08
6.11
6.00
5.29
5.34
5.38
5.46
6.42
7.38
8.13
8.09
7.71
7.09
6.17
5.50
4.88
4.42
4.13
4.67
4.75
5.13
5.21
5.17
6.38
6.40
6.42
6.56
6.56
6.59
6.50
6.48
0.00
0.00
6.64
6.63
6.74
6.58
6.50
6.53
6.55
6.47
6.45
6.69
6.85
7.07
7.12
7.18
7.26
7.00
7.12
7.23
7.06
7.34
7.78
8.17
8.52
7.99
8.50
8.53
8.48
8.34
7.70
7.14
6.89
6.78
6.98
7.17
7.34
7.46
794
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1875 to 1983
(continued)
Quarter
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
1(0)
Trend
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
1924:1
2
3
4
1925:1
2
3
4
1926:1
2
3
4
1927:1
2
3
4
1928:1
2
3
4
1929:1
2
3
4
1930:1
2
3
4
1931:1
2
3
4
1932:1
2
3
4
1933:1
2
3
4
1934:1
2
3
4
1935:1
2
87.30
82.86
82.00
87.35
91.08
91.27
94.41
96.44
96.60
96.15
97.93
97.98
95.94
95.44
94.77
93.88
94.31
96.18
99.01
99.16
101.03
105.02
106.72
100.92
96.53
95.25
88.35
82.77
80.66
79.74
74.99
69.09
63.84
58.83
56.08
54.57
49.78
54.13
61.55
58.11
62.88
67.22
65.50
65.49
70.36
70.62
260.65
252.46
249.84
262.60
268.68
271.89
278.86
284.70
287.33
288.21
295.01
296.71
295.63
297.42
292.78
287.20
289.40
292.98
299.71
302.80
308.94
321.65
323.69
308.45
297.27
295.58
281.13
268.10
268.66
273.35
262.62
249.14
240.16
228.43
220.46
219.12
206.38
221.26
238.85
222.05
234.29
247.72
237.19
237.16
252.31
253.14
33.49
32.82
32.82
33.26
33.90
33.57
33.86
33.88
33.62
33.36
33.19
33.02
32.45
32.09
32.37
32.69
32.59
32.83
33.04
32.75
32.70
32.65
32.97
32.72
32.47
32.22
31.43
30.87
30.02
29.17
28.55
27.73
26.58
25.75
25.44
24.90
24.11
24.47
25.77
26.17
26.84
27.14
27.61
27.61
27.89
27.90
258.73
261.38
264.05
266.75
269.47
271.92
274.39
276.88
279.40
281.94
284.50
287.08
289.69
292.32
294.98
297.66
300.37
303.09
305.85
308.63
311.43
314.26
317.12
319.99
321.53
323.08
324.69
326.19
327.75
329.65
331.56
333.47
335.40
337.34
339.29
341.26
343.23
345.21
347.21
349.22
351.24
353.27
355.31
357.37
359.44
361.51
4.88
4.42
3.29
3.34
3.75
3.92
4.04
4.38
4.34
4.13
4.34
4.54
4.17
4.17
4.08
4.00
4.04
4.54
5.38
5.42
5.59
6.00
6.13
5.67
4.63
3.71
3.08
2.92
2.67
2.21
2.00
3.67
3.80
3.13
2.29
1.71
1.92
2.21
1.50
1.29
1.38
0.96
0.88
0.88
0.79
0.75
7.24
7.03
6.67
6.62
6.44
6.41
6.20
6.17
6.09
5.98
5.79
5.81
5.61
5.48
5.55
5.38
5.35
5.33
5.58
5.58
5.63
5.80
5.95
6.11
5.92
5.70
5.77
5.94
6.41
6.72
7.08
9.04
9.13
10.46
10.79
7.87
8.01
9.12
6.62
7.49
7.01
6.01
6.13
6.40
5.98
6.13
795
Historical Data
Quarterly Data from 1875 to 1983
(continued)
Quarter
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
100)
Natural
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
1935:3
4
1936:1
2
3
4
1937:1
2
3
4
1938:1
2
3
4
1939:1
2
3
4
1940:1
2
3
4
1941: 1
2
3
4
1942: 1
2
3
4
1943:1
2
3
4
1944: 1
2
3
4
1945: 1
2
3
4
1946: 1
2
3
4
72.43
76.58
76.81
81.14
84.71
88.49
90.60
93.75
93.94
85.30
81.08
81.96
87.03
90.13
88.59
86.76
90.37
98.15
95.49
96.82
100.92
106.92
110.65
120.35
131.40
138.80
148.12
152.57
161.11
172.57
182.22
188.69
195.56
202.31
205.77
208.28
211.90
216.63
220.99
220.85
207.80
198.81
198.18
198.43
217.12
225.82
260.14
274.58
275.90
293.20
301.59
311.58
310.53
318.41
317.21
294.46
282.02
286.48
303.22
315.35
312.34
307.79
319.32
339.96
330.14
334.66
348.32
363.54
371.18
391.93
412.57
426.38
441.54
446.44
466.52
492.72
510.87
522.00
539.31
554.55
559.06
562.33
571.49
583.66
595.55
588.95
546.93
509.24
488.02
471.71
479.68
473.73
27.84
27.89
27.84
27.67
28.09
28.40
29.17
29.44
29.62
28.97
28.75
28.61
28.70
28.58
28.36
28.19
28.30
28.87
28.92
28.93
28.97
29.41
29.81
30.71
31.85
32.55
33.55
34.18
34.53
35.02
35.67
36.15
36.26
36.48
36.81
37.04
37.08
37.12
37.11
37.50
37.99
39.04
40.53
42.06
45.26
47.66
363.61
365.71
367.82
369.95
372.09
374.24
376.41
378.58
380.77
382.98
385.19
387.42
389.66
391.91
394.18
396.46
398.75
401.06
403.38
405.71
408.06
410.42
412.79
415.18
417.58
420.00
422.43
424.87
427.33
429.80
432.28
434.78
437.30
439.83
442.37
444.93
447.50
450.09
452.70
455.31
457.95
460.60
463.26
465.94
468.64
471.35
0.75
0.75
0.75
0.75
0.75
0.75
0.75
1.00
1.00
1.00
0.96
0.88
0.73
0.67
0.56
0.56
0.60
0.63
0.56
0.56
0.56
0.56
0.56
0.56
0.50
0.52
0.62
0.64
0.69
0.69
0.69
0.69
0.69
0.69
0.69
0.74
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.80
0.94
5.67
5.54
5.00
4.91
4.84
4.54
4.49
4.84
4.91
5.52
5.89
6.47
5.63
5.36
5.12
5.15
4.84
4.88
4.86
4.74
4.80
4.56
4.38
4.33
4.28
4.28
4.29
4.26
4.30
4.24
4.16
3.96
3.81
3.82
3.76
3.68
3.57
3.55
3.46
3.36
3.26
3.20
3.01
2.96
3.03
3.15
796
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1875 to 1983
(continued)
Quarter
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
100)
Natural
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
1947:1
2
3
4
1948: 1
2
3
4
1949: 1
2
3
4
1950:1
2
3
4
1951: 1
2
3
4
1952: 1
2
3
4
1953: 1
2
3
4
1954: 1
2
3
4
1955: 1
2
3
4
1956: 1
2
3
4
1957:1
2
3
4
1958:1
2
225.10
229.30
233.60
244.00
250.00
257.50
264.50
265.90
260.50
257.00
258.90
256.80
267.60
277.10
294.80
306.30
320.40
328.30
335.00
339.20
341.90
342.10
347.80
360.00
366.10
369.40
368.40
363.10
362.50
362.30
366.70
375.60
388.20
396.20
404.80
411.00
412.80
418.40
423.50
432.10
440.20
442.30
449.40
444.00
436.80
440.70
466.05
469.88
470.02
475.63
479.85
488.62
492.55
497.94
492.44
490.46
495.03
491.01
512.64
525.81
543.91
555.90
564.09
575.97
587.72
588.89
593.58
593.92
600.69
614.33
622.62
628.23
624.41
618.57
610.27
607.89
616.30
628.09
643.78
652.72
663.61
669.38
666.88
670.51
671.16
678.34
683.54
683.62
688.21
678.90
665.85
669.76
48.30
48.80
49.70
51.30
52.10
52.70
53.70
53.40
52.90
52.40
52.30
52.30
52.20
52.70
54.20
55.10
56.80
57.00
57.00
57.60
57.60
57.60
57.90
58.60
58.80
58.80
59.00
58.70
59.40
59.60
59.50
59.80
60.30
60.70
61.00
61.40
61.90
62.40
63.10
63.70
64.40
64.70
65.30
65.40
65.60
65.80
474.07
476.81
479.57
482.34
484.43
487.14
490.76
492.10
493.90
497.40
503.10
508.70
515.00
520.80
526.60
532.50
538.50
544.60
550.70
556.90
563.30
569.60
576.00
582.40
589.00
595.60
602.30
609.10
616.00
618.30
622.90
627.50
632.20
636.90
641.70
646.50
651.30
656.20
661.60
667.00
672.60
677.00
684.20
686.90
691.10
700.60
1.00
1.00
1.01
1.13
1.35
1.38
1.46
1.56
1.56
1.56
1.46
1.36
1.31
1.31
1.46
1.71
1.95
2.19
2.25
2.26
2.38
2.32
2.31
2.31
2.33
2.62
2.75
2.37
2.04
1.63
1.36
1.31
1.61
1.97
2.33
2.83
3.00
3.26
3.35
3.63
3.63
3.68
3.95
3.99
2.82
1.72
3.13
3.16
3.18
3.35
3.52
3.47
3.37
3.50
3.46
3.45
3.46
3.36
3.24
3.23
3.32
3.22
3.17
3.35
3.53
3.50
3.50
3.50
3.50
3.54
3.51
3.65
3.86
3.82
3.71
3.47
3.50
3.46
3.45
3.49
3.52
3.59
3.60
3.68
3.80
4.17
4.49
4.44
4.73
4.99
4.83
4.67
797
Historical Data
Quarterly Data from 1875 to 1983
(continued)
Quarter
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
1(0)
Natural
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
1958:3
4
1959:1
2
3
4
1960:1
2
3
4
1961:1
2
3
4
1962:1
2
3
4
1963:1
2
3
4
1964:1
2
3
4
1965: 1
2
3
4
1966: 1
2
3
4
1967: 1
2
3
4
1968: 1
2
3
4
1969: 1
2
3
4
453.90
467.00
477.00
490.60
489.00
495.00
506.90
506.30
508.00
504.80
508.20
519.20
528.20
542.60
554.20
562.70
568.90
574.30
582.00
590.70
601.80
612.40
625.30
634.00
642.80
648.80
668.80
681.70
696.40
717.20
738.50
750.00
760.60
774.90
780.70
788.60
805.70
823.30
841.20
867.20
884.90
900.30
921.20
937.40
955.30
962.00
685.65
702.26
711.94
725.74
721.24
727.94
741.08
738.05
737.30
731.59
737.59
750.29
760.00
778.48
789.46
798.16
805.81
807.74
815.13
826.15
839.33
848.20
863.67
873.28
880.55
886.34
906.23
919.97
933.51
956.27
975.56
979.11
987.79
996.01
997.06
1004.59
1016.02
1027.84
1036.22
1056.02
1068.72
1071.28
1084.15
1088.73
1091.90
1085.53
66.20
66.50
67.00
67.60
67.80
68.00
68.40
68.60
68.90
69.00
68.90
69.20
69.50
69.70
70.20
70.50
70.60
71.10
71.40
71.50
71.70
72.20
72.40
72.60
73.00
73.20
73.80
74.10
74.60
75.00
75.70
76.60
77.00
77.80
78.30
78.50
79.30
80.10
81.18
82.12
82.80
84.04
84.97
86.10
87.49
88.62
711.30
717.10
716.10
721.00
723.70
736.00
740.80
747.20
752.10
758.50
767.90
775.00
781.70
789.20
797.70
805.60
810.00
813.30
821.00
828.20
839.80
847.60
857.40
864.70
869.00
871.70
880.80
888.60
901.80
910.70
923.00
931.00
940.10
951.80
963.70
971.40
985.00
991.20
997.20
1010.10
1018.70
1023.70
1035.70
1043.60
1053.80
1060.60
2.13
3.21
3.30
3.60
4.19
4.76
4.69
4.07
3.37
3.27
3.01
2.86
2.90
3.06
3.24
3.20
3.33
3.26
3.31
3.32
3.70
3.91
3.95
3.93
3.91
4.06
4.30
4.38
4.38
4.47
4.97
5.43
5.79
6.00
5.45
4.72
4.97
5.30
5.58
6.08
5.96
5.96
6.66
7.54
8.49
8.62
4.53
4.92
4.87
4.86
5.08
5.28
5.34
5.20
5.22
5.11
5.10
5.01
5.09
5.13
5.08
5.02
5.05
4.99
4.91
4.87
4.84
4.83
4.83
4.85
4.83
4.53
4.80
4.80
4.88
4.93
5.06
5.41
5.68
6.10
5.97
5.83
6.26
6.52
6.84
6.97
6.98
6.84
7.32
7.54
7.70
8.22
798
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1875 to 1983
(continued)
Quarter
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
1(0)
Natural
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
1970: 1
2
3
4
1971:1
2
3
4
1972: 1
2
3
4
1973:1
2
3
4
1974: 1
2
3
4
1975:1
2
3
4
1976: 1
2
3
4
1977: 1
2
3
4
1978: 1
2
3
4
1979:1
2
3
4
1980: 1
2
3
4
1981: 1
2
972.00
986.30
1003.60
1009.00
1049.30
1068.90
1086.60
1105.80
1142.40
1171.70
1196.10
1233.50
1283.50
1307.60
1337.70
1376.70
1387.70
1423.80
1451.60
1473.80
1479.80
1516.70
1578.50
1621.80
1672.00
1698.60
1729.00
1772.50
1834.80
1895.10
1954.40
1988.90
2031.70
2139.50
2202.50
2281.60
2335.50
2377.90
2454.80
2502.90
2572.90
2578.80
2639.10
2736.00
2875.80
2918.00
1081.32
1083.01
1093.37
1084.60
1111.55
1116.93
1125.78
1135.43
1157.21
1178.54
1193.12
1214.79
1246.72
1248.31
1255.70
1266.05
1253.34
1254.67
1246.86
1230.32
1204.26
1218.82
1246.05
1257.31
1284.97
1293.68
1301.08
1313.06
1341.23
1363.28
1385.80
1388.51
1400.01
1436.97
1448.82
1468.40
1472.57
1469.20
1486.59
1489.38
1496.40
1461.40
1464.20
1477.90
1513.50
1511.70
89.89
91.07
91.79
93.03
94.40
95.70
96.52
97.39
98.72
99.42
100.25
101.54
102.95
104.75
106.53
108.74
110.72
113.48
116.42
119.79
122.88
124.44
126.68
128.99
130.12
131.30
132.89
134.99
136.80
139.01
141.03
143.24
145.12
148.89
152.02
155.38
158.60
161.85
165.13
168.05
171.94
176.46
180.24
185.13
190.01
193.03
1071.20
1082.40
1091.60
1105.20
1119.20
1130.90
1136.90
1140.40
1155.90
1170.20
1177.40
1191.00
1202.50
1210.80
1221.00
1234.50
1237.50
1252.80
1264.70
1273.30
1279.90
1291.60
1307.90
1316.50
1327.30
1336.70
1353.60
1362.80
1374.60
1384.70
1398.80
1407.40
1419.00
1430.70
1442.40
1454.40
1464.40
1475.20
1486.20
1497.20
1508.30
1519.50
1530.80
1542.10
1553.60
1565.10
8.55
8.17
7.84
6.29
4.59
5.04
5.74
5.07
4.06
4.58
4.94
5.33
6.28
7.47
9.87
8.98
8.30
10.46
11.53
9.05
6.56
5.92
6.67
6.12
5.29
5.57
5.53
4.99
4.81
5.24
5.81
6.59
6.80
7.20
8.08
9.90
10.10
10.03
10.60
13.10
14.25
10.62
9.65
14.51
14.52
15.35
8.86
8.70
9.40
9.33
8.74
8.45
8.76
8.48
8.23
8.24
8.23
8.06
7.90
8.09
8.24
8.41
8.58
8.88
9.55
10.41
10.62
10.34
10.33
10.37
10.24
9.83
9.63
9.29
9.08
9.07
8.87
8.89
9.17
9.32
9.60
9.59
10.13
10.33
10.29
11.40
12.42
14.19
12.67
14.23
15.03
15.56
Historical Data
799
Quarterly Data from 1875 to 1983
Quarter
1981:3
4
1982:1
2
3
4
1983:1
2
3
4
(continuc~d)
Nominal
GNP
Real
GNP
(1972
dollars)
GNP
Deflator
(1972 =
1(0)
Natura.l
Real
GNP
Commercial
Paper
Rate
Yield on
Corporate
Bonds
3009.30
3027.90
3026.00
3061.20
3080.10
3109.60
3173.80
3267.00
3346.60
3431.70
1522.10
1501.30
1483.50
1480.50
1477.10
1478.80
1491.00
1524.80
1550.20
1572.70
197.71
201.69
203.98
206.77
208.52
210.28
212.86
214.26
215.88
218.20
1576.70
1588.40
1600.20
1612.10
1624.00
1636.10
1648.40
1660.70
1673.20
1685.70
16.27
12.94
13.70
13.48
11.53
8.81
8.34
8.61
9.44
9.19
16.17
17.11
17.10
16.78
16.80
14.73
13.94
13.29
13.39
13.46
Money Supply
Quarter
1875:1
2
3
4
1876:1
2
3
4
1877:1
2
3
4
1878:1
2
3
4
1879:1
2
3
4
1880:1
2
3
4
MI
M2
Base
2.33
2.33
2.33
2.31
2.29
2.28
2.28
2.28
2.28
2.26
2.24
2.18
2.17
2.14
2.13
2.10
2.12
2.18
2.28
2.45
2.62
2.69
2.78
2.94
0.64
0.63
0.63
0.62
0.62
0.62
0.61
0.62
0.62
0.62
0.62
0.62
0.62
0.63
0.63
0.62
0.63
0.64
0.67
0.71
0.74
0.77
0.79
0.82
Index of
All Common
Stocks
(41-43 = 10)
Index of
Wholesale
Prices, All
Commodities
(67 = 100)
42.83
42.14
41.45
40.76
40.25
38.53
37.67
39.22
39.39
39.22
36.64
35.43
33.88
31.99
31.65
30.96
30.96
30.27
30.79
34.74
37.32
35.09
34.40
34.74
800
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1875 to 1983
(continued)
Money Supply
Quarter
1881: 1
2
3
4
1882: 1
2
3
4
1883: 1
2
3
4
1884: 1
2
3
4
1885: 1
2
3
4
1886: 1
2
3
4
1887: 1
2
3
4
1888: 1
2
3
4
1889: 1
2
3
4
1890: 1
2
3
4
1891:1
2
3
4
1892:1
2
Ml
M2
3.09
3.25
3.42
3.46
3.50
3.53
3.59
3.65
3.70
3.80
3.84
3.84
3.85
3.78
3.76
3.77
3.80
3.84
3.93
4.00
4.12
4.18
4.24
4.30
4.41
4.49
4.52
4.53
4.57
4.57
4.64
4.68
4.76
4.83
4.94
5.00
5.15
5.29
5.38
5.41
5.44
5.48
5.55
5.70
5.87
6.03
Base
0.84
0.88
0.90
0.92
0.93
0.93
0.94
0.95
0.96
0.98
0.98
0.98
0.98
0.97
0.99
1.00
1.01
1.02
1.01
1.00
0.99
0.99
0.99
1.01
1.02
1.04
1.05
1.06
1.07
1.08
1.08
1.09
1.09
1.10
1.10
1.10
1.11
1.13
1.15
1.17
1.19
1.19
1.19
1.22
1.25
1.27
Index of
All Common
Stocks
(41 - 43 = 10)
Index of
Wholesale
Prices, All
Commodities
(67 = 100)
35.43
35.43
36.64
37.84
38.01
38.87
38.87
37.67
37.32
36.29
34.40
34.06
34.23
33.02
32.34
31.13
30.79
30.10
29.41
29.93
29.76
28.38
28.38
28.55
29.93
29.76
29.41
30.10
30.79
30.10
29.93
30.44
29.41
28.55
28.38
28.90
28.29
28.57
29.57
29.55
29.50
29.50
28.50
27.98
26.95
26.14
801
Historical Data
Quarterly Data from 1875 to 1983
(continued)
Money Supply
Quarter
1892:3
4
1893: 1
2
3
4
1894: 1
2
3
4
1895: 1
2
3
4
1896:1
2
3
4
1897:1
2
3
4
1898: 1
2
3
4
1899:1
2
3
4
1900: 1
2
3
4
1901:1
2
3
4
1902: 1
2
3
4
1903:1
2
3
4
Ml
M2
6.09
6.02
5.97
5.82
5.67
5.65
5.72
5.74
5.83
5.91
5.91
6.02
6.10
6.01
5.89
5.80
5.91
5.99
6.08
6.14
6.36
6.59
6.78
6.98
7.2i
7.53
7.89
8.20
8.44
8.52
8.61
8.72
9.09
9.41
9.78
10.02
10.27
10.51
10.78
10.96
11.17
11.39
11.58
11.69
11.83
11.99
Base
1.26
1.25
1.24
1.25
1.30
1.33
1.32
1.31
1.28
1.25
1.22
1.24
1.24
1.20
1.18
1.16
1.18
1.24
1.27
1.26
1.27
1.29
1.32
1.39
1.39
1.43
1.47
1.48
1.50
1.50
1.53
1.59
1.64
1.67
1.70
1.71
1.73
1.74
1.75
1.76
1.78
1.82
1.84
1.86
1.88
1.90
Index of
Alll Common
Stocks
(41 - 43 = 10)
6.19
6.08
5.87
6.45
7.28
8.12
7.99
7.98
8.17
8.45
8.76
8.29
8.32
7.51
6.65
6.37
Index of
Wholesale
Prices, All
Commodities
(67 = 1(0)
26.97
27.86
29.24
28.17
26.52
26.57
25.06
24.34
25.01
24.70
24.30
25.82
25.59
25.23
24.49
23.77
23.31
24.48
23.96
23.44
24.23
24.79
25.01
25.63
24.73
24.77
25.52
26.25
27.43
28.88
29.52
29.03
28.83
28.52
28.28
27.97
28.55
29.31
29.24
30.01
30.24
31.89
31.80
30.62
30.43
30.13
802
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1875 to 1983
(continued)
Money Supply
Quarter
1904: 1
2
3
4
1905:1
2
3
4
1906:1
2
3
4
1907:1
2
3
4
1908: 1
2
3
4
1909: 1
2
3
4
1910:1
2
3
4
1911: 1
2
3
4
1912:1
2
3
4
1913:1
2
3
4
1914:1
2
3
4
1915: 1
2
Ml
11.59
11.83
M2
12.15
12.30
12.65
13.05
13.40
13.74
14.04
14.37
14.56
14.81
15.15
15.55
15.81
16.00
15.80
15.32
14.92
15.24
15.74
16.31
16.68
17.09
17.49
17.75
17.94
17.99
18.09
18.46
18.68
19.11
19.31
19.74
20.12
20.34
20.71
21.00
21.17
21.19
21.32
21.67
21.85
22.11
22.35
22.52
22.79
23.31
Base
1.96
1.98
2.01
2.01
2.01
2.03
2.05
2.08
2.11
2.15
2.19
2.25
2.28
2.31
2.31
2.41
2.53
2.52
2.54
2.54
2.53
2.56
2.57
2.57
2.58
2.58
2.62
2.63
2.67
2.69
2.68
2.70
2.72
2.74
2.65
1.96
2.77
2.77
2.80
2.83
2.85
2.85
2.86
3.01
2.86
2.94
Index of
All Common
Stocks
(41 - 43 = 10)
6.55
6.55
7.04
8.06
8.76
8.68
9.10
9.40
9.74
9.30
9.61
9.91
9.39
8.78
7.71
6.49
6.77
7.50
8.12
8.71
8.93
9.58
10.10
10.24
9.92
9.46
8.80
9.23
9.34
9.48
9.16
8.97
9.15
9.58
9.75
9.65
9.02
8.49
8.40
8.12
8.39
8.14
0.00
0.00
7.48
8.04
Index of
Wholesale
Prices, All
Commodities
(67 = 100)
31.11
30.31
30.53
31.25
31.29
30.79
30.81
31.13
31.39
31.60
31.41
32.80
33.28
33.75
34.18
33.49
31.91
32.16
32.58
33.09
33.49
34.62
35.26
36.58
37.08
37.19
36.41
34.55
33.57
32.56
33.63
33.95
34.43
35.90
35.97
36.31
36.12
35.71
36.09
36.05
35.24
34.81
35.62
34.88
35.24
35.43
803
Historical Data
Quarterly Data from 1875 to 1983
(continued)
Money Supply
Quarter
1915:3
4
1916: 1
2
3
4
1917: 1
2
3
4
1918: 1
2
3
4
1919:1
2
3
4
1920:1
2
3
4
1921: 1
2
3
4
1922:1
2
3
4
1923:1
2
3
4
1924:1
2
3
4
1925:1
2
3
4
1926:1
2
3
4
Ml
12.31
13.10
13.66
14.03
14.57
15.27
15.99
16.54
16.92
17.37
17.87
17.97
18.77
19.65
20.18
20.90
21.81
22.72
23.22
23.23
23.05
22.54
21.57
20.72
20.29
20.22
20.36
21.08
21.49
22.01
22.21
22.21
22.31
22.38
22.38
22.96
23.74
24.20
24.47
24.99
25.64
25.64
25.58
25.52
25.33
25.11
M2
23.97
25.67
26.82
27.73
28.71
30.28
30.44
32.75
33.68
33.85
35.14
35.37
36.72
38.24
39.64
41.11
43.11
45.43
46.86
47.63
47.70
47.30
46.05
44.66
43.76
43.84
43.87
45.60
47.00
48.11
49.07
49.91
50.05
50.68
50.86
51.72
53.37
54.74
55.81
56.72
58.20
59.02
59.39
59.56
59.67
59.34
Base
3.02
3.13
3.25
3.33
3.44
3.58
3.80
4.01
4.15
4.33
4.58
4.79
4.94
5.33
5.30
5.41
5.47
5.67
5.82
5.93
6.02
5.92
5.68
5.47
5.26
5.12
5.06
5.16
5.19
5.29
5.39
5.51
5.55
5.61
5.58
5.63
5.70
5.78
5.83
5.76
5.78
5.81
5.88
5.87
5.88
5.82
Index of
AJI Common
Stocks
(41 - 43 = 10)
8.14
9.36
9.23
9.23
9.40
10.00
9.30
9.02
8.48
7.17
7.31
7.37
7.54
7.94
8.30
9.24
9.53
9.60
8.90
8.55
8.13
7.72
7.32
7.16
6.82
7.33
7.83
8.76
8.98
9.34
9.60
9.08
8.46
8.65
9.18
8.90
9.61
10.06
11.01
11.03
11.78
12.74
12.94
12.24
13.28
13.41
Index of
Wholesale
Prices, All
Commodities
(67 = 100)
35.47
37.13
40.57
42.50
43.93
49.48
54.06
61.31
63.86
63.28
64.35
66.29
69.45
70.33
68.03
69.47
73.36
75.10
81.42
85.86
82.97
68.51
55.26
49.62
48.21
48.37
47.66
49.12
51.14
51.74
53.29
52.65
50.89
50.89
51.22
49.55
49.83
51.39
53.51
52.72
53.60
53.58
52.65
51.79
51.29
50.86
804
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1875 to 1983
(continued)
Money Supply
Quarter
Ml
1927:1
2
3
4
1028: 1
2
3
4
1929:1
2
3
4
1930: 1
2
3
4
1931: 1
2
3
4
1932:1
2
3
4
1933: 1
2
3
4
1934:1
2
3
4
1935:1
2
3
4
1936:1
2
3
4
1937:1
2
3
4
1938:1
2
25.36
25.45
25.54
25.63
25.85
25.49
25.62
25.80
25.74
25.85
26.16
25.40
25.39
24.79
24.56
24.35
23.94
23.30
22.53
21.35
20.56
19.95
19.92
19.99
19.01
18.86
18.92
19.46
20.34
21.03
22.01
23.00
24.03
25.07
26.29
26.71
27.52
28.96
29.55
30.11
30.30
29.93
29.28
28.76
28.84
28.93
M2
60.00
60.86
61.26
61.95
62.95
63.54
63.03
63.76
63.46
63.07
63.61
63.62
62.65
62.28
62.00
61.25
60.16
59.01
57.11
52.68
49.62
47.95
46.72
46.87
44.25
41.15
41.45
41.99
43.37
45.04
46.63
48.03
50.16
51.71
53.67
55.11
55.93
58.45
60.13
61.14
62.04
62.11
62.01
60.72
60.97
60.57
Base
5.84
5.93
5.90
5.89
5.86
5.90
5.84
5.92
5.88
5.81
5.90
5.90
5.77
5.69
5.73
5.72
5.83
5.88
6.08
6.15
6.21
6.36
6.47
6.58
7.26
6.52
6.56
6.73
6.93
7.55
7.82
7.89
8.37
8.63
9.01
9.50
9.71
9.75
10.36
10.82
10.96
11.12
11.00
11.05
11.39
11.77
Index of
All Common
Stocks
(41 - 43 = 10)
13.94
14.73
15.86
16.83
17.49
19.16
19.42
21.68
24.24
24.43
28.12
21.90
21.36
21.80
19.27
15.29
15.29
13.07
11.90
8.61
7.41
5.08
6.37
6.26
5.93
8.01
9.96
9.03
10.08
9.72
8.91
8.90
8.72
9.37
10.71
11.93
13.70
13.58
14.57
15.87
16.65
15.19
14.91
10.95
10.31
9.59
Index of
Wholesale
Prices, All
Commodities
(67 = 100)
49.36
48.37
49.16
49.97
49.48
50.02
50.50
49.59
49.43
49.09
49.69
48.49
47.15
46.03
43.53
41.95
39.73
37.86
37.03
35.97
34.33
33.33
33.54
32.83
31.13
32.35
35.98
36.65
37.75
38.12
39.35
39.54
40.88
41.30
41.38
41.62
41.42
40.85
41.92
42.67
44.72
45.17
45.20
42.72
41.35
40.44
80S
Historical Data
Quarterly Data from 1875 to 1983
(continued)
Money Supply
Quarter
1938:3
4
1939: 1
2
3
4
1940:1
2
3
4
1941:1
2
3
4
1942: 1
2
3
4
1943:1
2
3
4
1944:1
2
3
4
1945: 1
2
3
4
1946:1
2
3
4
1947: 1
2
3
4
1948:1
2
3
4
1949: 1
2
3
4
M1
30.24
31.02
31.48
32.59
34.65
35.81
36.84
38.15
39.49
41.57
43.78
45.18
46.35
47.97
50.50
53.55
57.84
62.62
67.12
72.80
73.72
76.98
80.19
83.03
88.13
91.52
95.45
97.00
100.00
100.69
102.28
104.85
105.66
106.38
108.07
109.66
110.54
111.04
110.74
110.03
110.08
109.54
109.13
109.22
108.90
109.05
M2
61.68
63.44
64.09
65.23
67.81
70.18
71.94
73.57
75.62
78.09
81.68
83.96
86.25
87.48
90.14
93.76
99.51
106.34
114.83
119.90
128.78
130.91
136.24
143.16
149.06
158.54
165.67
171.30
177.07
182.01
183.38
189.42
192.71
194.09
196.69
199.58
201.77
203.56
204.11
203.01
203.28
202.87
202.18
202.73
202.32
202.32
Base
12.19
12.81
13.11
14.10
15.11
15.66
16.17
17.06
18.04
18.73
19.28
19.25
19.18
19.50
19.90
20.42
21.30
22.25
23.82
23.74
25.55
25.96
27.04
28.93
29.92
31.98
32.89
34.29
35.11
35.77
35.94
36.02
36.35
36.19
36.52
36.76
37.01
3'7.09
37.01
37.09
37.67
39.07
38.82
37.83
36.52
35.53
Index of
All Common
Stocks
(41 - 43 = 10)
11.35
12.08
11.79
10.78
11.55
12.14
11.91
10.70
10.15
10.55
10.05
9.60
10.23
9.40
8.59
8.03
8.64
9.44
10.62
11.81
12.03
11.56
11.91
12.22
12.80
12.94
13.79
14.73
15.15
16.96
17.87
18.65
16.95
14.86
15.39
14.59
15.43
15.25
14.41
16.12
16.04
15.56
15.01
14.55
15.18
16.18
Index of
Wholesale
Prices, All
Commodities
(67 = 100)
40.45
40.08
39.65
39.22
39.47
40.90
40.68
40.33
40.09
40.99
41.78
43.89
46.59
47.90
49.93
50.93
51.17
51.82
52.94
53.60
53.22
53.17
53.44
53.70
53.66
53.87
54.20
54.70
54.50
54.90
55.60
57.40
65.00
71.30
74.30
74.90
76.80
80.10
81.80
82.50
84.10
83.00
80.70
78.60
77.90
77.70
Nathan S. Balke/Robert J. Gordon
806
Quarterly Data from 1875 to 1983
(continued)
Money Supply
Quarter
Ml
1950: 1
2
3
4
1951: 1
2
3
4
1952:1
2
3
4
1953: 1
2
3
4
1954: 1
2
3
4
1955: 1
2
3
4
1956: 1
2
3
4
1957: 1
2
3
4
1958: 1
2
3
4
1959:1
2
3
4
1960: 1
110.20
111.75
112.95
113.93
115.08
116.19
117.76
119.89
121.31
122.37
123.64
124.72
125.33
126.05
126.22
126.37
126.54
127.18
128.38
129.72
131.07
131.88
132.40
132.64
133.11
133.38
133.48
134.09
134.29
134.36
134.26
133.48
133.72
135.22
136.64
138.48
140.35
141.75
142.23
141.20
140.83
140.83
142.00
141.98
142.85
143.88
2
3
4
1961:1
2
M2
203.97
206.58
208.09
209.32
211.11
212.75
215.64
219.48
222.64
224.83
227.58
230.46
232.24
234.44
235.81
237.32
239.25
241.44
244.74
247.34
250.09
251.74
252.97
253.93
254.62
255.85
256.95
258.60
260.80
262.72
264.50
265.19
267.93
274.52
279.33
282.62
286.60
291.00
294.90
296.10
297.20
299.90
305.30
309.80
314.80
320.70
Base
35.44
35.61
35.69
35.86
37.17
38.00
38.49
38.91
39.40
39.63
40.03
40.50
40.73
40.93
41.27
41.17
41.27
41.27
41.27
41.53
41.53
41.67
41.70
41.83
42.07
42.10
42.13
42.40
42.47
42.53
42.53
42.53
42.70
43.20
43.37
43.53
43.70
43.90
44.07
43.93
43.87
43.93
44.03
44.07
44.70
44.67
Index of
All Common
Stocks
(41 - 43 = 10)
17.15
18.34
18.30
19.82
21.61
21.80
22.77
23.16
23.92
23.95
25.01
25.11
26.01
24.50
23.98
24.43
26.02
28.44
30.77
33.53
36.30
38.38
43.15
44.14
45.36
46.95
48.04
46.15
44.31
46.46
46.11
40.64
41.50
43.60
47.55
52.31
55.51
57.51
58.73
57.76
56.28
56.07
55.72
55.33
62.00
65.98
Index of
Wholesale
Prices, All
Commodities
(67 = 100)
77.90
78.90
83.40
87.10
92.10
91.90
90.30
90.20
89.40
88.50
88.80
87.70
87.20
87.00
87.90
87.40
87.80
87.80
87.60
87.10
87.50
87.80
88.10
88.40
89.20
90.60
91.10
92.00
92.70
93.00
93.80
93.80
94.60
94.70
94.50
94.50
94.80
95.10
94.80
94.40
94.90
95.00
94.70
94.90
95.20
94.30
807
Historical Data
Quarterly Data from 1875 to 1983
(continued)
Money Supply
Quarter
Ml
1961:3
4
1962:1
2
3
4
1963:1
2
3
4
1964: 1
2
3
4
1965:1
2
3
4
1966:1
2
3
4
1967: 1
2
3
4
1968:1
2
3
4
1969:1
2
3
4
1970:1
2
3
4
1971:1
2
3
4
1972:1
2
3
4
144.90
146.18
147.18
147.95
147.90
148.93
150.45
151.93
153.38
154.80
155.85
157.20
159.75
161.63
162.90
163.90
166.05
169.10
171.95
172.98
172.80
173.33
175.25
178.10
181.93
184.73
187.15
190.63
194.30
198.55
201.73
203.18
204 .. 18
206.10
207.90
209.78
212.78
216.08
220.28
225.25
228.45
230.70
235.60
239.38
244.55
250.70
M2
326.20
331.80
338.90
345.90
351.30
358.40
366.30
374.20
381.90
389.30
395.80
402.50
411.70
420.20
428.50
435.70
444.10
454.00
462.50
468.30
471.30
476.20
484.00
495.50
509.50
520.30
529.30
538.10
549.00
561.80
571.20
576.50
580.30
585.20
587.30
593.10
603.50
619.10
640.40
666.60
684.60
702.90
725.20
744.30
768.50
793.40
Base
45.13
45.80
46.10
46.57
46.90
47.40
47.93
48.50
49.17
49.87
50.57
51.17
52.00
52.73
53.40
54.03
54.77
55.83
56.63
57.47
58.13
58.47
59.33
60.20
61.17
62.23
63.27
64.10
65.17
66.47
67.40
67.93
68.50
69.43
70.20
71.33
72.67
74.00
75.63
77.10
78.67
79.60
81.00
82.63
84.10
86.23
Index of
All Common
Stocks
{41 - 43 = 10)
66.83
70.27
69.86
62.22
57.83
59.62
65.55
69.67
70.97
73.27
77.55
80.30
82.88
84.75
86.57
87.43
86.93
91.76
91.63
88.15
81.43
79.82
87.08
91.66
94.44
94.54
91.63
98.02
99.92
105.21
100.93
101.67
94.47
94.28
88.71
79.20
78.74
86.23
96.73
101.47
98.55
96.41
105.41
108.16
109.20
114.04
Index of
Wholesale
Prices, All
Commodities
(67 = 1(0)
94.30
94.40
94.90
94.40
94.90
94.80
94.40
94.30
94.60
94.70
94.80
94.40
94.70
94.90
95.40
96.30
97.00
97.60
99.10
99.50
100.60
99.90
99.90
90.70
100.10
100.30
101.70
102.30
102.70
103.30
104.80
106.20
107.00
108.00
109.60
110.10
110.80
110.90
112.60
113.90
114.80
114.90
117.00
118.20
119.90
121.20
808
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1875 to 1983
(continued)
Money Supply
Quarter
Ml
1973: 1
2
3
4
1974:1
2
3
4
1975:1
2
3
4
1976:1
2
3
4
1977: 1
2
3
4
1978:1
2
3
4
1979: 1
2
3
4
1980: 1
2
3
4
1981: 1
2
3
4
1982: 1
2
3
4
1983: 1
2
3
4
254.80
258.40
261.03
264.68
268.77
271.23
273.73
276.73
278.75
283.80
288.13
290.88
295.18
299.53
303.35
309.35
316.55
321.80
327.60
334.80
341.13
348.70
355.45
361.38
367.08
376.10
384.58
388.38
394.30
390.00
405.50
416.10
420.90
429.30
432.60
437.50
448.80
451.30
458.20
475.70
490.90
505.20
517.20
523.40
M2
813.80
827.90
840.30
851.60
868.70
880.00
889.60
902.40
920.10
954.30
989.10
1014.00
1046.00
1080.00
1110.00
1152.00
1192.00
1225.00
1254.00
1285.00
1309.00
1334.00
1361.00
1393.00
1415.00
1451.00
1489.00
1517.30
1518.90
1535.70
1588.00
1625.80
1654.50
1697.70
1731.70
1777.20
1819.80
1853.20
1896.60
1946.70
2046.30
2100.40
2136.60
2181.90
Base
88.23
89.97
91.73
93.23
95.37
97.57
99.47
101.60
103.20
105.20
107.40
109.40
111.50
114.30
116.30
118.60
120.80
121.00
123.80
126.50
129.50
132.50
135.30
138.10
140.60
143.30
146.40
149.40
152.30
154.60
158.50
162.60
163.80
166.40
168.30
169.90
173.50
177.00
180.00
183.80
189.00
194.10
197.60
201.40
Index of
All Common
Stocks
(41 - 43 = 10)
115.00
107.41
105.08
102.22
95.67
90.64
75.66
69.42
78.81
89.07
87.62
89.11
99.53
101.62
104.31
102.58
101.78
99.03
98.05
93.95
89.35
95.93
101.66
97.13
99.35
101.18
106.22
105.30
110.30
108.40
123.28
133.12
131.52
132.81
125.68
122.17
114.21
114.12
113.82
136.71
147.65
162.73
165.51
165.75
Index of
Wholesale
Prices, All
Commodities
(67 = 100)
127.10
133.20
138.70
139.90
149.20
154.50
165.40
171.20
171.20
173.00
176.70
178.60
179.50
182.10
184.30
186.00
190.10
194.70
194.90
197.20
202.00
208.00
211.20
216.00
223.90
231.80
239.10
247.50
259.00
264.20
272.90
279.20
287.60
294.10
296.10
295.80
298.30
298.60
300.00
300.30
300.50
301.50
304.40
305.90
809
Historical Data
Section 2 Source Notes
Nominal GNP
1875-1918: interpolated by the Chow-Lin method using the algorithm described in
Gordon and Veitch, this volume. Dependent variable: annual real GNP described
in section 1 source notes. Quarterly interpolators: constant, linear time trend, and
index of industrial production and trade from Warren M. Persons, Forecasting
Business Cycles (New York: Wiley, 1931). Notc:s on the interpolation-Persons's
index does not contain a secular trend, only a c:yclical component (it is similar to
the output ratio concept used by Robert J. Gordon). Rather than trying to introduce
a trend into Persons's index, real GNP was d1etrended using benchmarks 1876,
1888, 1901, 1913, 1929. These years correspond to years when Persons's index is
close to 100. Once the quarterly detrended real GNP series was interpolated, the
secular trend in GNP was introduced using the: benchmarks above.
1919-46: interpolated by Chow-Lin method. Dependent variable: annual real GNP.
Quarterly interpolators: constant, linear time trend, and index of industrial production and trade from Persons, Forecasting Business Cycles, for 1919-30 linked
to detrended index of industrial production total, seasonally adjusted, from Industrial Production, 1976 Revision (Washington, D.C.: Board of Governors of the
Federal Reserve System, 1979). GNP and industrial production were detrended
using the benchmarks 1876, 1888, 1901, 1913, Jl929, and 1949.
1947-83: national income and product accounts, table 1.2.
GNP deflator
1875-1946: interpolated by Chow-Lin method. Dependent variable: annual GNP deflator described in section 1 source notes. Quart,erly interpolators: constant, linear
time trend, and wholesale price index, all cornmodities. The interpolation was
divided into two subsamples: 1875-1918 and 1919-46.
1947-83: national income and product accounts, table 7.1.
Trend real GNP
1875-1948: secular trend in real GNP calculated using the benchmarks 1869, 1879,
1889, 1901, 1912, 1923, 1929, and 1949.
1949-83: Gordon, Macroeconomics, app. C.
Commercial paper rate
1875-89: Commercial paper rate in New York City from Macaulay, Movements of
Interest Rates, AI41-61. Linked in 189OQ1 to
1890-1980: 4-6 -month prime commercial paper from Gordon, "Price Inertia."
1981-83: 6-month commercial paper from various issues of the Federal Reserve Bulletin.
Yields on corporate bonds
1875-1918: yields on railroad bonds adjusted for drift from Macaulay, Movements of
Interest Rates, AI41-61. Linked in 1919 to
1919-46: yield on corporate bonds, Moody's Baa rating.
1947-83: yield on corporate bonds, Moody's Baa rating. Business Statistics.
Money supply, Ml
1915-46: Gordon and Veitch, this volume.
1947-58: old Ml from various issues of Federal Reserve Bulletin. Linked in 1959Ql
to
1959-83: new Ml from various issues of Federal Rl'!serve Bulletin.
Money supply, M2
1875 to 1907:2: Milton Friedman and Anna J. Sch,vartz, Monetary Statistics of the
United States (New York: National Bureau of Economic Research, 1970), 61-65,
col. 5. Linked in 1907:3 to
1907:3 to 1980: Gordon, "Price Inertia."
1981-83: various issues of Federal Reserve Bulletin.
Money supply, base
1875 to 1907:2: Friedman and Schwartz, Monetary Statistics, 344-80, col. 6.
1907:3 to 1918: high-powered money from Milton Freidman and Anna J. Schwartz, A
Monetary History of the United States, 1867-1960 (Princeton: Princeton University Press, 1963), 800-801. Linked in 1919: 1 to
1919-83: Gordon and Veitch, this volume.
810
Nathan S. Balke/Robert J. Gordon
Wholesale price index, all commodities
1875-89: Bureau of Labor Statistics, bulletin 572, 111-14.
1890-1912: Bureau of Labor Statistics, bulletin 521, 13-17.
1913-46: Bureau of Labor Statistics, bulletins 473, 572, 616, 694, and 916.
1947-83: series 330 from various issues of Business Conditions Digest.
Index of all common stocks
1900-1918: Banking and Monetary Statistics, 1942-1970, 764-65.
1919-83: NBER tape, dataset l1A.
Security Markets: data originally collected by Standard and Poor's.
3.
Quarterly Data from 1919 to 1941 and from 1947 to 1983
Quarter
1919:1
2
3
4
1920: 1
2
3
4
1921:1
2
3
4
1922:1
2
3
4
1923:1
2
3
4
1924:1
2
3
4
1925:1
2
1925:3
4
1926: 1
2
3
4
Producers' Durable Equipment
Nonresidential Structures
Real
(1972
dollars)
Deflator
(1972 =
100)
Real
(1972
dollars)
Deflator
(1972 =
100)
12.51
12.30
15.26
14.22
16.46
15.72
14.74
12.01
9.66
9.32
9.14
8.99
8.82
10.11
10.88
12.64
13.96
15.43
14.73
13.45
13.99
12.23
12.01
14.20
14.61
13.35
14.07
15.32
15.71
15.19
15.48
15.47
27.09
28.28
29.12
30.15
31.35
31.89
32.46
33.27
33.02
32.07
31.54
30.55
30.24
30.18
30.24
30.69
30.60
31.67
32.33
32.69
32.57
32.56
32.80
32.70
32.43
32.49
32.37
32.43
32.47
32.66
32.67
32.83
7.66
7.39
8.16
7.42
8.54
7.66
5.71
5.75
6.23
8.55
9.63
10.79
12.15
14.81
14.91
15.81
16.60
18.56
17.31
19.12
19.89
20.60
21.08
20.90
20.90
22.56
23.71
22.52
23.52
23.19
22.72
21.65
22.63
23.38
24.65
26.00
28.59
29.72
29.71
28.51
25.96
23.86
22.90
22.99
23.11
23.16
23.23
23.72
24.19
24.80
24.70
24.65
24.88
24.68
24.35
24.26
24.58
24.55
24.59
24.66
24.54
24.56
24.64
24.64
Nominal
3.39
3.48
4.45
4.29
5.16
5.01
4.78
4.00
3.19
2.99
2.88
2.75
2.67
3.05
3.29
3.88
4.27
4.89
4.76
4.40
4.55
3.98
3.94
4.64
4.74
4.34
4.56
4.97
5.10
4.96
5.06
5.08
Nominal
1.73
1.73
2.01
1.93
2.44
2.28
1.70
1.64
1.62
2.04
2.21
2.48
2.81
3.43
3.46
3.75
4.02
4.60
4.28
4.71
4.95
5.08
5.13
5.07
5.14
5.54
5.83
5.55
5.77
5.70
5.60
5.33
811
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Producers' Durable Equipment
Nonresidential Structures
Deflator
(1972 =
100)
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
32.99
33.19
33.18
32.99
33.01
33.02
33.04
32.85
33.63
33.58
4.93
5.28
5.17
5.26
4.59
4.85
4.72
4.92
5.64
5.65
5.10
4.78
4.80
4.95
4.02
3.37
3.03
2.82
2.20
1.86
1.40
1.36
1.27
1.10
0.89
0.94
0.97
1.21
1.20
1.09
1.14
1.17
1.12
1.41
1.20
1.65
1.65
1.56
1.82
2.10
2.35
3.27
2.60
2.26
20.23
21.97
21.39
21.80
19.06
20.11
19.51
20.27
23.04
23.08
20.87
19.71
20.14
21.03
17.30
14.87
13.74
13.16
10.45
9.04
7.00
7.09
6.78
6.01
4.86
5.15
4.87
5.87
6.01
5.41
5.66
5.79
5.30
6.60
5.65
7.77
7.91
7.49
8.69
9.79
10.34
13.68
10.76
9.39
24.38
24.01
24.16
24.13
24.06
24.11
24.19
24.30
24.50
24.47
24.45
24.26
23.83
23.53
23.22
22.69
22.03
21.46
21.05
20.52
20.02
19.24
18.81
18.32
18.26
18.18
19.82
20.60
20.01
20.08
20.14
20.17
21.09
21.43
21.30
21.26
20.89
20.84
20.96
21.42
22.74
23.89
24.17
24.11
Quarter
Nominal
Real
(1972
dollars)
1927:1
2
3
4
1928:1
2
3
4
1929:1
2
3
4
1930:1
2
3
4
1931: 1
2
3
4
1932:1
2
3
4
1933:1
2
3
4
1934:1
2
3
4
1935:1
2
3
4
1936:1
2
1936:3
4
1937:1
2
3
4
4.96
4.74
4.56
4.37
4.64
4.80
5.03
5.36
5.54
5.64
5.84
5.26
4.75
4.59
4.16
3.49
3.09
3.01
2.65
2.08
1.93
1.30
1.33
1.44
.95
1.47
1.94
1.56
2.18
2.42
1.86
2.13
2.59
2.60
2.90
3.48
3.44
3.72
4.16
4.50
4.90
5.10
5.28
4.09
15.04
14.29
13.75
13.26
14.06
14.55
15.24
16.31
16.47
16.79
17.40
15.52
14.67
14.06
12.83
10.87
9.67
9.50
8.43
6.95
6.10
4.34
4.56
4.98
3.66
5.70
7.20
5.64
7.34
8.12
6.19
7.03
8.75
8.63
9.72
11.59
11.72
12.62
14.11
15.19
16.23
16.25
16.41
12.59
~3.54
33.92
32.39
32.67
32.45
32.08
31.95
31.73
31.41
29.95
31.71
30.01
29.20
28.84
25.86
25.85
26.97
27.72
29.69
29.82
30.12
30.23
29.65
30.15
29.78
30.04
29.32
29.49
29.49
29.60
30.21
31.37
32.18
32.52
812
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Producers' Durable Equipment
Quarter
1938:1
2
3
4
1939: 1
2
3
4
1940: 1
2
3
4
1941:1
2
3
4
1947: 1
2
3
4
1948:1
2
3
4
1949:1
2
3
4
1950:1
2
3
4
1951: 1
2
3
4
1952:1
2
1952:3
4
1953:1
2
3
4
Nominal
3.43
3.05
3.49
3.90
3.68
3.42
3.92
4.81
4.91
4.97
5.39
5.75
5.95
6.27
6.68
7.37
15.20
15.50
15.30
16.40
17.60
17.00
17.40
18.40
17.10
16.40
15.50
15.20
15.40
17.50
19.80
20.00
19.80
20.10
20.60
20.60
20.70
21.20
18.00
20.30
21.70
21.70
22.50
21.80
Real
(1972
dollars)
10.49
9.37
10.80
12.04
11.37
10.56
12.16
14.95
14.86
15.01
16.30
17.42
17.56
18.06
18.83
20.09
32.40
31.76
30.77
32.22
34.40
32.45
31.76
33.08
30.82
28.77
27.23
26.84
27.11
30.49
33.76
33.30
31.74
32.28
33.19
32.98
33.16
33.52
28.58
31.79
34.05
33.68
34.72
33.89
Deflator
(1972 =
1(0)
32.74
32.61
32.28
32.44
32.41
32.39
32.24
32.16
33.04
33.08
33.06
33.00
33.88
34.69
35.47
36.67
46.91
48.81
49.72
50.90
51.17
52.39
54.79
55.62
55.49
57.00
56.92
56.62
56.81
57.41
58.65
60.06
62.38
62.28
62.06
62.46
62.42
63.24
62.98
63.86
63.72
64.42
64.80
64.32
Nonresidential Structures
Nominal
2.21
1.84
2.01
2.13
2.21
2.15
1.99
2.23
1.74
2.02
2.56
3.82
3.42
3.06
4.19
2.15
8.10
8.20
8.50
8.70
9.00
9.70
10.30
10.50
10.10
9.70
9.20
9.00
9.40
9.80
10.50
11.30
11.70
12.40
12.50
12.10
12.20
12.30
12.40
12.80
13.30
13.70
13.90
14.10
Real
(1972
dollars)
9.31
7.79
8.65
9.12
9.65
9.42
8.72
9.49
7.43
8.64
10.99
16.13
14.37
12.41
16.55
8.18
19.03
18.75
18.79
18.62
18.69
19.77
20.57
20.83
20.31
19.81
18.84
18.41
19.30
20.11
21.04
21.67
21.56
22.40
22.22
21.34
21.35
21.61
21.81
22.63
23.32
23.71
23.84
24.23
Deflator
(1972 =
1(0)
23.76
23.60
23.28
23.30
22.95
22.84
22.86
23.46
23.38
23.35
23.28
23.65
23.83
24.63
25.35
26.25
42.56
43.74
45.25
46.74
48.17
49.06
50.07
50.42
49.73
48.96
48.84
48.88
48.70
48.74
49.90
52.14
54.26
55.37
56.26
56.69
57.14
56.92
56.86
56.57
57.04
57.77
58.30
58.18
813
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Producers' Durable Equipment
Nonresidential Structures
Deflator
(1972 =
1(0)
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
65.14
66.13
66.01
66.80
66.29
66.25
67.41
68.08
69.27
70.74
72.21
73.90
75.34
75.44
75.67
76.99
76.13
76.71
77.29
77.83
78.20
78.78
78.90
78.61
79.19
79.58
79.88
79.88
79.59
79.67
79.47
79.35
79.54
79.52
79.75
79.95
80.04
79.83
79.82
79.91
80.10
80.39
80.48
80.17
14.00
14.00
14.10
14.10
14.50
14.90
15.50
16.20
17.50
18.10
18.80
19.00
19.00
19.20
19.20
19.10
18.40
17.80
17.30
17.70
17.50
18.20
18.70
18.60
19.60
19.00
19.20
19.90
20.00
19.60
19.60
20.00
19.90
20.70
2] .50
21.10
20.30
2].20
21.20
21.80
22.00
22.80
23.40
23.90
24.44
24.67
24.80
24.81
25.44
25.98
26.67
27.30
28.30
29.38
29.75
29.79
29.48
29.44
29.33
29.32
28.87
27.76
26.94
27.42
27.21
28.20
29.03
28.87
30.29
29.70
30.13
31.43
31.58
30.91
30.88
31.34
31.28
32.44
33.69
32.96
31.61
32.97
33.06
33.76
34.02
35.16
35.86
36.51
57.29
56.75
56.85
56.83
57.00
57.35
58.12
59.33
61.83
61.61
63.19
63.77
64.45
65.23
65.47
65.15
63.74
64.11
64.21
64.54
64.31
64.53
64.42
64.43
64.71
63.98
63.72
63.31
63.34
63.41
63.47
63.83
63.61
63.80
63.82
64.02
64.23
64.30
64.13
64.57
64.67
64.85
65.25
65.46
Quarter
Nominal
Real
(1972
dollars)
1954:1
2
3
4
1955:1
2
3
4
1956:1
2
3
4
1957:1
2
3
4
1958:1
2
3
4
1959:1
2
3
4
1960:1
2
3
4
1961:1
2
3
4
1962:1
2
3
4
1963:1
2
1963:3
4
1964:1
2
3
4
21.00
20.80
21.50
21.50
21.50
23.50
25.40
26.70
25.90
26.40
27.30
27.60
28.70
28.60
29.70
29.10
25.80
24.80
24.60
26.10
27.60
28.70
29.60
29.60
30.60
31.30
30.00
28.90
27.90
29.20
29.40
31.10
31.90
32.70
32.90
32.90
33.50
34.10
35.50
36.80
37.80
38.60
39.80
40.90
32.24
31.45
32.57
32.19
32.43
35.47
37.68
39.22
37.39
37.32
37.81
37.35
38.09
37.91
39.25
37.80
33.89
32.33
31.83
33.54
35.29
36.43
37.51
37.66
38.64
39.33
37.56
36.18
35.05
36.65
37.00
39.19
40.11
41.12
41.25
41.15
41.86
42.72
44.47
46.05
47.19
48.02
49.45
51.01
814
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Producers' Durable Equipment
Quarter
1965: 1
2
3
4
1966:1
2
3
4
1967:1
2
3
4
1968: 1
2
3
4
1969:1
2
3
4
1970:1
2
3
4
1971: 1
2
3
4
1972:1
2
3
4
1973:1
2
3
4
1974: 1
2
3
4
1975:1
2
3
4
Nominal
44.20
45.00
47.50
49.20
51.80
53.70
54.10
55.20
53.30
54.30
53.90
56.00
58.20
57.30
59.10
61.70
64.10
65.20
66.50
66.60
66.50
66.70
67.30
64.60
66.20
68.40
68.90
71.30
74.70
76.60
78.30
84.00
88.90
93.90
96.00
97.50
99.50
101.10
105.20
104.20
101.60
102.60
105.20
107.30
Real
(1972
dollars)
Deflator
(1972 =
1(0)
54.85
55.72
58.83
60.79
63.70
65.56
65.65
66.35
63.69
64.58
63.73
65.74
67.69
65.95
67.32
69.65
72.04
72.78
73.58
73.12
72.22
71.81
71.92
68.17
68.85
70.48
70.57
72.66
75.36
76.60
77.92
83.75
88.55
92.62
93.78
94.15
95.43
94.78
95.23
89.80
83.71
81.68
82.51
82.67
80.58
80.76
80.74
80.93
81.32
81.90
82.40
83.19
83.68
84.08
84.58
85.19
85.98
86.88
87.79
88.58
88.98
89.59
90.38
91.08
92.08
92.88
93.57
94.76
96.15
97.04
97.64
98.13
99.12
100.00
100.49
100.29
100.39
101.38
102.37
103.56
104.26
106.66
110.47
116.04
121.38
125.62
127.50
129.79
Nonresidential Structures
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
25.50
27.20
28.00
29.70
30.50
30.30
31.40
30.80
31.20
30.50
31.00
31.20
32.70
32.60
32.70
34.20
35.50
36.30
39.00
38.80
38.50
39.10
39.60
40.10
40.30
40.80
41.70
41.80
43.50
44.30
45.00
46.70
48.30
50.80
53.20
54.30
55.50
57.80
57.20
58.50
55.80
55.10
56.70
58.00
38.77
41.22
41.90
44.14
44.84
43.74
45.05
43.73
43.87
42.43
42.71
42.45
43.78
43.08
42.92
44.35
45.08
45.05
47.18
45.99
44.89
44.72
44.48
44.16
43.75
43.49
43.80
43.05
44.17
44.66
44.87
45.82
46.57
47.74
48.89
48.65
47.69
46.37
42.87
41.99
39.01
38.21
39.13
39.74
65.78
65.98
66.83
67.29
68.01
69.28
69.70
70.43
71.12
71.89
72.59
73.49
74.68
75.68
76.18
77.11
78.75
80.59
82.66
84.. 37
85.76
87.44
89.02
90.80
92.11
93.81
95.20
97.10
98.49
99.20
100.30
101.92
103.71
106.42
108.83
111.62
116.38
124.65
133.42
139.33
143.03
144.20
144.91
145.93
81S
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Producers' Durable Equipment
Quarter
Nominal
Real
(1972
dollars)
1976:1
2
3
4
1977:1
2
3
4
1978: 1
2
3
4
1979: 1
2
3
4
1980:1
2
3
4
1981: 1
2
3
4
1982: 1
2
3
4
1983: 1
2
3
4
111.10
114.40
120.10
123.70
133.80
140.70
144.20
154.10
154.70
164.60
168.40
175.70
182.60
182.50
191.90
188.10
203.60
193.90
200.20
205.80
215.30
220.60
226.00
225.30
220.10
211.80
207.10
204.30
207.60
217.10
231.50
251.10
84.43
86.27
89.37
91.10
97.40
101.25
101.81
106.86
105.39
110.77
111.60
115.06
117.57
115.24
119.09
115.53
123.00
115.70
118.10
119.40
123.30
123.10
125.20
123.80
121.70
115.10
113.40
111.60
114.50
119.30
126.40
135.30
Deflator
(1972 =
1(0)
131.58
132.61
134.39
135.78
137.37
138.96
141.64
144.21
146.79
148.60
150.90
152.71
155.32
158.37
161.14
162.82
165.53
167.59
169.52
172.36
174.62
179.20
180.51
181.99
180.86
184.01
182.63
183.07
181.31
181.98
183.15
185.59
Nonresidential Structures
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
58.80
59.30
60.30
61.10
61.60
65.30
68.20
69.50
72.10
78.70
83.30
87.60
88.90
94.80
101.60
107.40
113.60
110.00
111.20
116.00
123.40
131.90
143.60
147.40
149.80
144.40
139.70
140.50
131.40
126.50
127.10
137.50
40.15
40.02
40.34
40.42
39.97
41.32
42.61
42.14
43.21
45.43
46.39
47.31
46.64
48.84
50.43
51.78
52.30
49.10
47.90
48.90
50.80
52.80
55.60
55.70
55.80
54.40
52.90
52.70
49.40
48.50
48.70
51.80
146.44
148.18
149.47
151.18
154.11
158.05
160.06
164.93
166.85
173.25
179.57
185.17
190.63
194.09
201.48
207.41
217.21
224.03
232.15
237.22
242.91
249.81
258.27
264.63
268.46
265.44
264.08
266.60
265.99
260.83
260.99
265.44
816
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Investment
Residential Structures
Change in Business
Inventories
Quarter
Nominal
Real
(1972 dollars)
Deflator
(1972 = 100)
Nominal
Real
(1972 dollars)
1919: 1
2
3
4
1920: 1
2
3
4
1921:1
2
3
4
1922:1
2
3
4
1923:1
2
3
4
1924:1
2
3
4
1925:1
2
3
4
1926:1
2
3
4
1927: 1
2
3
4
1928:1
2
3
4
1929:1
2
1.62
2.35
2.99
3.03
3.55
3.75
3.32
2.89
2.39
2.34
2.30
2.29
2.31
2.70
2.64
2.77
3.14
3.38
3.27
3.45
3.72
3.58
3.28
3.20
3.16
3.67
4.18
4.12
4.18
4.36
4.44
4.37
4.25
4.57
4.49
4.54
4.55
4.63
4.27
4.08
4.17
4.10
7.32
9.96
11.88
11.25
11.96
12.12
10.60
9.30
8.26
8.78
8.99
9.20
9.33
10.89
10.60
10.86
12.16
12.49
11.92
12.47
13.42
12.99
11.91
11.69
11.55
13.38
15.29
15.02
15.26
15.83
16.08
15.76
15.37
16.62
16.27
16.57
16.66
16.91
15.55
14.79
15.04
14.73
22.16
23.58
25.15
26.90
29.72
30.95
31.35
31.03
28.93
26.66
25.55
24.90
24.76
24.75
24.85
25.53
25.82
27.05
27.45
27.67
27.75
27.59
27.52
27.38
27.41
27.44
27.37
27.46
27.40
27.55
27.61
27.73
27.65
27.51
27.60
27.43
27.34
27.41
27.48
27.59
27.71
27.82
-4.44
-7.52
-7.30
-8.52
-1.77
0.81
2.94
-1.02
-1.54
-4.41
-5.38
-3.34
-3.08
-4.36
-4.20
-2.62
-2.38
-0.96
0.36
-2.01
-3.04
-4.10
-3.86
-2.80
-0.67
-0.35
-1.68
0.49
-0.67
-0.14
-0.31
0.63
1.46
-1.16
-0.10
-1.33
-1.89
-2.23
-0.81
-1.44
-0.22
1.12
-15.40
-25.42
-23.79
-26.19
-4.99
2.15
7.88
-2.76
-4.49
-13.53
-16.80
-10.62
-10.13
-14.37
-13.86
-8.57
-7.76
-3.08
1.14
-6.31
-9.51
-12.99
-12.23
-8.79
-2.09
-1.09
-5.20
1.49
-2.06
-0.44
-0.96
1.92
4.50
-3.60
-0.32
-4.12
-5.85
-6.93
-2.51
-4.43
-0.67
3.45
817
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Investment
Residential Structures
Change in Business
Inventories
Quarter
Nominal
Real
(1972 dollars)
Deflator
(1972 = 100)
Nominal
Real
(1972 dollars)
1929:3
4
1930:1
2
3
4
1931:1
2
3
4
1932:1
2
3
4
1933:1
2
3
4
1934:1
2
3
4
1935:1
2
3
4
1936:1
2
3
4
1937:1
2
3
4
1938:1
2
3
4
1939:1
2
3
4
3.57
2.64
2.34
2.43
1.88
1.69
1.85
1.87
1.50
1.23
0.78
0.71
0.64
0.55
0.38
0.43
0.48
0.73
0.78
0.77
0.78
0.81
0.86
1.05
1.10
1.35
1.29
1.31
1.67
1.62
1.72
2.00
1.76
1.53
1.52
1.57
2.06
2.34
2.60
2.69
2.80
2.84
12.82
9.50
8.43
8.83
6.92
6.38
7.14
7.40
6.13
5.27
3.56
3.47
3.27
2.97
2.03
2.33
2.35
3.33
3.53
3.44
3.52
3.74
3.95
4.83
5.09
6.16
5.76
5.77
7.28
7.00
7.28
7.97
6.80
5.80
5.80
6.00
7.98
8.94
9.91
10.29
10.73
10.64
27.87
27.80
27.75
27.48
27.13
26.45
25.85
25.23
24.46
23.26
21.85
20.36
19.54
18.66
18.64
18.29
20.44
21.82
22.02
22.24
22.14
21.60
21.66
21.79
21.51
21.84
22.40
22.71
22.90
23.19
23.55
25.09
25.86
26.30
26.14
26.23
25.89
26.14
26.20
26.18
26.13
26.69
2.74
2.41
1.33
-0.71
-0.94
-0.42
-0.54
-0.69
-1.01
-1.19
-0.48
-1.49
-2.98
-2.28
-2.82
-1.88
0.84
-1.26
-0.75
0.63
-1.88
-1.59
1.33
0.80
0.95
0.43
-0.80
1.95
1.17
1.69
2.45
2.58
3.37
-0.81
-1.43
-0.97
-0.69
0.25
-0.08
-0.76
-0.04
2.52
8.35
7.29
4.16
-2.19
-3.03
-1.32
-1.86
-2.31
-3.54
-4.16
-1.78
-5.68
-11.43
-9.25
-11.02
-7.93
3.10
-5.13
-2.66
2.40
-6.77
-5.90
4.79
2.89
3.47
1.54
-2.93
6.95
4.25
5.89
8.77
8.76
11.62
-2.71
-5.04
-3.32
-2.44
0.86
-0.28
-2.68
-0.14
8.75
818
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Investment
Residential Structures
Change in Business
Inventories
Quarter
Nominal
Real
(1972 dollars)
Deflator
(1972 = 1(0)
Nominal
Real
(1972 dollars)
1940:1
2
3
4
1941:1
2
3
4
1947: 1
2
3
4
1948:1
2
3
4
1949:1
2
3
4
1950:1
2
3
4
1951: 1
2
3
4
1952:1
2
3
4
1953:1
2
3
4
1954:1
2
3
4
1955:1
2
2.51
2.77
3.46
3.92
3.50
3.54
4.81
2.67
8.90
9.00
10.60
13.20
13.30
14.30
14.10
13.00
12.10
11.90
12.70
14.40
16.40
18.50
20.40
19.20
18.70
16.30
15.20
15.50
16.00
16.40
16.50
17.20
17.50
17.60
17.10
16.90
17.00
18.30
19.70
21.00
22.80
23.40
9.28
10.16
12.75
14.27
12.52
12.14
15.92
8.46
17.94
17.11
19.70
23.87
23.71
25.09
24.14
22.15
20.47
20.17
22.16
25.17
28.72
31.57
33.44
31.58
29.73
25.55
23.71
23.92
24.58
24.96
24.89
25.98
26.52
26.63
25.64
25.45
25.76
27.64
29.40
31.34
33.83
34.36
27.04
27.21
27.12
27.44
27.93
29.14
30.20
31.53
49.60
52.60
53.80
55.30
56.10
57.00
58.40
58.70
59.10
59.00
57.30
57.20
57.10
58.60
61.00
60.80
62.90
63.80
64.10
64.80
65.10
65.70
66.30
66.20
66.00
66.10
66.70
66.40
66.00
66.20
67.00
67.00
67.40
68.10
1.64
1.50
3.20
1.18
0.69
2.70
3.69
8.44
0.50
-1.10
-2.60
1.40
3.40
5.10
6.10
4.20
0.00
-5.30
-1.70
-5.20
2.40
4.70
4.70
15.10
10.50
15.10
10.40
5.20
5.20
-2.40
4.20
5.40
2.30
3.10
0.70
-4.60
-2.50
-2.70
-2.20
1.20
4.70
6.10
5.65
5.20
10.93
4.12
2.31
8.92
11.71
25.96
0.10
-0.90
-2.90
2.70
4.10
5.60
6.90
5.30
-0.30
-7.10
-2.50
-7.70
4.40
7.70
8.00
22.10
13.40
19.90
14.60
7.00
7.30
-2.70
5.40
7.20
3.90
5.10
1.90
-5.00
-3.40
-4.10
-2.70
1.50
5.90
8.00
819
Historical Data
Quarterly Data from 1919 to 1941 and froml
1947 to 1983 (continued)
Investment
Residential Structures
Change in Business
Inventories
Quarter
Nominal
Real
(1972 dollars)
Deflator
(1972 = 1(0)
Nominal
Real
(1972 dollars)
1955:3
4
1956:1
2
3
4
1957:1
2
3
4
1958: 1
2
3
4
1959:1
2
3
4
1960:1
2
3
4
1961:1
2
3
4
1962:1
2
3
4
1963:1
2
3
4
1964:1
2
3
4
1965:1
2
3
4
23.10
22.00
21.30
21.50
21.10
20.70
20.10
19.70
19.60
19.50
19.00
19.00
20.40
22.60
25.10
26.00
25.50
24.70
25.40
23.30
22.40
22.30
22.20
22.50
23.90
24.40
24.90
26.10
26.20
26.10
27.00
28.90
29.20
30.30
30.40
29.50
29.00
28.70
29.50
30.10
29.60
29.30
33.62
31.98
30.60
30.41
29.76
29.28
28.43
27.79
27.49
27.62
26.91
26.87
28.81
31.92
35.60
36.88
36.12
34.94
35.88
32.86
31.50
31.45
31.31
31.73
33.71
34.41
34.97
36.66
36.85
36.71
37.87
40.82
41.83
43.10
43.74
41.84
40.56
39.97
41.03
42.33
40.88
40.41
68.70
68.80
69.60
70.70
70.90
70.70
70.70
70.90
71.30
70.60
70.60
70.70
70.80
70.80
70.50
70.50
70.60
70.70
70.80
70.90
71.10
70.90
70.90
70.90
70.90
70.90
71.20
71.20
71.10
71.10
71.30
70.80
69.80
70.30
69.50
70.50
71.50
71.80
71.90
71.10
72.40
72.50
6.10
7.10
6.10
4.40
4.10
4.30
2.00
2.30
3.30
-2.30
-5.40
-5.10
0.20
4.00
4.30
10.10
1.40
6.80
10.40
2.80
2.60
-4.20
-3.20
1.60
5.10
5.80
8.20
6.40
5.80
4.40
5.60
6.20
6.40
5.60
5.40
5.80
4.60
6.70
12.30
9.50
9.10
8.50
7.80
9.20
7.50
5.50
4.90
5.40
2.50
2.90
3.70
-3.00
-6.80
-6.20
0.30
5.30
5.50
12.60
1.40
8.70
12.70
3.30
3.40
-5.30
-4.10
1.80
6.50
7.70
10.40
8.10
7.50
5.30
7.40
7.90
8.00
6.70
6.90
7.40
5.50
8.60
14.80
11.30
11.00
10.00
820
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Investment
Residential Structures
Change in Business
Inventories
Quarter
Nominal
Real
(1972 dollars)
Deflator
(1972 = 1(0)
Nominal
Real
(1972 dollars)
1966:1
2
3
4
1967:1
2
3
4
1968:1
2
3
4
1969: 1
2
3
4
1970:1
2
3
4
1971: 1
2
3
4
1972:1
2
3
4
1973:1
2
3
4
1974:1
2
3
4
1975:1
2
3
4
29.40
28.80
26.80
23.60
23.30
26.30
28.40
30.50
31.50
33.00
33.50
35.00
37.10
37.50
36.30
34.90
34.70
33.40
34.90
38.50
42.30
47.80
51.30
54.30
58.90
60.30
61.40
65.60
68.10
66.90
65.20
62.10
58.20
56.20
54.80
49.90
48.20
49.90
53.50
57.90
40.50
38.45
36.07
31.22
30.54
34.47
36.84
39.51
40.08
41.35
41.56
42.27
43.60
43.30
40.92
38.86
38.68
36.78
38.69
42.45
45.98
50.69
53.83
56.10
60.29
61.22
61.28
63.38
64.55
61.60
58.84
54.86
50.00
46.99
44.59
39.70
37.36
38.15
40.62
43.08
72.60
74.90
74.30
75.60
76.30
76.30
77.10
77.20
78.60
79.80
80.60
82.80
85.10
86.60
88.70
89.80
89.70
90.80
90.20
90.70
92.00
94.30
95.30
96.80
97.70
98.50
100.20
103.50
105.50
108.60
110.80
113.20
116.40
119.60
122.90
125.70
129.00
130.80
131.70
134.40
13.10
14.60
11.20
17.50
12.40
6.00
10.20
12.90
4.70
10.70
8.50
7.70
10.40
10.40
12.30
6.20
1.60
4.40
6.00
0.90
10.60
9.90
6.80
3.20
6.20
12.00
12.80
9.80
16.30
15.40
15.20
27.00
12.60
17.80
10.70
15.40
-14.20
-14.60
2.10
-.80
15.60
17.10
13.60
20.80
14.50
7.30
11.80
15.20
5.40
12.20
9.80
8.60
11.70
11.80
13.70
7.00
2.10
5.00
6.50
1.40
11.20
10.40
7.00
3.60
6.30
12.10
12.80
9.70
16.00
15.20
13.80
23.70
13.20
12.60
7.70
12.90
-14.30
-11.30
1.00
-2.30
821
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Investment
Residential Structures
Change in Business
Inventories
Quarter
Nominal
Real
(1972 dollars)
Deflator
(1972 = 1(0)
Nominal
Real
(1972 dollars)
1976:1
2
3
4
1977:1
2
3
4
1978:1
2
3
4
1979:1
2
3
4
1980: 1
2
3
4
1981: 1
2
3
4
1982:1
2
3
4
1983:1
2
3
4
63.60
67.30
67.80
76.60
r 81.00
91.90
95.30
99.60
98.90
107.40
109.60
111.60
112.50
112.90
114.90
115.40
106.40
87.40
93.50
105.00
107.60
104.90
96.90
90.00
83.40
85.90
84.50
92.50
108.90
125.30
137.70
138.70
46.76
48.14
47.61
52.29
53.57
58.61
59.90
59.29
58.52
60.64
59.79
58.86
58.08
56.34
55.51
54.93
49.47
39.62
41.52
46.40
46.40
44.50
40.20
36.80
33.90
35.00
34.40
38.10
43.80
51.00
54.70
55.20
136.00
139.80
142.40
146.50
151.20
156.80
159.10
168.00
169.00
177.10
183.30
189.60
193.70
200.40
207.00
210.10
215.10
220.60
225.20
226.29
231.90
235.73
241.05
244.57
246.02
245.43
245.64
242.78
248.63
245.69
251.74
251.27
15.30
17.30
11.40
3.30
22.40
20.80
27.60
13.00
25.00
27.00
19.10
17.70
24.30
33.00
13.30
-0.90
-1.60
3.00
-25.40
-15.10
21.90
23.70
39.70
18.90
-17.00
-10.90
-15.30
- 61.10
-42.90
-19.40
-4.30
12.70
10.00
11.30
7.30
2.40
10.50
13.80
18.70
10.10
17.30
18.40
13.30
15.20
12.90
13.70
4.80
-2.30
-0.50
-2.10
-10.10
-4.70
8.10
12.40
17.50
7.20
-6.70
-4.00
-6.40
-24.60
-16.50
-6.10
0.90
7.20
822
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Consumption
Durable Goods
Quarter
Nominal
Real
(1972
dollars)
1919: 1
2
3
4
1920: 1
2
3
4
1921: 1
2
3
4
1922:1
2
3
4
1923: 1
2
3
4
1924: 1
2
3
4
1925:1
2
3
4
1926:1
2
3
4
1927:1
2
3
4
1928:1
2
3
4
1929: 1
2
4.21
4.69
6.26
8.07
7.42
6.55
6.53
5.74
4.81
5.50
5.64
5.29
5.17
5.81
6.01
6.24
7.10
7.41
7.37
7.68
8.24
7.38
6.99
7.03
7.71
8.23
8.30
9.44
9.24
8.72
8.60
8.56
8.66
8.72
8.25
7.90
8.35
8.30
8.74
9.01
9.71
9.25
12.71
13.54
16.56
19.17
16.44
13.79
13.35
11.53
9.83
11.60
12.53
12.05
12.01
13.73
14.23
14.71
16.56
17.14
16.92
17.45
18.56
16.69
15.80
15.86
17.40
18.62
18.76
21.26
20.88
19.83
19.58
19.44
19.69
19.92
18.86
18.19
19.14
19.29
20.05
21.19
21.58
21.16
Nondurable Goods and Services
Deflator
(1972 =
1(0)
33.13
34.63
37.81
42.09
45.11
47.53
48.94
49.75
48.98
47.39
45.03
43.94
43.03
42.30
42.22
42.44
42.89
43.24
43.56
44.04
44.39
44.25
44.23
44.32
44.31
44.20
44.25
44.40
44.27
43.95
43.92
44.04
43.96
43.76
43.74
43.45
43.63
43.00
43.57
42.50
44.98
43.72
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
43.91
45.77
48.59
52.26
54.76
57.74
57.27
55.01
53.20
52.90
53.2352.55
50.42
50.60
51.65
53.98
54.89
56.31
56.36
58.71
60.80
60.39
60.00
60.17
58.81
57.37
58.55
60.74
62.48
64.16
64.78
65.74
64.10
64.72
64.07
64.71
65.75
65.06
67.08
68.12
67.48
67.22
141.43
142.58
143.47
145.98
144.14
142.90
143.43
142.76
146.86
152.86
155.24
155.33
154.09
155.83
159.20
164.68
167.16
169.44
166.87
172.51
179.55
179.80
177.91
176.45
171.66
166.52
165.95
169.78
174.81
179.84
184.72
185.64
183.27
184.44
184.53
184.97
189.52
187.62
192.72
195.45
194.56
193.40
31.05
32.10
33.87
35.80
37.99
40.41
39.93
38.54
36.22
34.60
34.29
33.83
32.72
32.47
32.44
32.78
32.83
33.23
33.78
34.03
33.86
33.59
33.72
34.10
34.26
34.45
35.28
35.78
35.74
35.68
35.07
35.41
34.98
35.09
34.72
34.99
34.69
34.68
34.81
34.85
34.68
34.76
823
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Consumption
Nondurable Goods and Services
Durable Goods
Quarter
Nominal
Real
(1972
dollars)
1929:3
4
1930:1
2
3
4
1931:1
2
3
4
1932:1
2
3
4
1933:1
2
3
4
1934:1
2
3
4
1935:1
2
3
4
1936:1
2
3
4
1937:1
2
3
4
1938:1
2
3
4
1939:1
2
3
4
9.37
8.65
7.69
7.40
6.61
6.97
5.76
5.92
5.34
4.92
4.21
3.78
3.46
3.15
3.35
3.14
3.82
3.52
4.06
4.12
4.20
4.49
4.74
4.85
5.12
5.79
5.72
6.23
6.46
6.91
6.85
7.01
7.24
6.62
5.51
5.31
5.62
6.29
6.60
6.46
6.71
6.96
21.35
19.56
17.96
16.91
15.74
15.74
15.19
14.87
14.24
12.96
12.00
11.01
10.18
10.28
9.61
10.13
11.55
11.35
11.29
12.18
12.15
12.87
14.09
14.09
15.19
16.53
17.31
18.11
19.11
19.67
20.06
19.69
20.23
17.97
15.25
14.60
15.57
17.38
18.36
18.06
18.60
19.45
Deflator
(1972 =
1(0)
43.87
44.23
42.79
43.73
42.00
44.28
37.93
39.83
37.47
37.98
35.07
34.34
33.94
30.65
34.85
31.04
33.12
31.00
35.99
33.81
34.55
34.85
33.62
34.44
33.71
35.03
33.03
34.44
33.78
35.15
34.15
35.60
35.80
36.85
36.15
36.36
36.10
36.18
35.94
35.76
36.10
35.81
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
69.00
68.33
64.42
65.25
60.47
60.90
56.13
57.56
53.48
52.88
48.07
45.54
44.54
41.73
41.62
40.51
47.92
39.40
48.37
43.95
48.53
47.62
49.28
49.73
50.05
53.55
51.61
55.41
55.35
60.47
57.72
61.68
58.45
60.84
56.22
57.97
58.15
61.06
58.33
59.95
60.25
62.65
196.20
192.23
186.93
185.83
181.06
178.03
179.01
180.97
176.74
172.83
168.82
163.18
159.66
160.06
153.06
164.41
166.82
155.80
161.43
163.19
165.35
168.54
169.12
169.25
173.32
178.86
179.96
184.93
189.86
196.66
196.48
196.31
192.50
191.30
190.01
187.69
195.28
199.06
197.87
199.21
201.77
206.47
35.17
35.54
34.46
35.11
33.40
34.21
31.36
31.81
30.26
30.60
28.47
27.91
27.90
26.07
27.19
24.64
28.73
25.29
29.96
26.93
29.35
28.25
29.14
29.38
28.88
29.94
28.68
29.96
29.15
30.75
29.38
31.42
30.36
31.80
29.59
30.88
29.78
30.67
29.48
30.09
29.86
30.34
824
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Consumption
Durable Goods
Quarter
Nominal
Real
(1972
dollars)
1940:1
2
3
4
1941:1
2
3
4
1947:1
2
3
4
1948:1
2
3
4
1949:1
2
3
4
1950:1
2
3
4
1951:1
2
3
4
1952:1
2
3
4
1953:1
2
3
4
1954:1
2
3
4
1955:1
2
7.63
7.46
7.84
8.16
9.36
9.63
9.99
9.65
19.40
20.00
20.30
22.00
22.00
22.40
23.70
23.30
22.80
24.80
25.80
26.80
27.70
28.10
35.60
31.50
33.80
28.90
28.30
28.30
28.90
29.00
27.30
31.40
32.90
32.80
32.50
31.90
31.20
31.80
31.30
33.00
36.20
38.60
20.54
20.57
21.07
22.56
23.89
24.97
25.06
22.77
28.91
29.59
29.81
32.16
32.12
32.09
32.96
32.77
32.25
35.43
36.80
37.69
38.85
39.19
48.97
43.21
44.30
38.08
37.14
36.85
37.58
38.26
35.78
40.46
42.34
41.94
41.77
42.53
40.94
41.35
42.41
45.14
48.07
51.26
Nondurable Goods and Services
Deflator
(1972 =
100)
37.13
36.28
37.24
36.15
39.17
38.58
39.87
42.38
67.10
67.60
68.10
68.40
68.50
69.80
71.90
71.10
70.70
70.00
70.10
71.10
71.30
71.70
72.70
72.90
76.30
75.90
76.20
76.80
76.90
75.80
76.30
77.60
77.70
78.20
77.80
75.00
76.20
76.90
73.80
73.10
75.30
75.30
Nominal
Real
(1972
dollars)
Deflator
(1972 =
100)
62.10
62.23
64.38
64.09
67.70
69.05
74.37
73.31
136.50
140.00
143.20
145.60
148.30
151.60
153.20
154.50
153.80
153.40
151.80
153.30
155.10
158.60
164.80
166.30
174.50
175.00
178.00
184.50
182.30
186.10
189.90
193.60
195.40
197.10
198.00
198.10
200.70
202.40
205.10
207.80
210.60
213.30
205.00
206.34
208.67
214.26
214.07
220.69
224.83
217.36
273.25
277.59
277.46
274.60
276.71
280.07
279.66
282.70
283.47
284.38
282.55
284.83
288.71
294.41
298.86
296.61
301.31
299.94
303.88
309.74
305.18
310.48
314.52
318.36
320.59
322.67
321.86
320.27
322.75
324.69
329.43
333.27
337.09
340.84
30.29
30.16
30.85
29.91
31.62
31.29
33.08
33.73
49.95
50.43
51.61
53.02
53.59
54.13
54.78
54.65
54.26
53.94
53.73
53.82
53.72
53.87
55.14
56.07
57.91
58.35
58.58
59.57
59.73
59.94
60.38
60.81
60.95
61.08
61.52
61.85
62.18
62.34
62.26
62.35
62.48
62.58
Historical Data
825
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Consumption
Durable Goods
Quarter
Nominal
Real
(1972
dollars)
1955:3
4
1956:1
2
3
4
1957: 1
2
3
4
1958: 1
2
3
4
1959:1
2
3
4
1960:1
2
3
4
1961:1
2
3
4
1962:1
2
3
4
1963:1
2
3
4
1964:1
40.30
39.40
37.60
37.60
37.30
38.90
40.00
39.50
39.10
38.80
36.80
36.00
36.70
38.00
41.20
43.00
43.90
41.60
43.00
43.90
43.40
42.20
39.70
40.70
41.90
44.00
45.00
46.30
46.80
48.80
49.80
51.10
51.90
52.90
55.00
56.40
58.20
56.10
61.60
61.50
63.30
65.60
52.68
52.25
49.28
48.83
48.07
48.75
49.94
48.77
47.98
47.96
45.15
44.50
45.09
46.68
49.40
51.25
52.14
49.70
51.07
52.32
51.79
50.54
47.72
48.34
49.41
51.83
52.88
54.22
54.67
57.08
58.11
59.35
60.14
61.02
63.15
64.75
66.74
64.56
70.48
70.69
73.09
76.10
2
3
4
1965:1
2
3
4
Nondurable Goods and Services
Deflator
(1972 =
100)
76.50
75.40
76.30
77.00
77.60
79.80
80.10
81.00
81.50
80.90
81.50
80.90
81.40
81.40
83.40
83.90
84.20
83.70
84.20
83.90
83.80
83.50
83.20
84.20
84.80
84.90
85.10
85.40
85.60
85.50
85.70
86.10
86.30
86.70
87.10
87.10
87.20
86.90
87.40
87.00
86.60
86.20
Nominal
Real
(1972
dollars)
Deflator
(1972 =
100)
215.70
220.60
223.70
226.20
229.50
232.90
236.10
238.80
243.70
245.60
247.20
250.80
255.00
257.40
262.20
266.10
270.30
274.60
276.80
282.00
282.60
285.80
288.90
292.30
293.80
298.80
302.50
306.70
310.20
314.60
317.30
320.00
326.00
329.20
335.60
341.40
347.60
351.50
356.30
362.90
369.60
380.80
343.65
350.45
353.75
354.97
356.58
360.28
361.88
363.80
366.96
367.84
365.86
370.48
375.92
378.66
384.62
388.46
390.99
395.01
397.15
401.99
400.91
402.65
406.47
411.63
412.02
418.48
421.60
425.44
428.82
433.13
434.77
437.91
443.74
446.64
453.45
460.65
467.42
470.82
475.65
480.31
486.27
497.98
62.77
62.95
63.24
63.72
64.36
64.64
65.24
65.64
66.41
66.77
67.57
67.70
67.83
67.98
68.17
68.50
69.13
69.52
69.70
70.15
70.49
70.98
71.08
71.01
71.31
71.40
71.75
72.09
72.34
72.63
72.98
73.07
73.47
73.71
74.01
74.11
74.37
74.66
74.91
75.56
76.01
76.47
826
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Consumption
Nondurable Goods and Services
Durable Goods
Quarter
Nominal
Real
(1972
dollars)
1966:1
2
3
4
1967:1
2
3
4
1968:1
2
3
4
1969:1
2
3
4
1970:1
2
3
4
1971: 1
2
3
4
1972: 1
2
3
4
1973:1
2
3
4
1974:1
2
3
4
1975:1
2
3
4
68.70
66.00
68.50
68.80
67.30
70.60
70.80
71.60
76.80
78.70
83.00
83.30
85.30
85.70
85.90
86.00
84.90
86.30
87.30
82.40
93.00
95.90
98.20
102.00
105.60
109.00
112.20
117.60
125.50
124.30
123.40
120.20
118.50
121.70
127.40
118.50
122.40
127.10
136.70
142.60
79.79
76.30
78.83
78.72
77.27
80.69
80.00
80.00
85.24
86.87
90.81
90.45
92.32
92.05
91.77
91.20
89.75
90.75
91.13
84.77
93.94
96.38
99.09
103.55
106.24
109.00
111.64
117.60
124.75
122.46
120.86
117.15
114.49
114.70
115.82
104.50
106.53
109.01
115.95
119.23
Deflator
(1972 =
100)
86.10
86.50
86.90
87.40
87.10
87.50
88.50
89.50
90.10
90.60
91.40
92.10
92.40
93.10
93.60
94.30
94.60
95.10
95.80
97.20
99.00
99.50
99.10
98.50
99.40
100.00
100.50
100.00
100.60
101.50
102.10
102.60
103.50
106.10
110.00
113.40
114.90
116.60
117.90
119.60
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
387.50
394.50
400.90
405.40
411.50
416.90
423.20
429.20
441.00
451.40
462.60
470.70
480.50
491.20
500.80
511.70
523.00
530.60
540.90
551.60
559.80
570.10
579.40
590.60
604.00
618.40
632.00
649.40
664.60
678.60
697.30
714.10
735.00
756.90
779.30
795.60
812.70
834.50
855.40
874.30
501.49
505.65
509.95
511.55
517.63
521.83
525.18
528.05
535.59
542.97
551.46
554.25
559.52
564.15
567.72
572.37
577.58
579.86
585.32
588.89
592.83
596.79
598.94
604.88
612.31
622.11
629.76
639.50
644.43
644.24
649.91
650.22
647.99
650.20
654.05
652.85
657.52
667.23
670.49
675.17
77.27
78.02
78.62
79.25
79.50
79.89
80.58
81.28
82.34
83.14
83.89
84.93
85.88
87.07
88.21
89.40
90.55
91.50
92.41
93.67
94.43
95.53
96.74
97.64
98.64
99.40
100.36
101.55
103.13
105.33
107.29
109.82
113.43
116.41
119.15
121.87
123.60
125.07
127.58
129.49
827
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Consumption
Durable Goods
Quarter
Nominal
Real
(1972
dollars)
1976:1
2
3
4
1977: 1
2
3
4
1978:1
2
3
4
1979:1
2
3
4
1980:1
2
3
4
1981: 1
2
3
4
1982:1
2
3
4
1983:1
2
3
4
152.00
154.60
158.10
162.60
173.70
175.70
179.40
186.40
185.00
200.10
202.00
210.20
212.50
207.40
213.30
216.10
220.70
200.80
213.80
223.60
237.80
232.40
242.50
228.90
239.40
241.60
244.50
255.00
259.40
276.10
284.10
299.80
125.10
125.59
126.89
128.54
135.70
136.84
138.64
142.29
139.52
148.11
147.02
150.79
149.65
144.13
146.70
146.01
145.20
129.97
135.57
139.00
146.10
140.00
143.50
134.00
138.50
138.80
139.30
145.20
146.80
156.20
159.60
167.20
Nondurable Goods and Services
Deflator
(1972 =
100)
121.50
123.10
124.60
126.50
128.00
128.40
129.40
131.00
132.60
135.10
137.40
139.40
142.00
143.90
145.40
148.00
152.00
154.50
157.70
160.86
162.77
166.00
168.99
170.82
172.85
174.06
175.52
175.62
176.70
176.76
178.01
179.31
Nominal
Real
(1972
dollars)
Deflator
(1972 =
100)
895.80
912.60
936.10
965.30
990.10
1010.50
1038.00
1068.00
1093.30
1129.90
1167.90
1206.40
1241.70
1270.60
1315.80
1366.20
1399.70
1425.70
1469.50
1518.30
1560.20
1596.90
1634.80
1662.90
1691.80
1717.20
1756.70
1791.20
1811.00
1865.50
1897.40
1930.50
685.59
692.05
700.22
710.67
715.89
719.02
727.99
738.80
744.59
752.53
764.29
772.79
775.81
778.40
786.61
795.62
793.00
789.60
793.80
800.90
804.10
809.10
812.10
812.90
815.20
820.10
824.90
831.10
835.60
850.00
856.10
865.20
130.66
131.87
133.69
135.83
138.30
140.54
142.59
144.56
146.83
150.15
152.81
156.11
160.05
163.23
167.28
171.71
176.51
180.56
185.12
189.57
194.03
197.37
201.31
204.56
207.53
209.63
212.96
215.52
216.73
219.47
221.63
223.13
828
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Exports
Quarter
Nominal
Real
(1972
dollars)
1919:1
2
3
4
1920: 1
2
3
4
1921:1
2
3
4
1922: 1
2
3
4
1923: 1
2
3
4
1924: 1
2
3
4
1925: 1
2
3
4
1926: 1
2
3
4
1927: 1
2
3
4
1928:1
2
3
4
1929:1
2
3
4
10.29
11.58
10.76
9.55
11.85
10.71
9.91
11.44
7.09
6.14
5.82
4.88
4.72
5.33
5.22
5.28
5.34
5.63
5.61
5.85
5.95
5.91
5.99
6.85
7.01
6.24
6.71
6.29
6.44
6.22
6.75
6.55
6.52
6.81
6.42
6.38
6.55
6.91
6.79
7.40
7.52
7.06
6.90
6.72
15.54
18.41
16.22
12.63
16.88
13.35
12.93
17.60
12.25
13.06
13.49
9.78
10.89
11.41
11.32
11.41
10.20
11.17
11.58
13.11
11.52
12.20
12.95
14.95
14.52
13.00
13.98
12.65
14.54
13.77
14.93
14.96
14.76
16.97
15.45
15.56
15.25
16.40
15.79
17.34
17.25
16.72
16.32
16.51
Imports
Deflator
(1972 =
100)
66.22
62.91
66.30
75.60
70.21
80.24
76.70
64.99
57.87
47.05
43.14
49.85
43.36
46.66
46.06
46.31
52.37
50.43
48.51
44.66
51.63
48.41
46.24
45.80
48.31
48.05
47.96
49.70
44.33
45.18
45.23
43.76
44.14
40.15
41.57
41.00
42.98
42.12
42.97
42.67
43.59
42.22
42.28
40.70
Nominal
Real
(1972
dollars)
Deflator
(1972 =
100)
4.13
4.57
5.73
6.60
7.73
7.63
7.59
5.40
3.74
3.23
2.97
3.40
3.64
3.84
4.26
4.92
5.20
5.40
4.81
4.79
4.79
4.72
4.71
4.96
5.33
5.33
5.81
6.03
6.24
5.69
5.76
5.85
5.36
5.68
5.64
5.41
5.44
5.39
5.51
5.46
5.91
6.07
5.93
5.57
6.87
7.64
8.88
9.56
9.55
8.86
9.11
7.52
6.71
7.13
7.43
7.88
8.42
8.94
9.80
10.65
9.96
10.09
9.37
9.58
9.20
9.25
9.71
10.04
9.87
9.79
10.46
10.84
11.57
10.75
10.78
11.02
10.44
11.73
11.43
10.92
11.19
11.21
11.48
11.42
12.49
13.22
13.13
12.77
60.08
59.85
64.55
69.01
80.95
86.03
83.33
71.85
55.79
45.24
39.98
43.09
43.20
42.93
43.45
46.15
52.17
53.53
51.34
50.05
51.99
50.99
48.50
49.35
54.03
54.43
55.56
55.63
53.95
52.96
53.42
53.06
51.35
48.43
49.37
49.57
48.56
48.06
48.02
47.82
47.34
45.91
45.14
43.60
829
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Exports
Quarter
Nominal
Real
(1972
dollars)
1930:1
2
3
4
1931: 1
2
3
4
1932:1
2
3
4
1933:1
2
3
4
1934:1
2
3
4
1935:1
2
3
4
1936:1
2
3
4
1937:1
2
3
4
1938:1
2
3
4
1939:1
2
3
4
1940:1
2
3
4
6.17
5.80
5.24
4.71
4.00
3.92
3.36
3.25
2.65
2.57
2.31
2.36
1.97
2.17
2.67
2.84
3.01
2.99
3.17
2.67
3.32
2.97
3.42
3.31
3.64
3.34
3.74
3.43
4.50
4.67
4.84
4.67
4.70
4.47
4.27
4.11
4.27
4.27
4.45
5.41
5.45
5.64
5.06
5.47
15.19
14.91
13.93
12.77
12.25
12.57
11.34
10.63
10.11
9.61
8.90
8.58
9.11
8.90
9.22
9.17
9.66
9.66
10.34
9.14
10.52
9.68
11.03
10.76
11.71
10.70
11.89
10.51
13.14
13.24
14.06
15.57
13.47
14.15
13.44
12.94
13.84
13.78
13.92
15.66
15.38
16.64
14.95
15.03
Imports
Deflator
(1972 =
100)
40.60
38.92
37.60
36.88
32.68
31.16
29.64
30.52
26.20
26.76
25.89
27.56
21.60
24.39
28.98
31.04
31.16
30.97
30.65
29.21
31.57
30.63
31.02
30.79
31.07
31.19
31.46
32.68
34.28
35.28
34.46
29.98
34.87
31.59
31.75
31.79
30.87
30.99
31.99
34.56
35.42
33.92
33.86
36.40
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
5.02
4.71
4.10
3.86
3.46
3.17
3.11
2.76
2.43
2.14
1.85
1.89
1.65
1.77
2.40
2.33
2.33
2.37
2.30
2.49
2.94
3.10
3.25
3.32
3.30
3.31
3.43
3.62
4.40
4.63
4.27
3.73
3.20
2.94
3.01
3.09
3.16
3.28
3.25
3.83
3.65
3.51
3.65
3.76
12.20
11.93
10.80
10.67
10.08
10.11
10.31
9.49
9.02
8.53
7.60
8.06
8.18
8.50
9.22
8.51
8.47
8.76
8.76
9.61
11.27
11.69
12.06
12.17
11.86
11.69
11.90
12.14
13.54
13.78
13.23
12.25
10.66
9.92
10.23
10.39
10.70
11.10
10.66
11.14
11.00
10.89
11.43
11.09
41.17
39.48
37.94
36.21
34.30
31.31
30.13
29.06
26.98
25.16
24.38
23.48
20.18
20.80
26.00
27.42
27.53
27.05
26.31
25.91
26.08
26.49
26.92
27.30
27.86
28.31
28.85
29.78
32.49
33.62
32.26
30.43
30.00
29.62
29.45
29.73
29.58
29.51
30.52
34.38
33.16
32.21
31.91
33.91
830
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Exports
Quarter
Nominal
Real
(1972
dollars)
1941: 1
2
3
4
1947: 1
2
3
4
1948: 1
2
3
4
1949: 1
2
3
4
1950:1
2
3
4
1951: 1
2
3
4
1952: 1
2
3
4
1953: 1
2
3
4
1954:1
2
3
4
1955: 1
2
3
4
1956:1
2
3
4
4.92
5.65
6.19
7.84
20.63
22.01
21.88
20.26
19.68
18.09
18.28
17.32
18.73
18.10
16.49
14.26
14.03
14.38
15.26
16.68
18.32
21.04
22.08
22.30
22.58
20.61
19.13
19.18
18.91
19.16
19.47
18.96
18.32
20.31
19.78
20.86
21.51
21.24
22.46
22.80
24.29
25.68
26.75
27.53
14.05
15.24
16.48
19.84
32.80
33.50
32.80
29.80
28.20
25.80
26.00
25.10
27.70
27.30
25.60
22.60
22.60
23.30
23.80
24.60
25.80
28.20
30.00
30.50
30.80
28.00
26.20
26.60
26.30
26.80
27.00
26.30
25.70
28.40
27.90
29.30
30.30
29.70
31.20
31.40
33.00
34.80
36.20
37.10
Imports
Deflator
(1972 =
1(0)
34.99
37.08
37.59
39.53
62.90
65.70
66.70
68.00
69.80
70.10
70.30
69.00
67.60
66.30
64.40
63.10
62.10
61.70
64.10
67.80
71.00
74.60
73.60
73.10
73.30
73.60
73.00
72.10
71.90
71.50
72.10
72.10
71.30
71.50
70.90
71.20
71.00
71.50
72.00
72.60
73.60
73.80
73.90
74.20
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
4.20
4.71
4.83
4.97
7.90
8.60
8.00
8.80
10.10
10.50
11.00
10.60
10.10
9.90
9.50
9.60
10.10
10.80
13.60
14.30
15.60
15.90
15.00
14.70
15.60
15.30
15.90
17.00
16.50
17.10
17.00
16.30
15.50
16.90
16.00
16.20
16.90
17.90
18.30
18.90
19.80
19.80
20.10
19.40
12.45
13.47
13.44
13.44
13.81
13.87
13.11
14.10
15.59
15.86
16.47
15.92
15.56
15.76
15.40
15.64
16.21
16.77
19.77
19.27
19.65
18.91
18.03
18.26
19.33
19.17
20.33
21.85
21.60
22.65
22.43
21.59
20.53
21.81
20.67
20.98
22.01
23.43
23.95
24.42
25.35
25.29
25.74
24.65
33.71
34.95
35.94
37.01
57.20
62.00
61.00
62.40
64.80
66.20
66.80
66.60
64.90
62.80
61.70
61.40
62.30
64.40
68.80
74.20
79.40
84.10
83.20
80.50
80.70
79.80
78.20
77.80
76.40
75.50
75.80
75.50
75.50
77.50
77.40
77.20
76.80
76.40
76.40
77.40
78.10
78.30
78.10
78.70
831
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Imports
Exports
Quarter
Nominal
Real
(1972
dollars)
1957: 1
2
3
4
1958: 1
2
3
4
1959:1
2
3
4
1960: 1
2
3
4
1961:1
2
3
4
1962:1
2
3
4
1963:1
2
3
4
1964:1
2
3
4
1965:1
2
3
4
1966:1
2
3
4
1967:1
2
3
4
30.06
29.87
29.07
27.52
25.15
25.13
25.07
25.07
24.17
24.62
26.66
26.45
28.50
29.45
30.30
30.22
30.80
29.64
30.77
31.51
31.08
32.93
32.84
32.49
32.35
34.72
35.08
36.70
38.85
38.38
39.72
40.55
37.59
43.20
42.85
43.04
43.93
44.33
45.54
46.45
47.80
47.01
47.29
48.27
39.40
39.10
37.70
35.60
33.00
33.20
33.20
33.20
32.10
32.70
35.40
34.90
37.30
38.20
38.90
39.20
39.90
37.80
39.40
40.30
40.00
42.60
42.60
42.20
41.90
44.80
45.20
47.30
50.00
49.20
50.60
51.40
46.70
53.60
53.10
53.60
54.10
53.80
54.60
55.10
56.90
56.10
56.30
57.40
Deflator
(1972 =
1(0)
76.30
76.40
77.10
77.30
76.20
75.70
75.50
75.50
75.30
75.30
75.30
75.80
76.40
77.10
77.90
77.10
77.20
78.40
78.10
78.20
77.70
77.30
77.10
77.00
77.20
77.50
77.60
77.60
77.70
78.00
78.50
78.90
80.50
80.60
80.70
80.30
81.20
82.40
83.40
84.30
84.00
83.80
84.00
84.10
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
21.00
21.10
20.60
20.50
20.40
21.00
20.70
21.80
22.40
23.60
24.00
23.60
23.90
24.00
23.40
22.30
22.30
22.50
24.00
24.50
24.80
25.40
25.60
26.00
25.60
26.40
27.20
27.30
27.60
28.40
29.10
30.00
29.10
32.70
33.00
34.40
36.00
37.00
39.40
39.80
40.60
40.10
40.60
42.80
26.32
26.44
25.81
26.05
26.36
27.42
27.17
28.76
29.79
31.09
31.79
30.93
31.12
31.13
30.47
29.30
29.30
29.53
31.54
32.24
33.16
33.96
34.45
35.04
34.32
35.11
35.79
35.78
35.84
36.74
37.74
38.86
37.50
42.19
42.25
43.65
45.69
46.42
49.31
49.44
50.50
50.13
50.56
53.70
79.80
79.80
79.80
78.70
77.40
76.60
76.20
75.80
75.20
75.90
75.50
76.30
76.80
77.10
76.80
76.10
76.10
76.20
76.10
76.00
74.80
74.80
74.30
74.20
74.60
75.20
76.00
76.30
77.00
77.30
77.10
77.20
77.60
77.50
78.10
78.80
78.80
79.70
79.90
80.50
80.40
80.00
80.30
79.70
832
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Imports
Exports
Quarter
Nominal
Real
(1972
dollars)
1968:1
2
3
4
1969:1
2
3
4
1970:1
2
3
4
1971:1
2
3
4
1972: 1
2
3
4
1973: 1
2
3
4
1974: 1
2
3
4
1975: 1
2
3
4
1976: 1
2
3
4
1977: 1
2
3
4
1978:1
2
3
4
49.44
51.63
54.57
53.52
49.73
58.98
59.54
61.81
63.64
66.71
66.08
66.32
68.37
69.14
71.75
66.01
74.00
73.75
77.97
84.07
95.82
105.01
114.07
123.49
136.85
146.40
147.49
154.15
156.00
149.15
152.73
161.96
163.98
170.18
173.65
177.47
177.82
184.97
186.85
181.25
195.46
213.17
223.98
242.18
59.00
60.10
63.60
62.30
57.10
67.40
67.20
68.30
69.40
71.50
70.60
70.40
70.70
71.20
74.20
67.70
74.90
74.20
78.20
82.50
91.00
95.90
99.80
102.40
108.10
111.50
107.50
106.90
104.00
100.30
102.50
107.40
107.60
109.30
111.60
111.90
111.00
113.90
115.20
111.40
118.10
124.30
128.80
135.60
Deflator
(1972 =
1(0)
83.80
85.90
85.80
85.90
87.10
87.50
88.60
90.50
91.70
93.30
93.60
94.20
96.70
97.10
96.70
97.50
98.80
99.40
99.70
101.90
105.30
109.50
114.30
120.60
126.60
131.30
137.20
144.20
150.00
148.70
149.00
150.80
152.40
155.70
155.60
158.60
160.20
162.40
162.20
162.70
165.50
171.50
173.90
178.60
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
45.70
46.90
49.90
49.80
45.90
55.30
55.60
56.60
57.10
58.60
59.60
60.70
61.00
65.60
67.90
64.30
74.30
74.00
76.50
82.10
88.80
93.50
95.60
103.60
114.70
134.60
139.80
142.10
130.30
120.70
127.80
133.80
145.60
153.40
161.40
168.10
180.00
186.80
187.20
192.90
207.20
217.20
222.90
232.00
56.98
57.76
61.68
61.18
55.84
67.03
66.91
66.51
66.16
66.97
66.37
66.78
66.02
70.92
72.54
67.90
76.92
74.60
75.74
79.63
83.38
82.09
80.47
81.13
79.82
93.60
81.37
80.33
71.83
66.80
71.72
75.08
80.89
83.32
85.94
88.52
88.76
91.30
90.26
93.19
99.04
101.92
103.53
106.23
80.20
81.20
80.90
81.40
82.20
82.50
83.10
85.10
86.30
87.50
89.80
90.90
92.40
92.50
93.60
94.70
96.60
99.20
101.00
103.10
106.50
113.90
118.80
127.70
143.70
143.80
171.80
176.90
181.40
180.70
178.20
178.20
180.00
184.10
187.80
189.90
202.80
204.60
207.40
207.00
209.20
213.10
215.30
218.40
833
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Exports
Quarter
Nominal
Real
(1972
dollars)
1979: 1
2
3
4
1980:1
2
3
4
1981:1
2
3
4
1982:1
2
3
4
1983: 1
2
3
4
256.22
268.16
290.64
310.61
335.38
336.65
337.67
345.40
368.40
369.80
368.70
372.80
359.40
366.30
346.30
321.70
328.50
328.10
342.00
346.10
138.80
140.40
149.20
156.40
164.40
161.00
156.40
154.70
161.20
161.00
159.30
159.40
152.20
155.10
146.60
136.70
138.20
137.00
141.60
141.00
Imports
Deflator
(1972 =
100)
184.60
191.00
194.80
198.60
204.00
209.10
215.90
223.27
228.54
229.69
231.45
233.88
236.14
236.17
236.22
235.33
237.70
239.49
241.53
245.46
Nominal
Real
(1972
dollars)
Deflator
(1972 =
100)
238.90
259.10
274.50
300.00
322.50
314.20
300.50
322.00
335.30
347.50
343.90
341.10
331. 70
330.80
339.70
315.40
308.90
334.50
358.40
375.90
105.38
108.96
109.36
112.15
114.52
108.42
102.91
109.30
112.50
116.30
118.70
118.20
117.30
121.00
120.90
112.60
115.30
123.40
129.70
139.10
226.70
237.80
251.00
267.50
281.60
289.80
292.00
294.60
298.04
298.80
289.72
288.58
282.78
273.39
280.98
280.11
267.91
271.07
276.33
270.24
Government Purchases
Government Purchases
Deflator
(1972 =
100)
Deflator
(1972 =
100)
16.64
17.30
17.96
18.79
20.15
20.74
20.98
20.93
19.93
19.03
18.62
18.29
18.20
18.21
18.26
18.51
18.45
18.95
19.20
19.34
19.35
19.35
19.46
19.60
Quarter
Nominal
Real
(1972
dollars)
1919: 1
2
3
4
1920:1
2
3
4
1921: 1
2
3
4
8.48
9.62
10.05
9.70
6.43
5.68
5.63
5.84
6.37
6.33
6.30
6.19
50.95
55.60
55.92
51.64
31.89
27.40
26.84
27.89
31.95
33.26
33.81
33.84
Quarter
Nominal
Real
(1972
dollars)
1922:1
2
3
4
1923: 1
2
3
4
1924: 1
2
3
4
5.89
5.89
5.96
6.07
5.93
6.13
6.28
6.42
6.54
6.63
6.75
6.88
32.38
32.34
32.61
32.76
32.15
32.34
32.73
33.20
33.78
34.26
34.70
35.11
834
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Government Purchases
Government Purchases
Quarter
Nominal
Real
(1972
dollars)
1925: 1
2
3
4
1926: 1
2
3
4
1927:1
2
3
4
1928:1
2
3
4
1929: 1
2
3
4
1930:1
2
3
4
1931:1
2
3
4
1932: 1
2
3
4
1933: 1
2
3
4
1934:1
2
3
4
1935:1
2
3
4
7.09
7.24
7.33
7.38
7.17
7.23
7.33
7.48
7.69
7.82
7.94
8.00
8.01
8.11
8.23
8.38
8.60
8.76
8.89
9.05
9.38
9.50
9.57
9.56
9.53
9.54
9.49
9.26
8.62
8.33
8.23
8.08
7.91
7.87
8.35
8.86
9.66
10.03
10.20
10.18
10.00
10.08
10.16
10.57
35.40
35.79
36.12
36.12
34.80
34.82
35.20
35.79
36.94
37.56
38.01
38.34
38.27
38.60
39.02
39.52
40.18
40.70
41.24
42.03
43.86
44.65
45.17
45.62
45.96
46.35
46.63
46.45
44.35
44.14
44.30
44.17
42.45
42.40
42.89
43.99
47.22
48.34
48.89
49.13
48.57
48.84
49.52
51.17
Deflator
(1972 =
100)
20.02
20.23
20.30
20.44
20.60
20.76
20.82
20.89
20.82
20.81
20.88
20.86
20.92
21.01
21.09
21.20
21.40
21.52
21.56
21.52
21.39
21.28
21.18
20.96
20.74
20.58
20.35
19.94
19.43
18.88
18.58
18.30
18.63
18.56
19.46
20.15
20.46
20.75
20.87
20.72
20.59
20.64
20.53
20.65
Quarter
1936: 1
2
3
4
1937:1
2
3
4
1938: 1
2
3
4
1939: 1
2
3
4
1940: 1
2
3
4
1941: 1
2
3
4
1947:1
2
3
4
1948: 1
2
3
4
1949:1
2
3
4
1950: 1
2
3
4
1951:1
2
3
4
Nominal
11.81
12.20
12.35
12.31
11.65
11.90
12.16
12.46
12.96
13.16
13.18
13.33
13.41
13.48
13.52
13.61
13.36
13.50
13.99
15.83
22.90
25.42
26.14
25.30
24.60
25.40
25.50
26.10
27.70
30.70
33.20
36.00
36.70
38.40
39.10
39.20
37.70
36.90
38.00
41.40
49.60
56.70
64.40
69.60
Real
(1972
dollars)
56.53
58.14
58.69
58.39
55.55
55.22
55.61
56.60
59.40
60.44
61.05
61.63
62.49
63.01
63.40
63.50
62.52
62.94
64.70
70.81
94.27
100.09
100.63
96.08
74.77
75.82
76.35
75.43
76.52
83.20
86.91
91.60
93.15
96.73
98.99
98.00
98.69
96.34
95.48
101.97
115.62
128.57
141.23
149.04
Deflator
(1972 =
100)
20.89
20.99
21.04
21.09
20.96
21.54
21.87
22.02
21.81
21.78
21.59
21.62
21.46
21.39
21.32
21.43
21.36
21.45
21.63
22.36
24.29
25.39
25.98
26.34
32.90
33.50
33.40
34.60
36.20
36.90
38.20
39.30
39.40
39.70
39.50
40.00
38.20
38.30
39.80
40.60
42.90
44.10
45.60
46.70
835
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Government Purchases
Quarter
Nominal
1952:1
2
3
4
1953:1
2
3
4
1954:1
2
3
4
1955:1
2
3
4
1956: 1
2
3
4
1957:1
2
3
4
1958:1
2
3
4
1959:1
2
3
4
1960: 1
2
3
4
1961:1
2
3
4
1962:1
2
3
4
70.90
75.50
77.50
78.30
81.70
82.60
82.40
83.40
79.50
75.40
74.60
73.40
74.30
74.10
75.40
76.20
77.20
79.30
79.70
81.30
86.20
86.60
87.50
88.10
91.20
94.20
96.10
98.70
97.80
98.00
97.50
97.00
97.30
99.30
101.80
102.70
105.00
106.80
108.40
112.30
116.10
116.80
118.80
120.40
Real
(1972
dollars)
152.80
159.28
163.85
163.13
167.76
170.31
169.90
171.96
162.58
155.79
153.81
151.65
152.88
150.92
153.56
152.10
151.97
153.98
152.98
154.86
160.22
161.27
161.44
161.95
165.22
168.82
171.00
174.69
171.58
171.03
170.16
169.28
169.22
172.40
174.32
175.56
179.49
,181.02
182.80
188.42
191.27
191.79
194.75
194.82
Government Purchases
Deflator
(1972 =
100)
Quarter
46.40
47.40
47.30
48.00
48.70
48.50
48.50
48.50
48.90
48.40
48.50
48.40
48.60
49.10
49.10
50.10
50.80
51.50
52.10
52.50
53.80
53.70
54.20
54.40
55.20
55.80
56.20
56.50
57.00
57.30
57.30
57.30
57.50
57.60
58.40
58.50
58.50
59.00
59.30
59.60
60.70
60.90
61.00
61.80
1963:1
2
3
4
1964:1
2
3
4
1965:1
2
3
4
1966:1
2
3
4
1967:1
2
3
4
1968:1
2
3
4
1969:1
2
3
4
1970:1
2
3
4
1971:1
2
3
4
1972: 1
2
3
4
1973:1
2
3
4
Nominal
122.10
121.30
124.30
127.00
128.30
130.00
130.00
130.90
131.60
135.60
140.10
146.10
150.00
155.30
162.00
167.30
174.90
177.50
182.00
186.50
192.40
198.60
201.00
204.00
204.50
207.40
210.70
212.40
216.40
217.70
221.10
225.30
229.70
232.40
236.40
240.90
249.70
251.50
252.90
258.30
264.90
266.30
268.90
281.60
Real
(1972
dollars)
195.67
195.02
199.20
200.00
201.73
203.44
202.18
202.95
202.15
207.34
211.63
217.74
221.24
224.75
233.77
238.66
244.27
246.94
250.69
252.37
256.53
260.97
262.40
261.20
258.53
259.25
256.95
254.98
252.80
249.66
250.97
250.89
249.95
248.29
250.42
251.46
254.54
253.27
252.40
252.00
254.71
251.23
251.31
256.47
Deflator
(1972 =
100)
62.40
62.20
62.40
63.50
63.60
63.90
64.30
64.50
65.10
65.40
66.20
67.10
67.80
69.10
69.30
70.10
71.60
71.88
72.60
73.90
75.00
76.10
76.60
78.10
79.10
80.00
82.00
83.30
85.60
87.20
88.10
89.80
91.90
93.60
94.40
95.80
98.10
99.30
100.20
102.50
104.00
106.00
107.00
109.80
836
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Government Purchases
Government Purchases
Deflator
(1972 =
1(0)
Quarter
Nominal
Real
(1972
dollars)
Deflator
(1972 =
1(0)
111.10
114.90
118.00
121.60
124.00
126.20
128.30
131.30
133.00
134.40
136.40
139.20
140.74
143.99
145.69
147.93
150.34
153.55
156.86
161.03
1979: 1
2
3
4
1980: 1
2
3
4
1981: 1
2
3
4
1982: 1
2
3
4
1983:1
2
3
4
456.90
464.50
478.50
497.60
517.60
535.50
539.10
559.00
576.60
585.30
601.30
622.70
630.90
633.70
656.30
681.00
678.80
682.20
689.80
691.40
280.59
280.18
280.97
285.29
283.93
286.82
284.04
282.50
286.00
285.10
287.40
289.60
290.20
287.00
292.80
300.60
294.30
292.40
292.00
288.80
162.84
165.79
170.30
174.42
182.30
186.70
189.80
197.88
201.61
205.30
209.22
215.02
217.40
220.80
224.15
226.55
230.65
233.31
236.23
239.40
Quarter
Nominal
Real
(1972
dollars)
1974: 1
2
3
4
1975: 1
2
3
4
1976:1
2
3
4
1977: 1
2
3
4
1978:1
2
3
4
286.80
300.60
309.20
319.70
327.70
333.60
344.00
354.30
357.00
358.10
362.80
370.40
377.90
390.70
398.70
408.00
412.80
424.40
439.30
451.10
258.15
261.62
262.03
262.91
264.27
264.34
268.12
269.84
268.42
266.44
265.98
266.09
268.51
271.34
273.66
275.81
274.57
276.40
280.06
280.14
Real Net Capital Stock (1972 dollars)
Cost of Capital Services
Quarter
Producers'
Durable
Equipment
Business
Structures
Consumers'
Durable
Goods
Producers'
Durable
Equipment
Business
Structures
1919:1
2
3
4
1920: 1
2
3
4
1921:1
2
3
4
91.99
91.64
92.05
92.18
92.86
93.33
93.54
93.07
92.02
90.92
89.82
88.73
207.46
205.99
204.74
203.32
202.20
200.89
199.10
197.36
195.76
194.76
194.06
193.65
55.62
56.17
57.45
59.31
60.39
60.76
61.00
60.77
60.13
59.96
60.04
59.99
21.62
22.05
21.70
21.49
20.98
20.52
21.34
21.51
23.53
24.15
24.12
23.70
11.32
11.45
11.48
11.68
12.21
12.33
12.70
11.82
12.01
11.69
11.38
11.56
837
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Real Net Capital Stock (1972 dollars)
Cost of Capital Services
Quarter
Producers'
Durable
Equipment
Business
Structures
Consumers'
Durable
Goods
Producers'
Durable
Equipment
Business
Structures
1922:1
2
3
4
1923:1
2
3
4
1924: 1
2
3
4
1925:1
2
3
4
1926:1
2
3
4
1927: 1
2
3
4
1928:1
2
3
4
1929: 1
2
3
4
1930:1
2
3
4
1931:1
2
3
4
1932: 1
2
3
4
87.63
86.90
86.38
86.33
86.61
87.24
87.68
87.78
88.01
87.79
87.52
87.82
88.20
88.27
88.53
89.08
89.71
90.19
90.72
91.23
91.61
91.80
91.84
91.75
91.87
92.11
92.51
93.16
93.83
94.56
95.41
95.76
95.88
95.85
95.51
94.69
93.60
92.51
91.20
89.56
87.77
85.61
83.58
81.73
193.59
194.20
194.82
195.66
196.68
198.17
199.33
200.92
202.68
204.59
206.59
208.51
210.40
212.68
215.20
217.39
219.79
222.08
224.21
226.03
227.47
229.33
231.01
232.77
233.81
235.10
236.22
237.51
239.47
241.41
242.77
243.81
244.95
246.29
246.68
246.45
245.94
245.30
243.99
242.35
240.22
238.16
236.04
233.77
59.93
60.31
60.79
61.37
62.38
63.48
64.47
65.55
66.84
67.60
68.11
68.60
69.45
70.60
71.73
73.43
74.94
76.12
77.17
78.14
79.12
80.11
80.78
81.25
81.94
82.63
83.47
84.56
85.69
86.65
87.62
88.09
88.14
87.92
87.42
86.94
86.35
85.72
84.95
83.90
82.67
81.25
79.70
78.25
23.69
23.09
22.96
22.97
22.97
23.71
23.98
24.30
23.81
23.83
23.60
23.27
21.89
20.40
20.25
19.54
19.57
19.95
20.75
21.37
20.99
21.60
21.44
21.31
21.83
21.95
21.73
21.87
22.62
23.02
22.83
22.16
22.27
22.07
23.10
22.95
26.02
27.99
30.28
32.31
38.23
40.60
41.90
40.99
11.57
11.16
11.04
11.07
11.39
11.71
11.61
11.65
11.50
11.34
10.89
10.71
9.96
8.75
8.79
8.35
8.28
8.51
9.09
9.53
9.02
9.22
9.11
9.12
9.50
9.59
9.50
9.75
10.02
10.31
10.25
9.53
10.00
9.64
10.13
10.10
11.51
12.77
14.00
16.05
17.84
19.88
20.96
19.88
838
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Real Net Capital Stock (1972 dollars)
Cost of Capital Services
Quarter
Producers'
Durable
Equipment
Business
Structures
Consumers'
Durable
Goods
Producers'
Durable
Equipment
Business
Structures
1933:1
2
3
4
1934:1
2
3
4
1935:1
2
3
4
1936:1
2
3
4
1937:1
2
3
4
1938:1
2
3
4
1939:1
2
3
4
1940:1
2
3
4
1941:1
2
3
4
1947: 1
2
3
4
1948:1
2
3
4
79.62
78.10
77.01
75.57
74.61
73.87
72.69
71.76
71.29
70.81
70.62
70.90
71.21
71.73
72.60
73.71
75.04
76.33
77.61
77.88
77.62
77.09
76.94
77.10
77.09
76.88
77.07
77.96
78.79
79.62
80.75
82.12
83.47
84.90
86.46
88.29
118.50
122.38
125.88
129.62
133.78
137.30
140.54
143.99
231.24
228.84
226.40
224.24
222.16
219.96
217.86
215.82
213.69
211.93
209.95
208.53
207.18
205.74
204.62
203.80
203.12
203.29
202.73
201.84
200.94
199.67
198.64
197.74
196.99
196.20
195.24
194.49
193.24
192.31
191.98
192.95
193.45
193.46
194.50
193.44
188.50
190.34
192.17
193.92
195.67
197.66
199.82
202.01
76.70
75.37
74.45
73.53
72.64
72.02
71.43
71.04
70.98
70.92
71.14
71.69
72.40
73.27
74.35
75.52
76.72
77.78
78.91
79.42
79.23
78.88
78.79
79.16
79.76
80.25
80.85
81.63
82.65
83.62
84.67
86.04
87.67
89.49
91.24
92.33
91.10
93.80
96.41
99.48
102.38
105.12
107.94
110.57
35.95
40.64
33.44
35.79
31.91
30.15
26.94
27.37
24.07
22.33
20.33
19.90
19.89
18.94
20.10
20.88
22.12
22.30
23.35
21.90
23.39
24.30
23.88
22.84
23.44
24.04
23.73
23.93
23.76
24.72
24.91
26.14
24.48
23.71
21.34
20.31
15.67
16.24
16.31
16.36
16.32
16.46
16.80
17.31
19.45
22.23
18.47
19.58
15.51
13.75
11.82
11.87
10.60
9.24
7.81
7.42
7.05
6.23
6.85
7.95
8.86
9.29
9.74
8.76
9.55
10.51
10.09
9.42
9.50
9.98
9.83
10.37
9.77
10.38
10.60
11.55
10.22
9.57
7.98
7.19
6.73
6.90
7.05
7.24
7.50
7.50
7.41
7.65
839
Historical Data
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Real Net Capital Stock (1972 dollars)
Cost of Capital Services
Quarter
Producers'
Durable
Equipment
Business
Structures
Consumers'
Durable
Goods
Producers'
Durable
Equipment
Business
Structures
1949:1
2
3
4
1950:1
2
3
4
1951: 1
2
3
4
1952: 1
2
3
4
1953:1
2
3
4
1954:1
2
3
4
1955:1
2
3
4
1956:1
2
3
4
1957: 1
2
3
4
1958:1
2
3
4
1959:1
2
3
4
146.76
148.92
150.63
152.18
153.74
156.09
159.18
162.05
164.43
166.87
169.45
171.89
174.29
176.69
177.78
179.64
182.00
184.18
186.55
188.63
190.22
191.57
193.14
194.57
196.01
198.16
200.79
203.71
206.08
208.35
210.66
212.78
215.01
217.12
219.49
221.42
222.30
222.76
223.09
223.83
224.98
226.38
228.00
229.60
204.04
205.91
207.51
208.98
210.66
212.50
214.56
216.74
218.86
221.15
223.37
225.34
227.27
229.25
231.24
233.41
235.71
238.09
240.45
242.88
245.33
247.79
250.26
252.68
255.23
257.87
260.65
263.54
266.64
269.96
273.32
276.65
279.84
282.98
286.04
289.05
291.91
294.44
296.74
299.11
301.40
303.91
306.58
309.17
112.93
115.96
119.18
122.46
125.85
129.16
134.74
138.59
142.52
144.69
146.51
148.17
149.92
151.75
152.87
155.10
157.69
160.04
162.23
164.50
166.25
168.01
169.95
172.47
175.60
179.36
183.27
186.89
189.57
192.00
194.11
196.29
198.65
200.59
202.24
203.80
204.58
205.15
205.84
206.90
208.58
210.63
212.80
214.25
17.37
17.94
18.00
17.85
17.88
17.98
18.08
17.99
19.38
19.11
19.90
20.58
19.85
19.77
19.11
19.05
18.42
18.71
19.35
20.26
20.50
20.93
20.95
21.03
21.05
20.57
20.56
20.93
21.47
21.68
21.72
22.24
22.50
22.45
22.68
22.90
22.52
22.64
22.61
23.12
22.97
22.89
23.07
23.52
7.57
7.49
7.52
7.45
7.35
7.32
7.47
7.33
8.24
8.14
8.95
9.69
9.04
8.63
8.19
7.89
7.49
7.62
8.35
9.37
9.63
9.85
9.90
9.84
10.02
9.73
9.61
9.94
10.62
10.46
10.47
10.67
10.60
10.70
11.00
10.80
10.47
10.51
10.43
10.88
10.71
10.64
10.84
11.42
840
Nathan S. Balke/Robert J. Gordon
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Real Net Capital Stock (1972 dollars)
Quarter
1960:1
2
3
4
1961:1
2
3
4
1962: 1
2
3
4
1963:1
2
3
4
1964:1
2
3
4
1965:1
2
3
4
1966: 1
2
3
4
1967:1
2
3
4
1968:1
2
3
4
1969:1
2
3
4
1970:1
2
3
4
Producers'
Durable
Equipment
231.39
233.29
234.69
235.69
236.38
237.44
238.55
240.17
242.25
243.54
244.82
246.02
247.35
248.85
250.74
252.94
255.35
257.88
260.68
263.76
267.68
271.68
276.30
281.25
286.74
292.49
298.05
303.57
308.23
312.94
317.26
321.92
326.89
331.25
335.79
340.74
346.10
351.45
356.80
361.84
366.47
370.82
375.04
378.17
Business
Structures
312.08
314.79
317.57
320.64
323.69
326.54
329.33
332.19
335.00
338.06
341.38
344.47
347.17
350.17
353.15
356.27
359.39
362.76
366.25
369.85
373.96
378.63
383.39
388.64
393.98
398.97
404.21
409.05
413.84
418.20
422.57
426.81
431.31
435.57
439.73
444.18
448.75
453.24
458.20
462.78
467.02
471.15
475.16
479.03
Consumers'
Durable
Goods
215.97
217.91
219.62
220.93
221.46
222.13
223.02
224.48
226.12
228.01
229.92
232.33
234.88
237.60
240.38
243.24
246.48
249.95
253.75
256.80
261.18
265.38
269.97
275.07
280.83
285.42
290.41
295.11
299.20
303.94
308.27
312.37
317.57
322.91
328.96
334.60
340.42
345.88
350.98
355.68
359.77
363.90
367.92
370.14
Cost of Capital Services
Producers'
Durable
Equipment
23.84
23.87
23.93
23.92
23.80
23.78
23.66
23.51
21.34
21.51
21.94
21.85
21.20
21.13
21.21
21.23
22.14
21.72
21.77
21.26
21.31
21.30
21.01
21.10
21.58
21.73
21.81
22.03
22.02
21.85
22.22
22.35
22.12
22.33
21.95
21.86
22.05
22.11
22.47
22.48
23.19
22.53
22.81
22.72
Business
Structures
11.78
11.67
11.68
11.67
11.68
11.73
11.76
11.86
10.70
10.75
11.03
11.01
10.64
10.67
10.69
10.73
10.56
10.29
10.37
10.00
10.14
10.11
10.17
10.21
10.63
10.96
10.97
11.31
11.21
11.05
11.60
11.85
11.99
12.19
11.86
11.75
12.22
12.59
13.09
13.38
14.21
13.71
14.31
14.45
Historical Data
841
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Real Net Capital Stock (1972 dollars)
Quarter
1971: 1
2
3
4
1972:1
2
3
4
1973:1
2
3
4
1974: 1
2
3
4
1975:1
2
3
4
1976:1
2
3
4
1977: 1
2
3
4
1978:1
2
3
4
1979:1
2
3
4
1980:1
2
3
4
1981:1
2
3
4
Producers'
Durable
Equipment
381.35
384.82
388.18
391.94
396.23
400.68
405.29
411.19
418.06
425.70
433.35
440.81
448.31
455.37
462.28
467.57
471.14
474.08
477.11
480.08
483.37
487.00
491.27
495.81
501.76
508.45
515.04
522.64
529.59
537.63
545.58
554.10
562.93
570.84
579.43
586.81
595.78
602.60
609.76
616.98
624.81
632.55
640.45
647.63
Business
Structures
482.74
486.33
489.94
493.31
496.91
500.58
504.24
508.09
512.06
516.27
520.70
525.01
529.01
532.62
535.30
537.72
539.36
540.77
542.39
544.14
545.97
547.74
549.56
551.37
553.04
555.02
557.30
559.43
561.79
564.67
567.74
571.00
574.05
577.59
581.49
585.66
589.89
593.27
596.29
599.52
603.10
607.02
611.39
615.98
Consumers'
Durable
Goods
374.53
379.31
384.52
390.58
396.99
403.77
410.85
419.06
428.64
437.15
444.82
451.16
456.52
461.65
466.79
468.84
471.29
474.24
478.77
483.88
490.20
496.32
502.44
508.66
516.35
523.93
531.57
539.73
546.77
555.60
563.70
572.32
580.22
586.32
592.76
598.69
604.11
605.45
608.11
611.51
616.33
619.67
623.67
625.21
Cost of Capital Services
Producers'
Durable
Equipment
21.26
20.42
20.42
19.88
19.94
19.85
19.94
19.75
19.43
19.54
19.42
19.16
18.99
19.00
19.30
19.60
18.78
18.21
17.83
17.64
17.77
17.64
17.89
17.37
17.37
17.57
17.80
18.50
19.36
19.99
19.80
19.40
19.78
19.34
19.02
19.82
20.57
21.85
19.59
20.98
21.02
21.53
22.07
22.45
Business
Structures
13.30
12.80
13.14
12.83
12.88
12.75
13.00
13.12
12.88
13.24
13.32
13.25
13.58
14.33
15.22
15.45
13.97
12.67
12.14
11.85
11.95
11.87
12.11
11.59
11.49
11.83
11.93
12.87
14.00
15.29
15.31
15.23
15.94
15.40
15.12
16.68
18.64
21.22
18.21
20.64
21.19
21.91
23.47
25.23
Nathan S. Balke/Robert J. Gordon
842
Quarterly Data from 1919 to 1941 and from
1947 to 1983 (continued)
Real Net Capital Stock (1972 dollars)
Cost of Capital Services
Quarter
Producers'
Durable
Equipment
Business
Structures
Consumers'
Durable
Goods
Producers'
Durable
Equipment
Business
Structures
1981:1
2
3
4
1983: 1
2
3
4
653.78
658.26
661.88
664.87
668.10
672.51
678.20
685.79
620.36
624.68
628.63
632.42
635.57
638.21
641.13
644.30
627.58
630.07
632.13
635.32
639.00
645.16
651.36
658.66
22.43
22.24
22.32
20.39
19.35
19.23
19.37
20.81
25.24
24.79
24.90
21.81
20.45
20.07
20.34
21.27
Section 3 Source Notes
Investment in producers' durable equipment: nonresidential and residential, investment
in nonresidential structures: nonresidential and farm structures, investment in residential structures, consumption of durable goods, consumption of nondurable goods
and services, exports, imports, and government purchasesNominal: 1919-41, interpolated series from Gordon and Veitch, this volume. 194783, national income and product accounts, table 1.1.
Real: 1919-41, interpolated series from Gordon and Veitch, this volume. 1947-83,
national income and products accounts, table 1.2.
Deflator: 1919-83, nominal series divided by the real series, then multiplied by 100.
Investment, change in business inventories
Nominal: 1919-41, interpolated series from Gordon and Veitch, this volume. 194783, national income and product accounts, table 1.1.
Real: 1919-41, interpolated series from Gordon and Veitch, this volume. 1947-83,
national income and product accounts, table 1.2.
Real net capital stock, producers' durable equipment
1919-83: constructed series described in Gordon and Veitch, this volume.
Real net capital stock, business structures
1919-83: constructed series described in Gordon and Veitch, this volume.
Real net capital stock, consumers' durable goods
1919-83: constructed series described in Gordon and Veitch, this volume.
Cost of capital services, producers' durable equipment
1919-83: constructed series described in Gordon and Veitch, this volume.
Cost of capital services, business structures
1919-83: constructed series described in Gordon and Veitch, this volume.
4.
Total Manufacturing: Real Production, Shipments, and
Inventories (Millions of 1929 Dollars)
Year
Month
Production
Shipments
Inventories at
End of Month
1929
1929
1929
January
February
March
13525.8
13429.0
13630.5
13248.3
13794.3
12884.3
13065.0
12901.2
843
Historical Data
Total Manufacturing: Real Production, Shipments, and
Inventories (continued)
Year
Month
Production
Shipments
Inventories at
End of Month
1929
1929
1929
1929
1929
1929
1929
1929
1929
1930
1930
1930
1930
1930
1930
1930
1930
1930
1930
1930
1930
1931
1931
1931
1931
1931
1931
1931
1931
1931
1931
1931
1931
1932
1932
1932
1932
1932
1932
1932
1932
1932
1932
1932
1932
1933
1933
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
13763.7
13902.4
14096.8
14187.1
14047.6
13827.0
13811.7
13218.5
13584.8
12576.7
12479.1
12197.5
12151.1
11807.6
11390.0
10899.1
10556.5
10457.3
10216.2
9994.4
9883.9
9773.5
9881.4
9900.9
9867.2
9704.1
9327.3
9312.4
8935.5
8579.6
8304.0
8204.4
8111.5
8018.5
7751.0
7300.2
6882.2
6692.3
6494.1
6315.9
6390.7
6970.3
7347.9
7243.4
7187.7
7106.3
6923.9
13676.4
13620.7
14197.8
13982.3
13846.6
13572.6
13704.0
12966.6
13770.5
12347.2
12553.7
12068.8
12192.8
11754.4
11130.0
10517.6
10416.5
10687.2
10474.0
9988.9
11226.1
9157.0
10038.6
10018.8
10010.7
9582.5
9273.2
9395.6
9070.8
8642.9
8517.8
8350.6
8946.8
7611.6
7761.0
7309.0
6913.3
6688.5
6709.3
6563.2
6511.1
7159.0
7608.7
7342.2
7882.2
6738.0
6889.2
12988.5
13270.2
13169.2
13374.0
13575.0
13829.4
13937.0
14188.9
14003.2
14232.7
14158.2
14286.9
14245.3
14298.5
14558.6
14940.1
15080.1
14850.2
14592.3
14597.8
13255.6
13872.1
13715.0
13597.1
13453.6
13575.2
13629.3
13546.2
13410.8
13347.6
13133.8
12987.6
12152.3
12559.2
12549.2
12540.4
12509.3
12513.2
12297.9
12050.7
11930.2
11741.5
11480.7
11381.9
10687.5
11055.8
11090.4
844
Nathan S. Balke/Robert J. Gordon
Total Manufacturing: Real Production, Shipments, and
Inventories (continued)
Year
1933
1933
1933
1933
1933
1933
1933
1933
1933
1933
1934
1934
1934
1934
1934
1934
1934
1934
1934
1934
1934
1934
1935
1935
1935
1935
1935
1935
1935
1935
1935
1935
1935
1935
1936
1936
1936
1936
1936
1936
1936
1936
1936
1936
1936
1936
1937
Month
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
Production
6257.9
6955.1
8087.7
9463.9
9614.9
9766.0
9386.6
8947.2
8343.0
8685.3
8701.6
9240.0
9605.3
9767.4
9796.1
9616.1
8949.7
8755.4
8383.2
8681.2
8625.7
9660.2
10230.5
10584.7
10401.1
10195.3
10032.4
10011.7
10417.3
10646.2
10972.3
11486.6
11634.8
11496.0
11498.9
11204.8
11530.8
12156.5
12491.6
12731.9
12955.3
12968.1
13185.9
13632.4
13843.1
13764.9
14139.5
Shipments
6251.0
7123.8
8421.3
9676.3
9872.3
9491.8
9289.2
8879.1
8070.2
7671.0
9304.3
9334.8
9529.5
9542.6
9753.2
9550.3
8812.8
8905.0
8622.2
8898.9
8725.7
9621.7
10530.8
10639.4
10375.3
10265.9
10086.1
10033.5
10352.0
10692.8
10893.2
11415.3
11630.1
11320.0
11443.2
11075.8
11437.0
12076.3
12255.8
12611.0
12939.6
12754.3
13007.8
13493.4
13814.4
13167.7
14228.4
Inventories at
End of Month
11097.4
10928.7
10595.1
10382.8
10125.4
10399.6
10497.1
10565.2
10837.9
11852.2
11249.5
11154.8
11230.5
11455.3
11498.2
11564.1
11701.0
11551.4
11312.4
11094.6
10994.6
11033.1
10732.8
10678.2
10704.0
10633.5
10579.8
10557.9
10623.2
10576.5
10655.7
10727.0
10731.7
10907.6
10963.4
11092.4
11186.2
11266.4
11502.2
11623.2
11638.9
11852.7
12030.8
12169.7
12198.4
12795.6
12706.7
845
Historical Data
Total Manufacturing: Real Production, Shipments, and
Inventories (continued)
Year
Month
Production
Shipments
Inventories at
End of Month
1937
1937
1937
1937
1937
1937
1937
1937
1937
1937
1937
1938
1938
1938
1938
1938
1938
1938
1938
1938
1938
1938
1938
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1940
1940
1940
1940
1940
1940
1940
1940
1940
1940
1940
1940
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
14583.1
15036.1
15130.6
15247.9
14890.4
14837.0
14448.9
13820.0
12899.8
11307.2
10529.3
9751.3
9964.9
10155.8
9902.5
9845.8
9827.7
10388.4
10868.2
11316.6
11584.4
11968.5
11616.6
12040.9
12316.7
12549.6
12465.9
12292.4
12670.0
12731.8
12694.4
13556.1
14657.9
14968.8
14462.0
14621.2
14269.7
14104.0
14129.1
14590.4
15123.6
15046.2
15340.8
15809.7
16371.9
16717.9
16684.5
14518.8
14796.3
14900.0
14952.7
14641.2
14832.9
14271.6
13446.9
12849.0
11322.4
11401.3
9346.9
9982.9
10423.5
9969.3
9986.5
10059.3
10566.6
10858.9
11311.2
11617.1
11815.3
12055.0
11554.9
12460.9
12579.5
12402.1
12263.2
12693.7
12521.3
12645.1
13986.6
14532.6
14477.9
13916.9
14265.4
14151.8
14050.2
14148.2
14500.4
14914.7
14848.7
15364.7
15616.5
16560.8
16468.6
16474.7
12771.0
13010.8
13241.3
13536.6
13785.7
13789.9
13967.2
14340.2
14391.0
14375.8
13503.9
13908.3
13890.3
13622.6
13555.8
13415.1
13183.5
13005.3
13014.5
13019.9
12987.2
13140.3
12701.9
13187.9
13043.8
13013.9
13077.7
13106.9
13083.2
13293.6
13342.9
12912.4
13037.8
13528.7
14073.9
14429.8
14547.7
14601.4
14582.3
14672.3
14881.2
15078.7
15054.7
15248.0
15059.1
15308.4
15518.2
846
Nathan S. Balke/Robert J. Gordon
Total Manufacturing: Real Production, Shipments, and
Inventories (continued)
Year
Month
Production
Shipments
Inventories at
End of Month
1941
1941
1941
1941
1941
1941
1941
1941
1941
1941
1941
1941
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
17589.8
18382.9
19085.5
19522.1
20372.8
20815.3
21095.9
21089.8
21210.0
21397.6
21576.7
22168.8
22665.0
23161.2
23707.0
24281.1
24611.4
24894.8
25748.8
26238.8
26705.4
27353.1
27963.5
27658.1
17540.9
18025.8
19050.3
19469.8
20391.0
20771.1
20867.0
20959.5
21037.0
21170.3
20988.7
20901.1
23526.5
23192.2
23620.3
24192.7
24330.6
24577.8
25545.9
26165.7
26620.4
27325.3
27969.1
27522.0
15567.1
15924.3
15959.5
16011.7
15993.6
16037.7
16266.7
16397.0
16570.0
16797.0
17385.3
18653.1
17791.6
17760.6
17847.4
17935.8
18216.7
18533.7
18736.5
18809.7
18894.6
18922.4
18916.8
19052.9
s.
Total Manufacturing: Nominal Production, Shipments, and
Inventories (Millions of Current Dollars)
Year
Month
Production
Shipments
Inventories at
End of Month
1929
1929
1929
1929
1929
1929
1929
1929
1929
1929
1929
1929
1930
1930
January
February
March
April
May
June
July
August
September
October
November
December
January
February
13591.5
13499.4
13770.8
13904.2
13980.6
14244.9
14327.7
14054.0
13777.8
13656.3
12942.0
13501.2
12319.7
12197.0
13317.8
13936.3
13816.0
13697.4
14347.0
14120.9
13853.0
13524.3
13549.9
12695.3
13685.8
12094.9
12269.8
12946.9
13133.5
13034.0
13121.0
13344.9
13307.6
13506.6
13581.2
13780.2
13780.2
13892.1
13917.0
13941.9
13838.0
847
Historical Data
Total Manufacturing: Nominal Production, Shipments, and
Inventories (continued)
Year
Month
Production
Shipments
Inventories at
End of Month
1930
1930
1930
1930
1930
1930
1930
1930
1930
1930
1931
1931
1931
1931
1931
1931
1931
1931
1931
1931
1931
1931
1932
1932
1932
1932
1932
1932
1932
1932
1932
1932
1932
1932
1933
1933
1933
1933
1933
1933
1933
1933
1933
1933
1933
1933
1934
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
11821.1
11722.3
11334.6
10725.2
9961.6
9538.5
9454.1
9157.1
8844.0
9140.1
8482.3
8486.8
8406.3
8224.9
7962.1
7554.2
7478.9
7142.9
6797.0
6548.6
6451.5
6578.7
6156.8
5921.5
5568.9
5212.4
5023.9
4842.2
4700.9
4722.3
5113.5
5375.7
5277.0
5242.6
5044.4
4862.6
4386.0
4866.3
5801.0
6949.7
7332.4
7489.4
7315.4
7102.1
6604.9
6482.3
7028.7
11696.3
11762.4
11283.5
10480.3
9612.9
9412.0
9662.0
9388.2
8839.1
10381.3
7947.2
8621.7
8506.4
8344.5
7862.3
7510.3
7545.7
7251.1
6847.1
6717.3
6566.5
7256.2
5844.4
5929.1
5575.6
5235.9
5021.1
5002.7
4884.9
4811.3
5251.9
5566.5
5348.9
5858.8
4782.9
4838.3
4381.1
4984.3
6040.2
7105.6
7528.7
7279.1
7239.5
7048.1
6389.0
5725.3
7515.5
13846.0
13742.5
13725.7
13708.8
13655.1
13625.9
13425.6
13079.6
12917.5
12258.0
12039.3
11779.3
11544.5
11214.3
11138.2
11038.4
10879.1
10720.4
10574.3
10357.5
10212.8
9856.0
9643.3
9587.1
9566.3
9474.2
9393.6
9169.8
8969.1
8815.6
8613.7
8399.2
8292.0
7944.0
7847.9
7788.8
7777.8
7646.5
7599.4
7624.5
7721.7
7975.3
8180.9
8386.5
8580.1
8846.0
9086.7
848
Nathan S. Balke/Robert J. Gordon
Total Manufacturing: Nominal Production, Shipments, and
Inventories (continued)
Year
Month
Production
Shipments
Inventories at
End of Month
1934
1934
1934
1934
1934
1934
1934
1934
1934
1934
1934
1935
1935
1935
1935
1935
1935
1935
1935
1935
1935
1935
1935
1936
1936
1936
1936
1936
1936
1936
1936
1936
1936
1936
1936
1937
1937
1937
1937
1937
1937
1937
1937
1937
1937
1937
1937
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
7592.0
7905.5
8008.0
8127.2
7995.1
7393.0
7248.5
7002.7
7250.5
7218.1
8018.4
8773.6
9187.0
9044.4
8906.8
8802.2
8741.5
9021.4
9252.5
9526.2
10028.5
10179.3
10059.8
10046.0
9789.9
9959.0
10511.8
10692.3
10910.5
11165.4
11212.2
11359.4
11804.2
12104.7
12017.2
12721.5
13222.4
13780.2
13998.5
14172.0
13868.6
13911.6
13521.1
12912.3
11994.6
10370.1
9787.9
7669.9
7843.1
7823.7
8091.6
7940.3
7279.9
7372.3
7202.3
7432.4
7301.8
7986.4
9031.1
9234.4
9022.0
8968.5
8849.3
8750.6
8964.9
9293.1
9457.5
9966.2
10175.2
9905.9
9997.3
9677.2
9878.0
10442.4
10490.5
10806.9
11151.9
11027.4
11206.0
11683.9
12079.6
11495.9
12801.5
13164.1
13560.5
13785.2
13897.6
13636.5
13907.7
13355.2
12563.8
11947.5
10384.0
10598.4
9165.3
9243.2
9391.8
9539.3
9614.7
9665.6
9563.2
9449.5
9266.2
9200.4
9158.0
9204.4
9268.1
9307.8
9289.6
9282.5
9218.4
9199.7
9192.0
9251.3
9365.3
9389.2
9545.0
9578.1
9691.7
9661.4
9742.1
9845.4
9960.4
10030.9
10247.9
10364.3
10537.8
10666.6
11171.0
11432.4
11579.4
11924.0
12250.6
12581.4
12839.8
12929.8
13070.3
13398.4
13381.3
13184.5
12553.0
849
Historical Data
Total Manufacturing: Nominal Production, Shipments, and
Inventories (continued)
Year
Month
Production
Shipments
Inventories at
End of Month
1938
1938
1938
1938
1938
1938
1938
1938
1938
1938
1938
1938
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1940
1940
1940
1940
1940
1940
1940
1940
1940
1940
1940
1940
1941
1941
1941
1941
1941
1941
1941
1941
1941
1941
1941
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
8706.4
8810.0
8980.9
8665.7
8577.4
8579.4
9049.1
9361.8
9715.1
9910.5
10177.1
10196.3
10199.3
10486.6
10667.6
10566.1
10406.5
10703.7
10648.8
10589.2
11662.4
12723.4
12958.2
12451.2
12643.8
12326.7
12118.6
12136.0
12542.8
12907.7
12868.5
13119.5
13550.8
14184.9
14577.5
14558.7
15543.3
16276.5
17015.6
17637.4
18730.0
19534.3
20110.7
20394.0
20744.1
21230.2
21391.6
8345.4
8825.9
9217.7
8724.1
8700.0
8781.6
9204.4
9353.8
9710.5
9938.5
10046.8
10581.1
9787.6
10609.3
10693.0
10512.0
10381.8
10723.7
10472.8
10548.0
12032.8
12614.7
12533.2
11981.9
12336.0
12224.9
12072.5
12152.4
12465.4
12729.4
12699.6
13139.9
13385.1
14348.5
14360.2
14375.6
15500.0
15960.3
16984.2
17590.2
18746.7
19492.8
19892.5
20268.1
20575.0
21004.7
20808.6
12418.0
12280.5
12046.6
11862.6
11686.9
11508.9
11328.7
11210.6
11177.3
11110.6
11173.5
11149.0
11170.9
11105.7
11062.3
11084.6
11096.0
11052.7
11118.8
11130.1
11108.7
11317.1
11711.6
12117.0
12478.2
12566.9
12546.1
12525.3
12613.2
12700.8
12896.3
12874.8
13069.3
13047.4
13348.5
13541.0
13755.9
14099.6
14228.6
14465.9
14703.9
15050.8
15507.1
15856.0
16206.0
16665.9
17236.1
850
Nathan S. Balke/Robert J. Gordon
Total Manufacturing: Nominal Production, Shipments, and
Inventories (continued)
Year
Month
Production
Shipments
Inventories at
End of Month
1941
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
December
January
February
March
April
May
June
July
August
September
October
November
December
21164.5
23103.5
23792.9
24525.4
25291.3
25682.9
25974.5
26875.0
27432.4
27949.1
28742.8
29392.9
29181.4
19954.2
23981.6
23824.7
24435.7
25199.3
25389.8
25643.8
26663.3
27355.9
27860.1
18713.6
29398.8
29037.8
17808.0
18135.8
18245.0
18463.5
18682.0
19009.8
19337.5
19556.0
19665.3
19774.5
19883.8
19883.8
20102.3