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Appendix 1 Variable Listing

Code Description
A1 labour efficiency scale parameter
A3 imports efficiency scale parameter
A5 exports inefficiency scale parameter
AR medium-run actual rate of return on capital
CESRATIO_EQ ratio of CEXP to CEXPS
CEXP commodity exports
CEXPS commodity export supply
CON real consumption (model-basis)
COND equilibrium CON
CONH private consumption - housing
CONO private consumption - other
CPI_TAR annual CPI inflation target - 0.014884
CPIX consumer price index
CURB balance on current account
DEM domestic good - sales
DGDPR real foreign debt to RGDP
DGDRATIO_EQ ratio of RZA to PUBDER
DIFD benefit-survey unemployment rates
DR_EQ depreciation rate for business capital stock
DRRB_EQ depreciation rate for housing stock
E TWI (model basis)
EKBF equilibrium KBF
EKH equilibrium KH
EKIE equilibrium KIE
EKINR equilibrium KINR
ERE equilibrium RE
ERGDP equilibrium RGDP
ERPM equilibrium RPM
ERWA equilibrium RWA
ETWIT trade weighted index
EXRSR short-run equilibrium exports
FDGDPR real foreign debt to real GDP ratio
FGDRATIO_EQ ratio of ZG/RE to PUBDER
FPDRATIO_EQ ratio of private foreign debt contracted in foreign currency to total private foreign debt
GDPZ nominal gdp (model-basis)
GGCO general govt consumption - purchases
GGCO_EQ steady-state general govt consumption - purchases
GGIF government - fixed investment
GGIF_EQ steady-state govt - fixed investment
GNEZ nominal gne (model-basis)
GR equilibrium real growth factor
IBAL investment balances
IBF private investment - fixed - business
IH private investment - fixed - housing
IIE inventory investment – commodity exports
IINR inventory investment - non exports (model-basis)
IM imports
IMSR short-run equilibrium IM
INF inflation rate of CPIX
INF_CPIX annual inflation rate of CPIX
INF_PCONH inflation rate of housing services (CONH) deflator
INF_PYD inflation rate of domestic good (YD)
INF_TAR inflation target
INF_TAR_EQ steady-state inflation target
INF_WA wage inflation
INFE inflation expectation
KBF stock of private business fixed capital
KBF1 stock of private business fixed capital  (end of period)
KH stock of housing
KH1 stock of housing (end of period)
KIE stock of commodity exports
KIE1 stock of commodity exports (end of period)
KINR stock of non-export inventories
KINR1 stock of KINR1 (end of period)
KSRATIO ratio of CONH to KH
LDGDPR LOG(DGDPR/FDGDPR)
LGAP private sector production output gap
NA1 private consumption
NA10 gdp (production-based estimate)
NA12 exports of goods and services
NA13 imports of goods and services
NA14 gdp (expenditure-based estimate)
NA15 private consumption - housing
NA16 nominal gdp (expenditure-based estimate)
NA2 general government consumption
NA3 private investment - residential buildings
NA4 private business gross fixed capital formation
NA7 public gross fixed capital formation
NA8 inventory investment - non-commodity
NA9 inventory investment - commodities
NAIRU long-run unemployment rate
NCEXP non-commodity exports
NCTEXPSR_EQ the share of non-commodities export supply
NGG employment - general government
NGG_EQ steady-state employment - general government
NSR short-run equilibrium NT-NGG
NT employment
NTS labour force
PARTT Labour force participation rate
PARTT_EQ steady-state labour force participation rate
PCONH nominal price of housing services
PIMF price of imports - foreign currency
PIMF_EQ steady-state price of imports - foreign currency
PM domestic price of imports
PNA10 private sector production
PO_EQ potential private sector production
POL1 income tax rate
POL11_EQ transfers rate - other
POL12_EQ transfers rate - public sector to foreign sector
POL14_EQ transfers rate - foreign sector to private sector
POL3_EQ rate of lump sum tax
POL4_EQ rate of tax on consumption of non-housing
POL5_EQ rate of tax on imports
POL6_EQ rate of payroll tax
POL7_EQ rate of tax on consumption of housing
POL8_EQ transfers rate - superannuitants
POL9_EQ transfers rate - unemployment
POP1 population - aged 0-4
POP2 population - aged 5-14
POP3 population - aged 15-64
POP4 population - aged 65+
POP1_EQ steady state population - aged 0-4
POP2_EQ steady state population - aged 5-14
POP3_EQ steady state population - aged 15-64
POP4_EQ steady state population - aged 65+
POPGR_EQ working-age population trend growth rate
PTEX domestic price of exports
PTEXF world price of exports - foreign currency
PTEXF_EQ steady-state world price of exports - foreign currency
PUBDER real public liabilities
PYD price of YD
RATB_EQ non-interest income from public to private sector
RB real domestic bonds + cumulated equity disinvestment
RCS 90-day bank bills
RCSFB foreign 90-day bank bills
RDOS real net capital inflow
RE equilibrium real exchange rate index
RER real exchange rate index
RFDEBT real foreign debt
RGDP real GDP
RGSPEND real government spending
RI real interest rates
RIF real foreign interest rates
RINCOME real household income
RL 10-yr bond rate
RLFB foreign 10-yr bond rate
RLPCON price of consumption (model-basis)
RMTRANSFER real migrant transfer
RP risk premium for residential investment
RP1 risk premium for business investment
RPCONH real price of housing services
RPCONHD equilibrium real price of housing services
RPKLR long-run equilibrium price of capital services
RPM the relative price of imports
RPOP3 POP/(POP3+POP4)
RPRCS risk premium for 90 day rate
RPTEX the relative price of exports
RPTLR real long-run equilibrium price of gross output
RPTSR real short-run equilibrium price of gross output
RPUBDE_EQ ratio of real public debt to RGDP
RPUBS real government saving (crown accounts)
RPUDOS1 real net public capital inflow (previous quarter)
RPYD unity
RPYDMR real short-run equilibrium PYD
RPYLR long-run equilibrium price of primary factors
RPYSR real short-run equilibrium price of primary factors
RS real 90-day rate
RSF real foreign 90-day rate
RTROSPR real net transfers from foreign sector to private sector
RTRPUOS net transfers from public sector to foreign sector
RTRPUPR net transfers from public sector to private sector
RWA real average earnings (nat. ac. basis): incl. payroll tax
RWEALTH real household wealth
RYOSPR real net income from foreign sector to private sector
RYOSPU real net income from foreign sector to public sector
RYPUPR real net income from public to private sector
RZ_OSPR_EQ RYOSPR residual
RZ_OSPU_EQ RYOSPU residual
RZGA real public foreign debt denominated in $NZ
RZPA real private foreign debt denominated in $NZ
SHARE the ratio of expenditure on housing services to others
SSRATIO_EQ inventory investment to sale ratio for domestic good
TBAL trade balances
TBQ Tobin-q for business investment
TBQH Tobin-q for residential investment
TEXP total exports
TEXPS total export supply
TFBAL transfer balances
TRBASE transfers base
TREND time trend
TSR quantity of gross output
UNB number of people on unemployment benefits
URT unemployment rate
WA average earnings: incl. payroll tax
YCURVE yield curve
YD domestic good - production
YSR quantity of primary factors
Z_CON CON equation residual
Z_CEXP CEXP equation residual
Z_NCEXP NCEXP equation residual
Z_IBF IBF equation residual
Z_IH IH equation residual
Z_INF INF equation residual
Z_NA1 NA1 equation residual
Z_NA13 NA13 equation residual
Z_NA15 NA16 equation residual
Z_NA2 NA2 equation residual
Z_NA3 NA3 equation residual
Z_NA4 NA4 equation residual
Z_NA7 NA7 equation residual
Z_NA8 NA8 equation residual
Z_NT NT equation residual
Z_W INF_WA equation residual
ZG public foreign debt denominated in foreign currency
ZP private foreign debt denominated in foreign currency

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