Data and Programs for the September/October 1996 REVIEW article by Yang Woo Kim, "Are Prices Countercyclical? Evidence from East Asian Countries", Pages 69-82. --------------------------------------------------------------------------------- The programs below are seperated by the rows of stars (*). All of the programs were written in Rats 4.20. The programs that generate the results shown in the 5 tables in the paper are named in the following way: (country initial)TAB(Table #(s) generated).PRG For example, the program that generates the results in table 2 for Korea is KTAB2345.PRG. This particular program generates the results for tables 2-5 for Korea. The one other program included is ALLGRAPHS.PRG. This program provide will output the data shown in all of the figures. ***************************************************************************************************************** *****************************Ktab1.PRG*************************************************************************** DISPLAY ' **** KOREA CROSS CORR PROGRAM ****** ' DISPLAY ' ' CAL 70 1 4; ALL 0 95:2 OPEN DATA A:\kgnp.sa; DATA / kgnp OPEN DATA A:\kdef.sa; DATA / kdef OPEN DATA A:\kcpi.sa; DATA / kcpi OPEN DATA A:\kgnp.RAT; DATA / RY5 OPEN DATA A:\kdef.RAT; DATA / RP5 OPEN DATA A:\kcpi.RAT; DATA / RCPI5 SET LXR = LOG(kgnp) ; DIFF LXR / DLXR LOG kDEF / LP; DIFF LP / DLP SET RP5 = RP5(T)/100 ; LOG RP5 / LRP5 SET RCPI5 = RCPI5(T)/100 ; LOG RCPI5 / LRCPI5 SET RY5 = RY5(T)/100 ; LOG RY5 / LRY5 SET TREND = T SET DU = T>79:2 SET DUP = T>79:4 SET DUC = T>79:3 *SET DTB = 0 ; SMPL 79:3 79:3 ; SET DTB = 1 SMPL 70:1 79:2 ; SET DT = 0 ; SET DTSTAR = 0 SMPL 79:3 95:2 ; SET DT = T ; SET DTSTAR = T - 38 SMPL 70:1 79:4 ; SET DT = 0 ; SET DTSTARP = 0 SMPL 80:1 95:2 ; SET DT = T ; SET DTSTARP = T - 40 SMPL 70:1 79:3 ; SET DT = 0 ; SET DTSTARC = 0 SMPL 79:4 95:2 ; SET DT = T ; SET DTSTARC = T - 39 SMPL LOG KDEF / LP; DIFF LP / DLP ;DIFF DLP / DDLP; DIFF DLXR / DDLXR /*Unit root test for Appendix table 1 SOURCE(NOECHO) Y:\WINRATS\DFUNIT.SRC DO J = 1,4 @DFUNIT(TTEST,LAGS=J) LXR END DO J DO J = 1,4 @DFUNIT(TTEST,LAGS=J) DLXR END DO J DO J = 1,4 @DFUNIT(TTEST,LAGS=J) LP END DO J DO J = 1,4 @DFUNIT(TTEST,LAGS=J) DLP END DO J DO J = 1,4 @DFUNIT(TTEST,LAGS=J) LCPI END DO J DO J = 1,4 @DFUNIT(TTEST,LAGS=J) DLCPI END DO J */ ****** TABLE 1 RESULT DISPLAY 'ZIVOT-ANDREWS UNIT ROOT TEST W/ ENDOGENOUS STR. BREAK; MODEL A CHOSEN' *For the full results, use the next commented-out line instead * DO LAG = 12,1,-1 do lag = 2,2,-1 DO J = 70:2,95:1 SET DUI = T>J SET DTSTARI = 0 ; SMPL J 95:2 ; SET DTSTARI = T - J ; SMPL LINREG(NOPRINT) DLXR # LXR{1} DUI CONSTANT TREND DLXR{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set tstat = tb1 ; SMPL END DO J display 'KOREA GNP lags = ' lag EXTREMUM TSTAT print / tstat end do lag DISPLAY 'ZIVOT-ANDREWS UNIT ROOT TEST W/ ENDOGENOUS STR. BREAK; MODEL C CHOSEN' do lag = 5,5,-1 *For the full results, use the next commented-out line instead *do lag = 12,1,-1 DO J = 70:2,95:1 SET DUI = T>J SET DTSTARI = 0 ; SMPL J 95:2 ; SET DTSTARI = T - J ; SMPL LINREG(NOPRINT) DLP # LP{1} DTSTARI DUI CONSTANT TREND DLP{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set tstat = tb1 ; SMPL END DO J display 'KOREA DEF lags = ' lag EXTREMUM TSTAT print / tstat end do lag SMPL LOG kCPI / LP; DIFF LP / DLP DISPLAY 'ZIVOT-ANDREWS UNIT ROOT TEST W/ ENDOGENOUS STR. BREAK; MODEL C CHOSEN' *For the full results, use the next commented-out line instead *do lag = 12,1,-1 do lag = 12,12,-1 DO J = 70:2,95:1 * DO J = 79:3,79:3 SET DUI = T>J SET DTSTARI = 0 ; SMPL J 95:2 ; SET DTSTARI = T - J ; * SMPL J J; PRINT / DUI DTSTARI SMPL LINREG(NOPRINT) DLP # LP{1} DTSTARI DUI CONSTANT TREND DLP{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set tstat = tb1 ; SMPL END DO J display 'KOREA CPI lags = ' lag EXTREMUM TSTAT print / tstat end do lag ****************************************************************************************************************** *****************************Ttab1.PRG*************************************************************************** **** taiwan CROSS CORR PROGRAM ****** CAL 59 1 4; ALL 0 95:4 OPEN DATA C:\X12\tgdp.sa; DATA 61:1 95:3 tgdp OPEN DATA C:\X12\tdef.sa; DATA 61:1 94:4 tdef OPEN DATA C:\X12\tcpi.sa; DATA / tcpi OPEN DATA C:\GROWTH\tgdp.RAT; DATA 61:1 95:3 RY5 OPEN DATA C:\GROWTH\tdef.RAT; DATA 61:1 94:4 RP5 OPEN DATA C:\GROWTH\tcpi.RAT; DATA / RCPI5 SET LXR = LOG(TGDP) ; DIFF LXR / DLXR SET RP5 = RP5(T)/100 ; LOG RP5 / LRP5 SET RCPI5 = RCPI5(T)/100 ; LOG RCPI5 / LRCPI5 SET RY5 = RY5(T)/100 ; LOG RY5 / LRY5 SET TREND = T DISPLAY ' **** TABLE 1 : TAIWAN OUTPUT ; ZIVOT-ANDREWS TEST MODEL B ' *For the full results, use the commented out line instead * DO LAG = 12,1,-1 DISPLAY 'ZIVOT-ANDREWS(JBES92 MODEL B)' do lag = 10,10,-1 DO J = 61:2,95:2 * SET DUI = T>J SET DTSTARI = 0 ; SMPL J 95:3 ; SET DTSTARI = T - J ; SMPL LINREG(NOPRINT) DLXR # LXR{1} DTSTARI CONSTANT TREND DLXR{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set tstat = tb1 ; SMPL END DO J display 'TAIWAN GDP lags = ' lag EXTREMUM TSTAT print / tstat end do lag LOG Tdef / LP ; DIFF LP / DLP DISPLAY ' **** TABLE 1 : TAIWAN DEFLATOR ; ZIVOT-ANDREWS TEST MODEL A ' *For the full results, use the commented out line instead * DO LAG = 12,1,-1 do lag = 4,4,-1 DO J = 61:2,94:3 SET DUI = T>J SMPL LINREG(NOPRINT) DLP # LP{1} DUI CONSTANT TREND DLP{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set tstat = tb1 ; SMPL END DO J display 'TAIWAN DEF lags = ' lag extremum tstat print / tstat end do lag clear p lp dlp tstat DUI DTSTARI LOG TCPI / LP ; DIFF LP / DLP DISPLAY ' **** TABLE 1 : TAIWAN cpi ; ZIVOT-ANDREWS TEST MODEL B ' do lag = 6,6,-1 *For the full results, use the next commented-out line instead * DO LAG = 12,1,-1 DO J = 59:2,95:3 SET DUI = T>J SET DTSTARI = 0 ; SMPL J 95:4 ; SET DTSTARI = T - J ; SMPL LINREG(NOPRINT) DLP # LP{1} DTSTARI CONSTANT TREND DLP{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set tstat = tb1 ; SMPL END DO J display 'TAIWAN CPI lags = ' lag EXTREMUM TSTAT print / tstat end do lag clear p lp dlp tstat DUI DTSTARI ****************************************************************************************************************** *****************************KT2345.PRG*************************************************************************** DISPLAY ' **** KOREA CROSS CORR PROGRAM ****** ' DISPLAY ' ' CAL 70 1 4; ALL 0 95:2 OPEN DATA A:\kgnp.sa; DATA / kgnp OPEN DATA A:\kdef.sa; DATA / kdef OPEN DATA A:\kcpi.sa; DATA / kcpi OPEN DATA A:\kgnp.RAT; DATA / RY5 OPEN DATA A:\kdef.RAT; DATA / RP5 OPEN DATA A:\kcpi.RAT; DATA / RCPI5 SET LXR = LOG(kgnp) ; DIFF LXR / DLXR LOG KDEF / LP; DIFF LP / DLP SET RP5 = RP5(T)/100 ; LOG RP5 / LRP5 SET RCPI5 = RCPI5(T)/100 ; LOG RCPI5 / LRCPI5 SET RY5 = RY5(T)/100 ; LOG RY5 / LRY5 SET TREND = T SET DU = T>79:2 SET DUP = T>79:4 SET DUC = T>79:3 *SET DTB = 0 ; SMPL 79:3 79:3 ; SET DTB = 1 SMPL 70:1 79:2 ; SET DT = 0 ; SET DTSTAR = 0 SMPL 79:3 95:2 ; SET DT = T ; SET DTSTAR = T - 38 SMPL 70:1 79:4 ; SET DT = 0 ; SET DTSTARP = 0 SMPL 80:1 95:2 ; SET DT = T ; SET DTSTARP = T - 40 SMPL 70:1 79:3 ; SET DT = 0 ; SET DTSTARC = 0 SMPL 79:4 95:2 ; SET DT = T ; SET DTSTARC = T - 39 SMPL LOG kDEF / LP; DIFF LP / DLP LINREG LXR / RY1 # CONSTANT TREND LINREG LP / RP1 # CONSTANT TREND LINREG LXR / RY2 # CONSTANT TREND DU LINREG LP / RP2 # CONSTANT TREND DUP DTSTARP SOURCE(NOECHO) C:\WINRATS\HPFILTER.SRC @HPFILTER LXR 70:1 95:2 LXR3 SET RY3 = LXR(T) - LXR3(T) @HPFILTER LP 70:1 95:2 LP3 SET RP3 = LP(T) - LP3(T) DISPLAY ' *** CROSS CORR OF DEFLATOR AND Y ***** ' DISPLAY ' ' DISPLAY '*** TABLE 3 PRICE LEVEL VS Y***' DISPLAY ' ' CROSS RP1 RY1 / FIRST=-4 LAST=4 CROSS RP2 RY2 / FIRST=-4 LAST=4 CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRP5 LRY5 /FIRST=-4 LAST=4 CROSS DLP DLXR / FIRST=-4 LAST=4 DISPLAY ' ' DISPLAY '*** TABLE 4 INFLA VS Y*** ' DISPLAY ' ' CROSS DLP RY1 / FIRST=-4 LAST=4 CROSS DLP RY2 / FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP LRY5 / FIRST=-4 LAST=4 DISPLAY '*** TABLE 5 ALL SMPL ***' DISPLAY ' ' CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRP5 LRY5 /FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP LRY5 / FIRST=-4 LAST=4 SMPL 70:1 79:2 DISPLAY '*** TABLE 5 PRE BREAK***' DISPLAY ' ' CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRP5 LRY5 /FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP LRY5 / FIRST=-4 LAST=4 SMPL 79:3 95:2 DISPLAY '*** TABLE 5 POST BREAK***' DISPLAY ' ' CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRP5 LRY5 /FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP LRY5 / FIRST=-4 LAST=4 * clear lp,dlp SMPL LOG KCPI / LP; DIFF LP / DLP LINREG LXR / RY1 # CONSTANT TREND LINREG LP / RP1 # CONSTANT TREND LINREG LXR / RY2 # CONSTANT TREND DU LINREG LP / RP2 # CONSTANT TREND DTSTARC DUC SOURCE(NOECHO) C:\WINRATS\HPFILTER.SRC @HPFILTER LXR 70:1 95:2 LXR3 SET RY3 = LXR(T) - LXR3(T) @HPFILTER LP 70:1 95:2 LP3 SET RP3 = LP(T) - LP3(T) DISPLAY "TABLE 2 CORRELATION B/W CYCLICAL COMPONENTS" CMOM(CORR,PRINT) # RP1 RP2 RP3 LRCPI5 DLP CMOM(CORR,PRINT) # RY1 RY2 RY3 LRY5 DLXR DISPLAY ' *** CROSS CORR OF CPI AND Y ***** ' DISPLAY ' ' DISPLAY '*** TABLE 3 PRICE LEVEL VS Y***' DISPLAY ' ' CROSS RP1 RY1 / FIRST=-4 LAST=4 CROSS RP2 RY2 / FIRST=-4 LAST=4 CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRCPI5 LRY5 /FIRST=-4 LAST=4 CROSS DLP DLXR / FIRST=-4 LAST=4 DISPLAY ' ' DISPLAY '*** TABLE 4 INFLA VS Y*** ' DISPLAY ' ' CROSS DLP RY1 / FIRST=-4 LAST=4 CROSS DLP RY2 / FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP LRY5 / FIRST=-4 LAST=4 SMPL 70:1 79:2 DISPLAY '*** TABLE 5 PRE BREAK**' DISPLAY ' ' CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRCPI5 LRY5 /FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP LRY5 / FIRST=-4 LAST=4 SMPL 79:3 95:2 DISPLAY '*** TABLE 5 POST BREAK***' DISPLAY ' ' CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRCPI5 LRY5 /FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP LRY5 / FIRST=-4 LAST=4 ****************************************************************************************************************** *****************************TT2345.PRG*************************************************************************** DISPLAY '**** taiwan CROSS CORR PROGRAM ******' DISPALY ' ' CAL 59 1 4; ALL 0 95:4 OPEN DATA A:\tgdp.sa; DATA 61:1 95:3 tgdp OPEN DATA A:\tdef.sa; DATA 61:1 94:4 tdef OPEN DATA A:\tcpi.sa; DATA / tcpi OPEN DATA A:\tgdp.RAT; DATA 61:1 95:3 RY5 OPEN DATA A:\tdef.RAT; DATA 61:1 94:4 RP5 OPEN DATA A:\tcpi.RAT; DATA / RCPI5 SET LXR = LOG(TGDP) ; DIFF LXR / DLXR *SET P = TDEF *SET CPI = TCPI LOG TDEF / LP; DIFF LP / DLP SET RP5 = RP5(T)/100 ; LOG RP5 / LRP5 SET RCPI5 = RCPI5(T)/100 ; LOG RCPI5 / LRCPI5 SET RY5 = RY5(T)/100 ; LOG RY5 / LRY5 SET TREND = T SET DU = T>69:4 SET DUP = T>73:1 SET DUC = T>73:2 SMPL 61:1 69:4 ; SET DT = 0 ; SET DTSTAR = 0 SMPL 70:1 95:3 ; SET DT = T ; SET DTSTAR = T - 44 SMPL 61:1 73:1 ; SET DT = 0 ; SET DTSTARP1 = 0 SMPL 73:2 94:4 ; SET DT = T ; SET DTSTARP1 = T - 57 SMPL 61:1 77:4 ; SET DT = 0 ; SET DTSTARY = 0 SMPL 78:1 94:4 ; SET DT = T ; SET DTSTARY = T - 76 SMPL 61:1 73:2 ; SET DT = 0 ; SET DTSTARC = 0 SMPL 73:3 95:4 ; SET DT = T ; SET DTSTARC = T - 58 SMPL 61:1 82:2 ; SET DT = 0 ; SET DTSTARC1 = 0 SMPL 82:3 95:4 ; SET DT = T ; SET DTSTARC1 = T - 94 SMPL log tdef / lp ; diff lp / dlp LINREG LXR / RY1 # CONSTANT TREND LINREG LP / RP1 # CONSTANT TREND LINREG LXR / RY2 # CONSTANT TREND DTSTARY LINREG LP / RP2 # CONSTANT TREND DUP SOURCE(NOECHO) C:\WINRATS\HPFILTER.SRC @HPFILTER LXR 61:1 94:4 LXR3 SET RY3 = LXR(T) - LXR3(T) @HPFILTER LP 61:1 94:4 LP3 SET RP3 = LP(T) - LP3(T) smpl 61:1 94:4 DISPLAY ' *** 61:1 94:4 CROSS CORR OF DEFLATOR AND Y ***** ' DISPLAY ' ' DISPLAY '*** TABLE 3 PRICE LEVEL VS Y***' DISPLAY ' ' CROSS RP1 RY1 / FIRST=-4 LAST=4 CROSS RP2 RY2 / FIRST=-4 LAST=4 CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRP5 LRY5 /FIRST=-4 LAST=4 CROSS DLP DLXR / FIRST=-4 LAST=4 DISPLAY ' ' DISPLAY '*** TABLE 4 INFLA VS Y*** ' DISPLAY ' ' CROSS DLP RY1 / FIRST=-4 LAST=4 CROSS DLP RY2 / FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP RY5 / FIRST=-4 LAST=4 smpl 61:1 77:4 DISPLAY ' *** 61:1 77:4 CROSS CORR OF DEFLATOR AND Y ***** ' DISPLAY ' ' DISPLAY '*** TABLE 5 PREBREAK ***' DISPLAY ' ' CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRP5 LRY5 /FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP LRY5 / FIRST=-4 LAST=4 smpl 78:1 94:4 DISPLAY ' *** 78:1 94:4 CROSS CORR OF DEFLATOR AND Y ***** ' DISPLAY ' ' DISPLAY '*** TABLE 5 POSTBREAK***' DISPLAY ' ' CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRP5 LRY5 /FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP RY5 / FIRST=-4 LAST=4 SMPL LOG TCPI / LP; DIFF LP / DLP sMPL 61:1 94:4 LINREG LXR / RY1 # CONSTANT TREND LINREG LP / RP1 # CONSTANT TREND LINREG LXR / RY2 # CONSTANT TREND DTSTARY LINREG LP / RP2B # CONSTANT TREND DTSTARC1 SOURCE(NOECHO) C:\WINRATS\HPFILTER.SRC @HPFILTER LXR 61:1 94:4 LXR3 SET RY3 = LXR(T) - LXR3(T) @HPFILTER LP 61:1 94:4 LP3 SET RP3 = LP(T) - LP3(T) DISPLAY "*****TABLE 2: TAIWAN ****" SMPL CMOM(CORR,PRINT) # RP1 RP2B RP3 LRCPI5 DLP CMOM(CORR,PRINT) # RY1 RY2 RY3 LRY5 DLXR smpl 61:1 94:4 DISPLAY ' *** 61:1 94:4 CROSS CORR OF CPI AND Y ***** ' DISPLAY ' ' DISPLAY '*** TABLE 3 PRICE LEVEL VS Y***' DISPLAY ' ' CROSS RP1 RY1 / FIRST=-4 LAST=4 CROSS RP2B RY2 / FIRST=-4 LAST=4 CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRCPI5 LRY5 /FIRST=-4 LAST=4 CROSS DLP DLXR / FIRST=-4 LAST=4 DISPLAY ' ' DISPLAY '*** TABLE 4 INFLA VS Y*** ' DISPLAY ' ' CROSS DLP RY1 / FIRST=-4 LAST=4 CROSS DLP RY2 / FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP RY5 / FIRST=-4 LAST=4 smpl 61:1 77:4 DISPLAY ' *** 61:1 77:4 CROSS CORR OF CPI AND Y ***** ' DISPLAY ' ' DISPLAY '*** TABLE 5 PRICE LEVEL VS Y***' DISPLAY ' ' CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRCPI5 LRY5 /FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP RY5 / FIRST=-4 LAST=4 smpl 78:1 94:4 DISPLAY ' *** 78:1 94:4 CROSS CORR OF CPI AND Y ***** ' DISPLAY ' ' DISPLAY '*** TABLE 5 POST BREAK***' DISPLAY ' ' CROSS RP3 RY3 / FIRST=-4 LAST=4 CROSS LRCPI5 LRY5 /FIRST=-4 LAST=4 CROSS DLP RY3 / FIRST=-4 LAST=4 CROSS DLP RY5 / FIRST=-4 LAST=4 ****************************************************************************************************************** *****************************allgraphs.PRG************************************************************************ DISPLAY ' **** KOREA CROSS CORR PROGRAM ****** ' DISPLAY ' ' *korea calendar CAL 70 1 4; ALL 0 95:2 OPEN DATA kgnp.sa; DATA 70:1 95:2 kgnp OPEN DATA kdef.sa; DATA 70:1 95:2 kdef OPEN DATA kcpi.sa; DATA 70:1 95:2 kcpi OPEN DATA kgnp.RAT; DATA 70:1 95:2 RkY5 OPEN DATA kdef.RAT; DATA 70:1 95:2 RkP5 OPEN DATA kcpi.RAT; DATA 70:1 95:2 RkCPI5 SET Lkgnp = LOG(kgnp) ; DIFF Lkgnp / DLkgnp SET RkP5 = RkP5(T)/100 ; LOG RkP5 / LRkP5 SET RkCPI5 = RkCPI5(T)/100 ; LOG RkCPI5 / LRkCPI5 SET RkY5 = RkY5(T)/100 ; LOG RkY5 / LRkY5 SET TREND = T SET DU = T>79:2 SET DUP = T>79:4 SET DUC = T>79:3 SMPL 70:1 79:2 ; SET DT = 0 ; SET DTSTAR = 0 SMPL 79:3 95:2 ; SET DT = T ; SET DTSTAR = T - 38 SMPL 70:1 79:4 ; SET DT = 0 ; SET DTSTARP = 0 SMPL 80:1 95:2 ; SET DT = T ; SET DTSTARP = T - 40 SMPL 70:1 80:1 ; SET DT = 0 ; SET DTSTARP1 = 0 SMPL 80:2 95:2 ; SET DT = T ; SET DTSTARP1 = T - 41 SMPL 70:1 79:3 ; SET DT = 0 ; SET DTSTARC = 0 SMPL 79:4 95:2 ; SET DT = T ; SET DTSTARC = T - 39 SMPL LOG KCPI / LkP ; DIFF LkP / DLkP ; DIFF DLkP / DDLkP LINREG Lkgnp / RkY1 # CONSTANT TREND LINREG LkP / RkP1 # CONSTANT TREND LINREG Lkgnp / RkY2 # CONSTANT TREND DU LINREG LkP / RkP2 # CONSTANT TREND DUP DTSTARP SOURCE(NOECHO) c:\winrats\HPFILTER.SRC @HPFILTER Lkgnp / Lkgnp3 SET RkY3 = Lkgnp(T) - Lkgnp3(T) @HPFILTER LkP / LkP3 SET RkP3 = LkP(T) - LkP3(T) * Creating multple graphs on a single page * Figures 3 through 8 spgraph(vfield=2,hfield=1) labels dlkp rkp3 lrkcpi5 # 'inflation' 'HP-filtered' 'PAT-detrended' graph(key=upright,header='Figure 3, inflation and prices : Korea') 3 # dlkp # rkp3 # lrkCPI5 labels rkp3 rky3 # 'prices' 'output' GRAPH(key=upright,header='Figure 4, HP-filtered prices and output : Korea') 2 # rkp3 # RkY3 spgraph(done) spgraph(vfield=2,hfield=1) labels lrkcpi5 lrky5 # 'prices' 'output' GRAPH(key=upright,header='Figure 5, PAT-detrended prices and output : Korea') 2 # lrkcpi5 # LRkY5 labels dlkp dlkgnp # 'inflation' 'growth' graph(key=upright,header='Figure 6, inflation and growth : Korea') 2 # dlkp # dlkgnp spgraph(done) spgraph(vfield=2,hfield=1) labels dlkp lrky5 # 'inflation' 'output' graph(key=upright,header='Figure 7, inflation and PAT detrended output : Korea') 2 # dlkp # lrky5 labels dlkp rky2 rky3 # 'inflation' 'seg. trend' 'HP-filtered' GRAPH(key=loright,header='Figure 8, inflation, cyclical output (segmented trend) and HP-filtered output : Korea') 3 # dlkp # rky2 # RkY3 spgraph(done) DISPLAY 'ZIVOT-ANDREW(JBES92 P.254 EQ.(3) MODEL C : UNIT ROOT TEST W/O EXO. STR. BREAK' do lag = 12,12 DO J = 70:2,95:1 SET DUI = T>J SET DTSTARI = 0 ; SMPL J 95:2 ; SET DTSTARI = T - J ; SMPL LINREG(NOPRINT) DLkP # LkP{1} DTSTARI DUI CONSTANT TREND DLkP{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set ktCPI = tb1 ; SMPL END DO J end do lag DISPLAY 'ZIVOT-ANDREW(JBES92 P.254 EQ.(3) MODEL C : UNIT ROOT TEST W/O EXO. STR. BREAK' do lag = 2,2 DO J = 70:2,95:1 SET DUI = T>J SMPL J J; PRINT / DUI SMPL LINREG(PRINT) DLkgnp # Lkgnp{1} DUI CONSTANT TREND DLkgnp{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set ktGNP = tb1 ; SMPL END DO J end do lag * OUTPUTTING THE DATA OPEN COPY A:\eviews\gdat3_1.PRN COPY(DATES,FORMAT=PRN,ORG=OBS) / ktGnP ktCPI CLOSE COPY **** taiwan CROSS CORR PROGRAM ****** *taiwan calendar CAL 59 1 4; ALL 10 95:4 OPEN DATA tgdp.sa; DATA 61:1 95:3 tgdp OPEN DATA tdef.sa; DATA 61:1 94:4 tdef OPEN DATA tcpi.sa; DATA / tcpi OPEN DATA tgdp.RAT; DATA 61:1 95:3 RtY5 OPEN DATA tdef.RAT; DATA 61:1 94:4 RtP5 OPEN DATA tcpi.RAT; DATA / RtCPI5 SET Ltgdp = LOG(TGDP) ; DIFF Ltgdp / DLtgdp SET RtP5 = RtP5(T)/100 ; LOG RtP5 / LRtP5 SET RtCPI5 = RtCPI5(T)/100 ; LOG RtCPI5 / LRtCPI5 SET RtY5 = RtY5(T)/100 ; LOG RtY5 / LRtY5 SET TREND = T SET DU = T>69:4 SET DUP = T>73:1 SET DUC = T>73:2 SMPL 61:1 69:4 ; SET DT = 0 ; SET DTSTAR = 0 SMPL 70:1 95:3 ; SET DT = T ; SET DTSTAR = T - 44 SMPL 61:1 73:1 ; SET DT = 0 ; SET DTSTARP1 = 0 SMPL 73:2 94:4 ; SET DT = T ; SET DTSTARP1 = T - 57 SMPL 61:1 73:1 ; SET DT = 0 ; SET DTSTARP = 0 SMPL 73:2 94:4 ; SET DT = T ; SET DTSTARP = T - 57 SMPL 61:1 73:2 ; SET DT = 0 ; SET DTSTARC = 0 SMPL 73:3 95:4 ; SET DT = T ; SET DTSTARC = T - 58 SMPL 61:1 82:2 ; SET DT = 0 ; SET DTSTARC1 = 0 SMPL 82:3 95:4 ; SET DT = T ; SET DTSTARC1 = T - 94 SMPL CLEAR TSTAT DUI DTSTARI LtP DLtP LOG TCPI / LtP ; DIFF LtP / DLtP sMPL 61:1 94:4 LINREG Ltgdp / RtY1 # CONSTANT TREND LINREG LtP / RtP1 # CONSTANT TREND LINREG Ltgdp / RtY2 # CONSTANT TREND DU LINREG LtP / RtP2 # CONSTANT TREND DUC LINREG LtP / RtP2B # CONSTANT TREND DTSTARC1 SOURCE(NOECHO) C:\WINRATS\HPFILTER.SRC @HPFILTER Ltgdp 61:1 94:4 Ltgdp3 SET RtY3 = Ltgdp(T) - Ltgdp3(T) @HPFILTER LtP 61:1 94:4 LtP3 SET RtP3 = LtP(T) - LtP3(T) * Creating multiple graphs on a single page * Figure 9 through 14 spgraph(vfield=2,hfield=1) labels dltp rtp3 lrtcpi5 # 'inflation' 'HP-filtered' 'PAT-detrended' graph(key=upright,header='Figure 9, inflation, HP-filtered and PAT-detrended prices : Taiwan') 3 # dltp # rtp3 # lrtCPI5 labels rtp3 rty3 # 'prices' 'output' GRAPH(key=upright,header='Figure 10, HP-filtered prices and output : Taiwan') 2 # rtp3 # RtY3 spgraph(done) spgraph(vfield=2,hfield=1) labels lrtcpi5 lrty5 # 'prices' 'output' GRAPH(key=upright,header='Figure 11, PAT-detrended prices and output : Taiwan') 2 # lrtcpi5 # LRtY5 labels dltp dltgdp # 'inflation' 'growth' graph(key=upright,header='Figure 12, inflation and growth : Taiwan') 2 # dltp # dltgdp spgraph(done) spgraph(vfield=2,hfield=1) labels dltp lrty5 # 'inflation' 'output' graph(key=upright,header='Figure 13, inflation and PAT detrended output : Taiwan') 2 # dltp # lrty5 labels dltp rty2 rty3 # 'inflation' 'seg. trend' 'HP-filtered' GRAPH(key=upright,header='Figure 14, inflation, cyclical output (segmented trend) and HP-filtered output : Taiwan') 3 # dltp # rty2 # RtY3 spgraph(done) * Figure 1 *SMPL 70:1 95:3 *label lkgnp ltgdp *# 'Korea output' 'Taiwan output' *GRAPH(key=upleft,header='Figure 1, Korea and Taiwan output ') 2 *# lkgnp *# ltgdp do lag = 6,6 DO J = 59:2,95:3 SET DUI = T>J SET DTSTARI = 0 ; SMPL J 95:4 ; SET DTSTARI = T - J SMPL LINREG(NOPRINT) DLtP # LtP{1} dtstari CONSTANT TREND DLtP{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set ttCPI = tb1 ; SMPL END DO J end do lag SMPL DISPLAY 'ZIVOT-ANDREW(JBES92 P.254 EQ.(3) MODEL B : UNIT ROOT TEST W/O EXO. STR. BREAK' do lag = 10,10 DO J = 61:2,95:2 SET DUI = T>J SET DTSTARI = 0 ; SMPL J 95:3 ; SET DTSTARI = T - J SMPL LINREG(noPRINT) DLtgdp # Ltgdp{1} DTSTARI CONSTANT TREND DLtgdp{1 TO lag} compute b1 = %beta(1) compute b1s = %sqrt(%xx*%seesq) compute b1se = %scalar(b1s) compute tb1 = b1 / b1se smpl j j ; set ttgdp = tb1 ; SMPL END DO J end do lag * Creating multiple graphs on a single page * Figures 1 spgraph(vfield=2,hfield=2) graph(header='Figure 1a, Dickey-Fuller t-statistics : Korea GNP') 1 # ktGNP graph(header='Figure 1c, Dickey-Fuller t-statistics : Taiwan GDP') 1 # ttgdp graph(header='Figure 1b, Dickey-Fuller t-statistics : Korea CPI') 1 # ktCPI graph(header='Figure 1d, Dickey-Fuller t-statistics : Taiwan CPI') 1 # ttCPI spgraph(done) * OUTPUTTING THE DATA OPEN COPY A:\eviews\gdat3.PRN COPY(DATES,FORMAT=PRN,ORG=OBS) / ktGnP ktCPI CLOSE COPY *end *THE FOLLOWING 12 DATA FILES ARE USED IN THE VARIOUS PROGRAMS ABOVE* ****TGDP.SA**** 83.665 86.128 87.555 93.155 89.901 93.054 96.852 98.712 100.839 101.520 103.139 107.958 113.082 115.255 116.350 119.110 124.608 127.850 129.824 132.796 133.389 139.255 143.799 144.798 150.177 153.274 155.778 161.771 163.007 166.118 172.433 176.845 180.547 181.211 187.038 190.549 195.802 203.963 208.384 215.530 221.260 231.310 236.478 240.882 251.880 264.007 264.101 272.950 287.803 292.699 301.502 305.556 306.441 301.088 297.858 295.942 295.435 309.776 322.814 332.173 343.563 352.796 364.381 374.736 382.703 395.711 389.572 414.264 427.790 445.481 458.923 465.334 473.606 480.943 490.665 499.571 511.406 518.596 523.446 533.223 543.032 551.485 557.750 563.245 564.344 569.833 574.622 586.048 594.083 612.157 633.581 648.882 670.463 686.685 696.514 699.351 706.508 717.850 723.253 741.352 775.708 788.320 813.465 846.245 875.100 901.960 923.876 933.420 948.240 967.083 994.551 1009.128 1028.234 1056.181 1073.099 1084.769 1099.528 1098.528 1123.109 1149.811 1167.377 1190.478 1217.825 1233.048 1255.830 1273.156 1291.852 1313.006 1332.005 1353.175 1376.114 1397.008 1417.035 1442.271 1462.391 1494.328 1516.182 1535.243 1550.055 **********TGDP.RAT************ 99.818 100.535 99.981 104.056 98.220 99.423 101.184 100.826 100.696 99.085 98.333 100.477 102.677 102.055 100.465 100.302 102.355 102.461 101.531 101.362 99.384 101.303 102.166 100.501 101.847 101.568 100.850 102.267 100.560 99.941 101.119 101.072 100.567 98.373 98.957 98.255 98.410 99.944 99.579 100.467 100.625 102.634 102.372 101.740 103.795 106.144 103.600 104.502 107.636 107.029 107.885 107.055 105.131 101.146 97.980 95.325 93.182 95.663 97.584 98.268 99.443 99.896 100.931 101.541 101.443 102.609 98.819 102.796 103.842 105.798 106.682 105.946 105.672 105.211 105.253 105.082 105.483 104.889 103.813 103.699 103.555 103.125 102.278 101.320 99.645 98.817 97.919 98.161 97.807 99.061 100.776 101.422 102.891 103.350 102.695 100.927 99.773 99.193 97.756 97.951 100.125 99.350 100.070 101.617 102.585 103.240 103.274 101.921 101.191 100.973 101.721 101.224 101.255 102.179 102.059 101.489 101.237 99.544 100.160 100.918 100.838 101.205 101.889 101.523 101.747 101.493 101.320 101.312 101.114 101.061 101.142 101.117 101.084 101.471 101.522 102.368 102.493 102.410 102.029 ***********TDEF.SA********* 20.198 19.874 19.854 19.944 20.002 20.347 20.526 20.652 20.808 20.973 21.302 21.262 22.316 21.845 21.776 21.914 21.776 22.012 21.816 21.734 22.123 22.251 22.436 22.854 22.963 23.087 23.809 23.879 24.142 24.813 25.410 25.670 26.225 26.492 26.691 27.072 27.023 27.398 27.764 28.008 28.060 28.201 28.358 28.927 29.390 29.625 30.502 30.666 31.269 32.548 35.134 39.060 44.014 46.241 46.269 46.366 46.358 46.380 46.879 47.281 48.459 49.099 49.397 49.933 50.474 51.684 53.404 53.716 53.391 54.240 55.532 57.228 59.019 60.723 62.425 63.629 68.304 69.894 71.935 75.471 77.983 79.366 81.036 81.802 81.960 82.563 83.353 83.414 83.984 84.732 84.306 84.722 84.256 85.473 85.420 85.507 85.609 85.724 85.481 85.879 87.232 88.258 89.313 89.381 88.937 88.398 88.676 88.693 88.578 89.024 89.124 90.111 90.700 90.895 91.554 92.544 93.256 94.369 95.510 94.555 96.193 96.966 98.573 99.430 102.465 103.428 104.314 105.498 106.019 107.417 107.963 108.953 109.167 109.643 110.249 109.854 *********TDEF.RAT********* 102.612 100.293 99.522 99.305 98.927 99.960 100.165 100.106 100.187 100.306 101.197 100.326 104.580 101.665 100.635 100.562 99.226 99.597 98.016 96.943 97.901 97.609 97.479 98.280 97.721 97.226 99.223 98.479 98.527 100.211 101.554 101.502 102.479 102.099 101.247 100.894 98.859 98.387 97.868 96.912 95.306 94.023 92.807 92.920 92.579 91.308 91.761 89.838 89.069 90.129 94.580 102.220 111.976 114.403 111.453 108.906 106.338 104.020 102.834 101.442 101.716 100.954 99.720 99.197 98.876 99.879 101.593 100.318 97.621 96.889 96.857 97.493 98.291 98.954 99.629 99.514 104.690 104.986 105.892 108.876 110.252 109.974 110.149 109.312 107.928 107.383 107.234 106.167 105.752 105.555 103.903 103.301 101.636 102.011 100.934 100.202 99.675 99.339 98.705 98.825 100.039 100.867 101.706 101.376 100.427 99.336 99.140 98.649 98.016 98.003 97.607 98.153 98.196 97.744 97.722 98.004 97.978 98.364 98.767 97.007 97.908 97.915 98.751 98.823 101.035 101.179 101.239 101.580 101.275 101.800 101.509 101.631 101.026 100.665 100.421 99.270 *********TCPI.SA********* 14.920 14.936 16.227 16.324 17.023 18.208 19.252 19.437 19.789 19.825 19.957 20.184 20.232 20.327 20.316 20.753 21.007 20.908 20.692 20.797 20.903 20.702 20.635 20.994 20.675 20.775 20.865 20.854 20.914 21.112 21.297 21.513 21.871 21.799 21.904 22.129 22.550 23.711 24.259 24.088 24.273 24.331 24.692 26.148 25.300 25.547 26.000 26.175 26.527 26.407 26.315 26.683 26.769 27.181 28.004 27.117 26.987 27.806 29.617 33.575 41.348 43.044 44.123 45.489 45.073 45.450 46.180 46.385 46.736 46.830 46.932 47.140 48.465 49.511 51.658 51.197 51.734 52.733 53.096 54.874 55.031 57.198 59.500 61.390 64.694 67.114 70.602 75.049 78.610 80.297 81.583 82.257 82.089 82.910 84.290 84.348 84.935 85.616 84.630 84.608 84.330 85.337 85.379 85.402 85.917 85.481 85.156 85.145 85.640 85.749 86.055 86.569 85.671 85.393 86.289 86.528 86.046 86.382 87.098 88.123 89.755 90.831 91.594 92.970 93.545 94.872 97.554 97.378 98.862 99.285 100.370 101.571 103.230 104.918 105.218 106.094 107.043 108.361 108.121 109.618 110.925 111.931 114.437 113.764 115.386 116.383 117.541 118.249 *********TCPI.RAT********* 85.523 84.980 91.638 91.499 94.706 100.544 105.517 105.737 106.850 106.247 106.158 106.565 106.023 105.727 104.883 106.341 106.840 105.545 103.676 103.426 103.179 101.425 100.347 101.368 99.199 99.137 99.109 98.655 98.544 99.080 99.525 99.991 100.889 99.583 98.867 98.498 98.880 102.350 103.086 100.848 100.265 99.331 99.758 104.657 100.364 100.315 100.735 99.718 99.040 96.412 93.928 93.113 91.324 90.648 91.212 86.061 83.247 83.168 85.759 94.101 112.170 113.025 112.211 112.283 108.282 106.562 105.896 104.094 102.666 100.814 99.218 98.069 99.401 100.172 102.931 100.168 99.095 98.629 96.841 97.595 95.426 96.677 97.999 98.505 101.119 102.185 104.712 108.425 110.702 110.479 109.995 109.003 107.163 106.697 106.931 105.484 104.721 104.192 101.948 101.201 100.454 101.433 101.289 101.138 101.596 100.958 100.474 100.373 100.865 100.901 101.145 101.556 100.215 99.507 100.090 99.885 98.838 98.666 98.801 99.155 100.064 100.278 100.136 100.640 100.230 100.569 102.263 100.908 101.274 100.576 100.578 100.717 101.319 101.948 101.238 101.099 101.033 101.302 100.108 100.513 100.723 100.645 101.895 100.308 100.746 100.626 100.636 100.252 **********KGNP.SA********** 8483.7 8866.2 8966.0 9692.0 9483.5 9785.7 9898.1 10046.1 9980.2 10014.5 10280.0 10694.6 11120.0 11377.1 11922.9 11805.9 12550.3 12466.9 12531.3 12553.0 12867.8 13078.4 13223.2 13711.9 14279.1 14709.5 14981.5 15249.4 15093.9 15588.4 16708.5 17484.1 17296.4 17923.7 17921.0 18388.0 19504.9 19458.3 18853.5 19001.1 18967.2 18629.4 18884.3 17544.4 19085.1 19058.2 19527.5 19834.4 20098.3 20433.7 20882.9 21738.1 22303.9 22948.7 23781.6 24259.6 25071.3 25176.3 25407.8 25885.6 26337.4 26766.6 27052.7 27920.2 28669.9 29668.3 31031.3 31433.1 32640.3 33927.1 34615.5 34686.5 37520.4 36994.9 38446.5 39260.4 39458.9 39747.2 40844.5 42498.2 43596.1 43925.9 45018.2 45755.3 47201.8 48369.6 49076.3 49802.0 50655.4 51096.9 50921.6 51666.0 52456.9 53534.4 54629.5 55360.6 56811.8 57577.6 58652.3 60540.5 62276.0 62893.4 **********KGNP.RAT********* 98.568 100.947 100.031 105.956 101.590 102.719 101.808 101.251 98.565 96.919 97.496 99.401 101.291 101.564 104.312 101.224 105.435 102.570 100.915 98.897 99.143 98.542 97.434 98.806 100.622 101.371 101.002 100.655 97.627 98.882 104.001 106.795 103.675 105.429 103.465 104.309 108.919 107.164 102.577 102.215 100.882 97.969 98.190 90.170 96.864 95.403 96.297 96.262 95.972 96.003 96.534 98.870 99.804 100.967 102.713 102.681 103.822 101.894 100.487 100.043 99.469 98.784 97.539 98.290 98.484 99.384 101.330 100.050 101.270 102.609 102.078 99.778 105.329 101.390 102.890 102.596 100.701 99.125 99.652 101.552 102.133 100.938 101.470 101.161 102.371 102.916 102.451 102.015 101.820 100.785 98.559 98.128 97.765 97.905 98.037 97.489 98.172 97.633 97.593 98.849 99.779 98.878 *********KDEF.SA********** 7.36739 7.36235 7.93346 7.86737 8.23038 8.50447 8.77286 9.06134 9.33521 9.95623 10.34585 10.76886 10.83765 11.09858 11.78154 12.35827 13.84951 14.31666 15.16321 16.70206 17.18692 18.37617 19.27002 20.68830 21.80245 22.87494 23.84455 24.61955 25.91003 26.58652 27.30780 28.57433 30.42659 32.23951 34.93489 35.83316 36.79606 38.65459 41.79250 43.30449 45.89516 48.50331 51.02614 54.25646 55.87801 58.26613 60.12680 61.32453 62.56000 63.00988 63.66640 63.55650 66.82394 66.51662 66.59026 66.90451 68.80156 70.02830 71.22009 70.54925 71.40494 72.32395 74.24070 75.23866 75.54689 76.44603 76.84911 78.11130 78.98699 79.31742 80.05003 83.84652 83.90517 85.13477 86.46778 88.81375 88.58065 89.81749 90.53591 93.78122 96.11556 98.83649 101.43037 102.50554 106.22612 109.08270 111.14995 112.97438 114.00374 116.04787 117.92448 118.69881 120.18657 122.01426 123.25401 124.90612 126.12399 127.94142 130.68033 132.01665 132.38161 134.76014 *********KDEF.RAT********** 116.098 110.707 113.696 107.395 107.016 105.328 103.493 101.820 99.917 101.503 100.467 99.609 95.485 93.141 94.177 94.096 100.443 98.901 99.775 104.682 102.606 104.495 104.366 106.695 107.048 106.903 106.053 104.209 104.375 101.947 99.724 99.429 100.926 101.938 105.228 102.752 100.400 100.448 103.729 102.982 104.890 106.742 108.157 110.767 109.917 110.649 110.618 109.681 109.115 107.339 105.931 103.285 106.131 103.472 101.744 100.688 102.210 102.757 103.225 100.999 100.969 100.990 102.313 102.273 101.231 100.940 99.986 100.140 99.780 98.730 98.182 101.333 99.919 99.894 99.922 100.965 98.942 98.456 97.321 98.848 99.337 100.162 100.790 99.876 101.487 102.188 102.099 101.755 100.684 100.495 100.133 98.829 98.121 97.674 96.747 96.136 95.184 94.677 94.822 93.927 92.353 92.174 *********kCPI.SA********* 11.7 11.9 12.0 12.7 13.5 13.4 13.8 14.2 14.7 15.3 15.6 15.7 15.4 15.5 15.8 16.5 18.2 19.3 20.2 21.0 22.2 23.9 25.4 26.9 27.3 27.9 29.0 29.4 30.1 30.7 31.7 32.5 34.0 34.8 36.3 37.9 39.2 41.9 43.0 45.2 49.8 53.2 55.6 59.5 62.2 65.1 68.3 69.4 69.5 70.4 71.5 72.1 73.1 73.0 73.3 73.8 74.5 74.7 75.1 75.8 75.9 76.4 77.1 78.0 78.6 78.8 79.2 79.1 79.3 80.7 82.0 83.5 85.2 86.5 87.8 89.1 90.0 91.3 92.6 94.5 96.9 99.2 101.0 102.9 106.4 107.9 110.4 112.6 114.0 115.4 117.1 118.0 119.2 120.9 122.3 124.4 127.1 127.9 130.6 131.7 132.9 134.1 **********KCPI.RAT********** 110.724 108.706 105.756 107.953 110.680 105.961 105.250 104.457 104.297 104.701 102.965 99.947 94.557 91.793 90.249 90.902 96.708 98.913 99.851 100.121 102.086 106.002 108.651 110.926 108.397 106.533 106.359 103.484 101.672 99.514 98.608 97.017 97.398 95.672 95.832 96.226 95.872 98.866 97.989 99.488 105.873 109.243 110.277 113.986 115.093 116.367 118.116 116.547 113.796 112.823 112.438 111.290 110.751 108.559 106.994 105.736 104.805 103.355 102.507 102.375 101.707 101.711 101.968 102.448 102.466 101.901 101.540 100.479 99.718 100.358 100.755 101.308 102.037 102.160 102.136 101.966 101.229 100.898 100.515 100.670 101.218 101.516 101.202 100.949 102.199 101.472 101.651 101.508 100.620 99.725 99.077 97.750 96.679 96.006 95.086 94.696 94.727 93.329 93.306 92.124 91.017 89.908