Review - March/April 1999, pp. 47-58. Pierre Siklos - "Inflation-Target Design: Changing Inflation Performance and Persistence in Industrial Countries" Figure 1 - The Evolution of Inflation in Selected Countries OBS DATE INF20GER INF20SWI INF20USA IT1_INF 1968:1 3/1/1968 2.50326222 3.639501475 2.295511249 5.250819864 1968:2 6/1/1968 2.424983407 3.473868981 2.48735834 5.258701534 1968:3 9/1/1968 2.507884301 3.37880037 2.610215228 5.180705348 1968:4 12/1/1968 2.372880606 3.375239787 2.790587408 5.093896255 1969:1 3/1/1969 2.347145335 3.464518868 2.968400881 4.883231292 1969:2 6/1/1969 2.449099969 3.298130792 3.234417267 4.754855807 1969:3 9/1/1969 2.376896282 3.286059781 3.49555555 4.458245394 1969:4 12/1/1969 2.326120733 3.335011531 3.655223853 4.26545661 1970:1 3/1/1970 2.501056725 3.455608668 3.96057376 4.280567652 1970:2 6/1/1970 2.442053995 3.347044468 4.10364345 4.203529054 1970:3 9/1/1970 2.326992536 3.33814094 4.211295793 4.234826231 1970:4 12/1/1970 2.339432985 3.488575789 4.4524787 4.231997312 1971:1 3/1/1971 2.566754185 3.57180298 4.370109839 4.475705239 1971:2 6/1/1971 2.634946478 3.628006509 4.371057412 4.462514214 1971:3 9/1/1971 2.826270776 3.76209173 4.422427315 4.691336561 1971:4 12/1/1971 2.869106962 3.927748308 4.392572079 4.884666647 1972:1 3/1/1972 3.123216201 4.10119752 4.502830396 4.855736297 1972:2 6/1/1972 3.262655127 4.155008388 4.512438656 4.93406227 1972:3 9/1/1972 3.564247224 4.194411334 4.511950148 5.031524475 1972:4 12/1/1972 3.850069671 4.504640065 4.521323415 5.103441139 1973:1 3/1/1973 4.029136184 4.92203062 4.549429843 5.226524623 1973:2 6/1/1973 4.421305891 5.244617136 4.813011088 5.566416658 1973:3 9/1/1973 4.621683516 5.440318979 4.973931913 6.22126586 1973:4 12/1/1973 4.864997075 6.150696285 5.211474841 6.691259938 1974:1 3/1/1974 5.139539651 6.40288941 5.51079219 7.222604159 1974:2 6/1/1974 5.351315435 6.540327409 5.742324888 7.778226538 1974:3 9/1/1974 5.566007592 6.954246854 6.030117368 8.411143328 1974:4 12/1/1974 5.745193435 7.372466307 6.349084983 9.071459878 1975:1 3/1/1975 5.720501075 7.471128905 6.392672306 9.387648952 1975:2 6/1/1975 5.925315313 7.555250666 6.403933602 9.836544677 1975:3 9/1/1975 6.062716968 7.406704917 6.620649502 10.08100689 1975:4 12/1/1975 6.035734152 7.123988083 6.658037226 10.49298629 1976:1 3/1/1976 5.864270024 6.86693427 6.711727297 10.81531622 1976:2 6/1/1976 5.816044656 6.566395071 6.770302827 11.09060221 1976:3 9/1/1976 5.707076234 6.38837764 6.884996677 11.23723568 1976:4 12/1/1976 5.63810278 6.05595087 6.963766951 11.60220833 1977:1 3/1/1977 5.587288871 5.7901043 7.169394649 12.08323447 1977:2 6/1/1977 5.581516631 5.579725871 7.424439983 12.53069841 1977:3 9/1/1977 5.382572437 5.402061293 7.525708136 12.97917192 1977:4 12/1/1977 5.151319094 4.995358324 7.583646289 13.15799642 1978:1 3/1/1978 4.938086075 4.495364063 7.656355551 13.26971355 1978:2 6/1/1978 4.721934939 4.259171823 7.717751333 13.18982667 1978:3 9/1/1978 4.534270376 4.037322112 7.726456285 12.92656523 1978:4 12/1/1978 4.218468836 3.043543299 7.650068606 12.71623586 1979:1 3/1/1979 4.08514833 2.920897194 7.626500218 12.52178653 1979:2 6/1/1979 4.04875715 3.086495051 7.755311224 12.31831284 1979:3 9/1/1979 4.12062536 2.874695874 7.788230849 12.12258475 1979:4 12/1/1979 4.006501157 2.371051436 7.775871508 11.84203293 1980:1 3/1/1980 4.020197456 2.236485384 8.192986503 11.93794623 1980:2 6/1/1980 3.973415216 2.23042467 8.598623951 11.83817191 1980:3 9/1/1980 3.922959523 2.358142584 8.529106337 11.79844905 1980:4 12/1/1980 3.93249094 2.402467287 8.725639001 11.72757339 1981:1 3/1/1981 4.090636088 2.780819979 9.061177073 11.61194693 1981:2 6/1/1981 4.218390905 3.089332895 9.261106372 11.5584018 1981:3 9/1/1981 4.453544959 3.472950961 9.503821475 11.53968592 1981:4 12/1/1981 4.596834723 3.514271488 9.587400926 11.28527467 1982:1 3/1/1982 4.508377154 3.609968972 9.39658622 11.06827351 1982:2 6/1/1982 4.539388296 3.967708877 9.276742778 10.91242093 1982:3 9/1/1982 4.721861919 4.266470985 9.352909955 10.56038144 1982:4 12/1/1982 4.80885374 4.380359454 9.189245245 10.48419932 1983:1 3/1/1983 4.687024806 4.358704486 8.829174018 10.53176469 1983:2 6/1/1983 4.615627524 4.393785487 8.563294597 10.50268242 1983:3 9/1/1983 4.845159396 4.41981546 8.34070965 10.44152597 1983:4 12/1/1983 4.865351319 4.634544763 8.125593844 10.5166148 1984:1 3/1/1984 4.689296347 4.539157007 7.829241942 10.41460523 1984:2 6/1/1984 4.513654102 4.337216209 7.373982414 10.19406228 1984:3 9/1/1984 4.261020375 4.101227078 6.960882395 10.00284088 1984:4 12/1/1984 4.245929537 4.235947066 6.53012886 9.746465171 1985:1 3/1/1985 4.072512755 4.450659239 5.888882216 9.463394878 1985:2 6/1/1985 3.865447165 4.289255101 5.418522666 9.292096096 1985:3 9/1/1985 3.696121359 4.017024883 5.197007951 8.937383834 1985:4 12/1/1985 3.583875429 4.033090013 4.8521226 8.636923844 1986:1 3/1/1986 3.116016491 3.614353752 4.383841734 8.412139944 1986:2 6/1/1986 2.703714387 3.29582537 3.874484732 8.091175862 1986:3 9/1/1986 2.322465908 2.749250718 3.464218263 7.917615046 1986:4 12/1/1986 1.996406043 2.716616234 3.285528302 7.652167358 1987:1 3/1/1987 1.856553727 2.741214611 3.333032712 7.46796384 1987:2 6/1/1987 1.687747462 2.361628451 3.302715886 7.060807605 1987:3 9/1/1987 1.437744032 2.017535457 3.145551325 6.876143726 1987:4 12/1/1987 1.277574028 1.98674463 3.267192655 6.707494629 1988:1 3/1/1988 1.237157828 2.143730266 3.412179318 6.437667962 1988:2 6/1/1988 1.247244777 2.084707011 3.40109817 6.265962952 1988:3 9/1/1988 1.072284113 2.031202587 3.434410923 6.221324466 1988:4 12/1/1988 1.095983394 1.979668287 3.454815298 6.062285345 1989:1 3/1/1989 1.198243452 2.022387151 3.475417062 6.039835115 1989:2 6/1/1989 1.28922617 2.075272546 3.566850615 6.113926002 1989:3 9/1/1989 1.28922617 2.116314302 3.518289267 6.130139325 1989:4 12/1/1989 1.252370387 2.250099215 3.565869138 6.14764029 1990:1 3/1/1990 1.262920839 2.216632619 3.780056005 6.176932264 1990:2 6/1/1990 1.259855548 2.332235959 3.733427604 6.084442752 1990:3 9/1/1990 1.384258682 2.594894631 3.942054073 6.224717396 1990:4 12/1/1990 1.504071763 2.767218119 4.084240818 6.243874 1991:1 3/1/1991 1.669899396 3.078764558 4.19920397 6.169504903 1991:2 6/1/1991 1.902074579 3.347179272 4.371791025 6.156740175 1991:3 9/1/1991 2.290307102 3.66081705 4.363424746 5.998379839 1991:4 12/1/1991 2.499721885 3.778733496 4.415536932 5.944707721 1992:1 3/1/1992 2.613384628 3.831830087 4.333031719 5.755468331 1992:2 6/1/1992 2.757189918 4.00932067 4.23905193 5.655750538 1992:3 9/1/1992 2.844033284 3.993915347 4.174994296 5.421354242 1992:4 12/1/1992 3.034420787 4.058816032 3.95696504 5.348246863 1993:1 3/1/1993 3.292224168 4.16986704 3.966055696 5.362131901 1993:2 6/1/1993 3.362158199 4.278956982 3.892669208 5.192914739 1993:3 9/1/1993 3.412873731 4.309906021 3.703166547 4.930386778 1993:4 12/1/1993 3.419436301 4.22072587 3.637483591 4.738611671 1994:1 3/1/1994 3.632437268 4.074767391 3.620787335 4.523927116 1994:2 6/1/1994 3.564479563 3.852098992 3.429271254 4.320084743 1994:3 9/1/1994 3.68842861 3.812346768 3.43217254 4.133178295 1994:4 12/1/1994 3.556045791 3.461620811 3.330776606 3.923556402 1995:1 3/1/1995 3.486937587 3.376573699 3.165698297 3.633788762 1995:2 6/1/1995 3.479050963 3.265503225 3.137444368 3.536858972 1995:3 9/1/1995 3.491208776 3.086616494 2.876696185 3.305266606 1995:4 12/1/1995 3.305333829 2.720272851 2.65457909 3.075854666 1996:1 3/1/1996 2.785323936 2.445730477 2.66366476 2.799975597 1996:2 6/1/1996 2.705944756 2.22644274 2.737721888 2.752982023 1996:3 9/1/1996 2.485684683 2.009501023 2.695401763 2.612898368 1996:4 12/1/1996 2.325710445 1.862742695 2.670990268 2.440124553 1997:1 3/1/1997 2.078637616 1.652467858 2.802715025 2.354383595 1997:2 6/1/1997 1.936400442 1.474977275 2.714493808 2.362208917 1997:3 9/1/1997 2.001136749 1.40994174 2.6426366 2.389858318 1997:4 12/1/1997 1.760654998 1.235455906 2.769568344 2.294140758 Figure 2 - Inflation Persistence Over Time OBS DATE PERSIST_CANQ PERSIST_GERQ PERSIST_ITQ PERSIST_NZQ PERSIST_SWIQ PERSIST_USAQ 1 68-78 0.76 0.7 0.87 0.66 0.68 0.77 2 70-80 0.7 0.59 0.8 0.59 0.55 0.78 3 72-82 0.55 0.61 0.69 0.57 0.47 0.68 4 74-84 0.77 0.54 0.83 0.77 0.53 0.74 5 76-86 0.85 0.71 0.79 0.75 0.44 0.8 6 78-88 0.87 0.73 0.82 0.53 0.4 0.81 7 80-90 0.83 0.73 0.74 0.52 0.43 0.62 8 82-92 0.37 0.52 0.69 0.55 0.43 0.31 9 84-94 0.57 0.48 0.77 0.57 0.69 0.37 10 86-96 0.57 0.29 0.85 0.48 0.69 0.38 Figure 3 - Inflation and Targets OBS DATE INFAUSTR TARMAX_AUSTR TARMIN_AUSTR INFCAN TARMAX_CND TARMIN_CND INFFIN TARAVG_FIN INFGB TARMAX_UK TARMIN_UK INFNZ TARMAX_NZ TARMIN_NZ INFSP TARMAX_SP TARMIN_SP INFSW TARMAX_SW TARMIN_SW 1990:1 3/1/1990 8.004270767 . . 5.198156439 . . 6.859359019 . 7.501488385 . . 6.754761332 5 3 6.718079403 . . 9.108288408 . . 1990:2 6/1/1990 7.145896398 . . 4.467245352 . . 5.841076216 . 9.193747241 . . 7.391054048 5 3 6.582329673 . . 9.516449895 . . 1990:3 9/1/1990 6.317890162 . . 4.085535459 . . 5.702066331 . 9.930624211 . . 4.885373801 5 3 6.202959383 . . 10.53958051 . . 1990:4 12/1/1990 6.187540372 . . 4.851396042 . . 5.325056136 . 9.451057282 . . 4.699933598 5 3 6.548863997 . . 10.6088314 . . 1991:1 3/1/1991 4.579526615 . . 6.184529458 4 2 4.985456023 . 8.28787312 . . 4.47073156 4.5 2.5 6.014126467 . . 10.27425431 . . 1991:2 6/1/1991 3.390155168 . . 5.973442378 4 2 4.6197591 . 5.832546019 . . 2.847392563 4.5 2.5 5.896747609 . . 9.801712147 . . 1991:3 9/1/1991 2.550428258 . . 5.458865605 4 2 3.678575682 . 4.688922575 . . 2.200654626 4.5 2.5 5.70376336 . . 8.109257134 . . 1991:4 12/1/1991 1.451210805 . . 3.952216105 4 2 3.573166135 . 4.061831611 . . 1.063505153 4.5 2.5 5.406722127 . . 7.593268799 . . 1992:1 3/1/1992 1.650750574 . . 1.674312238 4 2 2.550775955 . 4.038803884 . . 0.808705989 3.5 1.5 6.335110758 . . 3.246708012 . . 1992:2 6/1/1992 1.188918673 . . 1.361602736 4 2 2.379294394 . 4.093547372 . . 0.931394483 3.5 1.5 6.161000537 . . 2.033772884 . . 1992:3 9/1/1992 0.724391171 . . 1.279664631 4 2 1.263615453 . 3.531004563 . . 0.990101442 3.5 1.5 5.485757135 . . 2.043399983 . . 1992:4 12/1/1992 0.659683524 . . 1.798697751 4 2 1.163038639 . 3.432045905 4 1 1.298321856 3.5 1.5 5.116828657 . . 1.754749754 . . 1993:1 3/1/1993 1.569377349 3 2 2.087234153 3.5 1.5 1.447838423 . 2.06192872 4 1 0.986448279 2 0 4.135128017 . . 4.728842165 2 2 1993:2 6/1/1993 2.154562871 3 2 1.783233159 3.5 1.5 1.183272881 2 1.551456275 4 1 1.350540434 2 0 4.557156415 . . 4.732366649 2 2 1993:3 9/1/1993 2.603395584 3 2 1.775615403 3.5 1.5 1.934652695 2 2.086919252 4 1 1.467024585 2 0 4.50682854 . . 4.433327868 2 2 1993:4 12/1/1993 1.875262924 3 2 1.845751961 3.5 1.5 1.467916266 2 1.606466362 4 1 1.402891558 2 0 4.628075256 . . 4.246490563 2 2 1994:1 3/1/1994 1.38429013 3 2 0.567324846 3 1 0.273847729 2 2.159107642 4 1 0.363754787 3 0 4.903771956 . . 1.708740228 2 2 1994:2 6/1/1994 1.806279141 3 2 0.052870886 3 1 0.54397233 2 2.300251993 4 1 0.326296342 3 0 4.776777373 . . 2.090194501 2 2 1994:3 9/1/1994 1.939067854 3 2 0.160165784 3 1 1.808367543 2 1.832797247 4 1 2.1039232 3 0 4.55565316 . . 2.560588098 2 2 1994:4 12/1/1994 2.545477103 3 2 -0.079619801 3 1 1.7156177 2 2.195894567 4 1 3.127440445 3 0 4.262940539 . . 2.340387343 2 2 1995:1 3/1/1995 3.850154735 3 2 1.543380613 3 1 1.806733879 2 3.319081959 4 1 5.234839976 3 0 4.674501282 . . 2.55584062 3 1 1995:2 6/1/1995 4.356405723 3 2 2.628153078 3 1 1.347124099 2 3.346515629 4 1 5.567300243 3 0 4.949134452 . . 2.7685725 3 1 1995:3 9/1/1995 4.944827541 3 2 2.346678082 3 1 0.536194314 2 3.599360265 4 1 3.483395268 3 0 4.357124829 . . 2.36611592 3 1 1995:4 12/1/1995 4.996578967 3 2 2.0730801 3 1 0.268216522 2 3.071913904 4 1 2.906653309 3 0 4.24258441 . . 2.208877278 3 1 1996:1 3/1/1996 3.961420378 3 2 1.431151439 3 1 0.535715567 2 3.160797269 4 1 2.162246401 3 0 3.557993243 4 3.5 1.121970946 3 1 1996:2 6/1/1996 3.401733132 3 2 1.420983057 3 1 0.622500899 2 2.701677953 4 1 1.96610444 3 0 3.595033415 . . 0.411567595 3 1 1996:3 9/1/1996 2.424124522 3 2 1.329217621 3 1 0.444359309 2 2.613713817 4 1 2.403319944 3 0 3.578607975 . . -0.252432142 3 1 1996:4 12/1/1996 1.637750876 3 2 1.680711832 3 1 0.888894742 2 2.856520985 4 1 1.774669468 3 0 3.328597763 . . -0.545477776 3 1 1997:1 3/1/1997 0.781054245 3 2 2.109041266 3 1 1.702674276 2 2.154162487 4 1 1.319973621 3 0 2.550775955 3.25 3 -0.162999221 3 1 1997:2 6/1/1997 -0.167571636 3 2 1.661603598 3 1 2.144957173 2 2.119755735 4 1 0.697018417 3 0 1.565443821 . . 0.404695008 3 1 1997:3 9/1/1997 -0.855744486 3 2 1.745244995 3 1 2.674267827 2 2.914882609 2.5 2.5 0.515951521 3 0 1.779142555 . . 1.458696853 3 1 1997:4 12/1/1997 -0.597457644 3 2 1.307208157 3 1 2.759022127 2 3.29689239 2.5 2.5 1.123856128 3 0 1.916049774 2.75 2.5 1.697010422 3 1 Figure 4 - Inflation and Forecasts OBS DATE AUS92INF AUS93INF AUS94INF INF_AUSTR CAN91INF CAN92INF INF_CAN NZIER894 NZIER904 NZIER914 INF_NZIMF SP94INF SP95INF SP96INF INF_SP SW92INF SW93INF SW94INF INF_SW GB91INF GB92INF GB93INF INF_UK 1989:10 10/1/1989 . . . . . . . 7.9 . . . . . . . . . . . . . . . 1989:11 11/1/1989 . . . . . . . 7.9 . . . . . . . . . . . . . . . 1989:12 12/1/1989 . . . . . . . 7.9 . . . . . . . . . . . . . . . 1990:01 1/1/1990 . . . . . . . 8.1 . . 7.02 . . . . . . . . . . . . 1990:02 2/1/1990 . . . . . . . 8.1 . . 7.02 . . . . . . . . . . . . 1990:03 3/1/1990 . . . . . . . 8.1 . . 7.02 . . . . . . . . . . . . 1990:04 4/1/1990 . . . . . . . 8.3 . . 7.62 . . . . . . . . . . . . 1990:05 5/1/1990 . . . . . . . 8.3 . . 7.62 . . . . . . . . . . . . 1990:06 6/1/1990 . . . . . . . 8.3 . . 7.62 . . . . . . . . . . . . 1990:07 7/1/1990 . . . . . . . 5.2 . . 5.01 . . . . . . . . . . . . 1990:08 8/1/1990 . . . . . . . 5.2 . . 5.01 . . . . . . . . . . . . 1990:09 9/1/1990 . . . . . . . 5.2 . . 5.01 . . . . . . . . . . . . 1990:10 10/1/1990 . . . . . . . 4.1 6.1 . 4.85 . . . . . . . . . . . . 1990:11 11/1/1990 . . . . . . . 4.1 6.1 . 4.85 . . . . . . . . . . . . 1990:12 12/1/1990 . . . . . . . 4.1 6.1 . 4.85 . . . . . . . . . . . . 1991:01 1/1/1991 5.4 . . . 6.1 3.8 6.84 4.4 5.7 . 4.53 . . . . 6.3 . . . 6.4 5 . 8.95 1991:02 2/1/1991 5.4 . . . 5.9 3.7 6.2 4.4 5.7 . 4.53 . . . . 6.3 . . . 6.3 4.8 . 8.9 1991:03 3/1/1991 5.2 . . . 6 3.7 6.27 4.4 5.7 . 4.53 . . . . 6.3 . . . 6.1 4.8 . 8.24 1991:04 4/1/1991 5.3 . . . 5.9 3.6 6.27 4.6 5 . 2.81 . . . . 6.1 . . . 5.9 4.6 . 6.39 1991:05 5/1/1991 . . . . 5.9 3.6 6.23 4.6 5 . 2.81 . . . . . . . . 5.9 4.6 . 5.78 1991:06 6/1/1991 . . . . 5.9 3.6 6.29 4.6 5 . 2.81 . . . . . . . . 5.9 4.6 . 5.84 1991:07 7/1/1991 4.9 . . . 5.9 3.8 5.84 5 5.2 . 2.16 . . . . 5.4 . . . 5.5 4.7 . 5.52 1991:08 8/1/1991 4.7 . . . 5.9 3.6 5.84 5 5.2 . 2.16 . . . . 5.3 . . . 5.8 4.6 . 4.68 1991:09 9/1/1991 4.6 . . . 5.9 3.5 5.41 5 5.2 . 2.16 . . . . 4.9 . . . 5.7 4.5 . 4.1 1991:10 10/1/1991 4.3 . . . 5.9 3.6 4.37 5.2 3.9 2.7 0.98 . . . . 4.7 . . . 5.9 4.1 . 3.68 1991:11 11/1/1991 3.9 . . . 5.8 3.3 4.18 5.2 3.9 2.7 0.98 . . . . 4.4 . . . 5.8 4.1 . 4.31 1991:12 12/1/1991 3.8 . . . 5.7 2.8 3.78 5.2 3.9 2.7 0.98 . . . . 3.9 . . . 5.8 4.1 . 4.46 1992:01 1/1/1992 3.6 . . . 5.6 2.9 1.6 4.9 4.3 2 0.79 . . . . 3.7 . . 5.16 5.9 4.1 . 4.15 1992:02 2/1/1992 3.4 . . . . 2.9 1.68 4.9 4.3 2 0.79 . . . . 3.7 . . 2.36 5.8 4.1 . 4.13 1992:03 3/1/1992 3.4 4.1 . 1.7 . 2.5 1.59 4.9 4.3 2 0.79 . . . . 3.5 3.6 . 2.44 . 4 3.8 4.03 1992:04 4/1/1992 3.4 4.2 . . . 2.3 1.67 4.9 4 2 0.98 . . . . 3.4 3.5 . 2.11 . 3.9 3.6 4.28 1992:05 5/1/1992 2.6 3.7 . . . 2.2 1.35 4.9 4 2 0.98 . . . . 3.1 3 . 2.07 . 4 3.6 4.34 1992:06 6/1/1992 2.2 3.5 . 1.23 . 2.2 1.1 4.9 4 2 0.98 . . . . 3 2.8 . 1.98 . 4.1 3.7 3.88 1992:07 7/1/1992 1.9 3.2 . . . 2.1 1.26 5.1 3.8 2.2 0.96 . . . . 2.8 2.5 . 1.81 . 4.1 3.6 3.74 1992:08 8/1/1992 1.6 3.1 . . . 2 1.18 5.1 3.8 2.2 0.96 . . . . 2.8 2.4 . 2.03 . 4 3.6 3.58 1992:09 9/1/1992 1.6 3.1 . 0.75 . 1.8 1.26 5.1 3.8 2.2 0.96 . . . . 2.7 2.2 . 2.36 . 3.9 3.2 3.57 1992:10 10/1/1992 1.4 2.8 . . . 1.6 1.58 5.2 3.7 2.9 1.33 . . . . 2.4 2.4 . 2.17 . 3.8 3.1 3.55 1992:11 11/1/1992 1.3 2.8 . . . 1.7 1.65 5.2 3.7 2.9 1.33 . . . . 2.4 2.7 . 1.38 . 3.7 2.9 3.02 1992:12 12/1/1992 1.4 2.8 . 0.28 . 1.6 2.14 5.2 3.7 2.9 1.33 . . . . 2.4 3.4 . 1.75 . 3.8 2.7 2.58 1993:01 1/1/1993 1.4 2.9 . . . 1.6 . 5.2 3.7 3.1 0.96 . . . . 2.4 3.7 . 4.69 . 3.7 2.6 1.7 1993:02 2/1/1993 1.1 2.6 . . . 1.5 . 5.2 3.7 3.1 0.96 . . . . 2.4 4.3 . 4.91 . 3.7 2.4 1.83 1993:03 3/1/1993 . 2.3 3 1.21 . . . 5.2 3.7 3.1 0.96 4.5 . . . . 4.6 3.2 4.93 . . 2.2 1.9 1993:04 4/1/1993 . 2.1 3.1 . . . . 5.4 . 2.9 1.31 4.3 . . . . 4.6 3 5.09 . . 2.1 1.3 1993:05 5/1/1993 . 2 3.1 . . . . 5.4 . 2.9 1.31 4.3 . . . . 4.6 3.1 4.78 . . 2.1 1.29 1993:06 6/1/1993 . 2.1 3.1 1.86 . . . 5.4 . 2.9 1.31 4.4 . . . . 4.7 3.3 4.67 . . 2.1 1.22 1993:07 7/1/1993 . 2.1 3.1 . . . . 5.5 . 2.5 1.48 4.5 . . . . 4.8 3.1 4.63 . . 2 1.37 1993:08 8/1/1993 . 2.2 2.9 . . . . 5.5 . 2.5 1.48 4.5 . . . . 4.7 3 4.76 . . 1.8 1.73 1993:09 9/1/1993 . 2.2 3.1 2.23 . . . 5.5 . 2.5 1.48 4.5 . . . . 4.7 2.9 4.22 . . 1.8 1.79 1993:10 10/1/1993 . 2.3 3.2 . . . . 5.5 . 2 1.39 4.4 . . . . 4.6 2.9 4.3 . . 1.8 1.36 1993:11 11/1/1993 . 2.2 3.2 . . . . 5.5 . 2 1.39 4.2 . . . . 4.6 2.9 4.69 . . 1.7 1.36 1993:12 12/1/1993 . 2.1 3 1.95 . . . 5.5 . 2 1.39 4.1 . . . . 4.6 2.8 4.02 . . 1.7 1.94 1994:01 1/1/1994 . 2.2 3.2 . . . . 5.6 . 1.9 . 4.2 . . 5.01 . 4.6 2.9 1.7 . . 1.8 . 1994:02 2/1/1994 . . 2.7 . . . . 5.6 . 1.9 . 4.1 3.6 . 5.01 . . 2.7 1.78 . . . . 1994:03 3/1/1994 . . 2.4 1.38 . . . 5.6 . 1.9 . 4.2 3.6 . 4.98 . . 2.4 1.69 . . . . 1994:04 4/1/1994 . . 2.4 . . . . . . . . 4.2 3.6 . 4.93 . . 2.1 1.68 . . . . 1994:05 5/1/1994 . . 2.4 . . . . . . . . 4.3 3.7 . 4.86 . . 2 2.14 . . . . 1994:06 6/1/1994 . . 2.2 1.74 . . . . . . . 4.5 3.8 . 4.71 . . 2.1 2.52 . . . . 1994:07 7/1/1994 . . 2.1 . . . . . . . . 4.5 3.8 . 4.74 . . 2.2 2.69 . . . . 1994:08 8/1/1994 . . 2.1 . . . . . . . . 4.5 3.8 . 4.8 . . 2.3 2.56 . . . . 1994:09 9/1/1994 . . 2 1.91 . . . . . . . 4.5 3.8 . 4.53 . . 2.3 2.54 . . . . 1994:10 10/1/1994 . . 2.1 . . . . . . . . 4.6 4.1 . 4.36 . . 2.4 2.37 . . . . 1994:11 11/1/1994 . . 2.2 . . . . . . . . 4.6 4.5 . 4.36 . . 2.4 2.24 . . . . 1994:12 12/1/1994 . . 2.2 2.55 . . . . . . . 4.7 4.6 . 4.34 . . 2.4 2.5 . . . . 1995:01 1/1/1995 . . 2.1 . . . . . . . . 4.7 4.7 . 4.37 . . 2.4 . . . . . 1995:02 2/1/1995 . . . . . . . . . . . . 4.7 4.7 4.83 . . . . . . . . 1995:03 3/1/1995 . . . . . . . . . . . . 4.7 4.7 5.1 . . . . . . . . 1995:04 4/1/1995 . . . . . . . . . . . . 4.8 5.2 5.25 . . . . . . . . 1995:05 5/1/1995 . . . . . . . . . . . . 4.9 5.2 5.07 . . . . . . . . 1995:06 6/1/1995 . . . . . . . . . . . . 5 5.2 5.06 . . . . . . . . 1995:07 7/1/1995 . . . . . . . . . . . . 5.1 5.2 4.67 . . . . . . . . 1995:08 8/1/1995 . . . . . . . . . . . . 5 5.1 4.29 . . . . . . . . 1995:09 9/1/1995 . . . . . . . . . . . . 5 5.1 4.38 . . . . . . . . 1995:10 10/1/1995 . . . . . . . . . . . . 4.8 4.6 4.35 . . . . . . . . 1995:11 11/1/1995 . . . . . . . . . . . . 4.7 4.5 4.44 . . . . . . . . 1995:12 12/1/1995 . . . . . . . . . . . . 4.7 4.4 4.32 . . . . . . . . 1996:01 1/1/1996 . . . . . . . . . . . . 4.7 4.2 3.88 . . . . . . . . 1996:02 2/1/1996 . . . . . . . . . . . . . 4 3.65 . . . . . . . . 1996:03 3/1/1996 . . . . . . . . . . . . . 3.8 3.42 . . . . . . . . 1996:04 4/1/1996 . . . . . . . . . . . . . 3.7 3.46 . . . . . . . . 1996:05 5/1/1996 . . . . . . . . . . . . . 3.7 3.78 . . . . . . . . 1996:06 6/1/1996 . . . . . . . . . . . . . 3.7 3.6 . . . . . . . . 1996:07 7/1/1996 . . . . . . . . . . . . . 3.7 3.72 . . . . . . . . 1996:08 8/1/1996 . . . . . . . . . . . . . 3.7 3.69 . . . . . . . . DATE NZIER894 NZIER904 NZIER914 INF_NZIMF 12/1/1989 7.9 . . . 3/1/1990 8.1 . . 7.02 6/1/1990 8.3 . . 7.62 9/1/1990 5.2 . . 5.01 12/1/1990 4.1 6.1 . 4.85 3/1/1991 4.4 5.7 . 4.53 6/1/1991 4.6 5 . 2.81 9/1/1991 5 5.2 . 2.16 12/1/1991 5.2 3.9 2.7 0.98 3/1/1992 4.9 4.3 2 0.79 6/1/1992 4.9 4 2 0.98 9/1/1992 5.1 3.8 2.2 0.96 12/1/1992 5.2 3.7 2.9 1.33 3/1/1993 5.2 3.7 3.1 0.96 6/1/1993 5.4 . 2.9 1.31 9/1/1993 5.5 . 2.5 1.48 12/1/1993 5.5 . 2 1.39 3/1/1994 5.6 . 1.9 .