**************************************************************************************************************
* Instructions for using the dataset collected and constructed for the NBER Macroeconomics Annual 2015 paper *
* ``Trends and Cycles in China's Macroeconomy'' by Chun Chang, Kaiji Chen, Dan Waggoner, and Tao Zha.        *
*                                                                                                            *
* All quarterly series, bar interest rates and the reserve requirement ratio, are seasonally adjusted and    *
*  all the series are constructed to cover as long a period as possible.                                     *
*                                                                                                            *
* Using this dataset should reference                                                                        *
*   Chang C., K. Chen, D. Waggoner, and T. Zha, 2015, ``Trends and Cycles in China's Macroeconomy'',         *
*   the NBER Macroeconomics Annual 2015, University of Chicago Press.                                        *
*                                                                                                            *
* For the detailed methodology of constructing this dataset, please reference                                *
*   Higgins P. and T. Zha, 2015, ``China's Macroeconomic Time Series: Methods and Implications'',            *
*   Unpublished Manuscript, Federal Reserve Bank of Atlanta.                                                 *
*                                                                                                            *
* The dataset will be revised, expanded, and updated on a biannual basis, which can be downloaded at         *
*    https://www.frbatlanta.org/cqer.aspx.                                                                   *
* Contact: Tao Zha <tzha@earthlink.net>, Federal Reserve Bank of Atlanta.                                    *
* Copyright (c), 2015, Chun Chang, Kaiji Chen, Pat Higgins, Dan Waggoner, and Tao Zha.                       *
**************************************************************************************************************

%--------------------------------------- The Matlab .mat data file ------------------------------------%
The dataset ``data201504_ccwz_hz.mat''  contains the annual data ``ccwz_hz_data_a_struct'' and the quarterly data ``ccwz_hz_data_q_struct''  To access the data, type at the Matlab prompt ``load data201504_ccwz_hz'' and then ``ccwz_hz_data_a_struct.V'' or ``ccwz_hz_data_q_struct.V'', where V stands for a particular variable explained below.  For example, ccwz_hz_data_a_struct.GDPDeflator gives the annual implicit price deflator for GDP and ccwz_hz_data_q_struct.GDPDeflator gives the quarterly implicit price deflator for GDP.  

Quarterly dates have the convention of 1998=1998Q1, 1998.25=1998Q2, 1998.50=1998Q3, 1998.75=1998Q4 etc.

If you type at the Matlab prompt, for example,

q_dates_data             = ccwz_hz_data_q_struct.q_dates_data            ;
logrealHHC               = ccwz_hz_data_q_struct.logrealHHC              ;
logrealBusI              = ccwz_hz_data_q_struct.logrealBusI             ;
logrealLaborIncome       = ccwz_hz_data_q_struct.logrealLaborIncome      ;
ratioNewLoansNFEST2GDP   = ccwz_hz_data_q_struct.ratioNewLoansNFEST2GDP  ;
ratioNewLoansNFESTBF2GDP = ccwz_hz_data_q_struct.ratioNewLoansNFESTBF2GDP;
[q_dates_data, logrealHHC, logrealBusI, logrealLaborIncome, ratioNewLoansNFEST2GDP, ratioNewLoansNFESTBF2GDP]

you would see NaNs for many dates, meaning that there are no data for those quarters.


%--------------------------------------- The .csv files read by Excel ------------------------------------%
The annual data are in the .csv file ``data201504_ccwz_hz_annual.csv'', as explained below.
The quarterly data are in the .csv file ``data201504_ccwz_hz_quarterly.csv'', as explained below.



%==========================================================================================%
%===================================== Annual Data ========================================%
%==========================================================================================%
%Some identities bar numerical rounding errors:
%  NominalGDP       = NominalPrivC + NominalGovtC + NominalGCF+ NominalNetExports
%  NominalGCF       = NominalInvty + NomalGFCF
%  NomalGFCF        = NominalGovtGFCF + NominalPrivGFCF + NominalHHGFCF + NominalSOEexGovtGFCF + NominalNonSOEGFCF
%  NominalBusGFCF   = NominalPrivGFCF + NominalSOEGFCF + NominalNonSOEGFCF  ; 
%  NominalNarOutput = NominalBusGFCF + NominalHHC   
%
%yr_dates_data          Annual dates (years)
%CPI                    Consumer price index
%FAIPriceIndex          Fixed asset investment price index
%GFCFPriceIndex         Price index for gross fixed capital formation
%GDPDeflator            Implicit price deflator for GDP by value added
%NominalGDPva           GDP by value added (RMB billion)
%NominalRetailGoodsC    Retail sales of consumer goods (RMB billion)
%NominalFAI             Fixed asset investment (RMB billion)
%NominalGDP             GDP by expenditure (RMB billion)
%NominalNetExports      Net exports by expenditure (RMB billion)
%NominalHHC             Household consumption by expenditure (RMB billion)
%NominalGovtC           Government consumption by expenditure (RMB billion)
%NominalGCF             Nominal gross capital formation  (RMB billion)
%NominalInvty           Changes in inventories (RMB billion) 
%NominalGFCF            Gross fixed capital formation with no inventories (RMB billion)
%NominalGovtGFCF     	Gross fixed capital formation: government (RMB billion)		
%NominalPrivGFCF        Gross fixed capital formation: private sector (RMB billion)---excluding government, households, SOEs, and other non-SOEs (joint ventures for example)
%NominalHHGFCF       	Gross fixed capital formation: households (RMB billion)
%NominalSOEGFCF  	      Gross fixed capital formation: SOE (RMB billion)
%NominalSOEexGovtGFCF	Gross fixed capital formation: SOE excluding government (RMB billion)
%NominalNonSOEGFCF	   Gross fixed capital formation: other non-SOE enterprises (RMB billion)			
%NominalBusGFCF         Total business investment (gross fixed capital formation excluding household investment)
%NominalNarOutput       Narrow definition of output NominalBusGFCF + NominalHHC (investment + consumption)
%RatioGFCFPrice2CPI     Relative prices of investment goods (to CPI)
%LaborIncomeShare       Labor income as a share of total value added
%DPI               	   Disposable personal income (RMB billion)
%DPIBeforeTax           Disposable personal income before taxes (RMB billion)
%SavingRate             Saving rate (as a percent of total value added): total
%HHSavingRate           Saving rate (as a percent of total value added): households
%GovtSavingRate         Saving rate (as a percent of total value added): government
%NFESavingRate          Saving rate (as a percent of total value added): non-financial enterprises 
%FISavingRate           Saving rate (as a percent of total value added): financial institutions
%AvgNominalWage         Aggregate average nominal wages
%ratioNewSTLoan         Total short-term new bank loans (including those to financial institutions) as a percent of GDP
%ratioNewMLTLoan        Total medium- and long-term new bank loans (including those to financial institutions) as a percent of GDP
%ratioNewNFESTLoan      Short-term new bank loans to non-financial enterprises as a percent of GDP
%ratioNewNFEMLTLoan     Medium- and long-term new bank loans to non-financial enterprises as a percent of GDP
%logrealHHC             log real household consumption by expenditure (deflated by CPI)
%logrealGovtC           log real government consumption by expenditure (deflated by CPI)
%logrealGCF             log real gross capital formation (deflated by GFCFPriceIndex)
%logrealGFCF            log real gross fixed capital formation (with no inventories) (deflated by GFCFPriceIndex)


%=============================================================================================%
%===================================== Quarterly Data ========================================%
%=============================================================================================%
%Some identities bar numerical rounding errors:
%  NominalGDP       = NominalPrivC + NominalGovtC + NominalGCF+ NominalNetExports
%  NominalGCF       = NominalInvty + NomalGFCF
%  NomalGFCF        = NominalGovtGFCF + NominalPrivGFCF + NominalHHGFCF + NominalSOEexGovtGFCF + NominalNonSOEGFCF
%  NominalBusGFCF   = NominalPrivGFCF + NominalSOEGFCF + NominalNonSOEGFCF  ; 
%  NominalNarOutput = NominalBusGFCF + NominalHHC   
%
%q_dates_data           Quarterly dates with the convention of 1998=1998Q1, 1998.25=1998Q2, 1998.50=1998Q3, 1998.75=1998Q4 etc.
%CPI                    Consumer price index, 1984Q1-2014Q4
%RetailPriceIndex       Retail Price Index, 1986Q1-2014Q4
%FAIPriceIndex          Fixed asset investment price index, 1984Q1-2013Q4
%GFCFPriceIndex         Price index for gross fixed capital formation, 1984Q1-2013Q4
%GDPDeflator            Implicit price deflator for GDP by value added, 1992Q1-2014Q4
%NominalGDPva           GDP by value added (RMB billion), 1992Q1-2014Q4
%NominalRetailGoodsC    Retail sales of consumer goods (RMB billion), 1984Q1-2014Q4
%NominalFAI             Fixed asset investment (RMB billion) by eliminating the 1994Q4 outlier, 1990Q1-2014Q4
%NominalFAIGovt	      Fixed asset investment: government (RMB billion), 1995Q1-2013Q4
%NominalFAIPriv	      Fixed asset investment: private sector excluding SOEs and other non-SOEs (RMB billion), 1995Q1-2013Q4	
%NominalFAISOEexGovt    Fixed asset investment: SOEs excluding government (RMB billion), 1995Q1-2013Q4
%NominalFAINonSOE       Fixed asset investment: other non-SOE enterprises (RMB billion), 1995Q1-2013Q4
%NominalGDP             GDP by expenditure (RMB billion), 1992Q1-2013Q4
%NominalNetExports      Net exports by expenditure (RMB billion), 1992Q1-2013Q4
%NominalExportsGoods    Exports of goods reported by the Chinese customs (RMB million), 1992Q1-2014Q4
%NominalImportsGoods    Imports of goods reported by the Chinese customs (RMB million), 1992Q1-2014Q4
%NominalHHC             Household consumption by expenditure (RMB billion), 1990Q1-2013Q4
%NominalGovtC           Government consumption by expenditure (RMB billion), 1990Q1-2013Q4
%NominalGCF             Nominal gross capital formation  (RMB billion), 1992Q1-2013Q4
%NominalInvty           Changes in inventories (RMB billion), 1992Q1-2013Q4
%NominalGFCF            Gross fixed capital formation with no inventories (RMB billion), 1990Q1-2013Q4
%NominalGovtGFCF     	Gross fixed capital formation: government (RMB billion), 1995Q1-2013Q4
%NominalPrivGFCF        Gross fixed capital formation: private sector (RMB billion)---excluding government, households, SOEs, and other non-SOEs (joint ventures for example), , 1995Q1-2013Q4
%NominalHHGFCF       	Gross fixed capital formation: households (RMB billion), , 1992Q1-2013Q4
%NominalSOEGFCF  	      Gross fixed capital formation: SOE (RMB billion), 1995Q1-2013Q4
%NominalSOEexGovtGFCF	Gross fixed capital formation: SOE excluding government (RMB billion), 1995Q1-2013Q4
%NominalNonSOEGFCF	   Gross fixed capital formation: other non-SOE enterprises (RMB billion), 1995Q1-2013Q4	
%NominalBusGFCF         Total business investment (gross fixed capital formation excluding household investment), 1995Q1-2013Q4
%NominalNarOutput       Narrow definition of output NominalBusGFCF + NominalHHC (investment + consumption), 1995Q1-2013Q4
%RatioGFCFPrice2CPI     Relative prices of investment goods (to CPI), 1984Q1-2013Q4
%LaborIncome            Interpolated labor income with extrapolation in early years, 1996Q1-2014Q3
%LaborIncomeShare       Labor income as a share of total value added, 1996Q1-2014Q3
%LaborCompSumProvinces  Sum of interpolated labor compensations across provinces according to the provincial GDP by income, 1996Q1-2012Q4
%DPI                    Interpolated disposable personal income with extrapolation in early years, 1996Q1-2014Q3
%AvgNominalWage         Aggregate average nominal wages, 1986Q1-2014Q4
%ReserveMoney           Reserve money (RMB billion), 1993Q2-2014Q4
%M0                     M0 (RMB billion), 1990Q2-2014Q4
%M2                     M0 (RMB billion), 1990Q2-2014Q4
%RRR                    Required reserve ratio, 1985Q1-2014Q4
%ARR                    Actual reserve ratio, 1993Q2-2014Q4
%ERR                    Excess reserve ratio, 1993Q2-2014Q4
%R3mDeposit	            Time deposits rate: 3 months, 1989Q2-2015Q1
%R1dRepo	               The spliced series of 1-day repo rate [CEIC ticker CMPAL] and 1-day chibor rate [CEIC ticker CMOAA], 1996Q1-2015Q1
%BankLoansTotal         End-of-quarter financial institution loans outstanding: total, 1978Q4-2014Q4
%BankLoansST            End-of-quarter financial institution loans outstanding: short-term, 1994Q1-2014Q4
%BankLoansMLT           End-of-quarter financial institution loans outstanding: medium and long terms, 1994Q1-2014Q4
%NewBankLoansNFEST  	   New bank loans to non-financial enterprises (RMB billion): short term, 1994Q1-2014Q4
%NewBankLoansNFESTBF	   New bank loans to non-financial enterprises (RMB billion): short term and bill financing, 1994Q1-2014Q4
%NewBankLoansNFEMLT 	   New bank loans to non-financial enterprises (RMB billion): medium and long terms, 1995Q1-2014Q4
%--- The following series are used for the VAR analysis.
%logrealHHC                = log(NominalHHC) - log(CPI)                            ;
%logrealBusI               = log(NominalBusGFCF) - log(GFCFPriceIndex)             ;
%logrealHHC_nipa           = log(NominalHHC) - log(GDPDeflator)                    ;
%logrealBusI_nipa          = log(NominalBusGFCF) - log(GDPDeflator)                ;
%logrealNarrowY_nipa       = log(NominalNarOutput) - log(GDPDeflator)              ; 
%logrealGDP_nipa           = log(NominalGDP) - log(GDPDeflator)                    ; 
%logrealGDP_va             = log(NominalGDPva) - log(GDPDeflator)                  ; 
%logrealLaborIncome        = log(LaborIncome) - log(GDPDeflator)                   ; 
%logrealDPI                = log(DPI) - log(GDPDeflator)                           ; 
%logM2                     = log(M2)                                               ;
%ratioNewLoansNFEST2GDP    = NewBankLoansNFEST ./ NominalGDP                       ;
%ratioNewLoansNFESTBF2GDP  = NewBankLoansNFESTBF ./ NominalGDP                     ;
%ratioNewLoansNFEMLT2GDP   = NewBankLoansNFEMLT ./ NominalGDP                      ;

