The files in this directory were used to construct returns on 
equity, debt, and capital.  They are described briefly below.
See our appendix for more details.

Ellen McGrattan
12-29-02


  File                      Brief Description and Sources
  -----------               --------------------------------------------------
  retstk.dat                Total return on large company stocks:
                              1871-1925, most of stocks on NYSE
                              1926-1956, S&P 90
                              1957-2002, S&P 500
                            Sources:
                              1871-1925, Cowles Common Stock Indexes
                              1926-2001, Ibbotson Associates, SBBI yearbook
                              2002,      www.spglobal.com

  yldstk.dat                Income return on large company stocks:
                              income part of total return in retstk

  cpiinf.dat                Cpi inflation rate:
                              1871-1925, all items
                              1826-2002, all urban consumers, dec/dec
                            Sources:
                              1871-1925, Historical Statistics to 1970, E135
                              1926-2001, Ibbotson Associates, SBBI yearbook
                              2002,      www.bls.gov/cpi (last year: nov/nov) 

  retcorp.dat               High-grade Moody's Aaa Corporate bond yields
                            Source: Board of Governors

  retmuni.dat               High-grade Municipal bond yields
                              1871-1899, New England high-grade, long-term
                              1900-1970, S&P high-grade, long-term
                              1971-2002, Moody's Aaa
                            Sources:
                              1871-1918, Homer and Sylla (1991)
                              1919-2002, Board of Governors

  taud1040.dat              Tax rate on dividend income reported on 1040
                              1871-1912, zero rate 
                              1913-1915, 1916 rate * ratio of tax revenues
                              1916-1954, found by running tax.m in ../soi
                              1955-1965, McGrattan and Prescott (2002)
                              1965-1999, Taxsim results
                              2000-2002, used 1999 estimate

  efundcost.dat             Total shareholder cost for equity mutual funds
                            Source: Investment Company Institute 

  nipar.dat                 Return on noncorporate NIPA capital
                            Source: found by running niparet.m in ../nipa

  slfactor.dat              Ratio of Total Personal Income Tax Receipts 
                              to Federal Personal Income Tax Receipts
                            Source: NIPA Tables 3.2 and 3.3

  ntfactor.dat              Fraction of equity that is taxed
                            Source: McGrattan and Prescott (2002) who
                                    calculate this with FOF Tables