Patrick Fève and Jean-Guillaume Sahuc, "In Search of the Transmission 
Mechanism of Fiscal Policy in the Euro Area", Journal of Applied 
Econometrics, Vol. 32, No. 3, 2017, pp. 704-718.

The file fs-data.zip contains two txt files. The file "raw_data.txt"
contains raw data, and the file "transformed_data.txt" contains the
data series employed in the analyses. Both data files are ASCII files
in DOS format. Unix/Linux users should use "unzip -a".

Almost all the series were extracted from the ECB's Area Wide Model
database (Fagan et al., 2005, Economic Modelling), except hours worked
(Ohanian and Raffo, 2012, Journal of Monetary Economics) and the
working age population (OECD Economic Outlook).

Notice that the nominal general government investment and final
consumption expentidure are no longer available in the latest versions
of the AWM database but are now available in the quarterly fiscal
database for the euro area (Paredes et al., 2014, Journal of Policy
Modeling).

Data span from 1980Q1 to 2007Q4 for the raw series.

Below we report the list of the series used and how they were
calculated.


************raw_data.txt*******************

NAME            DESCRIPTION 	

YER	:	Real GDP  	
YED	:	GDP deflator
PCR	:	Real private consumption
PCD	:	Private consumption deflator
GCN	:	Nominal government consumption
GIN	: 	Nominal government investment
ITR	:	Real gross investment 
ITD	:	Gross investment deflator
WRN	:	Nominal wage per head
STN	:	3-months interest rate
POP	:	working age population
Hours	:	Hours worked (calculated as a weighted, by country size,
                average of hours worked for France, Germany and Italy.
		(individual series come from Ohanian and Raffo, 2012,
		Journal of Monetary Economics)


***********transformed_data.txt***************

NAME            	DESCRIPTION

dyobs		:	first difference of 100*ln(YER/POP)
dcobs		:	first difference of 100*ln(PCR*PCD/YED/POP)
diobs		:	first difference of 100*ln((ITR*ITD-GIN)/YED/POP)
dgcobs		:	first difference of 100*ln(GCN/YED/POP)
dwobs		:	first difference of 100*ln(WRN/YED)
hoursobs	:	100*ln(Hours)
inflobs		:	first difference of 100*ln(YED)
robs		:	STN/4