Martin Kliem, Alexander Kriwoluzky, and Samad Sarferaz, "On the 
Low-frequency Relationship between Public Deficits and Inflation", 
Journal of Applied Econometrics, Vol. 31, No. 3, 2016, pp. 566-583.

The data used in the paper are at quarterly frequency and are contained 
in the file data-kks.txt, which is zipped in data-kks.zip. The series 
were obtained from the FRED II database of the Federal Reserve Bank of 
St. Louis, from Balke and Gordon (1986), and from Bohn (2008). The 
sample spans the period 1876Q1 to 2011Q4 (544 observations).

The data matrix contained in data-kks.txt is structured as follows.
The first column is primary deficits over debt, the second column real
output growth, the third column inflation, the fourth column nominal
interest rates, and the fifth column money growth.  

The annual series for primary deficit and government debt held by the
public are taken from Bohn (2008). The annual data are converted to
quarterly data using the cubic-spline approach.  Real output growth is
defined as year-to-year first differences of the logarithm of real
GDP. From 1947Q1 onward, real GDP (in chained 2005 dollars) is taken
from the FRED II database of the Federal Reserve Bank of St. Louis.

For the period before 1947, we employ the growth rates of the real GNP
series provided by Balke and Gordon (1986) to construct the time
series. Inflation is measured as year-to-year first differences of the
logarithmic GDP deflator, where the data is taken from the FRED II
database starting in 1947Q1 and from Balke and Gordon (1986) before
then. The nominal interest rate is defined as the six-month commercial
paper rate given by Balke and Gordon (1986) for the period from 1875Q1
until 1981Q4. From 1982Q1 onward, we use the quarterly averages of the
weekly six-month Treasury Constant Maturity Rate available on the FRED
II database. We apply the same procedure used for real output growth
to the M2 stock series from the FRED II database starting in 1959Q1 to
construct money growth. 

*****

Balke, N. and R. J. Gordon (1986). Appendix b historical data, in The
American Business Cycle: Continuity and Change, NBER Chapters, pp.
781--850. National Bureau of Economic Research, Inc.

Bohn, H. (2008). "The Sustainability of Fiscal Policy in the United
States," in Sustainability of Public Debt, ed. R. Neck and J. Sturm,
MIT Press, pp.15--49.