Morten O. Ravn, "Permanent and Transitory Shocks and the
UK Business Cycle", Journal of Applied Econometrics, Vol. 12, No. 1, 
1997, pp. 27-48.

Documentation for Data in data.mor

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All data are quarterly observations and were obtained from the
Datastream database. The output components and employment data
were taken from the national government series section while
the hours per worker was obtained from the OECD main indicators
section. The data are ordered by observation and covers the sample
period 1962 Q1 - 1995 Q4. All series are seasonally adjusted
from the source unless otherwise stated. The series relate to
the United Kingdom except "Hours per Worker" which is for GB.
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The columns of the data set are:

Column 1 = date (0=quarter 1, 0.25=quarter 2 etc.).

Column 2 = private consumption of non-durables
and services, constant prices.

Column 3 = private sector total investment defined
as the sum of private consumption of durables, private
sector fixed capital formation, and private sector change
in stocks and work in progress. Constant prices.

Column 4 = private sector output defined as sum of
columns 2 and 3.

Column 5 = total hours worked. This series is defined
as the product of employment and hours per worker. Employment
is defined as the sum of employees in employment and
selfemployment This series was seasonally adjusted using three
quarterly dummies. Hours per worker relates to average weekly hours
in manufacturing in Great Britain. The datastream series (index)
was converted into hours per quarter corrected for an outlier
at 1974 Q1.

Column 6 = average labor productivity. This series is defined
as column 4 divided by column 5.

Column 7 = inventory stock. This series was obtained by adding
inventory changes to an initial estimate on the inventory stock. The
initial estimate was set equal to 60 percent of private output
in 1955 Q1.