The Jordà-Schularick-Taylor Macrohistory Database is the result of an extensive data collection effort over several years. In one place it brings together macroeconomic data that previously had been dispersed across a variety of sources. On this website we provide convenient no-cost open access under a license to the most extensive long-run macro-financial dataset to date. Commercial data providers are strictly forbidden to integrate all or parts of the dataset into their services or sell the data (see Terms of Use and Licence Terms below).

The database covers 17 advanced economies since 1870 on an annual basis. It comprises 25 real and nominal variables. Among these, there are time series that had been hitherto unavailable to researchers, among them financial variables such as bank credit to the non-financial private sector, mortgage lending and long-term house prices. The database captures the near-universe of advanced-country macroeconomic and asset price dynamics, covering on average over 90 percent of advanced-economy output and over 50 percent of world output.

Assembling the database, we relied on the input from colleagues, coauthors and doctoral students in many countries, and consulted a broad range of historical sources and various publications of statistical offices and central banks. For some countries we extended existing data series, for others we relied on recent data collection efforts by others. Yet in a non-negligible number of cases we had to go back to archival sources including documents from governments, central banks, and private banks. Typically, we combined information from various sources and spliced series to create long-run datasets spanning the entire 1870–2014 period for the first time. The table below lists the available series.



Download Data

Access the full dataset: Stata (version 14; otherwise import from Excel); Excel.

Users may directly load the full datset into Stata over the internet via the command: use http://macrohistory.net/JST/JSTdatasetR2.dta

The selective datasets below can be directly loaded in the same way.
 
Selective data access:
Dataset
Variables included
Download
Real Economy
Nominal GDP (local currency), Real GDP per capita (PPP), Real GDP per capita (index, 2005=100), Real Consumption per capita (index, 2006=100), Investment-to-GDP Ratio, Population xls,dta
International

Current Account (nominal, local currency), Imports (nominal, local currency), Exports (nominal, local currency), USD Exchange Rate (local currency/USD) xls, dta
Government Government Revenue (nominal, local currency), Government Expenditure (nominal, local currency), Public Debt-to-GDP Ratio xls, dta
Money, Prices & Interest Rates
Narrow Money (nominal, local currency), Broad Money (nominal, local currency), Short-term Interest Rate (nominal, percent per year), Long-term Interest Rates (nominal, percent per year), Consumer Prices (index, 1990=100) xls, dta
Credit Data
Total Loans to Non-financial Private Sector (nominal, local currency), Mortgage Loans to Non-financial Private Sector (nominal, local currency), Total Loans to Households (nominal, local currency), Total Loans to Business (nominal, local currency) xls, dta
Asset Prices
House Prices (index, 1990=100), Stock Prices (index, 1990=100) xls, dta
Crisis Dates
Systemic Financial Crisis (0-1 dummy) xls, dta

How to cite the Jordà-Schularick-Taylor Macrohistory Database

Under the terms of use, any information taken directly or indirectly from this source should be cited as “Òscar Jordà, Moritz Schularick, and Alan M. Taylor. 2017. “Macrofinancial History and the New Business Cycle Facts.” in NBER Macroeconomics Annual 2016, volume 31, edited by Martin Eichenbaum and Jonathan A. Parker. Chicago: University of Chicago Press." Those using the house price indices should also cite the following paper as a source: "Katharina Knoll, Moritz Schularick, and Thomas Steger. No Price Like Home: Global House Prices, 1870–2012. American Economic Review. Forthcoming."

We advise making explicit reference to the date when the database was consulted, as statistics are subject to revisions.


Documentation

More details about the data construction appear in an extensive 100-page documentation file, which also acknowledges the support we received from many colleagues all over the world.

Documentation (pdf)


Research using the Jordà-Schularick-Taylor Macrohistory Database

Several papers have developed and used the database in the past. Among them are the following:

Katharina Knoll, Moritz Schularick, and Thomas Steger. 2016. "No Price Like Home: Global House Prices 1870-2012," American Economic Review (forthcoming).

Manuel Funke, Moritz Schularick, and Christoph Trebesch. 2016. "Going to Extremes: Politics after Financial Crises, 1870–2014," European Economic Review (forthcoming).

Òscar Jordà, Moritz Schularick, and Alan M. Taylor. 2016. "The Great Mortgaging: Housing Finance, Crises, and Business Cycles," Economic Policy 31(85): 107-115.

Òscar Jordà, Moritz Schularick, and Alan M. Taylor. 2016. "Sovereigns versus Banks: Credit, Crises, and Consequences," Journal of the European Economic Association 14(1): 45-79.

Òscar Jordà, Moritz Schularick, and Alan M. Taylor. 2015. "Leveraged Bubbles," Journal of Monetary Economics 76: S1-S20.

Òscar Jordà, Moritz Schularick, and Alan M. Taylor. 2015. "Betting the House," Journal of International Economics 96(S1): S2-S18

Òscar Jordà, Moritz Schularick, and Alan M. Taylor. 2013. "When Credit Bites Back," Journal of Money, Credit and Banking 45(s2): 3-28.

Moritz Schularick and Alan M. Taylor. 2013. "Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008," American Economic Review 102(2): 1029-1061.


Contact

For questions, comments or suggestions about the data or webpage, please contact us at macrohistory@uni-bonn.de.

Òscar Jordà

Federal Reserve Bank of

San Francisco, UC Davis

Moritz Schularick

University of Bonn, CEPR

Alan M. Taylor

UC Davis, NBER, CEPR


Terms of Use for this Dataset

On this website we provide no-cost open access under a license to an extensive long-run macrofinancial dataset.

This dataset was developed over many years with the generous financial support of the Institute for New Economic Thinking, the Volkswagen Foundation, and the German Federal Ministry of Education and Research. We also thank our home institutions where we have conducted our research. Consistent with the terms of the support we have received from all of these organizations, our dataset is being made freely available in this noncommercial form.

We grant every user at no cost a license (see below) to use and/or share the licensed material, in whole or in part, provided that it is for non-commercial (e.g., academic) purposes, provided that our dataset is properly attributed and cited to credit the authors, and provided that it may only be shared under identical license terms. Commercial data providers are thus strictly forbidden to integrate all or parts of the dataset into their services and/or resell the data.


Licence Terms

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All users of this work agree to the terms of a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. The  detailed terms of this license can be found here.

To comply with the attribution requirement in the license, whenever it is used the dataset must be cited as follows:

Òscar Jordà, Moritz Schularick, and Alan M. Taylor. 2017. “Macrofinancial History and the New Business Cycle Facts.” NBER Macroeconomics Annual 2016, volume 31, edited by Martin Eichenbaum and Jonathan A. Parker. Chicago: University of Chicago Press.

Those using the house price indices should also cite the following paper as a source: "Katharina Knoll, Moritz Schularick, and Thomas Steger. No Price Like Home: Global House Prices, 1870–2012. American Economic Review. Forthcoming."

We advise making explicit reference to the date when the database was consulted, as statistics are subject to revisions.

Detailed terms of licence.


Acknowledgements

The Jordà-Schularick-Taylor Macrohistory Database would not have come into being without the dedication of doctoral students, research assistants, the generosity of many colleagues at universities, central banks, and historical archives. We are particularly grateful to Felix Ward (Bonn Graduate School of Economics) and Niklas Flamang (Stanford) for coordinating work on the database at various stages of the project.

In order of countries, we are grateful to:

Belgium: Willy Bieseman, National Bank of Belgium, René Brion, BNPParibas, Erik Buyst, University of Leuven, Els Demuynck, Vlaamse overhead, Daisy Dillens, National Bank of Belgium, Guy Lambrechts, Vlaamse overheid, Ivo Maes, National Bank of Belgium, Jean-Louis Moreau, BNPParibas, Viviane De Pré, National Bank of Belgium, Erik Vloeberghs, Statistics Belgium, Paul de Wael, STADIM, Christopher Warisse, National Bank of Belgium.

Canada: Debra Conner, Canadian Housing Information Centre, Gregory Klump, CREA, Marvin McInnis, Queens University.

Denmark: Kim P. Abildgren, Danmarks Nationalbank, Rune Egstrup, Danmarks Nationalbank, ina Saaby Hvolbøl, Danmarks Nationalbank, Finn Østrup, Copenhagen Business School, Kevin O’Rourke, University of Oxford.

Finland: Soile Hakonen, Library of the Bank of Finland, Risto Herrala, Bank of Finland, Riita Hjerppe, University of Helsinki, Petri Kettunen, Statistics Finland, Kari Leväinen, Helsinki University of Technology, Susanna Lindström, Bank of Finland, Marketta Lukkari, Statistics Finland, Tiina Skogberg, Library of the Bank of Finland, Essi Tamminen, Bank of Finland, Anja Törmä, Statistics Finland, Information Service of the Library of Statistics, Hannele Turunen, Bank of Finland, Juhani Väänänen, National Land Survey of Finland, Mika Vaihekoski, University of Turku.

France: Patrice Baubeau, Université Paris Ouest Nanterre, Sabine Effosse, Université Francois Rabelais Tours, Jacques Friggit, CGEDD, Frederik Grélard, Banque de France, Pierre-Cyrille Hautcoeur, EHESS, Eric Monnet, Banque de France.

Germany: Jens Conrad, Bundesbank, Karin Fitzner, Bundesbank, Peter Gleber, Bundesverband der Deutschen Volksbanken und Raiffeisenbanken, Petra Hauck, Statistisches Bundesamt, Carl-Ludwig Holtfrerich, Freie Universität Berlin, Alexander Nützenadel, Humboldt Universität Berlin, Albrecht Ritschl, London School of Economics, Thorsten Weber, Sparkassenhistorisches Dokumentationszentrum, Ulrich Weber, Hoschule Anhalt, Nikolaus Wolf, Humboldt Universität Berlin.

Italy: Riccardo De Bonis, Banca d’Italia, Sergio Cardarelli, Banca d’Italia, Silvia Giacinti, Banca d’Italia, Alfredo Gigliobianco, Banca d’Italia, Andrea Mercatanti, Banca d’Italia.

Japan: John James, University of Virginia, Makoto Kasuya, University of Tokyo, Ryoji Koike, Bank of Japan, Magdalena Korb, KfW, Yuzuru Kumon, UC Davis, Masato Shizume, Bank of Japan.

Netherlands: Ferry Lapré, Statistics Netherlands, Alfred Moest, Library Statistics Netherlands, Marjan Peppelmann, BDB, Tijmen Swank, Dutch National Bank.

Norway: Roger Bjornstad, Samfunnsøkonomisk analyse, Einar Thorsrud Lømo, Statistics Norway, Kari Pedersen, Statistics Norway, and Trond Amund Steinset, Statistics Norway.

Portugal: Rui Alpalhão, ISCTE Business School, Jaime Reis, University of Lisbon, Nuno Valério, Technical University of Lisbon.

Spain: Pablo Martin Acena, University of Alcana.

Sweden: Johannes Andersson, Statistics Sweden, Daniel Waldenström, Uppsala University.

Switzerland: Christoph Enzler, Bundesamt für Wohnungswesen, Joel Floris, University of Zurich, Franz Murbach, Bundesamt für Statistik, Iso Schmid, Agristat, Annika Steiner, Wüest und Partner, Peter Steiner, Eidgenössische Finanzverwaltung, Robert Weinert, Wüest und Partner, Martin Zehnder, Swiss National Bank.

United Kingdom: Amanda Bell, Office for National Statistics, Colin Beattie, London School of Economics, Defra Krieghoff, London School of Economics, Niels Krieghoff, London School of Economics, Peter Mayer, Land Registry, Joshua Miller, RICS, Neil Monnery, Ashridge Strategic Management Centre, Ryland Thomas, Bank of England.

United States: Kris Mitchener, Santa Clara, Jonathan D. Rose, Board of Governors of the Federal Reserve System, Kenneth Snowden, University of North Carolina Greensboro.

Various countries: Lars Jonung, Lund University School of Economics and Management, Lyndon Craig Moore, University of Melbourne.

Doctoral students and postdocs: Katharina Knoll, Dmitry Kuvshinov, Björn Richter, Kaspar Zimmermann.

Research assistants: Francisco Amaral, João Azevedo, Felipe Benguria, Stephanie Feser, Larissa Fuchs, Nina Furbach, Corinna Kohl, Sarah Leitner, Sandra Matuschke, Manuel Peter, Laura Puglisi, Karthik Reddy, Mario Richarz, Mandy Skierlo, Lucie Stoppok, Marco Wyzietzki.