Calendar year average. This series was constructed by the Bank of England as part of the Three Centuries of Macroeconomic Data project by combining data from a number of academic and official sources. For more information, please refer to the Three Centuries spreadsheet at https://www.bankofengland.co.uk/statistics/research-datasets. Users are advised to check the underlying assumptions behind this series in the relevant worksheets of the spreadsheet. In many cases alternative assumptions might be appropriate. Users are permitted to reproduce this series in their own work as it represents Bank calculations and manipulations of underlying series that are the copyright of the Bank of England provided that underlying sources are cited appropriately. For appropriate citation please see the Three Centuries spreadsheet for guidance and a list of the underlying sources.

Quarterly average. This series was constructed by the Bank of England as part of the Three Centuries of Macroeconomic Data project by combining data from a number of academic and official sources. For more information, please refer to the Three Centuries spreadsheet at https://www.bankofengland.co.uk/statistics/research-datasets. Users are advised to check the underlying assumptions behind this series in the relevant worksheets of the spreadsheet. In many cases alternative assumptions might be appropriate. Users are permitted to reproduce this series in their own work as it represents Bank calculations and manipulations of underlying series that are the copyright of the Bank of England provided that underlying sources are cited appropriately. For appropriate citation please see the Three Centuries spreadsheet for guidance and a list of the underlying sources.

This series was constructed by the Bank of England as part of the Three Centuries of Macroeconomic Data project by combining data from a number of academic and official sources. For more information, please refer to the Three Centuries spreadsheet at https://www.bankofengland.co.uk/statistics/research-datasets. Users are advised to check the underlying assumptions behind this series in the relevant worksheets of the spreadsheet. In many cases alternative assumptions might be appropriate. Users are permitted to reproduce this series in their own work as it represents Bank calculations and manipulations of underlying series that are the copyright of the Bank of England provided that underlying sources are cited appropriately. For appropriate citation please see the Three Centuries spreadsheet for guidance and a list of the underlying sources.

Series Is Presented Here As Three Variables--(1)--Original Data, 1840-1852 (2)--Original Data, 1852-1888 (3)--Original Data, 1888-1938. Source: Annual Register This NBER data series m13041a appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13041a

Series Is Presented Here As Three Variables--(1)--Original Data, 1840-1852 (2)--Original Data, 1852-1888 (3)--Original Data, 1888-1938. Source: Statistical Abstract For The United Kingdom This NBER data series m13041b appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13041b

Data Are Adjusted For Economic Drift. Source: F.R. Macaulay, The Movement Of Interest Rates, Bond Yields, And Stock Prices In The United States Since 1856 (NBER, 1938), Appendix Table 10, Pp. A142-A161. This NBER data series m13019 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13019

Source: F.R. Macaulay, The Movements Of Interest Rates, Bond Yields, And Stock Prices In The United States Since 1856, (NBER No. 33, 1938), Table 13, Pp. A174-A176. This NBER data series q13020 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: q13020

Data Are For All Bonds Having At Least Ten Years Maturity, Based On Arithemetic Average Yields. Data For December 1914 Were Obtained By A Linear Interpolation Between July And December. Source: F.R. Macaulay, The Movement Of Interest Rates, Bond Yields, And Stock Prices In The United States Since 1856 (NBER, 1938), Appendix Table 10, Col. 4, P. A142 And Following Pages. This NBER data series m13019a appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13019a

Data Are Adjusted For Trend And Economic Drift. Source: F.R. Macaulay, The Movement Of Interest Rates, Bond Yields, And Stock Prices In The United States Since 1856 (NBER, 1938), Appendix Table 10, Pp. A142-A161. This NBER data series m13019b appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13019b

Source: U.S. Department Of Agriculture, Agricultural Statistics, 1941, 1942, 1950; Crop Production, 1951: Annual Summary. This NBER data series a01296 appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01296

Twelve Crops Are Wheat, Oats, Cotton, Potatoes, Corn, Barley, Buckwheat, Tame Hay, Rye, Tobacco, Sweet Potatoes, And Flaxseed. Bureau Of Agricultural Economics, Index Of Production For Twelve Crops, (Same As For Series 01005A) Divided By Acreage Harvested Twelve Crops, And Converted To 1935-1939 Base. Source: U.S. Department Of Agriculture, Agricultural Statistics, 1941; 1942, 1945. This NBER data series a01297 appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01297

Source: U.S. Department Of Agriculture, Bureau Of Agricultural Economics, Agricultural Statistics, 1937; 1939; 1941; 1942; 1950; And Crop Reporting Board, Crop Production, 1951 Annual Summary, December 1951; Crop Production, Mimeographed Release. This NBER data series a01037g appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01037g

Source: U.S. Department Of Agriculture, Agricultural Statistics 1941, 1942, 1950; Crop Production, 1951 Annual Summary, December 1951; Crop Prouction, Mimeograph Release Of Crop Reporting Board. This NBER data series a01037h appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01037h

Source: U.S. Department Of Agriculture, Bureau Of Agricultural Economics, Agricultural Statistics, 1937; 1939; 1941; 1942; 1950; Crop Reporting Board, Crop Production: 1951 Annual Summary, December 1951; Crop Production, Mimeographed Release. This NBER data series a01037i appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01037i

Source: U.S. Department Of Agriculture, Bureau Of Agricultural Economics, Agricultural Statistics, 1941; 1942; 1950; Crop Reporting Board, Crop Production, 1951 Annual Summary, December 1951; Crop Producton, Mimeographed Release. This NBER data series a01037j appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01037j

See Also U.S.D.A."Special Report On Revised Estimates Of United States Cotton Acreage And Yield, 1866-1931", May 10, 1933. Source: U.S. Department Of Agriculture, Agricultural Statistics, 1941, 1942, 1950; Crop Production: 1951 Annual Summary, December 1951; Crop Production Mimeograph Release Of Crop Reporting Board. This NBER data series a01037k appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01037k

Series Is Presented Here As Three Variables--(1)--Original Data, 1870-1813 (2)--Original Data, 1924-1931 (3)--Original Data, 1926-1935. The Figure For November 1903 Was Given In Source As 2.54, But Is Presented Heer As 3.54; The Figure For December 1903 Was Given In Source As 2.53, But Is Given Here As 3.53. NBER Provides No Explanation. Source: Institut Of Konjunkturforschung, Viertilsjahrshefte Zur Konjunkturforschung, Sosderkeft 36, Pp. 98-99. This NBER data series m13028a appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13028a

Earnings Is Refered To As Earnings Price Ratio In The Source. Source: Cowles Commission For Research In Economics, Monograph No. 3, Common Stock Indexes, 1939, Table R-1, P. 404-405. This NBER data series a13049 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: a13049

Series 13046 Is Presented Here As Two Variables--(1)--Original Data, 1871-1938 (2)--Original Data, 1926-1969. The Rates Represent Expected Annual Dividend Payments Divided By Total Stock Vallues For Each Month. The Stock Exchange Was Closed August-November Of 1914, Therefore Data Was Interpolated. Source: Alfred Cowles Iii And Associates, Commonstock Indexes, Second Edition, 1939. This NBER data series m13046a appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13046a

The Figures Are For June Of Original Data This Series Is Unadjusted For Trend Source: F.R. Macaulay, The Movements Of Interest Rates, Bond Yields And Stock Prices In The U.S. Since 1956, NBER Publication #33, New York City, 1938, Appendix--Table 27. This NBER data series a12018g appears on the NBER website in Chapter 12 at http://www.nber.org/databases/macrohistory/contents/chapter12.html. NBER Indicator: a12018g

Series Is Presented Here As Three Variables--(1)--Original Data, 1840-1852 (2)--Original Data, 1852-1888 (3)--Original Data, 1888-1938. Data For 1888-March 1903 Are Yield Of 2.75% Consols; Data For April 1903-1938 Are Yield Of 2.5% Consols. The Figure For April 1903 Was Computed As The Weighted Mean Of The Average Yield Of 2.75% Consols For April 1-4; And The Average Yield Of 2.5% Consols For April 6-30. Source: Statistical Abstract For The United Kingdom This NBER data series m13041c appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13041c

According To The 1928 Journal De La Societe De Statistique, In 1913 The Average Net Yield Equalled 3.78% For A Portfolio Of 180 Securities Of Varying Return. Starting From This Yield And Using The Monthly Index Of Security Prices And Earnings On The Base 1913=100, The Net Yield For Each Month Of The Period Examined Was Calculated. Data For 1932-1935 Are Listed In The Source Under "France. Banque; Valeurs..." On The Second Page Of Each Bulletin, Under The General Heading "Indices Economiques". Source: Statistique Generale, Data For 1898-1914: Jean Dessirier In Journal De La Societe De Statistique De Paris, February 1929, Pp. 80-83. Data For 1919-1931: Indices Generaux Du Movement Economique En France De 1901 A 1931, Pp. 143-145, 160. Data For 1932-1939: Bulletin De La Statistique Generale. This NBER data series m13027 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13027

Source: Standard And Poor'S Corporation, Data For 1900-1928: Standard Statistics Co., Base Book; Standard Statistical Bulletin, January 1932, P. 125. Data For 1929-1967: Computed By NBER By Taking A Simple Average Of Four Series, All Based On Standard And Poor'S Data -- Series 13023 (Municipal Bonds); Series 13024 (Railroad Bonds); Series 13025 (Public Utilities); Series 13026 (Industrial Bonds). This NBER data series m13021 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13021

An Arithmetic Average Of The Yield To Maturity On Each Issue Is Based On The Mean Of Monthly High And Low Prices. Beginning January 3, 1929, The Average Yield Is Computed From Thursday'S Closing Prices, The Monthly Index Consisting Of An Average Of The Four Or Five Weekly Indexes For The Month. Beginning April 30, 1930, Wednesday'S Closing Prices Are Used And The Average For The Month Is Taken As Before. Source: Standard And Poor'S Corporation, Data For 1900-1940: "Long Term Security Price Index Record (Through December 31, 1940)", Pp. 137-138. Data For 1941-1942: "Security Price Index Record: 1941 & 1942", P. 16. Data For 1943-1951: "Security Price Index Record", 1952 Edition, P. 175 (Also See 1957 Edition And 1959 Supplement To 1957 Edition). Data For 1952-1967: Current Statistics, July 1952, And Following Monthly Issues. This NBER data series m13023 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13023

Data For 1900-1928 Are Based Upon The Mean Of The Monthly High And Low Price Of Five High Grade Bonds. Data For 1929-1937 Are Based Upon A Varying Group Of A1+ Bonds, One Price Monthly Being Used. Data Beginning April 1937 Are Based On The Average Of The Four Or Five Weekly A1+ Indexes. The Yield To Maturity Has Been Used. Missing Data For August-October 1914 Is Due To The Stock Exchange Closing. Source: Standard And Poor'S, Data For 1900-1946: "Long Term Security Price Index Record (Through December 31, 1940)", P. 128;"Security Price Record: 1941 And 1943", P. 13;"Current Statistics Combined With Basic Statistics", 1944-1946. Data For 1947: "Statistics: Security Price Index Record", 1948 Edition, P. 134. Data For 1948-1950: "Current Statistics Combined With Basic Statistics", January Issues Of 1949-1950. Data For 1951-1963: "Current Statistics", February 1952 And Successive Issues. This NBER data series m13024 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13024

Data For 1900-1928 Are Based Upon The Mean Of The Monthly High And Low Price Of Five High Grade Bonds. Data For 1929-1937 Are Based Upon A Varying Group Of A1+ Bonds, One Price Monthly Being Used. Data Beginning April 1937 Are Based On The Average Of The Four Or Five Weekly A1+ Indexes. The Yield To Maturity Has Been Used. Missing Data For August-October 1914 Is Due To The Stock Exchange Closing. Source: Standard And Poor'S, Data For 1900-1946: "Long Term Security Price Index Record (Through December 31, 1940)", P. 128;"Security Price Record: 1941 And 1943", P. 13;"Current Statistics Combined With Basic Statistics", 1944-1946. Data For 1947: "Statistics: Security Price Index Record", 1948 Edition, P. 134. Data For 1948-1950: "Current Statistics Combined With Basic Statistics", January Issues Of 1949-1950. Data For 1951-1963: "Current Statistics", February 1952 And Successive Issues. This NBER data series m13025 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13025

From January 1900-December 1928, These Indexes Are Based Upon The Mean Of The Monthly High-Low Price Of Forty-Five High Grade Corporate Bonds. From January 1929-March 1937 The Indexes Have Been Based Upon A Varying Group Of Aaa Bonds, One Price Monthly (First Of Month) Being Used. Beginning April 1937 To Date The Average Is Of The Four Or Five Weekly Aaa Indexes. The Lack Of Data For August-November 1914 Is Due To The Stock Exchange Being Closed. Source: Standard And Poor'S, Data For 1900-1942: Security Price Index Record. Data For 1943-1972: Current Statistics Combined With Basic Statistics; Also Trade And Securities. This NBER data series m13026 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13026

Data For August-November 1914 Was Straight Line Interpolated Since The Exchange Was Closed. Source: Standard And Poor'S, Trade And Securities Statistics: Security Price Index Record, 1964; Current Statistics, March 1964. This NBER data series m13048 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13048

The Composite Mill Net Yield Index Represents The Amount Per Ton Received By U.S. Steel Corporation Subsidiaries (After Deduction Of Cost Of Delivery) On A Representative Constant Assortment Of All Principal Products, Relative To 1926. Source: Confidential Reports To Tnec From The U.S. Steel Corporation This NBER data series m04140 appears on the NBER website in Chapter 4 at http://www.nber.org/databases/macrohistory/contents/chapter04.html. NBER Indicator: m04140

Historical dates of changes and rates.

Source: Dow Jones This NBER data series m13022 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13022

The Rate Shown For Each Month Is The Average Of The Loan Rates Of The Twelve Banks, No Weight Being Given To The Number Of Loans Closed At The Various Rates. When A Change Of Rate Occurred During A Month, The Bank'S Average Rates For That Month Was Obtained By Weighting By The Number Of Business Days It Was In Force. Source: Data For 1917-1934: Letter From The Farm Credit Administration, Washington, D.C., January 4, 1935. Data For 1935-1944: U.S. Department Of Commerce, Survey Of Current Business, 1938 Annual Supplement, P. 56, 1940, P. 56, And Successive Issues. This NBER data series m13008 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13008

Data Are For Acreage For Harvest. Source: U.S. Department Of Agriculture, Agricultural Statistics, 1942; 1950; 1951. This NBER data series a01287 appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01287

Data Are For Acreage Harvested. Source: U.S. Department Of Agriculture, Agricultural Statistics, 1942, 1950, 1951. This NBER data series a01290 appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01290

Data Refers To Acreage Harvested. Source: U.S. Department Of Agriculture, Agricultural Statistics, 1942; 1950; 1951. This NBER data series a01293 appears on the NBER website in Chapter 1 at http://www.nber.org/databases/macrohistory/contents/chapter01.html. NBER Indicator: a01293

Data Refer To Aaa Grade Bonds. Data Were Checked In Part With Annual Averages, In Federal Reserve Bulletins, Annual Reports Of The Federal Reserve Board, And Moody'S Industrials. The Survey Of Current Business Is The Only Source That Publishes The Series In Its Entirety; Moody'S Bond Survey Publishes Only The Daily Data From Which The Monthly Series Is Made Up. Data For 1919-1941 Can Also Be Found In The Federal Reserve Board'S "Banking And Monetary Statistics", 1943. Source: U.S. Department Of Commerce, Survey Of Current Business, November 1937, P. 19 And Successive Issues. This NBER data series m13035 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13035

Data Refer To Baa Grade Bonds. Data Were Checked In Part With Annual Averages In Federal Reserve Bulletins, Annual Reports Of The Federal Reserve Board, And Moody'S Industrials. The Survey Of Current Business Is The Only Source That Publishes The Series In Its Entirety. Moody'S Bond Survey Publishes Only The Daily Figures From Which The Monthly Series Is Made Up. Moody'S Is The Original Collecter Of The Data. Source: U.S Department Of Commerce, Survey Of Current Business, November 1937, P. 19 And Following Issues. This NBER data series m13036 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13036

Series Is Presented Here As Two Variables--(1)--Original Data, 1919-1944 (2)--Original Data, 1941-1967. Data Were Computed By The Average Of Daily Figures. Data Include Yields In The Partially Tax Exempt Catagory; Data For 1919-1925 Are Callable After Eight Years; Data For 1926-1944, After Twelve Years. Data For 1919-October 15, 1925 Also Include Certain Liberty Loan Issues. Source: Federal Reserve Bulletin, December 1938, P. 1045 And Following Monthly Issues Through March 1944 (Checked With U.S. Department Of Commerce, Survey Of Current Business, March 1939, P. 18, And Following Issues). This NBER data series m13033a appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13033a

Series Is Presented Here As Two Variables--(1)--Original Data, 1919-1930 (2)--Original Data, 1925-1934. Data For 1919-1922 Computed On The Last Day Of The Month; Data For 1923-1930 Were Computed At The Middle Of The Month. Source: London And Cambridge Economic Service, Monthly Bulletins Of January 1923, P. 11 (For 1919-1921 Data), April 1925, P. 17, And Following Issues. This NBER data series m13034a appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13034a

Averages of daily figures. The Federal Reserve Board has discontinued this series. For more information, please refer to the Technical Q&As (https://www.federalreserve.gov/releases/h15/h15_technical_qa.htm) for the H.15 Statistical Release.

Averages of daily figures. The Federal Reserve Board has discontinued this series. For more information, please refer to the Technical Q&As (https://www.federalreserve.gov/releases/h15/h15_technical_qa.htm) for the H.15 Statistical Release.

Series Is Presented Here As Two Variables--(1)--Original Data, 1920-1934 (2)--Original Data, 1931-1969. Data For 1920-March 1934 Are For The Average Daily Figures For U.S. Treasury Three-Six Month Notes And Certificates. Beginning February 1931, Data Are Averages Of Weekly Rates Discount On New Treasury Three Month Bills. Data For 1920-1921 Are For Average Daily Figures For The Week Nearest The 15Th Of The Month. Data For April-June 1928 Are Based On Certificates Of Six To Nine Months Maturity. Source: Direct From The The Federal Reserve Board; Also Banking And Monetary Statistics, P. 460. This NBER data series m13029a appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13029a

Series Is Presented Here As Three Variables--(1)--Original Data, 1870-1813 (2)--Original Data, 1924-1931 (3)--Original Data, 1926-1935. Data Refer To Simple Average Yield Of Gold Mortgage Bonds With Nominal Interest Rates Of 5, 6, 7, 8, And 10%. Each Group Is An Average Of Ten Bonds (Except In 1926, When The 6% Group Is An Average Of Four Bonds, And In 1927, When The 10% Group Is An Average Of Eight Bonds). Sometimes Figures Are Published Without Indicating The Number Of Bonds. Source: Wirtschaft Und Statistik, 1925, P. 207, And Following Issues. This NBER data series m13028b appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13028b

Series Is Presented Here As Two Variables--(1)--Original Data, 1919-1930 (2)--Original Data, 1925-1934. Data Were Computed At The Middle Of The Month. Source: London And Cambridge Economic Service, Special Memorandum No. 33, January 1931, P. 13, And Following Monthly Bulletins. This NBER data series m13034b appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13034b

Unweighted average on all outstanding bonds neither due nor callable in less than 10 years.

Averages of daily figures. The Federal Reserve Board has discontinued this series. For more information see the H.15 Statistical Release (https://www.federalreserve.gov/releases/h15/default.htm).

Series Is Presented Here As Three Variables--(1)--Original Data, 1870-1813 (2)--Original Data, 1924-1931 (3)--Original Data, 1926-1935. Data For 1926-1927 Were Computed By NBER By Using Gold Mortgage Bond Yields For The Two Years Multiplied By .900, The Average Monthly Ratio Of January-June 1928 Of This Variable And The Previous (Covering 1925-1930) -- Six Percent Bond Yields To Gold Mortgage Bond Yields. Data For 1928-1935 Were Originally Given As"Price Of Six Percent Bonds In Percent Of Par" And Have Been Reduced To Bond Yields By Dividing "Price" Into Six Percent. Bonds Include The Weighted Average Market Value Of (1)--Mortgage Bonds (2)--Municipal Loans (3)-- Other Public Loans, Government And State (4)--Industrial Bonds. Weights Are Based On Outstanding Amount And Are Seventeen, Five, Seven, And Two Respectively. Data For 1928-September 1931 Include 59 Bonds, 20 Mortgage, 15 Municipal, 14 Other Public, And 10 Industrial. Data For July 1931-February 1932 Reflect A Banking Crisis, Where Interest Rates Above 6% Were Reduced To 6%. No Data Indicates A Banking Holiday. Data For April 1932-February 1935 Include 169 Bonds; 50 Mortgage, 55 Municipal, 34 Other Public, And 30 Industrial. Data For November 1933-1935 Exclude Loans Floated With A Dollar Clause; Data For July 1934-1935 Exclude Two Government Loans, Formerly Included. The Figure For June 1934 On The New Basis Is 6.75. This Variable Ends In March 1935, As The Law Of April 1935 Reduced Interest To 4.5%, With The Exception Of Industrials. Source: Data For 1926-1927: Computed By NBER. Data For 1928-1932: Konjunkturstatistisches Handbuch, 1933, P. 134. Data For 1933-1935: Wirtschaft Und Statistik. This NBER data series m13028c appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13028c

Series Is Presented Here As Two Variables--(1)--Original Data, 1871-1938 (2)--Original Data, 1926-1969. The Index For 1926-February 1957 Is Based On Daily Quotations For Ninety Stocks; The Index For March 1957-1969 Is Based On Daily Quotations For Five Hundred Stocks. Source: Standard And Poor'S, Data For 1926-1963: Trade And Security Statistics: Security Price Index Record, 1964 Edition. Data For 1964-1969: Current Statistics, Monthly Issues. This NBER data series m13046b appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13046b

High values of the federal funds rate published in The New York Herald-Tribune as recorded by the authors. For some, but not all periods, the source identifies the observation as a “bid” rate. For additional details, see Sriya Anbil, Mark Carlson, Christopher Hanes, and David C. Wheelock. “A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954.” (https://research.stlouisfed.org/publications/review/2021/01/14/a-new-daily-federal-funds-rate-series-and-history-of-the-federal-funds-market-1928-54) Federal Reserve Bank of St. Louis Review, First Quarter 2021, 103(1), pp. 45-70.

Low values of the federal funds rate published in The New York Herald-Tribune as recorded by the authors. For some, but not all periods, the source identifies the observation as a “bid” rate. For additional details, see Sriya Anbil, Mark Carlson, Christopher Hanes, and David C. Wheelock. “A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954.” (https://research.stlouisfed.org/publications/review/2021/01/14/a-new-daily-federal-funds-rate-series-and-history-of-the-federal-funds-market-1928-54) Federal Reserve Bank of St. Louis Review, First Quarter 2021, 103(1), pp. 45-70.

Calendar year average. This series was constructed by the Bank of England as part of the Three Centuries of Macroeconomic Data project by combining data from a number of academic and official sources. For more information, please refer to the Three Centuries spreadsheet at https://www.bankofengland.co.uk/statistics/research-datasets. Users are advised to check the underlying assumptions behind this series in the relevant worksheets of the spreadsheet. In many cases alternative assumptions might be appropriate. Users are permitted to reproduce this series in their own work as it represents Bank calculations and manipulations of underlying series that are the copyright of the Bank of England provided that underlying sources are cited appropriately. For appropriate citation please see the Three Centuries spreadsheet for guidance and a list of the underlying sources.

Series Is Presented Here As Two Variables--(1)--Original Data, 1920-1934 (2)--Original Data, 1931-1969. Maturity Periods Covered By Data Are: Three Months To February 16, 1934; Six Months From February 23, 1934 To February 23, 1935; Nine Months From March 1, 1935 To October 15, 1937; Bills Maturing About March 16, 1938 From October 22 To December 10, 1937; Three Months From December 17, 1937 To Date (See Frb Bulletin, May 1945, P. 490.) Beginning In March 1941 Yields Became Taxable; They Were Previously Tax Exempt. Data Beginning In January 1947 Are Revised Data Based On New Bills Issued Within The Period; Previously Data Were Based On New Issues Announced (See Frb, September 1950, P. 1216). Source: Federal Reserve Board, Federal Reserve Bulletin, May 1945 And Following Monthly Issues. This NBER data series m13029b appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13029b

Averages of daily figures. The Federal Reserve Board has discontinued this series. For more information see the H.15 Statistical Release (https://www.federalreserve.gov/releases/h15/default.htm).

High value of the federal funds rate published in The Wall Street Journal as recorded by the authors. For some, but not all periods, the source identifies the data as an “offered” rate. For additional details, see Sriya Anbil, Mark Carlson, Christopher Hanes, and David C. Wheelock. “A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954.” ( https://research.stlouisfed.org/publications/review/2021/01/14/a-new-daily-federal-funds-rate-series-and-history-of-the-federal-funds-market-1928-54) Federal Reserve Bank of St. Louis Review, First Quarter 2021, 103(1), pp. 45-70.

Low values of the federal funds rate published in The Wall Street Journal as recorded by the authors. For some, but not all periods, the source identifies the data as a “bid” rate. For additional details, see Sriya Anbil, Mark Carlson, Christopher Hanes, and David C. Wheelock. “A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954.” (https://research.stlouisfed.org/publications/review/2021/01/14/a-new-daily-federal-funds-rate-series-and-history-of-the-federal-funds-market-1928-54) Federal Reserve Bank of St. Louis Review, First Quarter 2021, 103(1), pp. 45-70.

View values of the average interest rate at which Treasury bills with a 3-month maturity are sold on the secondary market.

Effective Date Data before 1975 represent the date of the New York Fed discount rate change, data after 1975 represent the date of the first Federal Reserve bank discount rate change. Source: Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979; and the Federal Reserve Bulletin, 1978 - January 8, 2003. Please refer to http://www.federalreserve.gov/boarddocs/press/monetary/2003/20030106/default.htm for further information on the discontinuation of this series effective January 9, 2003.

Quarterly average. This series was constructed by the Bank of England as part of the Three Centuries of Macroeconomic Data project by combining data from a number of academic and official sources. For more information, please refer to the Three Centuries spreadsheet at https://www.bankofengland.co.uk/statistics/research-datasets. Users are advised to check the underlying assumptions behind this series in the relevant worksheets of the spreadsheet. In many cases alternative assumptions might be appropriate. Users are permitted to reproduce this series in their own work as it represents Bank calculations and manipulations of underlying series that are the copyright of the Bank of England provided that underlying sources are cited appropriately. For appropriate citation please see the Three Centuries spreadsheet for guidance and a list of the underlying sources.

Figures From Source Have Been Derived From The Published Price -Earnings Ratio, Being The Reciprocals, Based On Daily Stock Price Indexes. Source: Standard And Poor'S Trade And Securities Statistics: Security Price Index Record, 1964 Edition, Pp. 122-124; Current Statistics, Monthly Issues. This NBER data series q13051 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: q13051

This series was constructed by the Bank of England as part of the Three Centuries of Macroeconomic Data project by combining data from a number of academic and official sources. For more information, please refer to the Three Centuries spreadsheet at https://www.bankofengland.co.uk/statistics/research-datasets. Users are advised to check the underlying assumptions behind this series in the relevant worksheets of the spreadsheet. In many cases alternative assumptions might be appropriate. Users are permitted to reproduce this series in their own work as it represents Bank calculations and manipulations of underlying series that are the copyright of the Bank of England provided that underlying sources are cited appropriately. For appropriate citation please see the Three Centuries spreadsheet for guidance and a list of the underlying sources.