Conference on Business Cycles

By National Bureau Committee for Economic Research | Go to book overview
46. = demand and time deposits adjusted plus currency outside banks, average of June 30 figures before and after, Federal Reserve Board, Banking and Monetary Statistics, p. 34.
47. = demand and time deposits adjusted plus currency outside banks, Dec. 31 figures, Banking and Monetary Statistics, pp. 34-5, and F.R.B., 1949, p. 265.
N: labor input, in millions of full time equivalent man-years.N = (48) t ≦ 1928N = (49) t ≧ 1929
49. = number of full time equivalent persons engaged in production in all private industries, excluding work relief, S.C.B., July 1947 Supplement, p. 40, Table 28; July 1948, p. 23, Table 28; and July 1949, p. 22, Table 28.
48. = regression ( 1929-38) of (49) on Kuznets' estimates of total persons engaged in private production ( National Income and Its Composition, pp. 314-5, 346-7).
NL: labor force, including work-relief employees but excluding other government employees, in millions of man-years.NL = (50) - (51)
50. = civilian labor force, Census definition, H.L.S., 1947, p. 36, and S.C.B., February 1949, back cover, for years after 1928. 1920-28 values were obtained from a regression ( 1929-39) of the Census series on the National Industrial Conference Board series ( Economic Almanac, 1944-45, p. 43).
51. = government full time equivalent civilian employees excluding work-relief employees, S.C.B., July 1947 Supplement, p. 36, Table 24; July 1948, p. 22, Table 24; and July 1949, p. 20, Table 24, for years after 1929. 1920-28 values were obtained from a regression ( 1929-38) of the above series on Kuznets' estimates of the same quantity · ( National Income and Its Composition, 1919- 1938, pp. 314-5).

w: private money wage rate, in thousands of current dollars per man-year.


Appendix C TIME SERIES FOR 1946-1947

During the discussion at the Conference on Business Cycles Research in November 1949, Lawrence Klein pointed out a discrepancy in the time

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