An indexed unit of account is a unit of value defined by a
formula in terms of an index such as the consumer price index.
The formula specifies how much money the unit is worth at each
time. Indexed units of account should be widely used to define
many prices and deferred payments even in low-inflation countries
such as the United States, since they allow these prices and
payments to be set in such a way as to respond appropriately, and
automatically, to economic contingencies.
In this note, by way of illustration and example, I will
present two indexed units of account for the United States.
It is hoped that at some future date the US government will
create such units of account, following on this example. It is
hardly a costly thing for the government to provide such units of
account.Costs amount to little more than the costs of agreeing on
definitions of the units.
Since the units of account shown here are defined in terms
of government indices with reliable publication dates, and since
the formulae for the indices are defined here unambiguously,
people could in the meantime begin using these units for
defining actual prices and deferred payments, by referring to
this note for definition. No further government initiatives would
really be necessary to allow the widespread use of such units,
although wide use of any such units of account is not likely
without government involvement.
Two units of account, rather than just one, are
presented to allow some choice. Different circumstances suggest
different definitions of the unit. One of the units of account
is constructed so that the dollar value of the unit has
a lower expected growth rate than does the consumer price
index, for reasons that will be given below.
Creating indexed units of account is very important, since
problems with money illusion have apparently inhibited public
acceptance of indexed contracts, see Shafir, Diamond and
Tversky [1997] and Shiller [1997]. With indexed units of
account, people will see prices quoted in simple money-like
units, and will not have to refer to difficult or intimidating
index calculations. Someday, with indexed units of account,
people might even charge amounts defined in terms of such units
on their credit cards, leaving it to the computers at the
credit card company to figure the dollar amount. With indexed
units of account, moreover, prices can be defined in such a way
that they may stay constant over many years, allowing people to
remember prices better, and thereby make better economic
decisions.
The success of an indexed unit of account in Chile (there
called the unidad de fomento or UF) has established the
benefits of such units. The UF, begun in 1967, has now
replaced currency for most long-term contracts in Chile, and
for purchases and sales of large items. For example, in reading
Chilean newspapers, one finds that all long-term debt
contracts, and many houses for sale and many apartments for
rent are quoted in UFs, while everyday prices are still quoted
in pesos. The UF has since been imitated in several other
countries (Colombia Ecuador, Mexico, and Uruguay). All of these
countries did so in response to high inflation, but it may be
low inflation countries that do so in the future.
Both of the two US indexed units of account proposed
here in terms of dollars are defined in terms of the formula,
for the dth day of the month:
Unit_i = (Index_i(-3)*(m-d)
+ Indexi_i(-2)*d)/m. i=1,2
Where Index_i(-t) is the monthly index number for the calendar
month t months before the month in which the day falls, and m
is the number of days in the current month. With this formula,
we adopt a simple convention as to what today's dollar value of
the indexed unit of account is. Without such a formula, there
is no unambiguous way to tie current prices or payments to the
lagged index values that are available. The formula also
enforces simple smoothing, so that prices do not jump on days
when new monthly index values are introduced.
Note that we cannot use Index_i(-1) in the formula since it
is never available on the first of the month. Since the
underlying index is only monthly, the value in dollars of the
indexed unit of account is known as much as a little over a
month in advance.
If we substituted the Chilean consumer price index for
Index_i in the above formula, we would have virtually the same
thing as the UF. One difference is that (1) is a linear
interpolation, rather than a loglinear interpolation, as in
Chile. The public is not accustomed to loglinear
interpolations, and transparency of formulas is important in
selling the concept to the public. People should feel as much
as possible that they, or some people they know, understand how
the unit is computed. Knowing that they could compute the value
of the units themselves also encourages thinking that the
government cannot in the future freeze the units or alter
them, since people themselves would clearly know how to
continue using the old units. Another difference is that the
Chilean UF is defined for a month starting on the tenth of a
calendar month and extending to the ninth of the succeeding
month, and so uses an index that is lagged slightly less. The
formula (1) is, defined as it is in phase with a calendar
month, even simpler than the Chilean formula, and can be
applied to any index that is available with a lag of no more
than a month.
The first US indexed unit of account (Unit of Price, or UP)
presented here is very similar to the UF in Chile, though
using US data rather than Chilean data. For the US Unit of Price,
UP, Index_1 in the above formula is the US consumer
price index for all urban consumers with base year 1982-4,
which may be found on the US Bureau of Labor Statistics
web site, http://stats.bls.gov:80/top20.html. When a new base
year is adopted, we may suppose that the new index rebased to
the old base year by multiplying by the ratio of the indices in
the month of the adoption, so that people will not have to
relearn prices. If prices are set in terms of UP, then the
relative price in terms of the market basket used for the
consumer price index is kept constant. It would be natural to
suppose that prices of items that take a long time to sell
after the price is offered, such as houses or catalogue items,
or prices in some long-term service contracts, might make use
of UP. Prices of items that sell relatively quickly, and
prices of small items, would generally still be quoted in
dollars.
The second US indexed unit of account (Unit of Income or UI)
presented here uses a definition of Index_2 in the formula (1)
that equates it to one basis point (one one hundredth of a
percentage point)of (nominal, not constant dollar) personal
income (seasonally adjusted annual rates, Table B-2 row 1 of the
Survey of Current Business, which may be accessed from the web
site http://www.stat-usa.gov/BEN/ebb2/bea/pi.bea), divided by the
total noninstitutional population of the United States lagged
three months, from the US Bureau of the Census
(http://www.census.gov/population/estimates/nation/intfile1-
1.txt), and then divided by 1.0035^s where s is the number of
months from a base month, here set as January, 1996. If prices
are set in terms of UI, then the price as a fraction of
monthly nominal personal income per capita is kept declining at
a steady rate of 0.35% per month, or about 4.2% a year. It
would be natural to suppose that pension annuity payments or
disability insurance payments, wage settlements in labor
contracts, mortgage or annuity payments, should be defined in
terms of UI, and often (or usually) with some contractual
offset to the 0.35% decline per month. Then people who are
receiving the payments through time will find that their
receipts move up and down through time just as do the incomes
of other people. Those who make payments will find that the
payments tend to be a nearly constant fraction of their own
incomes, and thus tend not to create either windfalls (when
their incomes increase) or liquidity crises (when their own
incomes decrease). For example, home mortgages tied to UI will
automatically cushion homeowners against problems in making
payments due to a recession, as well as cushioning them against
a secular decline in the economy. Fixed one-time-only payments
in lieu of a long-stream of payments (as for example, a lump sum
distributions from pension funds to a pensioner at the time of
retirement) should not be simply indexed to UI, which would make
the payment too sensitive to the short-run business cycle. Such a
payment might better be specified as the value of a long-term
bond whose dividends are indexed to UI.
While the consumer price index is not revised after it is
first published, personal income per capita is. We adopt the
convention here that, unless otherwise specified, the revisions
will just be ignored, all payments are final in terms of the
indexed unit of account at the time of payment, a payment
defined using the formula (1) with the latest indexes available
at the time of payment. For major contracts, however, there
could be special provisions for corrections of past payments
for subsequent revisions, see Shiller [1993].
The motivation for dividing by 1.0035^s in the definitions
for the UI is twofold. First, aggregate per capita income
growth is likely to be a slightly upward biased measure of the
growth of individuals' per capita income. As time goes on, new
people enter the labor force who tend to have better education
and more appropriate skills, so per capita income tends to grow
faster than does individual income. In the past few decades,
per capita income growth has also tended to grow because of
increased female labor force participation, and this trend may
continue. While I have, in work with Ryan Schneider [1994],
attempted to develop indices that represent income of
individuals, based on repeated observations of individuals
through time, there is no consensus on the indices we produced
and there does not appear to be any source of such up-to-date
indices at the present time.
The second reason for dividing by 1.0035^s in the formula
for the indices for the UI is that it is important, in
contracts, to present definitions in a humane way, that allows
some people to accept income declines without embarrassment.
Since per capita income grows through time, omitting this term
would mean that people whose wages or salaries are tied to UI
would tend to assume that their income will grow in real
terms, and they would be less likely to see the increases as
real income increases. People's wages or salary increases, when
set in terms of UI as I have defined it here, will
sound larger. People will, of course, fully know that how the
units are constructed. But, evidence on money illusion (see
Shafir Diamond and Tversky [1997] and Shiller [1997]) indicates
that people care about the unit value (now dollar value) of the
income that they get, even when they understand inflation.
Presumably, the same feeling would apply to any unit of account
that is used to express their incomes. The work of Akerlof,
Dickens and Perry [1996] indicates that people virtually never
accept nominal wage cuts, and that important economic
inefficiencies are caused by their abhorrence of wage cuts. Thus,
the UI is designed to spare many workers whose incomes are set in
terms of these the pain of having their incomes cut in these
units.
Individuals also have the option of setting prices in
terms of more than one unit of account. For example, disability
insurance contracts or social security contracts might put a
floor in terms of real buying power using UP, and allow
payments to fluctuate with income UI above the floor.
Values for these two units of account since the
beginning of 1996 are shown in the table. On viewing these,
one would have to say that they certainly have moved similarly
over this sample, both marching up nearly linearly in time. One
might wonder if it is necessary even to have daily values for
these, since they behave so simply over days. It is important
to have daily values for them, however, if they are to be
widely used, since small price differences sometimes do matter
a lot.
For most relatively short-term payments, people would
probably regard the two units of account as interchangeable.
Actually, however, the two have not behaved the same over
this time interval. From January 1, 1996 to June 30, 1997, the
dollar value of UP increased 4.2%, of UI increased 1.0%. The
differences between these percents are enough to matter to people
on contracts of this duration. Over longer intervals of time such
as decades, of course, the differences may begin to matter a lot
more. Not knowing in advance how much these series may diverge
because of changing economic conditions in the future, it would
be prudent to choose carefully between the two units of account
for long-term contracts. We can presume that people would indeed
choose UP for some contracts and UI for others.
References:
Akerlof, George, William Dickens, and George Perry, Brookings
Papers on Economic Activity, "The Macroeconomics of Low
Inflation," I:1-76. 1996.
Shafir, Eldar, Peter Diamond and Amos Tversky, "Money
Illusion," Quarterly Journal of Economics, 1997.
Shiller, Robert J., Macro Markets: Creating Institutions for
Managing Society's Largest Economic Risks, Oxford
University Press, 1993.
Shiller, Robert J., "Public Resistance to Indexation: A
Puzzle," Brookings Papers on Economic Activity, 1997.
Shiller, Robert J., "Indexed Units of Account: Theory and
Assessment of Historical Experience," unpublished paper,
Yale University, 1997. (Presented at the 1997
International Conference of the Central Bank of Chile,
"Indexation, Inflation, and Monetary Policy," Santiago,
August 11-12, 1997.)
Shiller, Robert J., and Ryan Schneider, "Labor Income Indices
Designed for Use in Contracts Promoting Risk Management,"
NBER Working Paper, Cambridge MA, 1994.
Table: Indexed Units of Account for the US
(With forecasts one year ahead)
Date Unit of Unit of
Price Income
(UP) (UI)
1996.0101 1.5369677 2.3846277
1996.0102 1.5369355 2.3844869
1996.0103 1.5369032 2.3843461
1996.0104 1.5368710 2.3842053
1996.0105 1.5368387 2.3840645
1996.0106 1.5368065 2.3839238
1996.0107 1.5367742 2.3837830
1996.0108 1.5367419 2.3836422
1996.0109 1.5367097 2.3835014
1996.0110 1.5366774 2.3833606
1996.0111 1.5366452 2.3832198
1996.0112 1.5366129 2.3830790
1996.0113 1.5365806 2.3829382
1996.0114 1.5365484 2.3827974
1996.0115 1.5365161 2.3826566
1996.0116 1.5364839 2.3825159
1996.0117 1.5364516 2.3823751
1996.0118 1.5364194 2.3822343
1996.0119 1.5363871 2.3820935
1996.0120 1.5363548 2.3819527
1996.0121 1.5363226 2.3818119
1996.0122 1.5362903 2.3816711
1996.0123 1.5362581 2.3815303
1996.0124 1.5362258 2.3813895
1996.0125 1.5361935 2.3812487
1996.0126 1.5361613 2.3811080
1996.0127 1.5361290 2.3809672
1996.0128 1.5360968 2.3808264
1996.0129 1.5360645 2.3806856
1996.0130 1.5360323 2.3805448
1996.0131 1.5360000 2.3804040
1996.0201 1.5359655 2.3803131
1996.0202 1.5359310 2.3802221
1996.0203 1.5358966 2.3801312
1996.0204 1.5358621 2.3800403
1996.0205 1.5358276 2.3799494
1996.0206 1.5357931 2.3798584
1996.0207 1.5357586 2.3797675
1996.0208 1.5357241 2.3796766
1996.0209 1.5356897 2.3795857
1996.0210 1.5356552 2.3794947
1996.0211 1.5356207 2.3794038
1996.0212 1.5355862 2.3793129
1996.0213 1.5355517 2.3792219
1996.0214 1.5355172 2.3791310
1996.0215 1.5354828 2.3790401
1996.0216 1.5354483 2.3789492
1996.0217 1.5354138 2.3788582
1996.0218 1.5353793 2.3787673
1996.0219 1.5353448 2.3786764
1996.0220 1.5353103 2.3785854
1996.0221 1.5352759 2.3784945
1996.0222 1.5352414 2.3784036
1996.0223 1.5352069 2.3783127
1996.0224 1.5351724 2.3782217
1996.0225 1.5351379 2.3781308
1996.0226 1.5351034 2.3780399
1996.0227 1.5350690 2.3779490
1996.0228 1.5350345 2.3778580
1996.0229 1.5350000 2.3777671
1996.0301 1.5352903 2.3779069
1996.0302 1.5355806 2.3780468
1996.0303 1.5358710 2.3781866
1996.0304 1.5361613 2.3783265
1996.0305 1.5364516 2.3784663
1996.0306 1.5367419 2.3786062
1996.0307 1.5370323 2.3787460
1996.0308 1.5373226 2.3788859
1996.0309 1.5376129 2.3790257
1996.0310 1.5379032 2.3791656
1996.0311 1.5381935 2.3793054
1996.0312 1.5384839 2.3794453
1996.0313 1.5387742 2.3795851
1996.0314 1.5390645 2.3797250
1996.0315 1.5393548 2.3798648
1996.0316 1.5396452 2.3800047
1996.0317 1.5399355 2.3801445
1996.0318 1.5402258 2.3802844
1996.0319 1.5405161 2.3804242
1996.0320 1.5408065 2.3805641
1996.0321 1.5410968 2.3807039
1996.0322 1.5413871 2.3808438
1996.0323 1.5416774 2.3809836
1996.0324 1.5419677 2.3811235
1996.0325 1.5422581 2.3812633
1996.0326 1.5425484 2.3814032
1996.0327 1.5428387 2.3815430
1996.0328 1.5431290 2.3816829
1996.0329 1.5434194 2.3818227
1996.0330 1.5437097 2.3819626
1996.0331 1.5440000 2.3821024
1996.0401 1.5441667 2.3825306
1996.0402 1.5443333 2.3829588
1996.0403 1.5445000 2.3833870
1996.0404 1.5446667 2.3838152
1996.0405 1.5448333 2.3842434
1996.0406 1.5450000 2.3846716
1996.0407 1.5451667 2.3850998
1996.0408 1.5453333 2.3855280
1996.0409 1.5455000 2.3859562
1996.0410 1.5456667 2.3863844
1996.0411 1.5458333 2.3868126
1996.0412 1.5460000 2.3872408
1996.0413 1.5461667 2.3876690
1996.0414 1.5463333 2.3880972
1996.0415 1.5465000 2.3885255
1996.0416 1.5466667 2.3889537
1996.0417 1.5468333 2.3893819
1996.0418 1.5470000 2.3898101
1996.0419 1.5471667 2.3902383
1996.0420 1.5473333 2.3906665
1996.0421 1.5475000 2.3910947
1996.0422 1.5476667 2.3915229
1996.0423 1.5478333 2.3919511
1996.0424 1.5480000 2.3923793
1996.0425 1.5481667 2.3928075
1996.0426 1.5483333 2.3932357
1996.0427 1.5485000 2.3936639
1996.0428 1.5486667 2.3940921
1996.0429 1.5488333 2.3945203
1996.0430 1.5490000 2.3949485
1996.0501 1.5492581 2.3949279
1996.0502 1.5495161 2.3949073
1996.0503 1.5497742 2.3948867
1996.0504 1.5500323 2.3948660
1996.0505 1.5502903 2.3948454
1996.0506 1.5505484 2.3948248
1996.0507 1.5508065 2.3948042
1996.0508 1.5510645 2.3947836
1996.0509 1.5513226 2.3947630
1996.0510 1.5515806 2.3947424
1996.0511 1.5518387 2.3947218
1996.0512 1.5520968 2.3947011
1996.0513 1.5523548 2.3946805
1996.0514 1.5526129 2.3946599
1996.0515 1.5528710 2.3946393
1996.0516 1.5531290 2.3946187
1996.0517 1.5533871 2.3945981
1996.0518 1.5536452 2.3945775
1996.0519 1.5539032 2.3945569
1996.0520 1.5541613 2.3945362
1996.0521 1.5544194 2.3945156
1996.0522 1.5546774 2.3944950
1996.0523 1.5549355 2.3944744
1996.0524 1.5551935 2.3944538
1996.0525 1.5554516 2.3944332
1996.0526 1.5557097 2.3944126
1996.0527 1.5559677 2.3943920
1996.0528 1.5562258 2.3943713
1996.0529 1.5564839 2.3943507
1996.0530 1.5567419 2.3943301
1996.0531 1.5570000 2.3943095
1996.0601 1.5572000 2.3943300
1996.0602 1.5574000 2.3943506
1996.0603 1.5576000 2.3943711
1996.0604 1.5578000 2.3943916
1996.0605 1.5580000 2.3944121
1996.0606 1.5582000 2.3944327
1996.0607 1.5584000 2.3944532
1996.0608 1.5586000 2.3944737
1996.0609 1.5588000 2.3944943
1996.0610 1.5590000 2.3945148
1996.0611 1.5592000 2.3945353
1996.0612 1.5594000 2.3945559
1996.0613 1.5596000 2.3945764
1996.0614 1.5598000 2.3945969
1996.0615 1.5600000 2.3946175
1996.0616 1.5602000 2.3946380
1996.0617 1.5604000 2.3946585
1996.0618 1.5606000 2.3946790
1996.0619 1.5608000 2.3946996
1996.0620 1.5610000 2.3947201
1996.0621 1.5612000 2.3947406
1996.0622 1.5614000 2.3947612
1996.0623 1.5616000 2.3947817
1996.0624 1.5618000 2.3948022
1996.0625 1.5620000 2.3948228
1996.0626 1.5622000 2.3948433
1996.0627 1.5624000 2.3948638
1996.0628 1.5626000 2.3948843
1996.0629 1.5628000 2.3949049
1996.0630 1.5630000 2.3949254
1996.0701 1.5630968 2.3948653
1996.0702 1.5631935 2.3948053
1996.0703 1.5632903 2.3947452
1996.0704 1.5633871 2.3946851
1996.0705 1.5634839 2.3946250
1996.0706 1.5635806 2.3945650
1996.0707 1.5636774 2.3945049
1996.0708 1.5637742 2.3944448
1996.0709 1.5638710 2.3943847
1996.0710 1.5639677 2.3943247
1996.0711 1.5640645 2.3942646
1996.0712 1.5641613 2.3942045
1996.0713 1.5642581 2.3941444
1996.0714 1.5643548 2.3940844
1996.0715 1.5644516 2.3940243
1996.0716 1.5645484 2.3939642
1996.0717 1.5646452 2.3939041
1996.0718 1.5647419 2.3938441
1996.0719 1.5648387 2.3937840
1996.0720 1.5649355 2.3937239
1996.0721 1.5650323 2.3936638
1996.0722 1.5651290 2.3936038
1996.0723 1.5652258 2.3935437
1996.0724 1.5653226 2.3934836
1996.0725 1.5654194 2.3934235
1996.0726 1.5655161 2.3933635
1996.0727 1.5656129 2.3933034
1996.0728 1.5657097 2.3932433
1996.0729 1.5658065 2.3931832
1996.0730 1.5659032 2.3931232
1996.0731 1.5660000 2.3930631
1996.0801 1.5660323 2.3935124
1996.0802 1.5660645 2.3939617
1996.0803 1.5660968 2.3944110
1996.0804 1.5661290 2.3948603
1996.0805 1.5661613 2.3953096
1996.0806 1.5661935 2.3957589
1996.0807 1.5662258 2.3962082
1996.0808 1.5662581 2.3966575
1996.0809 1.5662903 2.3971068
1996.0810 1.5663226 2.3975561
1996.0811 1.5663548 2.3980054
1996.0812 1.5663871 2.3984547
1996.0813 1.5664194 2.3989040
1996.0814 1.5664516 2.3993533
1996.0815 1.5664839 2.3998026
1996.0816 1.5665161 2.4002518
1996.0817 1.5665484 2.4007011
1996.0818 1.5665806 2.4011504
1996.0819 1.5666129 2.4015997
1996.0820 1.5666452 2.4020490
1996.0821 1.5666774 2.4024983
1996.0822 1.5667097 2.4029476
1996.0823 1.5667419 2.4033969
1996.0824 1.5667742 2.4038462
1996.0825 1.5668065 2.4042955
1996.0826 1.5668387 2.4047448
1996.0827 1.5668710 2.4051941
1996.0828 1.5669032 2.4056434
1996.0829 1.5669355 2.4060927
1996.0830 1.5669677 2.4065420
1996.0831 1.5670000 2.4069913
1996.0901 1.5671000 2.4065501
1996.0902 1.5672000 2.4061089
1996.0903 1.5673000 2.4056678
1996.0904 1.5674000 2.4052266
1996.0905 1.5675000 2.4047854
1996.0906 1.5676000 2.4043442
1996.0907 1.5677000 2.4039030
1996.0908 1.5678000 2.4034619
1996.0909 1.5679000 2.4030207
1996.0910 1.5680000 2.4025795
1996.0911 1.5681000 2.4021383
1996.0912 1.5682000 2.4016971
1996.0913 1.5683000 2.4012560
1996.0914 1.5684000 2.4008148
1996.0915 1.5685000 2.4003736
1996.0916 1.5686000 2.3999324
1996.0917 1.5687000 2.3994912
1996.0918 1.5688000 2.3990501
1996.0919 1.5689000 2.3986089
1996.0920 1.5690000 2.3981677
1996.0921 1.5691000 2.3977265
1996.0922 1.5692000 2.3972853
1996.0923 1.5693000 2.3968442
1996.0924 1.5694000 2.3964030
1996.0925 1.5695000 2.3959618
1996.0926 1.5696000 2.3955206
1996.0927 1.5697000 2.3950794
1996.0928 1.5698000 2.3946383
1996.0929 1.5699000 2.3941971
1996.0930 1.5700000 2.3937559
1996.1001 1.5700968 2.3938171
1996.1002 1.5701935 2.3938783
1996.1003 1.5702903 2.3939395
1996.1004 1.5703871 2.3940006
1996.1005 1.5704839 2.3940618
1996.1006 1.5705806 2.3941230
1996.1007 1.5706774 2.3941842
1996.1008 1.5707742 2.3942454
1996.1009 1.5708710 2.3943066
1996.1010 1.5709677 2.3943678
1996.1011 1.5710645 2.3944290
1996.1012 1.5711613 2.3944901
1996.1013 1.5712581 2.3945513
1996.1014 1.5713548 2.3946125
1996.1015 1.5714516 2.3946737
1996.1016 1.5715484 2.3947349
1996.1017 1.5716452 2.3947961
1996.1018 1.5717419 2.3948573
1996.1019 1.5718387 2.3949185
1996.1020 1.5719355 2.3949796
1996.1021 1.5720323 2.3950408
1996.1022 1.5721290 2.3951020
1996.1023 1.5722258 2.3951632
1996.1024 1.5723226 2.3952244
1996.1025 1.5724194 2.3952856
1996.1026 1.5725161 2.3953468
1996.1027 1.5726129 2.3954080
1996.1028 1.5727097 2.3954691
1996.1029 1.5728065 2.3955303
1996.1030 1.5729032 2.3955915
1996.1031 1.5730000 2.3956527
1996.1101 1.5731667 2.3958212
1996.1102 1.5733333 2.3959897
1996.1103 1.5735000 2.3961582
1996.1104 1.5736667 2.3963268
1996.1105 1.5738333 2.3964953
1996.1106 1.5740000 2.3966638
1996.1107 1.5741667 2.3968323
1996.1108 1.5743333 2.3970008
1996.1109 1.5745000 2.3971693
1996.1110 1.5746667 2.3973378
1996.1111 1.5748333 2.3975063
1996.1112 1.5750000 2.3976749
1996.1113 1.5751667 2.3978434
1996.1114 1.5753333 2.3980119
1996.1115 1.5755000 2.3981804
1996.1116 1.5756667 2.3983489
1996.1117 1.5758333 2.3985174
1996.1118 1.5760000 2.3986859
1996.1119 1.5761667 2.3988545
1996.1120 1.5763333 2.3990230
1996.1121 1.5765000 2.3991915
1996.1122 1.5766667 2.3993600
1996.1123 1.5768333 2.3995285
1996.1124 1.5770000 2.3996970
1996.1125 1.5771667 2.3998655
1996.1126 1.5773333 2.4000340
1996.1127 1.5775000 2.4002026
1996.1128 1.5776667 2.4003711
1996.1129 1.5778333 2.4005396
1996.1130 1.5780000 2.4007081
1996.1201 1.5781613 2.4002908
1996.1202 1.5783226 2.3998734
1996.1203 1.5784839 2.3994561
1996.1204 1.5786452 2.3990388
1996.1205 1.5788065 2.3986215
1996.1206 1.5789677 2.3982041
1996.1207 1.5791290 2.3977868
1996.1208 1.5792903 2.3973695
1996.1209 1.5794516 2.3969521
1996.1210 1.5796129 2.3965348
1996.1211 1.5797742 2.3961175
1996.1212 1.5799355 2.3957002
1996.1213 1.5800968 2.3952828
1996.1214 1.5802581 2.3948655
1996.1215 1.5804194 2.3944482
1996.1216 1.5805806 2.3940308
1996.1217 1.5807419 2.3936135
1996.1218 1.5809032 2.3931962
1996.1219 1.5810645 2.3927788
1996.1220 1.5812258 2.3923615
1996.1221 1.5813871 2.3919442
1996.1222 1.5815484 2.3915269
1996.1223 1.5817097 2.3911095
1996.1224 1.5818710 2.3906922
1996.1225 1.5820323 2.3902749
1996.1226 1.5821935 2.3898575
1996.1227 1.5823548 2.3894402
1996.1228 1.5825161 2.3890229
1996.1229 1.5826774 2.3886056
1996.1230 1.5828387 2.3881882
1996.1231 1.5830000 2.3877709
1997.0101 1.5830968 2.3879021
1997.0102 1.5831935 2.3880333
1997.0103 1.5832903 2.3881646
1997.0104 1.5833871 2.3882958
1997.0105 1.5834839 2.3884270
1997.0106 1.5835806 2.3885582
1997.0107 1.5836774 2.3886894
1997.0108 1.5837742 2.3888207
1997.0109 1.5838710 2.3889519
1997.0110 1.5839677 2.3890831
1997.0111 1.5840645 2.3892143
1997.0112 1.5841613 2.3893455
1997.0113 1.5842581 2.3894768
1997.0114 1.5843548 2.3896080
1997.0115 1.5844516 2.3897392
1997.0116 1.5845484 2.3898704
1997.0117 1.5846452 2.3900016
1997.0118 1.5847419 2.3901328
1997.0119 1.5848387 2.3902641
1997.0120 1.5849355 2.3903953
1997.0121 1.5850323 2.3905265
1997.0122 1.5851290 2.3906577
1997.0123 1.5852258 2.3907889
1997.0124 1.5853226 2.3909202
1997.0125 1.5854194 2.3910514
1997.0126 1.5855161 2.3911826
1997.0127 1.5856129 2.3913138
1997.0128 1.5857097 2.3914450
1997.0129 1.5858065 2.3915763
1997.0130 1.5859032 2.3917075
1997.0131 1.5860000 2.3918387
1997.0201 1.5860000 2.3921166
1997.0202 1.5860000 2.3923944
1997.0203 1.5860000 2.3926723
1997.0204 1.5860000 2.3929501
1997.0205 1.5860000 2.3932280
1997.0206 1.5860000 2.3935058
1997.0207 1.5860000 2.3937837
1997.0208 1.5860000 2.3940616
1997.0209 1.5860000 2.3943394
1997.0210 1.5860000 2.3946173
1997.0211 1.5860000 2.3948951
1997.0212 1.5860000 2.3951730
1997.0213 1.5860000 2.3954508
1997.0214 1.5860000 2.3957287
1997.0215 1.5860000 2.3960066
1997.0216 1.5860000 2.3962844
1997.0217 1.5860000 2.3965623
1997.0218 1.5860000 2.3968401
1997.0219 1.5860000 2.3971180
1997.0220 1.5860000 2.3973958
1997.0221 1.5860000 2.3976737
1997.0222 1.5860000 2.3979516
1997.0223 1.5860000 2.3982294
1997.0224 1.5860000 2.3985073
1997.0225 1.5860000 2.3987851
1997.0226 1.5860000 2.3990630
1997.0227 1.5860000 2.3993408
1997.0228 1.5860000 2.3996187
1997.0301 1.5861613 2.3997145
1997.0302 1.5863226 2.3998103
1997.0303 1.5864839 2.3999061
1997.0304 1.5866452 2.4000019
1997.0305 1.5868065 2.4000977
1997.0306 1.5869677 2.4001935
1997.0307 1.5871290 2.4002893
1997.0308 1.5872903 2.4003850
1997.0309 1.5874516 2.4004808
1997.0310 1.5876129 2.4005766
1997.0311 1.5877742 2.4006724
1997.0312 1.5879355 2.4007682
1997.0313 1.5880968 2.4008640
1997.0314 1.5882581 2.4009598
1997.0315 1.5884194 2.4010556
1997.0316 1.5885806 2.4011514
1997.0317 1.5887419 2.4012472
1997.0318 1.5889032 2.4013430
1997.0319 1.5890645 2.4014388
1997.0320 1.5892258 2.4015346
1997.0321 1.5893871 2.4016304
1997.0322 1.5895484 2.4017262
1997.0323 1.5897097 2.4018220
1997.0324 1.5898710 2.4019177
1997.0325 1.5900323 2.4020135
1997.0326 1.5901935 2.4021093
1997.0327 1.5903548 2.4022051
1997.0328 1.5905161 2.4023009
1997.0329 1.5906774 2.4023967
1997.0330 1.5908387 2.4024925
1997.0331 1.5910000 2.4025883
1997.0401 1.5911667 2.4028587
1997.0402 1.5913333 2.4031291
1997.0403 1.5915000 2.4033994
1997.0404 1.5916667 2.4036698
1997.0405 1.5918333 2.4039402
1997.0406 1.5920000 2.4042106
1997.0407 1.5921667 2.4044809
1997.0408 1.5923333 2.4047513
1997.0409 1.5925000 2.4050217
1997.0410 1.5926667 2.4052921
1997.0411 1.5928333 2.4055624
1997.0412 1.5930000 2.4058328
1997.0413 1.5931667 2.4061032
1997.0414 1.5933333 2.4063736
1997.0415 1.5935000 2.4066440
1997.0416 1.5936667 2.4069143
1997.0417 1.5938333 2.4071847
1997.0418 1.5940000 2.4074551
1997.0419 1.5941667 2.4077255
1997.0420 1.5943333 2.4079958
1997.0421 1.5945000 2.4082662
1997.0422 1.5946667 2.4085366
1997.0423 1.5948333 2.4088070
1997.0424 1.5950000 2.4090773
1997.0425 1.5951667 2.4093477
1997.0426 1.5953333 2.4096181
1997.0427 1.5955000 2.4098885
1997.0428 1.5956667 2.4101588
1997.0429 1.5958333 2.4104292
1997.0430 1.5960000 2.4106996
1997.0501 1.5961290 2.4108147
1997.0502 1.5962581 2.4109298
1997.0503 1.5963871 2.4110449
1997.0504 1.5965161 2.4111600
1997.0505 1.5966452 2.4112751
1997.0506 1.5967742 2.4113901
1997.0507 1.5969032 2.4115052
1997.0508 1.5970323 2.4116203
1997.0509 1.5971613 2.4117354
1997.0510 1.5972903 2.4118505
1997.0511 1.5974194 2.4119656
1997.0512 1.5975484 2.4120807
1997.0513 1.5976774 2.4121958
1997.0514 1.5978065 2.4123109
1997.0515 1.5979355 2.4124260
1997.0516 1.5980645 2.4125410
1997.0517 1.5981935 2.4126561
1997.0518 1.5983226 2.4127712
1997.0519 1.5984516 2.4128863
1997.0520 1.5985806 2.4130014
1997.0521 1.5987097 2.4131165
1997.0522 1.5988387 2.4132316
1997.0523 1.5989677 2.4133467
1997.0524 1.5990968 2.4134618
1997.0525 1.5992258 2.4135769
1997.0526 1.5993548 2.4136919
1997.0527 1.5994839 2.4138070
1997.0528 1.5996129 2.4139221
1997.0529 1.5997419 2.4140372
1997.0530 1.5998710 2.4141523
1997.0531 1.6000000 2.4142674
1997.0601 1.6000667 2.4140763
1997.0602 1.6001333 2.4138851
1997.0603 1.6002000 2.4136940
1997.0604 1.6002667 2.4135029
1997.0605 1.6003333 2.4133118
1997.0606 1.6004000 2.4131206
1997.0607 1.6004667 2.4129295
1997.0608 1.6005333 2.4127384
1997.0609 1.6006000 2.4125473
1997.0610 1.6006667 2.4123561
1997.0611 1.6007333 2.4121650
1997.0612 1.6008000 2.4119739
1997.0613 1.6008667 2.4117828
1997.0614 1.6009333 2.4115916
1997.0615 1.6010000 2.4114005
1997.0616 1.6010667 2.4112094
1997.0617 1.6011333 2.4110182
1997.0618 1.6012000 2.4108271
1997.0619 1.6012667 2.4106360
1997.0620 1.6013333 2.4104449
1997.0621 1.6014000 2.4102537
1997.0622 1.6014667 2.4100626
1997.0623 1.6015333 2.4098715
1997.0624 1.6016000 2.4096804
1997.0625 1.6016667 2.4094892
1997.0626 1.6017333 2.4092981
1997.0627 1.6018000 2.4091070
1997.0628 1.6018667 2.4089159
1997.0629 1.6019333 2.4087247
1997.0630 1.6020000 2.4085336
1997.0701 1.6019677 2.4084558
1997.0702 1.6019355 2.4083781
1997.0703 1.6019032 2.4083003
1997.0704 1.6018710 2.4082225
1997.0705 1.6018387 2.4081447
1997.0706 1.6018065 2.4080670
1997.0707 1.6017742 2.4079892
1997.0708 1.6017419 2.4079114
1997.0709 1.6017097 2.4078337
1997.0710 1.6016774 2.4077559
1997.0711 1.6016452 2.4076781
1997.0712 1.6016129 2.4076003
1997.0713 1.6015806 2.4075226
1997.0714 1.6015484 2.4074448
1997.0715 1.6015161 2.4073670
1997.0716 1.6014839 2.4072893
1997.0717 1.6014516 2.4072115
1997.0718 1.6014194 2.4071337
1997.0719 1.6013871 2.4070560
1997.0720 1.6013548 2.4069782
1997.0721 1.6013226 2.4069004
1997.0722 1.6012903 2.4068226
1997.0723 1.6012581 2.4067449
1997.0724 1.6012258 2.4066671
1997.0725 1.6011935 2.4065893
1997.0726 1.6011613 2.4065116
1997.0727 1.6011290 2.4064338
1997.0728 1.6010968 2.4063560
1997.0729 1.6010645 2.4062782
1997.0730 1.6010323 2.4062005
1997.0731 1.6010000 2.4061227
1997.0801 1.6010645 2.4062520
1997.0802 1.6011290 2.4063813
1997.0803 1.6011935 2.4065106
1997.0804 1.6012581 2.4066399
1997.0805 1.6013226 2.4067692
1997.0806 1.6013871 2.4068984
1997.0807 1.6014516 2.4070277
1997.0808 1.6015161 2.4071570
1997.0809 1.6015806 2.4072863
1997.0810 1.6016452 2.4074156
1997.0811 1.6017097 2.4075449
1997.0812 1.6017742 2.4076742
1997.0813 1.6018387 2.4078035
1997.0814 1.6019032 2.4079328
1997.0815 1.6019677 2.4080621
1997.0816 1.6020323 2.4081913
1997.0817 1.6020968 2.4083206
1997.0818 1.6021613 2.4084499
1997.0819 1.6022258 2.4085792
1997.0820 1.6022903 2.4087085
1997.0821 1.6023548 2.4088378
1997.0822 1.6024194 2.4089671
1997.0823 1.6024839 2.4090964
1997.0824 1.6025484 2.4092257
1997.0825 1.6026129 2.4093550
1997.0826 1.6026774 2.4094842
1997.0827 1.6027419 2.4096135
1997.0828 1.6028065 2.4097428
1997.0829 1.6028710 2.4098721
1997.0830 1.6029355 2.4100014
1997.0831 1.6030000 2.4101307
1997.0901 1.6030667 2.4098975
1997.0902 1.6031333 2.4096642
1997.0903 1.6032000 2.4094310
1997.0904 1.6032667 2.4091978
1997.0905 1.6033333 2.4089646
1997.0906 1.6034000 2.4087313
1997.0907 1.6034667 2.4084981
1997.0908 1.6035333 2.4082649
1997.0909 1.6036000 2.4080317
1997.0910 1.6036667 2.4077984
1997.0911 1.6037333 2.4075652
1997.0912 1.6038000 2.4073320
1997.0913 1.6038667 2.4070988
1997.0914 1.6039333 2.4068655
1997.0915 1.6040000 2.4066323
1997.0916 1.6040667 2.4063991
1997.0917 1.6041333 2.4061658
1997.0918 1.6042000 2.4059326
1997.0919 1.6042667 2.4056994
1997.0920 1.6043333 2.4054662
1997.0921 1.6044000 2.4052329
1997.0922 1.6044667 2.4049997
1997.0923 1.6045333 2.4047665
1997.0924 1.6046000 2.4045333
1997.0925 1.6046667 2.4043000
1997.0926 1.6047333 2.4040668
1997.0927 1.6048000 2.4038336
1997.0928 1.6048667 2.4036004
1997.0929 1.6049333 2.4033671
1997.0930 1.6050000 2.4031339
1997.1001 1.6050968 2.4032331
1997.1002 1.6051935 2.4033323
1997.1003 1.6052903 2.4034315
1997.1004 1.6053871 2.4035307
1997.1005 1.6054839 2.4036299
1997.1006 1.6055806 2.4037291
1997.1007 1.6056774 2.4038283
1997.1008 1.6057742 2.4039274
1997.1009 1.6058710 2.4040266
1997.1010 1.6059677 2.4041258
1997.1011 1.6060645 2.4042250
1997.1012 1.6061613 2.4043242
1997.1013 1.6062581 2.4044234
1997.1014 1.6063548 2.4045226
1997.1015 1.6064516 2.4046218
1997.1016 1.6065484 2.4047210
1997.1017 1.6066452 2.4048202
1997.1018 1.6067419 2.4049194
1997.1019 1.6068387 2.4050186
1997.1020 1.6069355 2.4051178
1997.1021 1.6070323 2.4052170
1997.1022 1.6071290 2.4053162
1997.1023 1.6072258 2.4054154
1997.1024 1.6073226 2.4055145
1997.1025 1.6074194 2.4056137
1997.1026 1.6075161 2.4057129
1997.1027 1.6076129 2.4058121
1997.1028 1.6077097 2.4059113
1997.1029 1.6078065 2.4060105
1997.1030 1.6079032 2.4061097
1997.1031 1.6080000 2.4062089
1997.1101 1.6081333 2.4061211
1997.1102 1.6082667 2.4060333
1997.1103 1.6084000 2.4059455
1997.1104 1.6085333 2.4058578
1997.1105 1.6086667 2.4057700
1997.1106 1.6088000 2.4056822
1997.1107 1.6089333 2.4055944
1997.1108 1.6090667 2.4055066
1997.1109 1.6092000 2.4054188
1997.1110 1.6093333 2.4053310
1997.1111 1.6094667 2.4052432
1997.1112 1.6096000 2.4051555
1997.1113 1.6097333 2.4050677
1997.1114 1.6098667 2.4049799
1997.1115 1.6100000 2.4048921
1997.1116 1.6101333 2.4048043
1997.1117 1.6102667 2.4047165
1997.1118 1.6104000 2.4046287
1997.1119 1.6105333 2.4045410
1997.1120 1.6106667 2.4044532
1997.1121 1.6108000 2.4043654
1997.1122 1.6109333 2.4042776
1997.1123 1.6110667 2.4041898
1997.1124 1.6112000 2.4041020
1997.1125 1.6113333 2.4040142
1997.1126 1.6114667 2.4039264
1997.1127 1.6116000 2.4038387
1997.1128 1.6117333 2.4037509
1997.1129 1.6118667 2.4036631
1997.1130 1.6120000 2.4035753
1997.1201 1.6121290 2.4036222
1997.1202 1.6122581 2.4036691
1997.1203 1.6123871 2.4037160
1997.1204 1.6125161 2.4037629
1997.1205 1.6126452 2.4038098
1997.1206 1.6127742 2.4038568
1997.1207 1.6129032 2.4039037
1997.1208 1.6130323 2.4039506
1997.1209 1.6131613 2.4039975
1997.1210 1.6132903 2.4040444
1997.1211 1.6134194 2.4040913
1997.1212 1.6135484 2.4041382
1997.1213 1.6136774 2.4041851
1997.1214 1.6138065 2.4042320
1997.1215 1.6139355 2.4042789
1997.1216 1.6140645 2.4043259
1997.1217 1.6141935 2.4043728
1997.1218 1.6143226 2.4044197
1997.1219 1.6144516 2.4044666
1997.1220 1.6145806 2.4045135
1997.1221 1.6147097 2.4045604
1997.1222 1.6148387 2.4046073
1997.1223 1.6149677 2.4046542
1997.1224 1.6150968 2.4047011
1997.1225 1.6152258 2.4047480
1997.1226 1.6153548 2.4047950
1997.1227 1.6154839 2.4048419
1997.1228 1.6156129 2.4048888
1997.1229 1.6157419 2.4049357
1997.1230 1.6158710 2.4049826
1997.1231 1.6160000 2.4050295
1998.0101 1.6159677 2.4052462
1998.0102 1.6159355 2.4054630
1998.0103 1.6159032 2.4056797
1998.0104 1.6158710 2.4058965
1998.0105 1.6158387 2.4061132
1998.0106 1.6158065 2.4063299
1998.0107 1.6157742 2.4065467
1998.0108 1.6157419 2.4067634
1998.0109 1.6157097 2.4069801
1998.0110 1.6156774 2.4071969
1998.0111 1.6156452 2.4074136
1998.0112 1.6156129 2.4076304
1998.0113 1.6155806 2.4078471
1998.0114 1.6155484 2.4080638
1998.0115 1.6155161 2.4082806
1998.0116 1.6154839 2.4084973
1998.0117 1.6154516 2.4087141
1998.0118 1.6154194 2.4089308
1998.0119 1.6153871 2.4091475
1998.0120 1.6153548 2.4093643
1998.0121 1.6153226 2.4095810
1998.0122 1.6152903 2.4097978
1998.0123 1.6152581 2.4100145
1998.0124 1.6152258 2.4102312
1998.0125 1.6151935 2.4104480
1998.0126 1.6151613 2.4106647
1998.0127 1.6151290 2.4108814
1998.0128 1.6150968 2.4110982
1998.0129 1.6150645 2.4113149
1998.0130 1.6150323 2.4115317
1998.0131 1.6150000 2.4117484
1998.0201 1.6149286 2.4117667
1998.0202 1.6148571 2.4117849
1998.0203 1.6147857 2.4118031
1998.0204 1.6147143 2.4118214
1998.0205 1.6146429 2.4118397
1998.0206 1.6145714 2.4118579
1998.0207 1.6145000 2.4118762
1998.0208 1.6144286 2.4118944
1998.0209 1.6143571 2.4119127
1998.0210 1.6142857 2.4119309
1998.0211 1.6142143 2.4119492
1998.0212 1.6141429 2.4119674
1998.0213 1.6140714 2.4119856
1998.0214 1.6140000 2.4120039
1998.0215 1.6139286 2.4120221
1998.0216 1.6138571 2.4120404
1998.0217 1.6137857 2.4120586
1998.0218 1.6137143 2.4120769
1998.0219 1.6136429 2.4120951
1998.0220 1.6135714 2.4121134
1998.0221 1.6135000 2.4121316
1998.0222 1.6134286 2.4121499
1998.0223 1.6133571 2.4121681
1998.0224 1.6132857 2.4121864
1998.0225 1.6132143 2.4122046
1998.0226 1.6131429 2.4122229
1998.0227 1.6130714 2.4122411
1998.0228 1.6130000 2.4122594
1998.0301 1.6130968 2.4123736
1998.0302 1.6131935 2.4124878
1998.0303 1.6132903 2.4126020
1998.0304 1.6133871 2.4127163
1998.0305 1.6134839 2.4128305
1998.0306 1.6135806 2.4129447
1998.0307 1.6136774 2.4130589
1998.0308 1.6137742 2.4131731
1998.0309 1.6138710 2.4132873
1998.0310 1.6139677 2.4134015
1998.0311 1.6140645 2.4135157
1998.0312 1.6141613 2.4136300
1998.0313 1.6142581 2.4137442
1998.0314 1.6143548 2.4138584
1998.0315 1.6144516 2.4139726
1998.0316 1.6145484 2.4140868
1998.0317 1.6146452 2.4142010
1998.0318 1.6147419 2.4143152
1998.0319 1.6148387 2.4144294
1998.0320 1.6149355 2.4145437
1998.0321 1.6150323 2.4146579
1998.0322 1.6151290 2.4147721
1998.0323 1.6152258 2.4148863
1998.0324 1.6153226 2.4150005
1998.0325 1.6154194 2.4151147
1998.0326 1.6155161 2.4152289
1998.0327 1.6156129 2.4153431
1998.0328 1.6157097 2.4154574
1998.0329 1.6158065 2.4155716
1998.0330 1.6159032 2.4156858
1998.0331 1.6160000 2.4158000
1998.0401 1.6161000 2.4159368
1998.0402 1.6162000 2.4160736
1998.0403 1.6163000 2.4162104
1998.0404 1.6164000 2.4163471
1998.0405 1.6165000 2.4164839
1998.0406 1.6166000 2.4166207
1998.0407 1.6167000 2.4167575
1998.0408 1.6168000 2.4168943
1998.0409 1.6169000 2.4170311
1998.0410 1.6170000 2.4171679
1998.0411 1.6171000 2.4173047
1998.0412 1.6172000 2.4174414
1998.0413 1.6173000 2.4175782
1998.0414 1.6174000 2.4177150
1998.0415 1.6175000 2.4178518
1998.0416 1.6176000 2.4179886
1998.0417 1.6177000 2.4181254
1998.0418 1.6178000 2.4182622
1998.0419 1.6179000 2.4183989
1998.0420 1.6180000 2.4185357
1998.0421 1.6181000 2.4186725
1998.0422 1.6182000 2.4188093
1998.0423 1.6183000 2.4189461
1998.0424 1.6184000 2.4190829
1998.0425 1.6185000 2.4192197
1998.0426 1.6186000 2.4193565
1998.0427 1.6187000 2.4194932
1998.0428 1.6188000 2.4196300
1998.0429 1.6189000 2.4197668
1998.0430 1.6190000 2.4199036
1998.0501 1.6190968 2.4198636
1998.0502 1.6191935 2.4198235
1998.0503 1.6192903 2.4197835
1998.0504 1.6193871 2.4197435
1998.0505 1.6194839 2.4197035
1998.0506 1.6195806 2.4196634
1998.0507 1.6196774 2.4196234
1998.0508 1.6197742 2.4195834
1998.0509 1.6198710 2.4195434
1998.0510 1.6199677 2.4195033
1998.0511 1.6200645 2.4194633
1998.0512 1.6201613 2.4194233
1998.0513 1.6202581 2.4193833
1998.0514 1.6203548 2.4193432
1998.0515 1.6204516 2.4193032
1998.0516 1.6205484 2.4192632
1998.0517 1.6206452 2.4192232
1998.0518 1.6207419 2.4191831
1998.0519 1.6208387 2.4191431
1998.0520 1.6209355 2.4191031
1998.0521 1.6210323 2.4190631
1998.0522 1.6211290 2.4190230
1998.0523 1.6212258 2.4189830
1998.0524 1.6213226 2.4189430
1998.0525 1.6214194 2.4189030
1998.0526 1.6215161 2.4188629
1998.0527 1.6216129 2.4188229
1998.0528 1.6217097 2.4187829
1998.0529 1.6218065 2.4187429
1998.0530 1.6219032 2.4187028
1998.0531 1.6220000 2.4186628
1998.0601 1.6221000 2.4186458
1998.0602 1.6222000 2.4186288
1998.0603 1.6223000 2.4186118
1998.0604 1.6224000 2.4185948
1998.0605 1.6225000 2.4185778
1998.0606 1.6226000 2.4185609
1998.0607 1.6227000 2.4185439
1998.0608 1.6228000 2.4185269
1998.0609 1.6229000 2.4185099
1998.0610 1.6230000 2.4184929
1998.0611 1.6231000 2.4184759
1998.0612 1.6232000 2.4184589
1998.0613 1.6233000 2.4184419
1998.0614 1.6234000 2.4184249
1998.0615 1.6235000 2.4184080
1998.0616 1.6236000 2.4183910
1998.0617 1.6237000 2.4183740
1998.0618 1.6238000 2.4183570
1998.0619 1.6239000 2.4183400
1998.0620 1.6240000 2.4183230
1998.0621 1.6241000 2.4183060
1998.0622 1.6242000 2.4182890
1998.0623 1.6243000 2.4182720
1998.0624 1.6244000 2.4182550
1998.0625 1.6245000 2.4182381
1998.0626 1.6246000 2.4182211
1998.0627 1.6247000 2.4182041
1998.0628 1.6248000 2.4181871
1998.0629 1.6249000 2.4181701
1998.0630 1.6250000 2.4181531
1998.0701 1.6250968 2.4182424
1998.0702 1.6251935 2.4183316
1998.0703 1.6252903 2.4184209
1998.0704 1.6253871 2.4185101
1998.0705 1.6254839 2.4185994
1998.0706 1.6255806 2.4186887
1998.0707 1.6256774 2.4187779
1998.0708 1.6257742 2.4188672
1998.0709 1.6258710 2.4189565
1998.0710 1.6259677 2.4190457
1998.0711 1.6260645 2.4191350
1998.0712 1.6261613 2.4192242
1998.0713 1.6262581 2.4193135
1998.0714 1.6263548 2.4194028
1998.0715 1.6264516 2.4194920
1998.0716 1.6265484 2.4195813
1998.0717 1.6266452 2.4196705
1998.0718 1.6267419 2.4197598
1998.0719 1.6268387 2.4198491
1998.0720 1.6269355 2.4199383
1998.0721 1.6270323 2.4200276
1998.0722 1.6271290 2.4201168
1998.0723 1.6272258 2.4202061
1998.0724 1.6273226 2.4202954
1998.0725 1.6274194 2.4203846
1998.0726 1.6275161 2.4204739
1998.0727 1.6276129 2.4205632
1998.0728 1.6277097 2.4206524
1998.0729 1.6278065 2.4207417
1998.0730 1.6279032 2.4208309
1998.0731 1.6280000 2.4209202
1998.0801 1.6280645 2.4207666
1998.0802 1.6281290 2.4206130
1998.0803 1.6281935 2.4204595
1998.0804 1.6282581 2.4203059
1998.0805 1.6283226 2.4201523
1998.0806 1.6283871 2.4199987
1998.0807 1.6284516 2.4198452
1998.0808 1.6285161 2.4196916
1998.0809 1.6285806 2.4195380
1998.0810 1.6286452 2.4193844
1998.0811 1.6287097 2.4192308
1998.0812 1.6287742 2.4190773
1998.0813 1.6288387 2.4189237
1998.0814 1.6289032 2.4187701
1998.0815 1.6289677 2.4186165
1998.0816 1.6290323 2.4184630
1998.0817 1.6290968 2.4183094
1998.0818 1.6291613 2.4181558
1998.0819 1.6292258 2.4180022
1998.0820 1.6292903 2.4178487
1998.0821 1.6293548 2.4176951
1998.0822 1.6294194 2.4175415
1998.0823 1.6294839 2.4173879
1998.0824 1.6295484 2.4172343
1998.0825 1.6296129 2.4170808
1998.0826 1.6296774 2.4169272
1998.0827 1.6297419 2.4167736
1998.0828 1.6298065 2.4166200
1998.0829 1.6298710 2.4164665
1998.0830 1.6299355 2.4163129
1998.0831 1.6300000 2.4161593
1998.0901 1.6300975 2.4162629
1998.0902 1.6301950 2.4163666
1998.0903 1.6302926 2.4164702
1998.0904 1.6303901 2.4165739
1998.0905 1.6304876 2.4166775
1998.0906 1.6305851 2.4167811
1998.0907 1.6306826 2.4168848
1998.0908 1.6307802 2.4169884
1998.0909 1.6308777 2.4170921
1998.0910 1.6309752 2.4171957
1998.0911 1.6310727 2.4172993
1998.0912 1.6311702 2.4174030
1998.0913 1.6312678 2.4175066
1998.0914 1.6313653 2.4176103
1998.0915 1.6314628 2.4177139
1998.0916 1.6315603 2.4178175
1998.0917 1.6316578 2.4179212
1998.0918 1.6317554 2.4180248
1998.0919 1.6318529 2.4181285
1998.0920 1.6319504 2.4182321
1998.0921 1.6320479 2.4183357
1998.0922 1.6321454 2.4184394
1998.0923 1.6322430 2.4185430
1998.0924 1.6323405 2.4186467
1998.0925 1.6324380 2.4187503
1998.0926 1.6325355 2.4188539
1998.0927 1.6326330 2.4189576
1998.0928 1.6327306 2.4190612
1998.0929 1.6328281 2.4191649
1998.0930 1.6329256 2.4192685
1998.1001 1.6330350 2.4193318
1998.1002 1.6331445 2.4193952
1998.1003 1.6332539 2.4194585
1998.1004 1.6333634 2.4195219
1998.1005 1.6334728 2.4195852
1998.1006 1.6335823 2.4196486
1998.1007 1.6336917 2.4197119
1998.1008 1.6338011 2.4197753
1998.1009 1.6339106 2.4198386
1998.1010 1.6340200 2.4199020
1998.1011 1.6341295 2.4199653
1998.1012 1.6342389 2.4200286
1998.1013 1.6343483 2.4200920
1998.1014 1.6344578 2.4201553
1998.1015 1.6345672 2.4202187
1998.1016 1.6346767 2.4202820
1998.1017 1.6347861 2.4203454
1998.1018 1.6348956 2.4204087
1998.1019 1.6350050 2.4204721
1998.1020 1.6351144 2.4205354
1998.1021 1.6352239 2.4205987
1998.1022 1.6353333 2.4206621
1998.1023 1.6354428 2.4207254
1998.1024 1.6355522 2.4207888
1998.1025 1.6356616 2.4208521
1998.1026 1.6357711 2.4209155
1998.1027 1.6358805 2.4209788
1998.1028 1.6359900 2.4210422
1998.1029 1.6360994 2.4211055
1998.1030 1.6362089 2.4211689
1998.1031 1.6363183 2.4212322
1998.1101 1.6364304 2.4212535
1998.1102 1.6365426 2.4212749
1998.1103 1.6366547 2.4212962
1998.1104 1.6367668 2.4213175
1998.1105 1.6368790 2.4213388
1998.1106 1.6369911 2.4213602
1998.1107 1.6371032 2.4213815
1998.1108 1.6372154 2.4214028
1998.1109 1.6373275 2.4214242
1998.1110 1.6374396 2.4214455
1998.1111 1.6375518 2.4214668
1998.1112 1.6376639 2.4214882
1998.1113 1.6377760 2.4215095
1998.1114 1.6378882 2.4215308
1998.1115 1.6380003 2.4215521
1998.1116 1.6381124 2.4215735
1998.1117 1.6382246 2.4215948
1998.1118 1.6383367 2.4216161
1998.1119 1.6384488 2.4216375
1998.1120 1.6385610 2.4216588
1998.1121 1.6386731 2.4216801
1998.1122 1.6387852 2.4217015
1998.1123 1.6388974 2.4217228
1998.1124 1.6390095 2.4217441
1998.1125 1.6391216 2.4217655
1998.1126 1.6392338 2.4217868
1998.1127 1.6393459 2.4218081
1998.1128 1.6394580 2.4218294
1998.1129 1.6395702 2.4218508
1998.1130 1.6396823 2.4218721
1998.1201 1.6397879 2.4219161
1998.1202 1.6398935 2.4219602
1998.1203 1.6399991 2.4220042
1998.1204 1.6401047 2.4220483
1998.1205 1.6402103 2.4220923
1998.1206 1.6403160 2.4221364
1998.1207 1.6404216 2.4221804
1998.1208 1.6405272 2.4222245
1998.1209 1.6406328 2.4222685
1998.1210 1.6407384 2.4223126
1998.1211 1.6408440 2.4223566
1998.1212 1.6409496 2.4224006
1998.1213 1.6410552 2.4224447
1998.1214 1.6411608 2.4224887
1998.1215 1.6412664 2.4225328
1998.1216 1.6413721 2.4225768
1998.1217 1.6414777 2.4226209
1998.1218 1.6415833 2.4226649
1998.1219 1.6416889 2.4227090
1998.1220 1.6417945 2.4227530
1998.1221 1.6419001 2.4227970
1998.1222 1.6420057 2.4228411
1998.1223 1.6421113 2.4228851
1998.1224 1.6422169 2.4229292
1998.1225 1.6423225 2.4229732
1998.1226 1.6424282 2.4230173
1998.1227 1.6425338 2.4230613
1998.1228 1.6426394 2.4231054
1998.1229 1.6427450 2.4231494
1998.1230 1.6428506 2.4231935
1998.1231 1.6429562 2.4232375
1999.0101 1.6430613 2.4232826
1999.0102 1.6431664 2.4233278
1999.0103 1.6432715 2.4233729
1999.0104 1.6433766 2.4234181
1999.0105 1.6434817 2.4234632
1999.0106 1.6435868 2.4235084
1999.0107 1.6436919 2.4235535
1999.0108 1.6437971 2.4235987
1999.0109 1.6439022 2.4236438
1999.0110 1.6440073 2.4236890
1999.0111 1.6441124 2.4237341
1999.0112 1.6442175 2.4237792
1999.0113 1.6443226 2.4238244
1999.0114 1.6444277 2.4238695
1999.0115 1.6445328 2.4239147
1999.0116 1.6446379 2.4239598
1999.0117 1.6447430 2.4240050
1999.0118 1.6448481 2.4240501
1999.0119 1.6449532 2.4240953
1999.0120 1.6450583 2.4241404
1999.0121 1.6451634 2.4241855
1999.0122 1.6452685 2.4242307
1999.0123 1.6453736 2.4242758
1999.0124 1.6454788 2.4243210
1999.0125 1.6455839 2.4243661
1999.0126 1.6456890 2.4244113
1999.0127 1.6457941 2.4244564
1999.0128 1.6458992 2.4245016
1999.0129 1.6460043 2.4245467
1999.0130 1.6461094 2.4245919
1999.0131 1.6462145 2.4246370
1999.0201 1.6463315 2.4246809
1999.0202 1.6464485 2.4247248
1999.0203 1.6465655 2.4247686
1999.0204 1.6466826 2.4248125
1999.0205 1.6467996 2.4248564
1999.0206 1.6469166 2.4249003
1999.0207 1.6470336 2.4249441
1999.0208 1.6471506 2.4249880
1999.0209 1.6472676 2.4250319
1999.0210 1.6473846 2.4250758
1999.0211 1.6475017 2.4251197
1999.0212 1.6476187 2.4251635
1999.0213 1.6477357 2.4252074
1999.0214 1.6478527 2.4252513
1999.0215 1.6479697 2.4252952
1999.0216 1.6480867 2.4253391
1999.0217 1.6482037 2.4253829
1999.0218 1.6483208 2.4254268
1999.0219 1.6484378 2.4254707
1999.0220 1.6485548 2.4255146
1999.0221 1.6486718 2.4255585
1999.0222 1.6487888 2.4256023
1999.0223 1.6489058 2.4256462
1999.0224 1.6490228 2.4256901
1999.0225 1.6491399 2.4257340
1999.0226 1.6492569 2.4257778
1999.0227 1.6493739 2.4258217
1999.0228 1.6494909 2.4258656
1999.0301 1.6495970 2.4259070
1999.0302 1.6497032 2.4259484
1999.0303 1.6498093 2.4259898
1999.0304 1.6499155 2.4260312
1999.0305 1.6500216 2.4260726
1999.0306 1.6501278 2.4261139
1999.0307 1.6502339 2.4261553
1999.0308 1.6503401 2.4261967
1999.0309 1.6504462 2.4262381
1999.0310 1.6505524 2.4262795
1999.0311 1.6506585 2.4263209
1999.0312 1.6507646 2.4263623
1999.0313 1.6508708 2.4264037
1999.0314 1.6509769 2.4264451
1999.0315 1.6510831 2.4264865
1999.0316 1.6511892 2.4265278
1999.0317 1.6512954 2.4265692
1999.0318 1.6514015 2.4266106
1999.0319 1.6515077 2.4266520
1999.0320 1.6516138 2.4266934
1999.0321 1.6517199 2.4267348
1999.0322 1.6518261 2.4267762
1999.0323 1.6519322 2.4268176
1999.0324 1.6520384 2.4268590
1999.0325 1.6521445 2.4269004
1999.0326 1.6522507 2.4269417
1999.0327 1.6523568 2.4269831
1999.0328 1.6524630 2.4270245
1999.0329 1.6525691 2.4270659
1999.0330 1.6526753 2.4271073
1999.0331 1.6527814 2.4271487
1999.0401 1.6528913 2.4271921
1999.0402 1.6530012 2.4272355
1999.0403 1.6531111 2.4272789
1999.0404 1.6532210 2.4273224
1999.0405 1.6533309 2.4273658
1999.0406 1.6534408 2.4274092
1999.0407 1.6535507 2.4274526
1999.0408 1.6536607 2.4274960
1999.0409 1.6537706 2.4275394
1999.0410 1.6538805 2.4275828
1999.0411 1.6539904 2.4276262
1999.0412 1.6541003 2.4276697
1999.0413 1.6542102 2.4277131
1999.0414 1.6543201 2.4277565
1999.0415 1.6544300 2.4277999
1999.0416 1.6545399 2.4278433
1999.0417 1.6546498 2.4278867
1999.0418 1.6547597 2.4279301
1999.0419 1.6548696 2.4279736
1999.0420 1.6549795 2.4280170
1999.0421 1.6550894 2.4280604
1999.0422 1.6551993 2.4281038
1999.0423 1.6553093 2.4281472
1999.0424 1.6554192 2.4281906
1999.0425 1.6555291 2.4282340
1999.0426 1.6556390 2.4282774
1999.0427 1.6557489 2.4283209
1999.0428 1.6558588 2.4283643
1999.0429 1.6559687 2.4284077
1999.0430 1.6560786 2.4284511
1999.0501 1.6561851 2.4284925
1999.0502 1.6562917 2.4285340
1999.0503 1.6563982 2.4285754
1999.0504 1.6565047 2.4286169
1999.0505 1.6566112 2.4286583
1999.0506 1.6567178 2.4286997
1999.0507 1.6568243 2.4287412
1999.0508 1.6569308 2.4287826
1999.0509 1.6570373 2.4288240
1999.0510 1.6571439 2.4288655
1999.0511 1.6572504 2.4289069
1999.0512 1.6573569 2.4289484
1999.0513 1.6574634 2.4289898
1999.0514 1.6575700 2.4290312
1999.0515 1.6576765 2.4290727
1999.0516 1.6577830 2.4291141
1999.0517 1.6578895 2.4291556
1999.0518 1.6579961 2.4291970
1999.0519 1.6581026 2.4292384
1999.0520 1.6582091 2.4292799
1999.0521 1.6583156 2.4293213
1999.0522 1.6584222 2.4293628
1999.0523 1.6585287 2.4294042
1999.0524 1.6586352 2.4294456
1999.0525 1.6587417 2.4294871
1999.0526 1.6588483 2.4295285
1999.0527 1.6589548 2.4295699
1999.0528 1.6590613 2.4296114
1999.0529 1.6591678 2.4296528
1999.0530 1.6592744 2.4296943
1999.0531 1.6593809 2.4297357
1999.0601 1.6594912 2.4297786
1999.0602 1.6596015 2.4298215
1999.0603 1.6597117 2.4298645
1999.0604 1.6598220 2.4299074
1999.0605 1.6599323 2.4299503
1999.0606 1.6600426 2.4299932
1999.0607 1.6601529 2.4300362
1999.0608 1.6602632 2.4300791
1999.0609 1.6603734 2.4301220
1999.0610 1.6604837 2.4301649
1999.0611 1.6605940 2.4302079
1999.0612 1.6607043 2.4302508
1999.0613 1.6608146 2.4302937
1999.0614 1.6609249 2.4303366
1999.0615 1.6610351 2.4303795
1999.0616 1.6611454 2.4304225
1999.0617 1.6612557 2.4304654
1999.0618 1.6613660 2.4305083
1999.0619 1.6614763 2.4305512
1999.0620 1.6615866 2.4305942
1999.0621 1.6616968 2.4306371
1999.0622 1.6618071 2.4306800
1999.0623 1.6619174 2.4307229
1999.0624 1.6620277 2.4307659
1999.0625 1.6621380 2.4308088
1999.0626 1.6622483 2.4308517
1999.0627 1.6623585 2.4308946
1999.0628 1.6624688 2.4309376
1999.0629 1.6625791 2.4309805
1999.0630 1.6626894 2.4310234
1999.0701 1.6627963 2.4310651
1999.0702 1.6629033 2.4311067
1999.0703 1.6630102 2.4311484
1999.0704 1.6631172 2.4311901
1999.0705 1.6632241 2.4312317
1999.0706 1.6633311 2.4312734
1999.0707 1.6634380 2.4313151
1999.0708 1.6635449 2.4313567
1999.0709 1.6636519 2.4313984
1999.0710 1.6637588 2.4314401
1999.0711 1.6638658 2.4314817
1999.0712 1.6639727 2.4315234
1999.0713 1.6640796 2.4315651
1999.0714 1.6641866 2.4316067
1999.0715 1.6642935 2.4316484
1999.0716 1.6644005 2.4316901
1999.0717 1.6645074 2.4317318
1999.0718 1.6646144 2.4317734
1999.0719 1.6647213 2.4318151
1999.0720 1.6648282 2.4318568
1999.0721 1.6649352 2.4318984
1999.0722 1.6650421 2.4319401
1999.0723 1.6651491 2.4319818
1999.0724 1.6652560 2.4320234
1999.0725 1.6653629 2.4320651
1999.0726 1.6654699 2.4321068
1999.0727 1.6655768 2.4321484
1999.0728 1.6656838 2.4321901
1999.0729 1.6657907 2.4322318
1999.0730 1.6658977 2.4322734
1999.0731 1.6660046 2.4323151
1999.0801 1.6661118 2.4323567
1999.0802 1.6662189 2.4323984
1999.0803 1.6663261 2.4324400
1999.0804 1.6664332 2.4324816
1999.0805 1.6665404 2.4325233
1999.0806 1.6666475 2.4325649
1999.0807 1.6667547 2.4326065
1999.0808 1.6668619 2.4326482
1999.0809 1.6669690 2.4326898
1999.0810 1.6670762 2.4327314
1999.0811 1.6671833 2.4327731
1999.0812 1.6672905 2.4328147
1999.0813 1.6673977 2.4328563
1999.0814 1.6675048 2.4328980
1999.0815 1.6676120 2.4329396
1999.0816 1.6677191 2.4329812
1999.0817 1.6678263 2.4330228
1999.0818 1.6679334 2.4330645
1999.0819 1.6680406 2.4331061
1999.0820 1.6681478 2.4331477
1999.0821 1.6682549 2.4331894
1999.0822 1.6683621 2.4332310
1999.0823 1.6684692 2.4332726
1999.0824 1.6685764 2.4333143
1999.0825 1.6686836 2.4333559
1999.0826 1.6687907 2.4333975
1999.0827 1.6688979 2.4334392
1999.0828 1.6690050 2.4334808
1999.0829 1.6691122 2.4335224
1999.0830 1.6692193 2.4335641
1999.0831 1.6693265 2.4336057
Source: Author's calculations using methods described in text
above. Forecasts out one year are made using a second order auto-
regressive model for the monthly log index changes.
Disclaimer: The numbers presented here are accurate to the best
knowledge of the author, but no warranty is expressed or
implied that they are accurate or appropriate for use in
contracts.
Note: The US Treasury publishes a daily-interpolated consumer price index:
(For use with Treasury Inflation-Indexed Notes).