Table AI. Variable definitions and data... | Emerald Publishing

Table AI.

Variable definitions and data sources

Variable	Description	Data source
Real Housing Price, rhp.	House price index deflated by the consumer price index rebased to 1986Q1 in logs. The index estimates development of prices and values of the existing stock of one- or two-dwelling buildings in the entire country. The index is constructed based on repeated sales and takes into consideration that the houses sold may not be a random sample of the housing stock and that the mix or composition of houses may vary from one-quarter/year to the next. One- or two-dwelling buildings for permanent dwelling include detached one- or two-dwelling buildings, terraced houses and linked buildings	Statistics Sweden and Datastream
Real household disposable Income, Rdisp.	Aggregated Real household disposable income, seasonally adjusted in logs	Statistics Sweden and Datastream
Household Financial Assets Net of Liabilities, NHFW	Real total household financial assets minus liabilities in logs, backdated using the quadratic-match average and interpolated to a quarterly frequency	Swedish National Wealth
Real After-Tax mortgage rate, ATMR	The real after-tax deductibility mortgage rate is calculated using ${r_{t}}^{m} (1 - τ_{t}) - π_{t}$ ⁠, where r_t is a 5-year mortgage rate, τ_t is the amount of the interest rate tax deduction (50 % from 1986 to 1989 and 30 % thereafter), and π_t is the inflation rate	Statistics Sweden, Riksbanken, and Datastream
Real User Cos, μ_t	We use the following formula $: μ_{t} {= r^{f}}_{t} + ω_{t} - τ_{t} ({i_{t}}^{m} + ω_{t}) + δ_{t} + θ_{t} - g_{t + 1} {+ γ}_{t}$ ⁠. The risk-free rate (⁠ ${r^{f}}_{t})$ is measured by the government bond yield on 10-year maturities; ω_t is the property tax rate; the effective tax rate on income subjected to tax deductibility (τ_t) is calculated as 50 % from 1986 to 1990 and 30 % since 1991; mortgage nominal interest ( ${r_{t}}^{m}$ ⁠) is measured by Sweden’s mortgage rate on 5-year maturities; maintenance and other carrying costs (δ_t) are assumed to be 1 % per year; depreciation (τ_t) is assumed to be 2 % per year; expected capital gain (g_t+1) is calculated as the moving average of the previous three years; and the risk premium is (γ_t) is assumed to be 5% per year	Statistics Sweden, Riksbanken, Datastream, and Skatteverket
Real Effective Exchange Rate, REER	The nominal effective exchange rate (a measure of the value of the Swedish krona against a weighted average of Sweden’s largest trade partners) divided by a price deflator in logs. An increase in the real effective exchange rate implies that exports become more expensive and imports become cheaper; therefore, an increase in the real effective exchange rate indicates a decrease in trade competitiveness	IMF, OECD, and Datastream
Real Household Debt, HDEBT	MFI’s lending to households for housing deflated by the consumer price index in logs	Riksbanken and Datastream
Housing Stock, Stocks	Quarterly dwellings completed –one or two –dwelling buildings	Statistics Sweden and Datastream
Tobin’s Q	The nominal house price index deflated by the total construction cost rebased to 1986Q1	Statistics Sweden
Population	Population transformed to a quarterly frequency using a quadratic-match average	Statistics Sweden
Unemployment	The annual unemployment rate for people between 15 and 74 years of age transformed to a quarterly frequency using a quadratic-match average	Statistics Sweden

Variable	Description	Data source
Real Housing Price, rhp.	House price index deflated by the consumer price index rebased to 1986Q1 in logs. The index estimates development of prices and values of the existing stock of one- or two-dwelling buildings in the entire country. The index is constructed based on repeated sales and takes into consideration that the houses sold may not be a random sample of the housing stock and that the mix or composition of houses may vary from one-quarter/year to the next. One- or two-dwelling buildings for permanent dwelling include detached one- or two-dwelling buildings, terraced houses and linked buildings	Statistics Sweden and Datastream
Real household disposableIncome, Rdisp.	Aggregated Real household disposable income, seasonally adjusted in logs	Statistics Sweden and Datastream
Household Financial Assets Net of Liabilities, NHFW	Real total household financial assets minus liabilities in logs, backdated using the quadratic-match average and interpolated to a quarterly frequency	Swedish National Wealth
Real After-Tax mortgage rate, ATMR	The real after-tax deductibility mortgage rate is calculated using ${r_{t}}^{m} (1 - τ_{t}) - π_{t}$ , where r_t is a 5-year mortgage rate, τ_t is the amount of the interest rate tax deduction (50 % from 1986 to 1989 and 30 % thereafter), and π_t is the inflation rate	Statistics Sweden, Riksbanken, and Datastream
Real User Cos, μ_t	We use the following formula $: μ_{t} {= r^{f}}_{t} + ω_{t} - τ_{t} ({i_{t}}^{m} + ω_{t}) + δ_{t} + θ_{t} - g_{t + 1} {+ γ}_{t}$ . The risk-free rate ( ${r^{f}}_{t})$ is measured by the government bond yield on 10-year maturities; ω_t is the property tax rate; the effective tax rate on income subjected to tax deductibility (τ_t) is calculated as 50 % from 1986 to 1990 and 30 % since 1991; mortgage nominal interest ( ${r_{t}}^{m}$ ) is measured by Sweden’s mortgage rate on 5-year maturities; maintenance and other carrying costs (δ_t) are assumed to be 1 % per year; depreciation (τ_t) is assumed to be 2 % per year; expected capital gain (g_t+1) is calculated as the moving average of the previous three years; and the risk premium is (γ_t) is assumed to be 5% per year	Statistics Sweden, Riksbanken, Datastream, and Skatteverket
Real Effective Exchange Rate, REER	The nominal effective exchange rate (a measure of the value of the Swedish krona against a weighted average of Sweden’s largest trade partners) divided by a price deflator in logs. An increase in the real effective exchange rate implies that exports become more expensive and imports become cheaper; therefore, an increase in the real effective exchange rate indicates a decrease in trade competitiveness	IMF, OECD, and Datastream
Real Household Debt, HDEBT	MFI’s lending to households for housing deflated by the consumer price index in logs	Riksbanken and Datastream
Housing Stock, Stocks	Quarterly dwellings completed –one or two –dwelling buildings	StatisticsSweden and Datastream
Tobin’s Q	The nominal house price index deflated by the total construction cost rebased to 1986Q1	Statistics Sweden
Population	Population transformed to a quarterly frequency using a quadratic-match average	Statistics Sweden
Unemployment	The annual unemployment rate for people between 15 and 74 years of age transformed to a quarterly frequency using a quadratic-match average	Statistics Sweden