Consumer Price Index - CPI

Data - GFD

Author

François Geerolf

Variables

Code 
cpi_info |>
  select(Ticker, Country) |>
  right_join(cpi |>
               group_by(Ticker) |>
               summarise(Nobs = n(),
                         start = first(year(date)),
                         end = last(year(date))), by = "Ticker") |>
  arrange(-Nobs) |>
  mutate(Flag = gsub(" ", "-", str_to_lower(Country)),
         Flag = paste0('<img src="../../icon/flag/vsmall/', Flag, '.png" alt="Flag">')) |>
  select(Flag, everything()) %>%
  {if (is_html_output()) datatable(., filter = 'top', rownames = F, escape = F) else .}

Individual Countries

Germany

All

Code 
cpi |>
  filter(Ticker == "CPDEUM") |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  geom_rect(data = nber_recessions, 
            aes(xmin = Peak, xmax = Trough, ymin = -Inf, ymax = +Inf), 
            fill = 'grey', alpha = 0.5) + 
  scale_y_log10(breaks =  seq(0, 1000, 20)) + 
  scale_x_date(breaks = as.Date(paste0(seq(1780, 2020, 20), "-01-01")),
               labels = date_format("%Y")) + 
  theme_minimal() + 
  geom_vline(xintercept = as.Date("1929-10-29"), linetype = "dashed", color = "red")

1930-

Code 
cpi |>
  filter(Ticker == "CPDEUM",
         date >= as.Date("1930-01-01")) |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  scale_y_log10(breaks =  seq(0, 1000, 20)) + 
  scale_x_date(breaks = as.Date(paste0(seq(1780, 2020, 20), "-01-01")),
               labels = date_format("%Y")) + 
  theme_minimal() + 
  geom_vline(xintercept = as.Date("1929-10-29"), linetype = "dashed", color = "red")

1950-

Code 
cpi |>
  filter(Ticker == "CPDEUM",
         date >= as.Date("1950-01-01")) |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  scale_y_log10(breaks =  seq(0, 1000, 20)) + 
  scale_x_date(breaks = as.Date(paste0(seq(1780, 2020, 20), "-01-01")),
               labels = date_format("%Y")) + 
  theme_minimal()

France

1950-

Code 
cpi |>
  filter(Ticker == "CPFRAM",
         date >= as.Date("1950-01-01")) |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  scale_y_log10(breaks =  seq(0, 1000, 20)) + 
  scale_x_date(breaks = as.Date(paste0(seq(1780, 2020, 20), "-01-01")),
               labels = date_format("%Y")) + 
  theme_minimal()

Italy

1950-

Code 
cpi |>
  filter(Ticker == "CPITAM",
         date >= as.Date("1950-01-01")) |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  scale_y_log10(breaks =  seq(0, 1000, 20)) + 
  scale_x_date(breaks = as.Date(paste0(seq(1780, 2020, 20), "-01-01")),
               labels = date_format("%Y")) + 
  theme_minimal()

France, Italy, Germany

1950-

Code 
cpi |>
  filter(Ticker %in% c("CPITAM", "CPFRAM", "CPDEUM"),
         date >= as.Date("1949-01-01"),
         date <= as.Date("1971-01-01")) |>
  group_by(Ticker) |>
  mutate(value = 100*value/value[date == as.Date("1949-01-31")]) |>
  left_join(iso3c, by = "iso3c") |>
  ggplot() + ylab("Niveau des prix (100 = 1949)") + xlab("") + theme_minimal() +
  geom_line(aes(x = date, y = value, color = Iso3c)) + 
  scale_y_log10(breaks =  seq(0, 1000, 20)) + 
  scale_x_date(breaks = as.Date(paste0(seq(1780, 2020, 1), "-01-01")),
               labels = date_format("%Y")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

1950- (Flags)

Code 
cpi |>
  filter(Ticker %in% c("CPFRAM", "CPITAM", "CPDEUM"),
         date >= as.Date("1949-01-01"),
         date <= as.Date("1971-01-01")) |>
  group_by(Ticker) |>
  mutate(value = 100*value/value[date == as.Date("1949-01-31")]) |>
  left_join(iso3c, by = "iso3c") |>
  ggplot() + ylab("Niveau des prix (100 = 1949)") + xlab("") + theme_minimal() +
  geom_line(aes(x = date, y = value, color = Iso3c)) + 
  scale_y_log10(breaks =  seq(0, 1000, 20)) + 
  geom_image(data = tibble(date = rep(as.Date("1971-01-01"), 3),
                           value = c(240, 140, 190),
                           image = c("~/iCloud/bib/flags/france.png",
                                     "~/iCloud/bib/flags/germany.png",
                                     "~/iCloud/bib/flags/italy.png")),
             aes(x = date, y = value, image = image), asp = 1.5) +
  scale_x_date(breaks = as.Date(paste0(seq(1780, 2020, 2), "-01-01")),
               labels = date_format("%Y")) +
  #geom_vline(xintercept = as.Date("1957-08-11"), color = "#0055a4", linetype = "dashed") +
  #geom_vline(xintercept = as.Date("1958-12-27"), color = "#0055a4", linetype = "dashed") +
  #geom_vline(xintercept = as.Date("1969-08-10"), color = "#0055a4", linetype = "dashed") +
  # France Blue: "#0055a4"
  # Germany Black: 
  # Italian green: "#008c45"
  scale_color_manual(values = c("#0055a4", "#000000", "#008c45")) +
  theme(legend.position = "none")

U.S.

CPI (1780-2020)

(ref:us-cpi-1780-2020) U.S. Price Level (1780-2020)

Code 
cpi |>
  filter(Ticker == "CPUSAM") |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  geom_rect(data = nber_recessions, 
            aes(xmin = Peak, xmax = Trough, ymin = -Inf, ymax = +Inf), 
            fill = 'grey', alpha = 0.5) + 
  scale_y_continuous(breaks =  seq(0, 1000, 20)) + 
  scale_x_date(breaks = as.Date(paste0(seq(1780, 2020, 20), "-01-01")),
               labels = date_format("%Y")) + 
  theme_minimal() + 
  geom_vline(xintercept = as.Date("1929-10-29"), linetype = "dashed", color = "red")

(ref:us-cpi-1780-2020)

Log CPI (1780-2020)

(ref:us-cpi-1780-2020-log) U.S. Price Level (1780-2020)

Code 
cpi |>
  filter(Ticker == "CPUSAM") |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  geom_rect(data = nber_recessions, 
            aes(xmin = Peak, xmax = Trough, ymin = -Inf, ymax = +Inf), 
            fill = 'grey', alpha = 0.5) + 
  scale_y_log10(breaks =  c(25, 50, 100, 200, 300, 400)) + 
  scale_x_date(breaks = as.Date(paste0(seq(1780, 2020, 20), "-01-01")),
               labels = date_format("%Y")) + 
  theme_minimal() + 
  geom_vline(xintercept = as.Date("1929-10-29"), linetype = "dashed", color = "red")

(ref:us-cpi-1780-2020-log)

Argentina

1900-1960

Code 
cpi |>
  filter(iso3c == "ARG") |>
  filter(date >= as.Date("1900-01-01"),
         date <= as.Date("1960-01-01")) |>
  mutate(value = 1*value/value[date == as.Date("1900-12-31")]) |>
  ggplot() + theme_minimal() + ylab("Price Level") + xlab("") +
  geom_line(aes(x = date, y = value)) + 
  scale_y_log10(breaks =  c(seq(0, 10, 1), seq(0, 100, 10))) + 
  scale_x_date(breaks = seq(1800, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y"))

1900-1940

Code 
cpi |>
  filter(iso3c == "ARG") |>
  filter(date >= as.Date("1900-01-01"),
         date <= as.Date("1940-01-01")) |>
  mutate(value = 100*value/value[date == as.Date("1900-12-31")]) |>
  ggplot() + theme_minimal() + ylab("Price Level") + xlab("") +
  geom_line(aes(x = date, y = value)) +
  scale_y_log10(breaks =  c(seq(100, 200, 10), seq(200, 400, 20))) + 
  scale_x_date(breaks = seq(1800, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y"))

1900-1940

Code 
cpi |>
  filter(iso3c == "ARG") |>
  filter(date >= as.Date("1900-01-01"),
         date <= as.Date("1940-01-01")) |>
  mutate(value = 100*value/value[date == as.Date("1900-12-31")]) |>
  ggplot() + theme_minimal() + ylab("Price Level") + xlab("") +
  geom_line(aes(x = date, y = value)) + 
  geom_rect(data = data_frame(start = as.Date("1921-01-01"), 
                              end = as.Date("1934-04-01")), 
            aes(xmin = start, xmax = end, ymin = 0, ymax = +Inf), 
            fill = viridis(3)[3], alpha = 0.2) +
  scale_y_log10(breaks =  c(seq(100, 200, 10), seq(200, 400, 20))) + 
  scale_x_date(breaks = seq(1800, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y"))

Japan

1980-1995

Code 
cpi |>
  filter(Ticker == "CPJPNM") |>
  filter(date >= as.Date("1980-01-01"),
         date <= as.Date("1995-01-01")) |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  scale_y_continuous(breaks =  seq(0, 100, 2)) + 
  scale_x_date(breaks = seq(1800, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) + 
  theme_minimal()

1995-2020

Code 
cpi |>
  filter(Ticker == "CPJPNM") |>
  filter(date >= as.Date("1995-01-01"),
         date <= as.Date("2020-01-01")) |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  scale_y_continuous(breaks =  seq(0, 200, 1)) + 
  scale_x_date(breaks = seq(1800, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) + 
  theme_minimal()

1945-2020

Code 
cpi |>
  filter(Ticker == "CPJPNM") |>
  filter(date >= as.Date("1945-01-01")) |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  scale_y_continuous(breaks =  seq(0, 100, 10)) + 
  scale_x_date(breaks = seq(1800, 2100, 10) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) + 
  theme_minimal() + 
  geom_vline(xintercept = as.Date("1929-10-29"), linetype = "dashed", color = "red")

1868-2019

Code 
cpi |>
  filter(Ticker == "CPJPNM") |>
  filter(date <= as.Date("1945-01-01")) |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  scale_y_continuous(breaks =  seq(0, 0.35, 0.05),
                     limits = c(0, 0.35)) + 
  scale_x_date(breaks = seq(1800, 2100, 10) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) + 
  theme_minimal() + 
  geom_vline(xintercept = as.Date("1929-10-29"), linetype = "dashed", color = "red")

1930s Gold Standard

Eichengreen, Sachs (1985)

Code 
include_graphics2("https://fgeerolf.com/bib/EichengreenSachs1985/tab1.png")

Belgium, Denmark, Finland

Without Dates

Code 
cpi |>
  filter(iso3c %in% c("BEL", "DNK", "FIN"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 100*value / value[date == as.Date("1925-03-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 100)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0, 200, 5),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.7, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal")

Dates

Code 
cpi |>
  filter(iso3c %in% c("BEL", "DNK", "FIN"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 100*value / value[date == as.Date("1925-03-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 100)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0, 200, 5),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.7, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal") +
  geom_vline(xintercept = as.Date("1935-03-01"), linetype = "dotted", color = viridis(4)[1]) +
  geom_vline(xintercept = as.Date("1931-11-01"), linetype = "dotted", color = viridis(4)[2]) +
  geom_vline(xintercept = as.Date("1931-12-01"), linetype = "dotted", color = viridis(4)[3])

France - CPI (1900-1940)

(ref:france-cpi-1900-1940) France Price Level (1900-1940)

Code 
cpi |>
  filter(variable == "CPM",
         iso3c == "FRA") |>
  ggplot() +
  geom_line(aes(x = date, y = value)) + 
  ylab("Price Level") + xlab("") +
  scale_y_continuous(breaks =  seq(0, 0.35, 0.05),
                     limits = c(0, 0.35)) + 
  scale_x_date(breaks = seq(1900, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y"),
               limits = c(1900, 1940) |> paste0("-01-01") |> as.Date()) + 
  theme_minimal() + 
  geom_vline(xintercept = as.Date("1929-10-29"), linetype = "dashed", color = "red")

(ref:france-cpi-1900-1940)

France, Germany, Italy

Without Dates

Code 
cpi |>
  filter(iso3c %in% c("FRA", "DEU", "ITA"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 100*value / value[date == as.Date("1925-03-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 100)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0, 200, 5),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.7, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal")

Dates

Code 
cpi |>
  filter(iso3c %in% c("FRA", "DEU", "ITA"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 100*value / value[date == as.Date("1925-03-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 100)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0, 200, 5),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.7, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal") +
  geom_vline(xintercept = as.Date("1936-09-01"), linetype = "dotted", color = viridis(4)[1]) +
  geom_vline(xintercept = as.Date("1931-07-01"), linetype = "dotted", color = viridis(4)[2]) +
  geom_vline(xintercept = as.Date("1934-05-01"), linetype = "dotted", color = viridis(4)[3])

Netherlands, Norway, Sweden

Without Dates

Code 
cpi |>
  filter(iso3c %in% c("NLD", "NOR", "SWE"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 100*value / value[date == as.Date("1925-03-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 100)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0, 200, 5),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.65, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal")

Dates

Code 
cpi |>
  filter(iso3c %in% c("NLD", "NOR", "SWE"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 100*value / value[date == as.Date("1925-03-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 100)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0, 200, 5),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.65, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal") +
  geom_vline(xintercept = as.Date("1936-09-01"), linetype = "dotted", color = viridis(4)[1]) +
  geom_vline(xintercept = as.Date("1931-09-01"), linetype = "dotted", color = viridis(4)[2]) +
  geom_vline(xintercept = as.Date("1931-09-01"), linetype = "dotted", color = viridis(4)[3])

United States, United Kingdom

Without Dates

Code 
cpi |>
  filter(iso3c %in% c("USA", "GBR"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 100*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 100)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0, 200, 5),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.7, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal")

Dates

Code 
cpi |>
  filter(iso3c %in% c("USA", "GBR"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 100*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 100)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0, 200, 5),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.7, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal") +
  geom_vline(xintercept = as.Date("1931-09-01"), linetype = "dotted", color = viridis(4)[1]) +
  geom_vline(xintercept = as.Date("1933-03-01"), linetype = "dotted", color = viridis(4)[2])

Norway, United Kingdom, Italy

Code 
cpi |>
  filter(iso3c %in% c("NOR", "GBR", "ITA"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0.1, 3, 0.1),
                labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.5, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal")

France, United Kingdom, Italy

Code 
cpi |>
  filter(iso3c %in% c("FRA", "GBR", "ITA"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0.1, 3, 0.1),
                labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(4)[1:3]) +
  theme(legend.position = c(0.3, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal")

Germany, GBR, USA, FRA

Code 
cpi |>
  filter(iso3c %in% c("DEU", "GBR", "USA", "FRA"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0.1, 3, 0.1),
                labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.4, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal")

ITA, ESP, USA, FRA

Code 
cpi |>
  filter(iso3c %in% c("ITA", "ESP", ""),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0.1, 3, 0.1),
                labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.4, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal")

Number of observations

Code 
cpi |>
  filter(variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c, Iso3c) |>
  summarise(Nobs = n()) |>
  arrange(-Nobs) %>%
  {if (is_html_output()) datatable(., filter = 'top', rownames = F) else .}

1925-1970

Deflations

Code 
cpi |>
  filter(iso3c %in% c("DEU", "GBR", "USA"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1970-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line(aes(x = date, y = value, color = Iso3c)) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0.1, 3, 0.1),
                labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = c("#000000", "#CF142B", "#3C3B6E")) +
  geom_image(data = . %>%
               filter(date == as.Date("1940-12-31")) %>%
               mutate(image = paste0("../../icon/flag/", str_to_lower(gsub(" ", "-", Iso3c)), ".png")),
             aes(x = date, y = value, image = image), asp = 1.5) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

DEU, FRA, GBR, USA

Code 
cpi |>
  filter(iso3c %in% c("DEU", "FRA", "GBR", "USA"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1970-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(seq(0.1, 1, 0.1), seq(1, 10, 1), seq(10, 100, 10)),
                     labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

DEU, FRA, ITA, JPN, GBR

Code 
cpi |>
  filter(iso3c %in% c("USA", "FRA", "ITA", "JPN", "GBR"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1970-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line(aes(x = date, y = value, color = Iso3c, linetype = Iso3c)) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  geom_image(data = . %>%
               filter(date == as.Date("1969-12-31")) %>%
               mutate(image = paste0("../../icon/flag/", str_to_lower(gsub(" ", "-", Iso3c)), ".png")),
             aes(x = date, y = value, image = image), asp = 1.5) +
  scale_y_log10(breaks = c(1, c(1, 2, 3, 5, 7, 10), 10*c(1, 2, 3, 5, 7, 10), 100*c(1, 2, 3, 5, 7, 10)),
                     labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = c("#000000", "#009246", "#BC002D", "#6E82B5", "#B22234")) +
  scale_linetype_manual(values = c("solid", "solid","longdash","solid",  "solid")) +
  theme(legend.position = "none")

CHE, ESP, ITA, JPN

Code 
cpi |>
  filter(iso3c %in% c("CHE", "ESP", "ITA", "JPN"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1970-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (1928-06 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(1, 2, 3, 4, 5, 10, 20, 30, 40, 50, 100),
                     labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

1945-1970

DEU, GBR, USA

Code 
cpi |>
  filter(iso3c %in% c("DEU", "GBR", "USA"),
         variable == "CPM",
         date >= as.Date("1945-01-01"),
         date <= as.Date("1973-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1945-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1945 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0.1, 3, 0.1),
                     labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

DEU, FRA, GBR, USA

Code 
cpi |>
  filter(iso3c %in% c("DEU", "FRA", "GBR", "USA"),
         variable == "CPM",
         date >= as.Date("1945-01-01"),
         date <= as.Date("1973-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1945-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1945 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(seq(0.1, 1, 0.1), seq(1, 10, 1), seq(10, 100, 10)),
                     labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.15, 0.85),
        legend.title = element_blank())

CHE, ESP, ITA, JPN

Code 
cpi |>
  filter(iso3c %in% c("CHE", "ESP", "ITA", "JPN"),
         variable == "CPM",
         date >= as.Date("1945-01-01"),
         date <= as.Date("1973-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1945-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (1928-06 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(1, 2, 3, 4, 5, 10, 20, 30, 40, 50, 100),
                     labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.4, 0.6),
        legend.title = element_blank())

1800-1930

DEU, GBR, USA

Code 
cpi |>
  filter(iso3c %in% c("DEU", "GBR", "USA"),
         variable == "CPM",
         date >= as.Date("1800-01-01"),
         date <= as.Date("1930-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1820-12-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1945 = 1)") +
  scale_x_date(breaks = seq(1800, 2100, 20) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = 10^seq(0, 20, 1),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

FRA, GBR, USA

Code 
cpi |>
  filter(iso3c %in% c("FRA", "GBR", "USA"),
         variable == "CPM",
         date >= as.Date("1800-01-01"),
         date <= as.Date("1930-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1840-12-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 1)") +
  scale_x_date(breaks = seq(1800, 2100, 20) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(seq(0.1, 1, 0.1), seq(1, 10, 1), seq(10, 100, 10)),
                     labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

CAN, DNK, NOR

Code 
cpi |>
  filter(iso3c %in% c("CAN", "DNK", "NOR"),
         variable == "CPM",
         date >= as.Date("1800-01-01"),
         date <= as.Date("1930-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1840-12-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1840 = 1)") +
  scale_x_date(breaks = seq(1800, 2100, 20) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(seq(0.1, 1, 0.1), seq(1, 10, 1), seq(10, 100, 10)),
                     labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.3, 0.9),
        legend.title = element_blank())

CHE, ESP, ITA, JPN

Code 
cpi |>
  filter(iso3c %in% c("CHE", "ESP", "ITA", "JPN"),
         variable == "CPM",
         date >= as.Date("1800-01-01"),
         date <= as.Date("1930-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1869-12-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (1928-06 = 1)") +
  scale_x_date(breaks = seq(1800, 2100, 20) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(seq(0.1, 1, 0.1), seq(1, 10, 1), seq(10, 100, 10)),
                     labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

1970-2020

DEU, GBR, USA

Code 
cpi |>
  filter(iso3c %in% c("DEU", "GBR", "USA", "FRA"),
         variable == "CPM",
         date >= as.Date("1970-01-01"),
         date <= as.Date("2020-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1970-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1970 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(seq(1, 10, 1), 15, 20, 50),
                     labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

CHE, ESP, ITA, JPN

Code 
cpi |>
  filter(iso3c %in% c("CHE", "ESP", "ITA", "JPN"),
         variable == "CPM",
         date >= as.Date("1970-01-01"),
         date <= as.Date("2020-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1970-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (1970 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(1, 2, 3, 4, 5, 10, 20, 30, 40, 50, 100),
                     labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

Phillips curves

Great Britain

Code 
data_GBR <- cpi |>
  bind_rows(unr) |>
  filter(iso3c %in% c("GBR"),
         month(date) == 12,
         variable %in% c("CPM", "UNM")) |>
  select(variable, date, value) |>
  spread(variable, value) |>
  na.omit() |>
  mutate(UNM = UNM / 100,
         CPM = log(CPM),
         CPM = (CPM - lag(CPM, 1)))

data_GBR |>
  gather(variable, value, -date) |>
  left_join(variable, by = "variable") |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Variable, linetype = Variable)) + 
  theme_minimal() + xlab("") + ylab("Unemployment, Inflation") +
  scale_x_date(breaks = seq(1700, 2100, 20) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(-50, 50, 5),
                     labels = percent_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.8, 0.2),
        legend.title = element_blank())

Code 
if (knitr::is_html_output()) type <- "html" else type <- "latex"
GBR_post_1971 <- data_GBR |>
  filter(date >= as.Date("1971-01-01")) %>%
  lm(CPM ~ UNM, data = .)

GBR_pre_1971 <- data_GBR |>
  filter(date <= as.Date("1971-01-01")) %>%
  lm(CPM ~ UNM, data = .)

GBR_pre_1914 <- data_GBR |>
  filter(date <= as.Date("1914-01-01")) %>%
  lm(CPM ~ UNM, data = .)

GBR_pre_1914_post_1860 <- data_GBR |>
  filter(date <= as.Date("1914-01-01"),
         date >= as.Date("1860-01-01")) %>%
  lm(CPM ~ UNM, data = .)

stargazer(GBR_post_1971, GBR_pre_1971, GBR_pre_1914, GBR_pre_1914_post_1860,
          header = F,
          df = F,
          title = "\\textsc{Phillips Curve}",
          column.labels = c("Post 1971", "Pre 1971", "Pre 1920", "1860-1914"),
          dep.var.labels = "Inflation",
          covariate.labels = "Unemployment",
          intercept.bottom = FALSE,
          omit.stat = c("f", "ser", "rsq"),
          omit = "Constant",
          style = "qje", 
          notes  = "Data", 
          notes.append = FALSE,
          notes.align = "l", 
          notes.label = "Note:",
          type = type)
Phillips Curve
Inflation
Post 1971 Pre 1971 Pre 1920 1860-1914
(1) (2) (3) (4)
Unemployment -0.686** -0.581*** -0.296 -0.152
(0.269) (0.137) (0.259) (0.098)
N 45 213 156 52
Adjusted R2 0.111 0.075 0.002 0.027
Note: Data

United States

Code 
data_USA <- cpi |>
  bind_rows(unr) |>
  filter(iso3c %in% c("USA"),
         month(date) == 12,
         variable %in% c("CPM", "UNM")) |>
  select(variable, date, value) |>
  spread(variable, value) |>
  na.omit() |>
  mutate(UNM = UNM / 100,
         CPM = log(CPM),
         CPM = (CPM - lag(CPM, 1)))

data_USA |>
  gather(variable, value, -date) |>
  left_join(variable, by = "variable") |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Variable, linetype = Variable)) + 
  theme_minimal() + xlab("") + ylab("Unemployment, Inflation") +
  scale_x_date(breaks = seq(1700, 2100, 10) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(-50, 50, 5),
                     labels = percent_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.8, 0.9),
        legend.title = element_blank())

Code 
data_USA |>
  gather(variable, value, -date) |>
  filter(date <= as.Date("1971-01-01")) |>
  left_join(variable, by = "variable") |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Variable, linetype = Variable)) + 
  theme_minimal() + xlab("") + ylab("Unemployment, Inflation") +
  scale_x_date(breaks = seq(1700, 2100, 10) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(-50, 50, 5),
                     labels = percent_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.8, 0.9),
        legend.title = element_blank())

Code 
data_USA |>
  gather(variable, value, -date) |>
  filter(date >= as.Date("1971-01-01")) |>
  left_join(variable, by = "variable") |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Variable, linetype = Variable)) + 
  theme_minimal() + xlab("") + ylab("Unemployment, Inflation") +
  scale_x_date(breaks = seq(1700, 2100, 10) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(-50, 50, 5),
                     labels = percent_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.8, 0.9),
        legend.title = element_blank())

Code 
data_USA |>
  gather(variable, value, -date) |>
  filter(date >= as.Date("1985-01-01")) |>
  left_join(variable, by = "variable") |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Variable, linetype = Variable)) + 
  theme_minimal() + xlab("") + ylab("Unemployment, Inflation") +
  scale_x_date(breaks = seq(1700, 2100, 2) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(-50, 50, 1),
                     labels = percent_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.9),
        legend.title = element_blank())

Code 
USA_post_1971 <- data_USA |>
  filter(date >= as.Date("1971-01-01")) %>%
  lm(CPM ~ UNM, data = .)

USA_pre_1971 <- data_USA |>
  filter(date <= as.Date("1971-01-01")) %>%
  lm(CPM ~ UNM, data = .)

USA_pre_1914 <- data_USA |>
  filter(date <= as.Date("1914-01-01")) %>%
  lm(CPM ~ UNM, data = .)

stargazer(USA_post_1971, USA_pre_1971, USA_pre_1914,
          header = F,
          df = F,
          title = "\\textsc{Phillips Curve}",
          column.labels = c("Post 1971", "Pre 1971", "Pre 1920"),
          dep.var.labels = "Inflation",
          covariate.labels = "Unemployment",
          intercept.bottom = FALSE,
          omit.stat = c("f", "ser", "rsq"),
          omit = "Constant",
          style = "qje", 
          notes  = "Data", 
          notes.append = FALSE,
          notes.align = "l", 
          notes.label = "Note:",
          type = type)
Phillips Curve
Inflation
Post 1971 Pre 1971 Pre 1920
(1) (2) (3)
Unemployment 0.283 -0.471*** -0.316**
(0.261) (0.099) (0.151)
N 48 79 23
Adjusted R2 0.004 0.218 0.134
Note: Data

Germany (without 1922, 1923)

Code 
data_DEU <- cpi |>
  bind_rows(unr) |>
  filter(iso3c %in% c("DEU"),
         month(date) == 12,
         variable %in% c("CPM", "UNM")) |>
  select(variable, date, value) |>
  spread(variable, value) |>
  na.omit() |>
  mutate(UNM = UNM / 100,
         CPM = log(CPM),
         CPM = (CPM - lag(CPM, 1))) |>
  filter(date != as.Date("1923-12-31"),
         date != as.Date("1922-12-31"))

data_DEU |>
  gather(variable, value, -date) |>
  left_join(variable, by = "variable") |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Variable, linetype = Variable)) + 
  theme_minimal() + xlab("") + ylab("Unemployment, Inflation") +
  scale_x_date(breaks = seq(1700, 2100, 20) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(-50, 100, 5),
                     labels = percent_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.7, 0.80),
        legend.title = element_blank())

Germany (post 1960)

Code 
data_DEU |>
  filter(date >= as.Date("1954-01-01")) |>
  gather(variable, value, -date) |>
  left_join(variable, by = "variable") |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Variable, linetype = Variable)) + 
  theme_minimal() + xlab("") + ylab("Unemployment, Inflation") +
  scale_x_date(breaks = seq(1700, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(-50, 100, 1),
                     labels = percent_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.2, 0.9),
        legend.title = element_blank())

Code 
DEU_post_1971 <- data_DEU |>
  filter(date >= as.Date("1971-01-01")) %>%
  lm(CPM ~ UNM, data = .)

DEU_pre_1971 <- data_DEU |>
  filter(date <= as.Date("1971-01-01")) %>%
  lm(CPM ~ UNM, data = .)

DEU_pre_1914 <- data_DEU |>
  filter(date <= as.Date("1914-01-01")) %>%
  lm(CPM ~ UNM, data = .)

stargazer(DEU_post_1971, DEU_pre_1971, DEU_pre_1914,
          header = F,
          df = F,
          title = "\\textsc{Phillips Curve}",
          column.labels = c("Post 1971", "Pre 1971", "Pre 1920"),
          dep.var.labels = "Inflation",
          covariate.labels = "Unemployment",
          intercept.bottom = F,
          omit.stat = c("f", "ser", "rsq"),
          omit = "Constant",
          style = "qje",
          notes = "Data",
          notes.append = F,
          notes.align = "l",
          notes.label = "Note:",
          type = type)
Phillips Curve
Inflation
Post 1971 Pre 1971 Pre 1920
(1) (2) (3)
Unemployment -0.345*** -0.433* -0.587
(0.106) (0.218) (0.429)
N 45 73 26
Adjusted R2 0.178 0.039 0.034
Note: Data

France

Code 
data_FRA <- cpi |>
  bind_rows(unr) |>
  filter(iso3c %in% c("FRA"),
         month(date) == 12,
         variable %in% c("CPM", "UNM")) |>
  select(variable, date, value) |>
  spread(variable, value) |>
  na.omit() |>
  mutate(UNM = UNM / 100,
         CPM = log(CPM),
         CPM = (CPM - lag(CPM, 1)))

data_FRA |>
  gather(variable, value, -date) |>
  group_by(variable) |>
  filter(value <= 2) |>
  complete(date = seq.Date(min(date), max(date), by = "year")) |>
  right_join(variable, by = "variable") |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Variable, linetype = Variable)) + 
  theme_minimal() + xlab("") + ylab("Unemployment, Inflation") +
  scale_x_date(breaks = seq(1700, 2100, 20) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(-50, 100, 5),
                     labels = percent_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.4, 0.80),
        legend.title = element_blank())

Code 
FRA_post_1960 <- data_FRA |>
  filter(date >= as.Date("1960-01-01")) %>%
  lm(CPM ~ UNM, data = .)

FRA_pre_1913 <- data_FRA |>
  filter(date <= as.Date("1913-01-01")) %>%
  lm(CPM ~ UNM, data = .)

FRA_all <- data_FRA %>%
  lm(CPM ~ UNM, data = .)

stargazer(FRA_post_1960, FRA_pre_1913, FRA_all,
          header = F,
          df = F,
          title = "\\textsc{Phillips Curve}",
          column.labels = c("Post 1960", "Pre 1913", "All"),
          dep.var.labels = "Inflation",
          covariate.labels = "Unemployment",
          intercept.bottom = F,
          omit.stat = c("f", "ser", "rsq"),
          omit = "Constant",
          style = "qje",
          notes = "Data",
          notes.append = F,
          notes.align = "l",
          notes.label = "Note:",
          type = type)
Phillips Curve
Inflation
Post 1960 Pre 1913 All
(1) (2) (3)
Unemployment -10.247** -0.294* -8.229**
(4.373) (0.151) (3.350)
N 48 15 64
Adjusted R2 0.087 0.165 0.074
Note: Data

Denmark

Code 
data_DNK <- cpi |>
  bind_rows(unr) |>
  filter(iso3c %in% c("DNK"),
         month(date) == 12,
         variable %in% c("CPM", "UNM")) |>
  select(variable, date, value) |>
  spread(variable, value) |>
  na.omit() |>
  mutate(UNM = UNM / 100,
         CPM = log(CPM),
         CPM = (CPM - lag(CPM, 1)))

data_DNK |>
  gather(variable, value, -date) |>
  right_join(variable, by = "variable") |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Variable, linetype = Variable)) + 
  theme_minimal() + xlab("") + ylab("Unemployment, Inflation") +
  scale_x_date(breaks = seq(1700, 2100, 20) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_continuous(breaks = 0.01*seq(-50, 50, 5),
                     labels = percent_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.7, 0.80),
        legend.title = element_blank())

Code 
if (knitr::is_html_output()) type <- "html" else type <- "latex"
DNK_post_1971 <- data_DNK |>
  filter(date >= as.Date("1971-01-01")) %>%
  lm(CPM ~ UNM, data = .)

DNK_pre_1971 <- data_DNK |>
  filter(date <= as.Date("1971-01-01")) %>%
  lm(CPM ~ UNM, data = .)

DNK_pre_1940 <- data_DNK |>
  filter(date <= as.Date("1940-01-01")) %>%
  lm(CPM ~ UNM, data = .)

DNK_pre_1930 <- data_DNK |>
  filter(date <= as.Date("1930-01-01")) %>%
  lm(CPM ~ UNM, data = .)

stargazer(DNK_post_1971, DNK_pre_1971, DNK_pre_1940, DNK_pre_1930,
          header = F,
          df = F,
          title = "\\textsc{Phillips Curve}",
          column.labels = c("Post 1971", "Pre 1971", "Pre 1940", "Pre 1930"),
          dep.var.labels = "Inflation",
          covariate.labels = "Unemployment",
          intercept.bottom = FALSE,
          omit.stat = c("f", "ser", "rsq"),
          omit = "Constant",
          style = "qje", 
          notes  = "Data", 
          notes.append = FALSE,
          notes.align = "l", 
          notes.label = "Note:",
          type = type)
Phillips Curve
Inflation
Post 1971 Pre 1971 Pre 1940 Pre 1930
(1) (2) (3) (4)
Unemployment -0.013 -0.072 -0.236 -1.251***
(0.282) (0.094) (0.148) (0.345)
N 45 59 29 19
Adjusted R2 -0.023 -0.007 0.052 0.403
Note: Data

Hyperinflation in Weimar

Germany, Unnited Kingdom

Code 
cpi |>
  filter(iso3c %in% c("DEU", "GBR", "USA"),
         variable == "CPM",
         date >= as.Date("1900-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1900-12-31")]) |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Iso3c)) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1900 = 1)") +
  geom_image(data = . %>%
               filter(date == as.Date("1922-12-31")) %>%
               mutate(image = paste0("../../icon/flag/", str_to_lower(gsub(" ", "-", Iso3c)), ".png")),
             aes(x = date, y = value, image = image), asp = 1.5) +
  scale_x_date(breaks = seq(1800, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = 10^seq(0, 20, 1),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = c("#000000", "#6E82B5", "#B22234")) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

Code 
cpi |>
  filter(iso3c %in% c("DEU", "GBR"),
         variable == "CPM",
         date >= as.Date("1900-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1900-12-31")]) |>
  ggplot() + 
  geom_line(aes(x = date, y = value, color = Iso3c)) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1900 = 1)") +
  geom_image(data = . %>%
               filter(date == as.Date("1922-12-31")) %>%
               mutate(image = paste0("../../icon/flag/", str_to_lower(gsub(" ", "-", Iso3c)), ".png")),
             aes(x = date, y = value, image = image), asp = 1.5) +
  scale_x_date(breaks = seq(1800, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = 10^seq(0, 20, 1),
                labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = c("#000000", "#6E82B5", "#B22234")) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

Metadata

Code 
cpi_info |> 
  select(Ticker, Name, Metadata) %>%
  {if (is_html_output()) datatable(., filter = 'top', rownames = F) else .}

Econ 102

Deflation during the Great Depression

(ref:deflation-DEU-GBR-USA-1925-1940) Deflation during the Great Depression

Code 
cpi |>
  filter(iso3c %in% c("DEU", "GBR", "USA", "FRA"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1940-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (Log Scale, 1925 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 1) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = seq(0.1, 3, 0.1),
                labels = dollar_format(accuracy = .1, prefix = "")) +
  scale_color_manual(values = viridis(5)[1:4]) +
  theme(legend.position = c(0.4, 0.90),
        legend.title = element_blank(),
        legend.direction = "horizontal")

(ref:deflation-DEU-GBR-USA-1925-1940)

Inflation in Italy, Japan, Spain, and Switzerland (1925-1970)

(ref:inflation-DEU-FRA-ESP-ITA-JPN-1925-1970) Inflation in Italy, Japan, Spain, and Switzerland (1925-1970)

Code 
cpi |>
  filter(iso3c %in% c("ESP", "ITA", "JPN", "FRA", "DEU"),
         variable == "CPM",
         date >= as.Date("1925-01-01"),
         date <= as.Date("1970-01-01")) |>
  left_join(iso3c, by = "iso3c") |>
  group_by(iso3c) |>
  mutate(value = 1*value / value[date == as.Date("1925-01-31")]) |>
  ggplot() + geom_line() +
  aes(x = date, y = value, color = Iso3c, linetype = Iso3c) +
  theme_minimal() + xlab("") + ylab("Price Index (1925 = 1)") +
  scale_x_date(breaks = seq(1925, 2100, 5) |> paste0("-01-01") |> as.Date(),
               labels = date_format("%Y")) +
  scale_y_log10(breaks = c(1, 2, 3, 4, 5, 10, 20, 30, 40, 50, 100, 200),
                     labels = dollar_format(accuracy = 1, prefix = "")) +
  scale_color_manual(values = viridis(6)[1:5]) +
  theme(legend.position = c(0.2, 0.80),
        legend.title = element_blank())

(ref:inflation-DEU-FRA-ESP-ITA-JPN-1925-1970)