# TABLE 3 Variable list

|**Variable**|**Units**<br>**Source**<br>**Sample**|
|---|---|
|GDP in U.S. dollars|Millions of U.S. dollars, at<br>market exchange rates<br>IMF<br>World<br>Economic<br>Outlook<br>database<br>194<br>countries,<br>1980-2021|
|Real<br>GDP<br>in<br>loc<br>currency|al<br>Millions of local currency<br>Haver Analytics<br>93<br>countries,<br>1980Q2-2021Q4|
|GDP per capita|U.S.<br>dollars<br>at<br>market<br>exchange rates<br>IMF<br>World<br>Economic<br>Outlook<br>database; UN population statistics<br>182<br>countries,<br>1980-2021|
|Population, by age an<br>gender|d<br>Number<br>UN<br>population<br>statistics<br>and<br>projections<br>184<br>countries,<br>1950-2035|
|Labor force, by age an<br>gender|d<br>Number<br>ILO, Key Indicators of the Labour<br>Market (KILM) database; OECD<br>Labour Force Statistics<br>180<br>countries,<br>1960-2020|
|Investment growth|Percent<br>Haver Analytics<br>187<br>countries,<br>1961-2021|
|Secondary<br>educatio<br>completion rate|n<br>Percent of population that<br>completed<br>secondary<br> <br> <br> <br>Barro and Lee (2013); World<br>Development Indicators<br>179<br>countries,<br>1960-2020|
||education<br>in<br>percent<br>of<br>population in relevant age|
||group|
|Tertiary<br>educatio<br>completion rate|n<br>Percent of population that<br>completed tertiary education<br>in percent of population in<br>relevant age group<br>Barro and Lee (2013); World<br>Development Indicators<br>174<br>countries,<br>1960-2020|
|Secondary<br>educatio<br>enrolment rate|n<br>Percent of population of the<br>age group corresponding to<br>the level of education<br>World Development Indicators<br>193<br>countries,<br>1970-2020|
|Tertiary<br>educatio<br>enrolment rate|n<br>Percent of population of the<br>age group corresponding to<br>the level of education<br>World Development Indicators<br>192<br>countries,<br>1970-2020|
|Life expectancy|Years<br>UN<br>population<br>statistics;<br>UN<br>population projections<br>181<br>countries,<br>1985-2035|
|Fertility rate|Number of births per 1,000<br>UN<br>population<br>statistics;<br>UN<br>175<br>countries,|
||women<br>population projections<br>1960-2095|
|Employment|Number<br>Penn World Table<br>181<br>countries,<br>1950-2019|
|Urban population|Share of total population<br>World Development Indicators<br>194<br>countries,<br>1960-2020|
|R&D spending|In percent of GDP<br>World Development Indicators<br>144<br>countries,<br>1996-2019|
|Consumer price inflatio|n Percent<br>Haver Analytics<br>93<br>countries,<br>1980Q1-2021Q4|
|Inflation expectations|Percent<br>Consensus Economics<br>74<br>countries,<br>|
||1980Q1-2021Q4|
|Unemployment rate|Percent of labor force<br>Haver Analytics<br>66<br>countries,<br>|
||1980Q1-2021Q4|
|Capacity utilization rate|<br>Percent of capacity<br>Haver Analytics<br>31<br>countries,<br>1980Q1-2021Q4|
|Import price inflation|Percent<br>Haver Analytics<br>74<br>countries,<br>1980Q1-2021Q4|
|Private credit growth|Percentage points of GDP<br>Haver Analytics<br>57<br>countries,<br>1980Q1-2021Q4|
|Average<br>commodi|ty<br>Index<br>World Bank; Federal Reserve Bank<br>93<br>countries,|
|export price|of St. Louis; UN Comtrade<br>1980Q1-2021Q4|
|Monetary policy rates|Percent<br>Haver Analytics<br>80<br>countries,|
||<br> <br>1980Q1-2021Q4|
|House prices|46<br>Bank for International Settlements 55<br>countries,<br>1980Q1-2021Q4|