Title: Excess of Paris Open Market Discount Rate Over New York Commercial Paper Rate Series ID: M13037M156NNBR Source: National Bureau of Economic Research Release: NBER Macrohistory Database (Not a Press Release) Seasonal Adjustment: Not Seasonally Adjusted Frequency: Monthly Units: Percent Date Range: 1876-01-01 to 1939-09-01 Last Updated: 2012-08-20 8:17 AM CDT Notes: Source: Computed By NBER By Subtracting Series 13002 (New York City Commercial Paper Rates) From Series 13017 (Paris Open Market Discount Rate); Paris Data Are From The Economist And The National Monetary Commission; New York Data Are From NBER Files. This NBER data series m13037 appears on the NBER website in Chapter 13 at http://www.nber.org/databases/macrohistory/contents/chapter13.html. NBER Indicator: m13037 DATE VALUE 1876-01-01 -3.38 1876-02-01 -2.52 1876-03-01 -2.64 1876-04-01 -2.93 1876-05-01 -2.86 1876-06-01 -3.50 1876-07-01 -2.31 1876-08-01 -2.35 1876-09-01 -3.18 1876-10-01 -3.42 1876-11-01 -3.56 1876-12-01 -3.93 1877-01-01 -3.49 1877-02-01 -2.50 1877-03-01 -2.64 1877-04-01 -2.54 1877-05-01 -2.25 1877-06-01 -2.66 1877-07-01 -2.86 1877-08-01 -3.99 1877-09-01 -4.94 1877-10-01 -5.35 1877-11-01 -4.37 1877-12-01 -3.68 1878-01-01 -4.09 1878-02-01 -3.78 1878-03-01 -3.24 1878-04-01 -3.56 1878-05-01 -2.75 1878-06-01 -2.04 1878-07-01 -1.74 1878-08-01 -1.98 1878-09-01 -2.96 1878-10-01 -3.11 1878-11-01 -2.41 1878-12-01 -2.25 1879-01-01 -1.62 1879-02-01 -1.56 1879-03-01 -2.99 1879-04-01 -3.07 1879-05-01 -2.23 1879-06-01 -2.53 1879-07-01 -2.23 1879-08-01 -3.91 1879-09-01 -4.16 1879-10-01 -3.70 1879-11-01 -3.65 1879-12-01 -3.17 1880-01-01 -2.74 1880-02-01 -2.72 1880-03-01 -3.22 1880-04-01 -3.34 1880-05-01 -2.86 1880-06-01 -2.35 1880-07-01 -2.11 1880-08-01 -2.83 1880-09-01 -3.03 1880-10-01 -2.37 1880-11-01 -2.21 1880-12-01 -2.72 1881-01-01 -2.09 1881-02-01 -2.22 1881-03-01 -2.27 1881-04-01 -2.01 1881-05-01 -0.72 1881-06-01 -0.12 1881-07-01 -0.59 1881-08-01 -1.54 1881-09-01 -1.91 1881-10-01 -1.78 1881-11-01 -1.47 1881-12-01 -1.34 1882-01-01 -0.53 1882-02-01 -1.53 1882-03-01 -2.62 1882-04-01 -1.78 1882-05-01 -1.57 1882-06-01 -1.87 1882-07-01 -1.37 1882-08-01 -2.59 1882-09-01 -3.60 1882-10-01 -3.40 1882-11-01 -3.31 1882-12-01 -2.66 1883-01-01 -2.25 1883-02-01 -2.47 1883-03-01 -3.88 1883-04-01 -3.25 1883-05-01 -2.82 1883-06-01 -2.86 1883-07-01 -2.12 1883-08-01 -3.03 1883-09-01 -3.47 1883-10-01 -3.36 1883-11-01 -3.07 1883-12-01 -2.84 1884-01-01 -2.20 1884-02-01 -2.10 1884-03-01 -2.34 1884-04-01 -2.31 1884-05-01 -2.68 1884-06-01 -3.31 1884-07-01 -3.33 1884-08-01 -3.00 1884-09-01 -3.47 1884-10-01 -2.98 1884-11-01 -2.53 1884-12-01 -2.41 1885-01-01 -1.94 1885-02-01 -1.78 1885-03-01 -1.69 1885-04-01 -1.22 1885-05-01 -1.30 1885-06-01 -1.30 1885-07-01 -0.92 1885-08-01 -1.52 1885-09-01 -1.91 1885-10-01 -1.70 1885-11-01 -1.97 1885-12-01 -2.09 1886-01-01 -1.73 1886-02-01 -1.43 1886-03-01 -1.59 1886-04-01 -1.65 1886-05-01 -2.28 1886-06-01 -2.76 1886-07-01 -1.69 1886-08-01 -2.94 1886-09-01 -4.00 1886-10-01 -3.76 1886-11-01 -3.45 1886-12-01 -3.42 1887-01-01 -2.72 1887-02-01 -2.23 1887-03-01 -3.26 1887-04-01 -3.06 1887-05-01 -3.05 1887-06-01 -2.97 1887-07-01 -3.64 1887-08-01 -4.01 1887-09-01 -4.86 1887-10-01 -3.85 1887-11-01 -3.06 1887-12-01 -3.28 1888-01-01 -2.88 1888-02-01 -2.51 1888-03-01 -3.20 1888-04-01 -3.15 1888-05-01 -2.57 1888-06-01 -2.10 1888-07-01 -1.70 1888-08-01 -2.21 1888-09-01 -2.50 1888-10-01 -1.19 1888-11-01 -0.90 1888-12-01 -0.94 1889-01-01 -1.23 1889-02-01 -1.94 1889-03-01 -2.03 1889-04-01 -1.98 1889-05-01 -1.65 1889-06-01 -1.41 1889-07-01 -1.93 1889-08-01 -2.94 1889-09-01 -2.90 1889-10-01 -3.45 1889-11-01 -3.12 1889-12-01 -3.21 1890-01-01 -2.74 1890-02-01 -2.59 1890-03-01 -3.19 1890-04-01 -2.67 1890-05-01 -2.48 1890-06-01 -2.34 1890-07-01 -2.37 1890-08-01 -3.15 1890-09-01 -3.22 1890-10-01 -3.00 1890-11-01 -3.78 1890-12-01 -4.49 1891-01-01 -3.65 1891-02-01 -2.53 1891-03-01 -2.41 1891-04-01 -2.20 1891-05-01 -2.60 1891-06-01 -3.28 1891-07-01 -3.00 1891-08-01 -3.34 1891-09-01 -3.53 1891-10-01 -2.88 1891-11-01 -2.53 1891-12-01 -2.41 1892-01-01 -1.46 1892-02-01 -1.41 1892-03-01 -2.47 1892-04-01 -1.55 1892-05-01 -1.93 1892-06-01 -1.83 1892-07-01 -1.47 1892-08-01 -2.65 1892-09-01 -3.57 1892-10-01 -3.13 1892-11-01 -2.86 1892-12-01 -3.30 1893-01-01 -2.82 1893-02-01 -3.00 1893-03-01 -4.78 1893-04-01 -3.47 1893-05-01 -4.57 1893-06-01 -6.32 1893-07-01 -8.54 1893-08-01 -8.38 1893-09-01 -6.16 1893-10-01 -3.57 1893-11-01 -2.03 1893-12-01 -1.22 1894-01-01 -1.14 1894-02-01 -0.96 1894-03-01 -1.01 1894-04-01 -1.13 1894-05-01 -1.59 1894-06-01 -1.13 1894-07-01 -1.28 1894-08-01 -1.77 1894-09-01 -1.98 1894-10-01 -0.96 1894-11-01 -0.85 1894-12-01 -1.26 1895-01-01 -1.08 1895-02-01 -2.09 1895-03-01 -2.47 1895-04-01 -2.28 1895-05-01 -1.15 1895-06-01 -1.09 1895-07-01 -0.82 1895-08-01 -2.49 1895-09-01 -2.72 1895-10-01 -2.98 1895-11-01 -2.35 1895-12-01 -2.97 1896-01-01 -4.32 1896-02-01 -4.28 1896-03-01 -3.60 1896-04-01 -3.52 1896-05-01 -2.78 1896-06-01 -2.50 1896-07-01 -3.30 1896-08-01 -6.31 1896-09-01 -6.61 1896-10-01 -6.50 1896-11-01 -3.53 1896-12-01 -1.85 1897-01-01 -1.37 1897-02-01 -1.19 1897-03-01 -1.64 1897-04-01 -1.75 1897-05-01 -1.75 1897-06-01 -1.37 1897-07-01 -1.60 1897-08-01 -2.06 1897-09-01 -2.32 1897-10-01 -2.41 1897-11-01 -1.41 1897-12-01 -1.42 1898-01-01 -1.31 1898-02-01 -1.34 1898-03-01 -2.85 1898-04-01 -3.81 1898-05-01 -2.90 1898-06-01 -1.52 1898-07-01 -1.91 1898-08-01 -1.89 1898-09-01 -2.43 1898-10-01 -1.25 1898-11-01 -0.55 1898-12-01 -0.15 1899-01-01 -0.02 1899-02-01 -0.33 1899-03-01 -1.16 1899-04-01 -0.88 1899-05-01 -0.88 1899-06-01 -0.53 1899-07-01 -0.91 1899-08-01 -1.66 1899-09-01 -2.19 1899-10-01 -2.25 1899-11-01 -2.47 1899-12-01 -2.50 1900-01-01 -0.74 1900-02-01 -1.06 1900-03-01 -1.56 1900-04-01 -0.81 1900-05-01 -0.52 1900-06-01 -0.96 1900-07-01 -1.28 1900-08-01 -1.57 1900-09-01 -1.72 1900-10-01 -2.30 1900-11-01 -1.65 1900-12-01 -2.00 1901-01-01 -1.18 1901-02-01 -1.08 1901-03-01 -1.20 1901-04-01 -1.25 1901-05-01 -1.36 1901-06-01 -1.82 1901-07-01 -2.21 1901-08-01 -2.79 1901-09-01 -3.25 1901-10-01 -2.17 1901-11-01 -1.94 1901-12-01 -2.19 1902-01-01 -1.71 1902-02-01 -1.47 1902-03-01 -2.04 1902-04-01 -2.15 1902-05-01 -2.53 1902-06-01 -2.24 1902-07-01 -2.20 1902-08-01 -2.93 1902-09-01 -3.72 1902-10-01 -3.31 1902-11-01 -2.78 1902-12-01 -3.27 1903-01-01 -2.31 1903-02-01 -2.07 1903-03-01 -2.72 1903-04-01 -2.38 1903-05-01 -2.08 1903-06-01 -2.56 1903-07-01 -2.73 1903-08-01 -3.72 1903-09-01 -3.45 1903-10-01 -3.10 1903-11-01 -3.17 1903-12-01 -3.01 1904-01-01 -2.07 1904-02-01 -2.20 1904-03-01 -1.93 1904-04-01 -1.37 1904-05-01 -1.70 1904-06-01 -2.00 1904-07-01 -2.22 1904-08-01 -2.74 1904-09-01 -2.99 1904-10-01 -2.13 1904-11-01 -1.55 1904-12-01 -1.83 1905-01-01 -1.50 1905-02-01 -1.66 1905-03-01 -2.32 1905-04-01 -1.95 1905-05-01 -2.39 1905-06-01 -2.08 1905-07-01 -2.24 1905-08-01 -2.86 1905-09-01 -2.97 1905-10-01 -2.23 1905-11-01 -2.52 1905-12-01 -2.79 1906-01-01 -2.36 1906-02-01 -2.58 1906-03-01 -2.50 1906-04-01 -2.50 1906-05-01 -2.82 1906-06-01 -2.73 1906-07-01 -2.84 1906-08-01 -3.71 1906-09-01 -3.97 1906-10-01 -3.39 1906-11-01 -3.28 1906-12-01 -3.27 1907-01-01 -3.15 1907-02-01 -2.94 1907-03-01 -3.03 1907-04-01 -2.63 1907-05-01 -2.13 1907-06-01 -2.08 1907-07-01 -2.44 1907-08-01 -2.94 1907-09-01 -3.40 1907-10-01 -3.76 1907-11-01 -3.43 1907-12-01 -3.99 1908-01-01 -3.06 1908-02-01 -2.46 1908-03-01 -3.15 1908-04-01 -1.80 1908-05-01 -1.79 1908-06-01 -1.98 1908-07-01 -2.37 1908-08-01 -2.45 1908-09-01 -2.18 1908-10-01 -2.08 1908-11-01 -1.87 1908-12-01 -1.57 1909-01-01 -1.24 1909-02-01 -2.30 1909-03-01 -2.25 1909-04-01 -2.12 1909-05-01 -2.32 1909-06-01 -1.84 1909-07-01 -2.08 1909-08-01 -2.79 1909-09-01 -2.62 1909-10-01 -2.51 1909-11-01 -2.27 1909-12-01 -2.36 1910-01-01 -2.13 1910-02-01 -1.94 1910-03-01 -2.28 1910-04-01 -2.35 1910-05-01 -2.56 1910-06-01 -2.73 1910-07-01 -3.30 1910-08-01 -3.43 1910-09-01 -3.25 1910-10-01 -2.65 1910-11-01 -2.69 1910-12-01 -2.14 1911-01-01 -1.37 1911-02-01 -1.75 1911-03-01 -1.58 1911-04-01 -1.42 1911-05-01 -1.46 1911-06-01 -1.56 1911-07-01 -1.59 1911-08-01 -2.03 1911-09-01 -1.55 1911-10-01 -0.86 1911-11-01 -0.56 1911-12-01 -1.32 1912-01-01 -0.56 1912-02-01 -0.66 1912-03-01 -1.01 1912-04-01 -0.95 1912-05-01 -1.19 1912-06-01 -1.12 1912-07-01 -1.96 1912-08-01 -2.38 1912-09-01 -2.68 1912-10-01 -2.81 1912-11-01 -2.00 1912-12-01 -2.12 1913-01-01 -0.81 1913-02-01 -0.98 1913-03-01 -1.79 1913-04-01 -1.52 1913-05-01 -1.40 1913-06-01 -2.13 1913-07-01 -2.29 1913-08-01 -2.40 1913-09-01 -2.06 1913-10-01 -1.86 1913-11-01 -1.81 1913-12-01 -2.13 1914-01-01 -1.01 1914-02-01 -0.91 1914-03-01 -1.09 1914-04-01 -1.10 1914-05-01 -1.13 1914-06-01 -1.11 1914-07-01 -1.69 1914-08-01 . 1914-09-01 . 1914-10-01 . 1914-11-01 . 1914-12-01 . 1915-01-01 . 1915-02-01 . 1915-03-01 . 1915-04-01 . 1915-05-01 . 1915-06-01 . 1915-07-01 . 1915-08-01 . 1915-09-01 . 1915-10-01 . 1915-11-01 . 1915-12-01 . 1916-01-01 . 1916-02-01 . 1916-03-01 . 1916-04-01 . 1916-05-01 . 1916-06-01 . 1916-07-01 . 1916-08-01 . 1916-09-01 . 1916-10-01 . 1916-11-01 . 1916-12-01 . 1917-01-01 . 1917-02-01 . 1917-03-01 . 1917-04-01 . 1917-05-01 . 1917-06-01 . 1917-07-01 . 1917-08-01 . 1917-09-01 . 1917-10-01 . 1917-11-01 . 1917-12-01 . 1918-01-01 . 1918-02-01 . 1918-03-01 . 1918-04-01 . 1918-05-01 . 1918-06-01 . 1918-07-01 . 1918-08-01 . 1918-09-01 . 1918-10-01 . 1918-11-01 . 1918-12-01 . 1919-01-01 . 1919-02-01 . 1919-03-01 . 1919-04-01 . 1919-05-01 . 1919-06-01 . 1919-07-01 . 1919-08-01 . 1919-09-01 . 1919-10-01 . 1919-11-01 . 1919-12-01 . 1920-01-01 . 1920-02-01 . 1920-03-01 . 1920-04-01 . 1920-05-01 . 1920-06-01 . 1920-07-01 . 1920-08-01 . 1920-09-01 . 1920-10-01 . 1920-11-01 . 1920-12-01 . 1921-01-01 . 1921-02-01 . 1921-03-01 . 1921-04-01 . 1921-05-01 . 1921-06-01 . 1921-07-01 . 1921-08-01 . 1921-09-01 . 1921-10-01 . 1921-11-01 . 1921-12-01 . 1922-01-01 . 1922-02-01 . 1922-03-01 . 1922-04-01 . 1922-05-01 . 1922-06-01 . 1922-07-01 . 1922-08-01 . 1922-09-01 . 1922-10-01 . 1922-11-01 . 1922-12-01 . 1923-01-01 . 1923-02-01 . 1923-03-01 . 1923-04-01 . 1923-05-01 . 1923-06-01 . 1923-07-01 . 1923-08-01 . 1923-09-01 . 1923-10-01 . 1923-11-01 . 1923-12-01 . 1924-01-01 . 1924-02-01 . 1924-03-01 . 1924-04-01 . 1924-05-01 . 1924-06-01 . 1924-07-01 . 1924-08-01 . 1924-09-01 . 1924-10-01 . 1924-11-01 . 1924-12-01 . 1925-01-01 2.78 1925-02-01 2.69 1925-03-01 2.40 1925-04-01 2.44 1925-05-01 2.42 1925-06-01 2.12 1925-07-01 1.57 1925-08-01 1.25 1925-09-01 1.22 1925-10-01 0.54 1925-11-01 0.40 1925-12-01 0.42 1926-01-01 0.22 1926-02-01 0.12 1926-03-01 -0.03 1926-04-01 0.06 1926-05-01 1.12 1926-06-01 1.85 1926-07-01 2.06 1926-08-01 2.78 1926-09-01 2.58 1926-10-01 2.72 1926-11-01 2.26 1926-12-01 1.37 1927-01-01 0.80 1927-02-01 0.54 1927-03-01 -0.11 1927-04-01 -0.92 1927-05-01 -1.66 1927-06-01 -1.87 1927-07-01 -1.93 1927-08-01 -1.86 1927-09-01 -1.90 1927-10-01 -2.18 1927-11-01 -1.18 1927-12-01 -1.02 1928-01-01 -1.07 1928-02-01 -1.24 1928-03-01 -1.47 1928-04-01 -1.69 1928-05-01 -1.93 1928-06-01 -1.82 1928-07-01 -1.97 1928-08-01 -2.19 1928-09-01 -2.33 1928-10-01 -2.14 1928-11-01 -2.01 1928-12-01 -2.03 1929-01-01 -2.00 1929-02-01 -2.17 1929-03-01 -2.32 1929-04-01 -2.44 1929-05-01 -2.51 1929-06-01 -2.50 1929-07-01 -2.50 1929-08-01 -2.58 1929-09-01 -2.62 1929-10-01 -2.62 1929-11-01 -1.91 1929-12-01 -1.50 1930-01-01 -1.52 1930-02-01 -1.71 1930-03-01 -1.40 1930-04-01 -1.31 1930-05-01 -1.32 1930-06-01 -1.33 1930-07-01 -1.07 1930-08-01 -0.90 1930-09-01 -1.01 1930-10-01 -1.00 1930-11-01 -0.97 1930-12-01 -0.82 1931-01-01 -0.93 1931-02-01 -0.73 1931-03-01 -0.96 1931-04-01 -0.93 1931-05-01 -0.84 1931-06-01 -1.06 1931-07-01 -0.75 1931-08-01 -0.38 1931-09-01 -0.38 1931-10-01 -1.55 1931-11-01 -2.10 1931-12-01 -2.25 1932-01-01 -2.25 1932-02-01 -2.13 1932-03-01 -1.72 1932-04-01 -1.72 1932-05-01 -1.50 1932-06-01 -1.56 1932-07-01 -1.57 1932-08-01 -1.16 1932-09-01 -1.12 1932-10-01 -0.93 1932-11-01 -0.74 1932-12-01 -0.60 1933-01-01 -0.26 1933-02-01 0.51 1933-03-01 -0.74 1933-04-01 -0.69 1933-05-01 -0.32 1933-06-01 -0.19 1933-07-01 -0.11 1933-08-01 -0.05 1933-09-01 -0.12 1933-10-01 0.00 1933-11-01 0.60 1933-12-01 0.85 1934-01-01 0.87 1934-02-01 1.37 1934-03-01 1.75 1934-04-01 1.70 1934-05-01 1.70 1934-06-01 1.34 1934-07-01 1.03 1934-08-01 1.00 1934-09-01 0.75 1934-10-01 0.70 1934-11-01 0.69 1934-12-01 0.75 1935-01-01 1.04 1935-02-01 1.37 1935-03-01 1.37 1935-04-01 1.39 1935-05-01 1.81 1935-06-01 4.97 1935-07-01 3.31 1935-08-01 2.31 1935-09-01 2.10 1935-10-01 1.96 1935-11-01 3.14 1935-12-01 5.14 1936-01-01 3.51 1936-02-01 3.06 1936-03-01 2.99 1936-04-01 4.28 1936-05-01 4.85 1936-06-01 4.85 1936-07-01 2.55 1936-08-01 2.25 1936-09-01 2.63 1936-10-01 1.77 1936-11-01 1.21 1936-12-01 1.24 1937-01-01 1.47 1937-02-01 3.26 1937-03-01 3.23 1937-04-01 3.00 1937-05-01 2.93 1937-06-01 4.02 1937-07-01 4.20 1937-08-01 3.11 1937-09-01 2.54 1937-10-01 2.62 1937-11-01 2.26 1937-12-01 2.00 1938-01-01 2.00 1938-02-01 1.94 1938-03-01 2.01 1938-04-01 2.37 1938-05-01 1.74 1938-06-01 1.52 1938-07-01 1.62 1938-08-01 1.62 1938-09-01 1.90 1938-10-01 2.31 1938-11-01 2.21 1938-12-01 1.54 1939-01-01 1.19 1939-02-01 1.27 1939-03-01 1.25 1939-04-01 1.19 1939-05-01 1.25 1939-06-01 1.19 1939-07-01 1.19 1939-08-01 1.26 1939-09-01 1.92