Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume

Dan Li and Geng Li

Figure 1: Stock Market Turnover and Aggregate Flows to Stock Market Mut ual Funds

year-month	top panel turnover	middle panel turnover cubic detrended	bottom panel total fund flow
1978-1	0.01401191	-0.00436833
1978-2	0.01208557	-0.00661532
1978-3	0.01652548	-0.00249462
1978-4	0.02245715	0.00311927
1978-5	0.02502807	0.00537382
1978-6	0.0217064	0.00173716
1978-7	0.0174244	-0.00285848
1978-8	0.02783266	0.00723749
1978-9	0.02183997	0.00093383
1978-10	0.021745	0.00052919
1978-11	0.01627956	-0.00524464
1978-12	0.01534703	-0.00648431
1979-1	0.01881978	-0.00331746
1979-2	0.01451536	-0.00792657
1979-3	0.02005885	-0.00268658
1979-4	0.01921378	-0.00383397
1979-5	0.01893008	-0.00441885
1979-6	0.02159334	-0.00205563
1979-7	0.01980782	-0.00414009
1979-8	0.02372791	-0.00051785
1979-9	0.02086523	-0.00367731
1979-10	0.02487485	3.657e-05
1979-11	0.01865088	-0.00648212
1979-12	0.02096692	-0.0044598
1980-1	0.03419635	0.0084769
1980-2	0.02749796	0.00148674
1980-3	0.02445375	-0.0018483
1980-4	0.01835216	-0.00823981
1980-5	0.02021115	-0.00666984
1980-6	0.02183919	-0.00532995
1980-7	0.02686235	-0.00059407
1980-8	0.02517809	-0.00256479
1980-9	0.02735755	-0.00067098
1980-10	0.02652153	-0.00179185
1980-11	0.02469328	-0.00390418
1980-12	0.02493964	-0.00394116
1981-1	0.02292216	-0.00624125
1981-2	0.01902286	-0.01042245
1981-3	0.0268764	-0.00285013
1981-4	0.02572596	-0.00428112
1981-5	0.02055619	-0.00973081
1981-6	0.02401943	-0.00654686
1981-7	0.0201048	-0.01074017
1981-8	0.01955298	-0.0115701
1981-9	0.02006423	-0.0113364
1981-10	0.0204106	-0.01126705
1981-11	0.02038941	-0.01156474
1981-12	0.01967343	-0.01255672
1982-1	0.01911553	-0.01339016
1982-2	0.01905378	-0.01372698
1982-3	0.02452019	-0.00853522
1982-4	0.02183693	-0.01149271
1982-5	0.01970906	-0.01389443
1982-6	0.02075396	-0.01312301
1982-7	0.02136412	-0.01278599
1982-8	0.03147424	-0.00294867
1982-9	0.02886284	-0.00583258
1982-10	0.03613278	0.00116514
1982-11	0.04640387	0.01116426
1982-12	0.04080142	0.0052901
1983-1	0.04777417	0.01199134
1983-2	0.04229314	0.00623902
1983-3	0.05248372	0.01615848
1983-4	0.04952163	0.01292542
1983-5	0.05573975	0.0188727
1983-6	0.05707144	0.01993368
1983-7	0.04351505	0.00610666
1983-8	0.04335451	0.00567557
1983-9	0.04373211	0.00578266
1983-10	0.04446479	0.00624486
1983-11	0.04365695	0.00516656
1983-12	0.04375179	0.00499093
1984-1	0.04909351	0.01006213	0.03389476
1984-2	0.04327378	0.00397183	0.03263812
1984-3	0.0430416	0.00346901	0.03302522
1984-4	0.03942895	-0.00041439	0.03526047
1984-5	0.04355344	0.00343924	0.02689326
1984-6	0.03968357	-0.00070164	0.02636034
1984-7	0.03772257	-0.0029338	0.0220237
1984-8	0.05574218	0.01481447	0.03372096
1984-9	0.03908836	-0.0021109	0.02337173
1984-10	0.0467226	0.00525156	0.02910586
1984-11	0.04072272	-0.00102034	0.02645822
1984-12	0.04220913	0.0001938	0.02848443
1985-1	0.06034552	0.0180576	0.03625471
1985-2	0.05343746	0.01087666	0.03602533
1985-3	0.05105002	0.00821601	0.036907
1985-4	0.04659547	0.00348789	0.04170005
1985-5	0.05245494	0.00907342	0.03252853
1985-6	0.0476923	0.00403646	0.03248754
1985-7	0.05461363	0.01068304	0.04186153
1985-8	0.04615099	0.00194521	0.03490973
1985-9	0.04102906	-0.00345236	0.02694641
1985-10	0.05565093	0.01089339	0.03042743
1985-11	0.05421339	0.00917924	0.02762968
1985-12	0.06260867	0.01729737	0.04223927
1986-1	0.06562303	0.02003405	0.0477689
1986-2	0.06518552	0.0193183	0.04030208
1986-3	0.07286749	0.02672144	0.04803712
1986-4	0.0739641	0.02753861	0.05868843
1986-5	0.06126316	0.01455762	0.04037661
1986-6	0.06108746	0.01410121	0.03791864
1986-7	0.06321548	0.01594786	0.0411657
1986-8	0.05537297	0.00782327	0.03624381
1986-9	0.06102364	0.01319117	0.04145939
1986-10	0.05849194	0.01037596	0.03584908
1986-11	0.05533102	0.00693078	0.03571691
1986-12	0.06521014	0.01652486	0.04979484
1987-1	0.0786281	0.02965698	0.04963193
1987-2	0.06996764	0.02070988	0.04209059
1987-3	0.0763002	0.02675494	0.05001865
1987-4	0.07257921	0.02274561	0.06275493
1987-5	0.06232257	0.01219974	0.03584325
1987-6	0.06518236	0.0147694	0.03569422
1987-7	0.06949053	0.01878652	0.03523655
1987-8	0.06850317	0.01750716	0.03654984
1987-9	0.06285749	0.01156851	0.03424124
1987-10	0.09197588	0.04039295	0.05566336
1987-11	0.05525289	0.00337501	0.03105124
1987-12	0.06248293	0.01030907	0.0329751
1988-1	0.05341011	0.00093921	0.02605937
1988-2	0.05544908	0.00268008	0.02258553
1988-3	0.06476116	0.01169297	0.02955986
1988-4	0.05182166	-0.00154685	0.02986882
1988-5	0.05042194	-0.003248	0.02346171
1988-6	0.06405165	0.0100791	0.02607103
1988-7	0.05178194	-0.00249438	0.02207268
1988-8	0.05197252	-0.00260877	0.02494626
1988-9	0.04728156	-0.00760593	0.02296117
1988-10	0.0518344	-0.00336051	0.02336608
1988-11	0.04488603	-0.01061758	0.02483238
1988-12	0.04751109	-0.0083025	0.02880422
1989-1	0.05473932	-0.00138554	0.03145847
1989-2	0.05059174	-0.00584573	0.02824915
1989-3	0.05531735	-0.00143407	0.02991036
1989-4	0.05163988	-0.00542685	0.02907237
1989-5	0.05976878	0.00238534	0.0286564
1989-6	0.06074019	0.00303864	0.02807283
1989-7	0.05092054	-0.00710056	0.02581929
1989-8	0.0624785	0.00413641	0.02880889
1989-9	0.05031532	-0.00834924	0.03493212
1989-10	0.0625757	0.00358718	0.03720565
1989-11	0.0490248	-0.01028919	0.03123623
1989-12	0.05220245	-0.00743855	0.0358701
1990-1	0.05900593	-0.00096365	0.04677607
1990-2	0.04630564	-0.01399408	0.03699522
1990-3	0.05262739	-0.00800408	0.04267758
1990-4	0.04588379	-0.01508106	0.04369242
1990-5	0.05947561	-0.00182424	0.03386503
1990-6	0.05272298	-0.00891355	0.03479217
1990-7	0.05312912	-0.00884576	0.03607676
1990-8	0.0605468	-0.00176814	0.03757316
1990-9	0.03997108	-0.02268565	0.02938176
1990-10	0.05320955	-0.00979073	0.03206825
1990-11	0.04660751	-0.01673808	0.02995576
1990-12	0.04738283	-0.01630985	0.03104055
1991-1	0.05474358	-0.00929801	0.03636725
1991-2	0.06324667	-0.00114566	0.03285294
1991-3	0.06130472	-0.0034402	0.03774261
1991-4	0.06646961	0.00137022	0.04833558
1991-5	0.0582008	-0.00725495	0.03859583
1991-6	0.04918146	-0.01663257	0.03583399
1991-7	0.05244146	-0.0137328	0.03998447
1991-8	0.05722158	-0.00931485	0.03770429
1991-9	0.05037036	-0.01653023	0.03551696
1991-10	0.06303291	-0.00423384	0.0406001
1991-11	0.05719387	-0.01044106	0.04240043
1991-12	0.06123636	-0.0067688	0.03639088
1992-1	0.08409355	0.01571611	0.05191771
1992-2	0.06589745	-0.00285438	0.04142077
1992-3	0.06173815	-0.00739016	0.04716562
1992-4	0.06195252	-0.00755441	0.04560183
1992-5	0.0504961	-0.01939159	0.03634228
1992-6	0.05635713	-0.01391349	0.03523213
1992-7	0.05666226	-0.01399348	0.0369386
1992-8	0.04944239	-0.0216007	0.03482033
1992-9	0.05495981	-0.01647284	0.03337679
1992-10	0.06183047	-0.00999402	0.03393255
1992-11	0.06113133	-0.01108727	0.0366747
1992-12	0.06933689	-0.0032781	0.04120572
1993-1	0.07321272	0.000199	0.03976621
1993-2	0.07141936	-0.00199541	0.03729559
1993-3	0.07345573	-0.00036247	0.04310811
1993-4	0.07132403	-0.00289997	0.04152395
1993-5	0.0685006	-0.00613161	0.03507659
1993-6	0.07071688	-0.00432597	0.03773045
1993-7	0.0675172	-0.00793873	0.03904859
1993-8	0.07267286	-0.00319861	0.04036625
1993-9	0.07155697	-0.00473253	0.03715955
1993-10	0.07827528	0.00156523	0.04030298
1993-11	0.07437997	-0.00275315	0.04036497
1993-12	0.07299763	-0.00456111	0.04381729
1994-1	0.07971212	0.00172518	0.05108218
1994-2	0.07030583	-0.00811191	0.04659622
1994-3	0.08447873	0.00562758	0.05907847
1994-4	0.06500201	-0.01428517	0.04151141
1994-5	0.06512351	-0.01460237	0.03487043
1994-6	0.06657721	-0.01359005	0.03725188
1994-7	0.05716129	-0.02345005	0.03164015
1994-8	0.07247657	-0.00858157	0.03765913
1994-9	0.06710045	-0.01440723	0.03530101
1994-10	0.0708817	-0.01107828	0.03377313
1994-11	0.06843778	-0.01397729	0.03569218
1994-12	0.06914542	-0.01372755	0.03535181
1995-1	0.07248384	-0.01084984	0.03929758
1995-2	0.06839942	-0.01539784	0.03366319
1995-3	0.08300132	-0.00126237	0.03970788
1995-4	0.07186056	-0.01287245	0.03813308
1995-5	0.08448503	-0.00072022	0.03541125
1995-6	0.08716019	0.00147977	0.03425501
1995-7	0.08608958	-6.896e-05	0.03517275
1995-8	0.08857809	0.00193845	0.03425153
1995-9	0.08312969	-0.00399405	0.03150424
1995-10	0.09020295	0.0025921	0.03413089
1995-11	0.08546619	-0.00263481	0.03107045
1995-12	0.08756176	-0.00103245	0.03482784
1996-1	0.1001564	0.01106591	0.04481023
1996-2	0.09509545	0.00550557	0.03930413
1996-3	0.09460982	0.00451742	0.04068442
1996-4	0.09831945	0.0077214	0.04261875
1996-5	0.10886355	0.01775667	0.03910116
1996-6	0.08739227	-0.00422661	0.03615121
1996-7	0.09150222	-0.00063187	0.04094384
1996-8	0.07583803	-0.01681451	0.03326033
1996-9	0.081733	-0.01144123	0.03063021
1996-10	0.09674499	0.00304579	0.03562926
1996-11	0.08604062	-0.00818683	0.03230562
1996-12	0.08933505	-0.00542397	0.03881478
1997-1	0.1086057	0.01331177	0.0470197
1997-2	0.09112245	-0.00470973	0.03865985
1997-3	0.08998167	-0.00639215	0.03938556
1997-4	0.0926474	-0.00427145	0.03977355
1997-5	0.09235091	-0.00511639	0.03384561
1997-6	0.0933168	-0.0047024	0.03530803
1997-7	0.10289024	0.00431569	0.03727252
1997-8	0.09231152	-0.00682186	0.03572899
1997-9	0.09894161	-0.00075411	0.03351644
1997-10	0.12241632	0.02215474	0.04089033
1997-11	0.08053702	-0.02029397	0.03135441
1997-12	0.09832292	-0.00308105	0.03785725
1998-1	0.09611112	-0.00586941	0.04036385
1998-2	0.09454178	-0.00801892	0.03624021
1998-3	0.10829731	0.0051528	0.03890074
1998-4	0.10746154	0.00372958	0.03992271
1998-5	0.08797272	-0.01635037	0.03459654
1998-6	0.09555846	-0.00935945	0.0368673
1998-7	0.10299842	-0.00251803	0.04105725
1998-8	0.09947247	-0.00664625	0.04405868
1998-9	0.104179	-0.00254575	0.03794191
1998-10	0.1186129	0.01127835	0.03607621
1998-11	0.0999464	-0.00800177	0.03225316
1998-12	0.10902259	0.00045699	0.04239224
1999-1	0.11614188	0.00695501	0.04589978
1999-2	0.09997189	-0.00984011	0.04192449
1999-3	0.12031326	0.00987224	0.04843406
1999-4	0.12590981	0.01483587	0.04625939
1999-5	0.10178027	-0.00993053	0.0392934
1999-6	0.10277654	-0.00957505	0.03584239
1999-7	0.10281273	-0.01018362	0.03999738
1999-8	0.10113201	-0.01251311	0.03668854
1999-9	0.10530901	-0.00898887	0.03767265
1999-10	0.11414908	-0.0008056	0.03670342
1999-11	0.12880973	0.01319419	0.04049142
1999-12	0.13802262	0.02174216	0.04615966
2000-1	0.14567231	0.02872282	0.05609908
2000-2	0.14783893	0.0302163	0.05497372
2000-3	0.17624327	0.05794336	0.06347877
2000-4	0.13748718	0.01850584	0.04962761
2000-5	0.12227912	0.00261216	0.04323736
2000-6	0.12792706	0.00757028	0.04363663
2000-7	0.11603091	-0.00501992	0.04049696
2000-8	0.12208175	0.00033264	0.03935476
2000-9	0.12497848	0.00252681	0.03850349
2000-10	0.15539868	0.03224018	0.04139002
2000-11	0.13248909	0.00861944	0.04013685
2000-12	0.15222216	0.02763704	0.04720132
2001-1	0.17043475	0.04512981	0.05064797
2001-2	0.12856	0.00253087	0.04318378
2001-3	0.16087079	0.03411307	0.05204225
2001-4	0.14969571	0.02220499	0.04024345
2001-5	0.14515569	0.01692754	0.04283978
2001-6	0.13507531	0.00610526	0.03872379
2001-7	0.12236106	-0.00735535	0.03950875
2001-8	0.12130869	-0.00915859	0.04161725
2001-9	0.12037823	-0.01084442	0.03786153
2001-10	0.16164649	0.02966391	0.04776141
2001-11	0.14295016	0.01020311	0.04145948
2001-12	0.13534723	0.0018311	0.04735391
2002-1	0.15328526	0.01899547	0.04929954
2002-2	0.13418577	-0.00088231	0.04286809
2002-3	0.13706404	0.00121302	0.04672033
2002-4	0.14811554	0.01147691	0.04895
2002-5	0.14608868	0.00865775	0.04744189
2002-6	0.1473504	0.00912247	0.0466956
2002-7	0.19174576	0.0527161	0.06308335
2002-8	0.13556158	-0.00427457	0.04952215
2002-9	0.12697325	-0.01367415	0.04646075
2002-10	0.17010354	0.02864009	0.05686609
2002-11	0.14535737	0.00307304	0.0446158
2002-12	0.12575593	-0.01735409	0.04754507
2003-1	0.14287946	-0.00106113	0.05380562
2003-2	0.11169657	-0.03307946	0.04055888
2003-3	0.13737689	-0.00823948	0.04624094
2003-4	0.13513635	-0.01132527	0.04117261
2003-5	0.1585941	0.01128228	0.0411496
2003-6	0.167956	0.01978901	0.04367585
2003-7	0.15810313	0.009076	0.04280533
2003-8	0.12502773	-0.02486456	0.03691741
2003-9	0.15806731	0.00730483	0.04252641
2003-10	0.16591609	0.01427839	0.04081271
2003-11	0.13160485	-0.02091314	0.03770089
2003-12	0.1424986	-0.01090479	0.04235251
2004-1	0.17817539	0.02388151	0.0447933
2004-2	0.14367382	-0.01151569	0.03536956
2004-3	0.16722833	0.01113803	0.04078879
2004-4	0.15713104	0.00013479	0.03932593
2004-5	0.13499752	-0.02290989	0.03406353
2004-6	0.13200593	-0.02681785	0.03360329
2004-7	0.13803845	-0.02170694	0.03342472
2004-8	0.12216695	-0.03850531	0.03120327
2004-9	0.12440909	-0.03719531	0.03026427
2004-10	0.14407251	-0.01846935	0.03051314
2004-11	0.14631848	-0.01716616	0.03378575
2004-12	0.15648376	-0.00794899	0.04038366
2005-1	0.15168762	-0.01369861	0.03949516
2005-2	0.13482913	-0.03151597	0.03325654
2005-3	0.15577325	-0.01153613	0.03927118
2005-4	0.14797705	-0.02030203	0.0368012
2005-5	0.13451555	-0.03473868	0.03296292
2005-6	0.14245771	-0.02777714	0.03264464
2005-7	0.12674011	-0.04448087	0.03020006
2005-8	0.1381184	-0.0340942	0.03270309
2005-9	0.14382676	-0.029383	0.03151732
2005-10	0.15515899	-0.01905349	0.03725556
2005-11	0.14559569	-0.0296251	0.03248837
2005-12	0.13802468	-0.03821	0.03762878
2006-1	0.16431342	-0.01294077	0.04158105
2006-2	0.14406956	-0.03420978	0.0337097
2006-3	0.17733043	-0.00197972	0.03939577
2006-4	0.14956917	-0.03077747	0.03456634
2006-5	0.17952235	-0.0018665	0.04341524
2006-6	0.17538219	-0.00705458	0.0348467
2006-7	0.14618215	-0.03730829	0.02984489
2006-8	0.15479355	-0.02975633	0.0317707
2006-9	0.15099381	-0.0346213	0.0287228
2006-10	0.17262652	-0.01405961	0.03401663
2006-11	0.16537017	-0.02239283	0.0306281
2006-12	0.14667696	-0.04216875	0.03477688
2007-1	0.17707527	-0.01285903	0.0423063
2007-2	0.16157326	-0.02945553	0.03595342
2007-3	0.19284141	0.00071223	0.03765425
2007-4	0.16838411	-0.0248514	0.03615433
2007-5	0.18964843	-0.00469938	0.03699534
2007-6	0.18800739	-0.00745869	0.03530856
2007-7	0.1992821	0.00269176	0.03915477
2007-8	0.24696321	0.04924258	0.03868471
2007-9	0.15942155	-0.03943542	0.03139518
2007-10	0.21002543	0.01002607	0.03958013
2007-11	0.22911016	0.02796232	0.03590397
2007-12	0.17332313	-0.02897929	0.04146728
2008-1	0.26944609	0.06598295	0.054741
2008-2	0.21107821	0.00644822	0.03559227
2008-3	0.23513205	0.02932903	0.03662344
2008-4	0.21775089	0.01076864	0.03879789
2008-5	0.20894368	0.00077601	0.03303448
2008-6	0.24232867	0.03296934	0.03663208
2008-7	0.29499035	0.08443311	0.03967966
2008-8	0.2170021	0.00524066	0.03560571
2008-9	0.32366657	0.11069465	0.05200293
2008-10	0.37536925	0.16118052	0.07599782
2008-11	0.26375004	0.04833818	0.0519174
2008-12	0.24983153	0.03319017	0.06027218
2009-1	0.24987533	0.03199809	0.04434456
2009-2	0.27731113	0.0581916	0.04908807
2009-3	0.36358641	0.14321819	0.05993682
2009-4	0.31890938	0.097286	0.04101001
2009-5	0.30386395	0.08097896	0.03792694
2009-6	0.28782827	0.06367519	0.04019783
2009-7	0.27074774	0.04532005	0.03834222
2009-8	0.28052222	0.05381339	0.03826478
2009-9	0.28068825	0.05269173	0.03663087
2009-10	0.27649005	0.04719929	0.04639912
2009-11	0.20927868	-0.02131294	0.03389109
2009-12	0.21277239	-0.01912669	0.03854525
2010-1	0.23184273	-0.00137044	0.0416674
2010-2	0.21111303	-0.02342089	0.03396434
2010-3	0.25845952	0.02259818	0.03996631
2010-4	0.27722258	0.04002711	0.04004409
2010-5	0.30694424	0.06840793	0.04866987
2010-6	0.26605687	0.02617298	0.04399559
2010-7	0.22629417	-0.01494407	0.0373469
2010-8	0.20871593	-0.03388344	0.0402182
2010-9	0.19905265	-0.04491464	0.03878071
2010-10	0.21850904	-0.02683301	0.03974167
2010-11	0.21061617	-0.03610748	0.03633292
2010-12	0.19488079	-0.05323133	0.04972582
2011-1	0.21916751	-0.03033997	0.04463611
2011-2	0.19634332	-0.05456642	0.03749196
2011-3	0.23392268	-0.01839626	0.04039417
2011-4	0.18700107	-0.06673401	0.03554934
2011-5	0.20240009	-0.05275811	0.03396101
2011-6	0.21406985	-0.04251847	0.04024228
2011-7	0.18674936	-0.07127608	0.03870348
2011-8	0.31092981	0.05146021	0.05252227
2011-9	0.22759814	-0.03332269	0.04417836
2011-10	0.23442609	-0.02795304	0.03934952
2011-11	0.20319819	-0.06064633	0.03609414
2011-12	0.1796794	-0.08563765	0.0475999

Return to Figure 1

Figure 2: Monthly Belief Dispersion from Household Surveys

year-month	top left panel dispersion of unemployment expectations	top right panel dispersion of interest rate expectations	middle left panel dispersion of bexp expectations	middle right panel dispersion of pexp expectations	lower left panel dispersion of bus5 expectations	lower right panel first principal component
1978-1	-0.59233055	-0.49267666	-0.66792856	-0.57176171	-0.38310093	0.73481173
1978-2	-0.48744183	-0.44525532	-0.66857989	-0.62141856	-0.35919786	1.0850631
1978-3	-0.65235962	-0.53021089	-0.67710922	-0.63068912	-0.4110771	-0.22418699
1978-4	-0.7169177	-0.5431812	-0.61498693	-0.57101737	-0.38955153	0.01774248
1978-5	-0.53070924	-0.49658636	-0.70194111	-0.65677481	-0.40741095	0.34721601
1978-6	-0.67664258	-0.56417482	-0.68756701	-0.61333011	-0.39941927	-0.50717187
1978-7	-0.68359055	-0.54656723	-0.71839536	-0.65900802	-0.4579288	-0.71408461
1978-8	-0.60323552	-0.4905004	-0.69565125	-0.58234918	-0.4399873	0.73496686
1978-9	-0.66565663	-0.55732474	-0.68335851	-0.64983099	-0.39514346	-0.71179179
1978-10	-0.72087683	-0.53914692	-0.70511666	-0.54355627	-0.4515622	0.08698009
1978-11	-0.54460722	-0.5688997	-0.56928513	-0.542402	-0.40726631	1.5923879
1978-12	-0.57176437	-0.53232781	-0.52324979	-0.52717983	-0.38731003	1.8519561
1979-1	-0.58210819	-0.5558715	-0.59307608	-0.61352815	-0.42039822	0.75281851
1979-2	-0.63307004	-0.45635074	-0.59347284	-0.53522885	-0.4258924	1.5632006
1979-3	-0.60560927	-0.53311873	-0.59030031	-0.57663291	-0.4606848	1.2402206
1979-4	-0.54163849	-0.53142877	-0.57166149	-0.54911249	-0.44609957	1.9167264
1979-5	-0.59676197	-0.51827486	-0.62705218	-0.59100074	-0.42920198	0.88496603
1979-6	-0.578064	-0.53492394	-0.54428762	-0.55314596	-0.42054509	1.6426806
1979-7	-0.57165852	-0.49039768	-0.56941295	-0.59186612	-0.5298713	1.9996211
1979-8	-0.56289604	-0.51960504	-0.58408624	-0.60902108	-0.46086514	1.3401477
1979-9	-0.57230251	-0.57790063	-0.5683966	-0.57295941	-0.54735864	1.851112
1979-10	-0.56957675	-0.5755924	-0.58516528	-0.53579826	-0.43578417	1.5202225
1979-11	-0.55013632	-0.48245283	-0.59260124	-0.66503275	-0.44258785	0.98074169
1979-12	-0.5538028	-0.37293612	-0.53154982	-0.5360191	-0.46662586	2.9930595
1980-1	-0.53155271	-0.42760439	-0.54622067	-0.55631215	-0.429209	2.4431325
1980-2	-0.5161338	-0.42869316	-0.59681678	-0.54335872	-0.43181818	2.3920437
1980-3	-0.57305978	-0.56963481	-0.54609811	-0.55730896	-0.46911956	1.7254319
1980-4	-0.55619842	-0.435447	-0.50294058	-0.51205735	-0.45761311	2.9981109
1980-5	-0.61953379	-0.41977413	-0.46245175	-0.51905725	-0.46727601	2.865998
1980-6	-0.53403639	-0.43168198	-0.46113928	-0.55344648	-0.40239795	2.744183
1980-7	-0.53882431	-0.43198091	-0.51489809	-0.57328495	-0.41125561	2.30572
1980-8	-0.48199286	-0.40026084	-0.52248951	-0.59144467	-0.39639397	2.5482328
1980-9	-0.47450463	-0.43567959	-0.56321923	-0.5500143	-0.3603835	2.3790541
1980-10	-0.55296046	-0.4025988	-0.52800513	-0.59284814	-0.34539585	1.7703173
1980-11	-0.57203906	-0.40821647	-0.52940925	-0.50437147	-0.35660231	2.4165726
1980-12	-0.51794079	-0.40171851	-0.54117543	-0.53549941	-0.37235945	2.5546769
1981-1	-0.51730595	-0.36265255	-0.53359652	-0.55797615	-0.38348609	2.6466682
1981-2	-0.53570266	-0.35267418	-0.56854731	-0.55933331	-0.4080838	2.504613
1981-3	-0.54677314	-0.38082535	-0.47862702	-0.53937689	-0.43498084	3.0899617
1981-4	-0.52522253	-0.38920226	-0.51455573	-0.56427108	-0.43378088	2.7847833
1981-5	-0.57569894	-0.41979481	-0.55863328	-0.5998138	-0.42246451	1.725681
1981-6	-0.5398206	-0.3851999	-0.50946304	-0.53433726	-0.3763636	2.6875281
1981-7	-0.55488431	-0.38556534	-0.54438213	-0.64409121	-0.41101963	1.6603838
1981-8	-0.59781594	-0.42977122	-0.55217444	-0.5774678	-0.40577669	1.6719282
1981-9	-0.58866021	-0.41243868	-0.54854593	-0.53206532	-0.37135889	2.0320343
1981-10	-0.54419046	-0.39555591	-0.48882992	-0.60101553	-0.41614551	2.3681369
1981-11	-0.52116616	-0.38359386	-0.52592958	-0.55822155	-0.46901801	3.011273
1981-12	-0.51819111	-0.41891603	-0.44898639	-0.59291374	-0.44789441	2.8752801
1982-1	-0.49330531	-0.40754596	-0.45857701	-0.56761206	-0.42744919	3.14369
1982-2	-0.50510926	-0.41413524	-0.45246812	-0.56231431	-0.43472986	3.1521222
1982-3	-0.51594356	-0.4297871	-0.50273936	-0.57376606	-0.42506362	2.5966105
1982-4	-0.50603795	-0.44558777	-0.46287531	-0.53711192	-0.37289502	2.8361101
1982-5	-0.49243014	-0.44518164	-0.49002199	-0.58922263	-0.40461066	2.5091775
1982-6	-0.50455901	-0.46668839	-0.43988316	-0.56309021	-0.40006233	2.7945738
1982-7	-0.5072748	-0.50330985	-0.50346399	-0.60329336	-0.38788122	1.8700416
1982-8	-0.48195937	-0.44144162	-0.51836928	-0.55794832	-0.37969026	2.5766057
1982-9	-0.51117864	-0.41707855	-0.53806071	-0.59664237	-0.37692966	2.0541751
1982-10	-0.47609083	-0.41580316	-0.45958195	-0.54791332	-0.39330012	3.1995061
1982-11	-0.52806336	-0.40379395	-0.52361896	-0.5370407	-0.37839737	2.5913845
1982-12	-0.50184661	-0.45177192	-0.52673438	-0.55642201	-0.38381875	2.3905192
1983-1	-0.54855657	-0.47140254	-0.5473349	-0.5411727	-0.39035412	2.0512111
1983-2	-0.49738058	-0.429182	-0.53998754	-0.57217234	-0.38139894	2.3072277
1983-3	-0.54118745	-0.49412813	-0.56643308	-0.59497147	-0.41758889	1.5832012
1983-4	-0.53435435	-0.50849636	-0.5715936	-0.61760938	-0.4062633	1.2847281
1983-5	-0.58593527	-0.57832177	-0.59284548	-0.63638553	-0.43105653	0.48992269
1983-6	-0.60420439	-0.51411349	-0.598121	-0.67955588	-0.49169472	0.59065577
1983-7	-0.57237503	-0.48221	-0.60309269	-0.67369923	-0.4265091	0.6251747
1983-8	-0.51989116	-0.45404386	-0.58401818	-0.57306269	-0.42246743	2.0209434
1983-9	-0.58475021	-0.44539818	-0.57742994	-0.6101906	-0.41689439	1.333755
1983-10	-0.55928475	-0.44782813	-0.55705615	-0.58656855	-0.4178069	1.7993178
1983-11	-0.58917767	-0.48093857	-0.58701548	-0.59890803	-0.35935692	0.88606436
1983-12	-0.55249346	-0.45840359	-0.6118233	-0.65987215	-0.39641148	0.77563704
1984-1	-0.61886015	-0.51633307	-0.59205889	-0.64731524	-0.4300804	0.46720918
1984-2	-0.62668674	-0.48731721	-0.62843594	-0.57650898	-0.39153857	0.75054227
1984-3	-0.58016207	-0.4957946	-0.62640808	-0.58559054	-0.37159698	0.84338023
1984-4	-0.65032167	-0.5457216	-0.67538202	-0.60897621	-0.37196357	-0.29433948
1984-5	-0.64606006	-0.5673487	-0.67883078	-0.6080381	-0.38361977	-0.31516826
1984-6	-0.64601606	-0.53471474	-0.66290727	-0.66927699	-0.39414937	-0.54139039
1984-7	-0.67739317	-0.49662752	-0.63049917	-0.65503512	-0.40026198	-0.24666978
1984-8	-0.67898206	-0.49416271	-0.61083661	-0.63589835	-0.45636228	0.3127384
1984-9	-0.62164121	-0.48615538	-0.59350901	-0.64201069	-0.41232329	0.5313853
1984-10	-0.68743354	-0.45493471	-0.60631463	-0.60671798	-0.41914995	0.51255533
1984-11	-0.6478398	-0.43978787	-0.60622079	-0.62874342	-0.38371761	0.46843557
1984-12	-0.63295234	-0.41236578	-0.57641195	-0.64595115	-0.38541987	0.71264765
1985-1	-0.68362525	-0.43190386	-0.71552133	-0.67356385	-0.40181444	-0.59025309
1985-2	-0.6234978	-0.45707944	-0.63757813	-0.62912213	-0.41871165	0.56016826
1985-3	-0.57953147	-0.44496352	-0.6647745	-0.63257302	-0.41216743	0.69280384
1985-4	-0.63070635	-0.44765909	-0.66043623	-0.63280203	-0.42103667	0.41636997
1985-5	-0.64756991	-0.4627812	-0.68556715	-0.62441012	-0.39523949	0.04041191
1985-6	-0.75592411	-0.44881518	-0.73271794	-0.68558349	-0.41069244	-1.2820451
1985-7	-0.75573797	-0.46738826	-0.74131274	-0.65041497	-0.41061595	-1.1158876
1985-8	-0.66279375	-0.4604414	-0.739486	-0.60614099	-0.41057049	-0.09998336
1985-9	-0.67749026	-0.45049195	-0.74633726	-0.63160055	-0.4016234	-0.4470254
1985-10	-0.64073449	-0.45539091	-0.67165716	-0.70457927	-0.38354995	-0.54328002
1985-11	-0.70358022	-0.45392374	-0.7873381	-0.60824559	-0.34804595	-0.93274699
1985-12	-0.70765615	-0.4653505	-0.75892994	-0.72278105	-0.36300855	-1.7461691
1986-1	-0.69364421	-0.44303461	-0.74573884	-0.63546791	-0.3514992	-0.80874213
1986-2	-0.63862151	-0.48901865	-0.76964082	-0.64045802	-0.36996431	-0.73500861
1986-3	-0.60786024	-0.44290852	-0.65973413	-0.59783609	-0.35946746	0.56246454
1986-4	-0.6520414	-0.43841247	-0.7115096	-0.62828284	-0.38666812	-0.09220473
1986-5	-0.68830848	-0.46122985	-0.72737517	-0.6226612	-0.37937404	-0.5065352
1986-6	-0.66916176	-0.5323229	-0.79451806	-0.64777351	-0.36399544	-1.3557055
1986-7	-0.72087018	-0.47876135	-0.80731428	-0.6844649	-0.37708163	-1.7540777
1986-8	-0.70809477	-0.45947188	-0.73121065	-0.62083649	-0.36817951	-0.69016102
1986-9	-0.69932437	-0.42710113	-0.69275265	-0.59888784	-0.36868818	-0.09378891
1986-10	-0.72809749	-0.49299672	-0.77715254	-0.65805043	-0.38808393	-1.4261407
1986-11	-0.70333881	-0.48789216	-0.76039491	-0.65593256	-0.38581222	-1.1474735
1986-12	-0.61868049	-0.48696315	-0.72526532	-0.68341451	-0.36954934	-0.72443948
1987-1	-0.64210898	-0.44792581	-0.74317648	-0.62811091	-0.38510168	-0.24622233
1987-2	-0.67131416	-0.50558441	-0.6839454	-0.6242454	-0.37345143	-0.41296202
1987-3	-0.60743556	-0.48502921	-0.81040472	-0.68828498	-0.35256702	-1.2244459
1987-4	-0.66070593	-0.50769775	-0.79196813	-0.62435758	-0.36042416	-0.99639822
1987-5	-0.68793425	-0.59427051	-0.74324568	-0.70026395	-0.34842064	-2.0114187
1987-6	-0.67002613	-0.59152788	-0.7312148	-0.68528295	-0.35094389	-1.6797507
1987-7	-0.71796328	-0.55200576	-0.71028532	-0.6616306	-0.38412839	-1.3261137
1987-8	-0.73883192	-0.53782816	-0.74112356	-0.59220325	-0.37945535	-1.0004272
1987-9	-0.7511973	-0.56120467	-0.73634924	-0.60380249	-0.36711127	-1.3241647
1987-10	-0.65121472	-0.54307849	-0.72670592	-0.65645549	-0.3989347	-0.81915776
1987-11	-0.69952716	-0.41911529	-0.65135105	-0.61743765	-0.41696348	0.2572869
1987-12	-0.65638272	-0.44306245	-0.66039516	-0.63306848	-0.3851011	0.08132814
1988-1	-0.70103523	-0.50906563	-0.74837188	-0.7187997	-0.41016407	-1.5673364
1988-2	-0.68738658	-0.44221408	-0.74622164	-0.63395558	-0.43831167	-0.30086025
1988-3	-0.7754649	-0.44690808	-0.75887356	-0.69300416	-0.45254745	-1.3826117
1988-4	-0.73402082	-0.49106073	-0.72132721	-0.69228942	-0.41889754	-1.2864308
1988-5	-0.96430372	-0.55100944	-0.6594142	-0.67732904	-0.39201143	-2.7383115
1988-6	-0.69174786	-0.56874471	-0.6828751	-0.62227528	-0.35607762	-0.90266364
1988-7	-0.69945695	-0.52824251	-0.64708176	-0.6212499	-0.35829533	-0.55714358
1988-8	-0.65977829	-0.5802922	-0.65888969	-0.61074239	-0.41131898	-0.23544265
1988-9	-0.65350997	-0.54499023	-0.70481828	-0.61538915	-0.45849359	-0.06994041
1988-10	-0.7828053	-0.51754393	-0.7780159	-0.59893466	-0.40133034	-1.3308013
1988-11	-0.7433967	-0.53220807	-0.78089199	-0.61322408	-0.38839306	-1.3456296
1988-12	-0.7185088	-0.60516286	-0.76878075	-0.5872197	-0.38668907	-1.2438114
1989-1	-0.64872467	-0.57755603	-0.70848425	-0.61138898	-0.37996643	-0.58382201
1989-2	-0.71066344	-0.61815795	-0.67704316	-0.60143371	-0.40035849	-0.81356685
1989-3	-0.67333199	-0.61699171	-0.7947729	-0.64378061	-0.43895173	-1.3461725
1989-4	-0.71189504	-0.62522703	-0.721494	-0.60518413	-0.40215881	-1.1120241
1989-5	-0.66750545	-0.51015861	-0.71305549	-0.58172602	-0.38680953	-0.13621481
1989-6	-0.78640893	-0.44341923	-0.73784313	-0.66511313	-0.39721341	-1.380234
1989-7	-0.75117156	-0.43320699	-0.84647569	-0.64751296	-0.36311071	-1.7120233
1989-8	-0.70986896	-0.41347074	-0.7854592	-0.64105369	-0.35835408	-1.0007359
1989-9	-0.82660116	-0.460917	-0.77765592	-0.64004144	-0.39775777	-1.7182075
1989-10	-0.71487447	-0.46361519	-0.81572007	-0.61954323	-0.40541631	-0.99633363
1989-11	-0.710197	-0.44794668	-0.79741285	-0.62024807	-0.41717755	-0.74168225
1989-12	-0.66516686	-0.41445486	-0.70749003	-0.63888669	-0.35991236	-0.27530881
1990-1	-0.67183413	-0.41149136	-0.76970397	-0.65668913	-0.39893197	-0.58124769
1990-2	-0.64759349	-0.44088098	-0.7101099	-0.69981377	-0.36137432	-0.80123987
1990-3	-0.72599916	-0.48961668	-0.75092129	-0.62667291	-0.41273085	-0.86507096
1990-4	-0.68231107	-0.48455645	-0.75414345	-0.58955125	-0.39027356	-0.3809466
1990-5	-0.69106462	-0.53390614	-0.77246717	-0.62619866	-0.36427846	-1.2047564
1990-6	-0.68977228	-0.45447943	-0.75134456	-0.63771419	-0.35698601	-0.85600037
1990-7	-0.72907836	-0.45281121	-0.85342793	-0.6652221	-0.42282162	-1.5325901
1990-8	-0.6075647	-0.45910049	-0.67158935	-0.66994626	-0.43155934	0.19717541
1990-9	-0.59899942	-0.50242211	-0.64792215	-0.65625114	-0.44178264	0.34883775
1990-10	-0.56905916	-0.46815821	-0.53254223	-0.53215147	-0.47621146	2.5361043
1990-11	-0.59902938	-0.45486078	-0.55644599	-0.56516904	-0.50664302	2.1569694
1990-12	-0.59062678	-0.38870849	-0.54112958	-0.6761298	-0.42348192	1.2272296
1991-1	-0.56139593	-0.38028533	-0.48550819	-0.64224519	-0.50132482	2.4421191
1991-2	-0.52544951	-0.38996051	-0.48951135	-0.68542866	-0.42544534	1.8498174
1991-3	-0.59085247	-0.40164734	-0.52824819	-0.63015716	-0.42846118	1.647821
1991-4	-0.53484632	-0.4126039	-0.56941174	-0.65398717	-0.45995111	1.7059696
1991-5	-0.58103827	-0.41680194	-0.54810036	-0.57148225	-0.47817089	2.290046
1991-6	-0.61547641	-0.42598218	-0.60348751	-0.62489525	-0.45571366	1.1641681
1991-7	-0.62758375	-0.44705275	-0.57256063	-0.58995587	-0.46831981	1.5134024
1991-8	-0.5859247	-0.4360966	-0.67606304	-0.62190179	-0.43335388	0.83245072
1991-9	-0.64914985	-0.46819624	-0.6885502	-0.71809714	-0.43672836	-0.58203555
1991-10	-0.55188758	-0.40679763	-0.64964059	-0.68292586	-0.44207399	0.85929929
1991-11	-0.60179436	-0.40769435	-0.63233259	-0.59030734	-0.43901209	1.387095
1991-12	-0.54964532	-0.43226836	-0.54046659	-0.57396801	-0.49534966	2.5320356
1992-1	-0.55190206	-0.42168327	-0.52898816	-0.64570002	-0.4723112	1.9028568
1992-2	-0.51248703	-0.43894701	-0.5086992	-0.58188367	-0.45051329	2.6100945
1992-3	-0.55954825	-0.46964897	-0.55001045	-0.60383724	-0.4816149	1.9231991
1992-4	-0.52215672	-0.45716752	-0.56376699	-0.65004067	-0.50105375	1.8622445
1992-5	-0.56313817	-0.48973253	-0.56897533	-0.62373803	-0.48146873	1.5391958
1992-6	-0.6198257	-0.47500053	-0.65305027	-0.56882772	-0.51102987	1.4093788
1992-7	-0.54499141	-0.45464533	-0.65137095	-0.63513846	-0.53114694	1.54331
1992-8	-0.5856709	-0.49902264	-0.61004286	-0.61596842	-0.46498486	1.1119779
1992-9	-0.56974509	-0.47400426	-0.62710355	-0.66043517	-0.45559248	0.81577273
1992-10	-0.52583255	-0.4925857	-0.56986533	-0.60786854	-0.44311652	1.6963221
1992-11	-0.6509015	-0.50208627	-0.61704265	-0.65830239	-0.46016753	0.25683554
1992-12	-0.56555615	-0.50271173	-0.52527763	-0.57529164	-0.44008847	1.8876849
1993-1	-0.56082192	-0.51120736	-0.55812336	-0.61528091	-0.44709466	1.4052333
1993-2	-0.53086964	-0.48350651	-0.53984528	-0.54304352	-0.41799053	2.2788127
1993-3	-0.5474923	-0.46876768	-0.55282382	-0.53890576	-0.43832283	2.3106325
1993-4	-0.59441656	-0.51862311	-0.57002217	-0.57482588	-0.4066007	1.2194022
1993-5	-0.63036041	-0.51422745	-0.61634271	-0.57254883	-0.41992977	0.849496
1993-6	-0.59781163	-0.53628051	-0.55054633	-0.51985308	-0.51563531	2.2521119
1993-7	-0.57474836	-0.55112281	-0.58203739	-0.65274132	-0.47042266	0.81215158
1993-8	-0.56951815	-0.53494731	-0.56000877	-0.54393725	-0.46458596	1.9219851
1993-9	-0.57315156	-0.54666716	-0.66729466	-0.5743945	-0.44490803	0.9161958
1993-10	-0.60162713	-0.54048756	-0.65476674	-0.58730909	-0.42085655	0.59219932
1993-11	-0.59814108	-0.54032584	-0.61207148	-0.62694809	-0.44300544	0.6243507
1993-12	-0.57927448	-0.51592663	-0.72996907	-0.67497955	-0.45648754	-0.10151376
1994-1	-0.63024917	-0.53603432	-0.59140149	-0.64866022	-0.43520992	0.32229505
1994-2	-0.64784436	-0.53662777	-0.608593	-0.57032323	-0.45066849	0.85420958
1994-3	-0.58804636	-0.5962061	-0.60030485	-0.63915964	-0.45638312	0.46379708
1994-4	-0.65721206	-0.61908298	-0.63654311	-0.60535881	-0.46361645	0.04088375
1994-5	-0.64062805	-0.61562975	-0.72830216	-0.66572574	-0.4360996	-0.97471656
1994-6	-0.63645871	-0.60998884	-0.68037066	-0.66295515	-0.45388378	-0.55123207
1994-7	-0.65000683	-0.63670164	-0.81933628	-0.76353179	-0.48027729	-2.2073817
1994-8	-0.66096224	-0.63002262	-0.68231631	-0.60611886	-0.4350939	-0.43182771
1994-9	-0.56798025	-0.64220639	-0.65928096	-0.59674812	-0.43482047	0.31455856
1994-10	-0.73290086	-0.67135779	-0.76228768	-0.70988256	-0.44501381	-2.3327793
1994-11	-0.63346309	-0.62850668	-0.69318589	-0.60888753	-0.4152715	-0.43128031
1994-12	-0.57838258	-0.68419095	-0.72861034	-0.57323557	-0.42360069	-0.17367294
1995-1	-0.69332631	-0.64311769	-0.70242021	-0.63263728	-0.41411096	-1.1408477
1995-2	-0.67445611	-0.5993648	-0.65793884	-0.65138767	-0.46669845	-0.46545573
1995-3	-0.61595024	-0.56673708	-0.67682567	-0.69718007	-0.40821013	-0.72828863
1995-4	-0.66360928	-0.49985938	-0.67949069	-0.67609468	-0.45024177	-0.34840797
1995-5	-0.74491144	-0.50686828	-0.84365724	-0.65724883	-0.4275258	-1.7388378
1995-6	-0.71769926	-0.42796679	-0.77725251	-0.62866824	-0.41421473	-0.67820643
1995-7	-0.70182447	-0.41234522	-0.76501959	-0.64164775	-0.40176556	-0.6132124
1995-8	-0.73032276	-0.45863123	-0.8331835	-0.64807017	-0.44573068	-1.1958092
1995-9	-0.68236754	-0.46714474	-0.8214143	-0.65690575	-0.41704369	-1.0857583
1995-10	-0.61443528	-0.48439569	-0.77012403	-0.61681853	-0.38493161	-0.28265731
1995-11	-0.69714716	-0.45803833	-0.82143545	-0.6628443	-0.40152519	-1.2709992
1995-12	-0.66850988	-0.46891988	-0.67913364	-0.65447281	-0.38100897	-0.41644737
1996-1	-0.59115226	-0.45287291	-0.71978946	-0.64999364	-0.3602817	-0.12832054
1996-2	-0.6711812	-0.41850923	-0.6964728	-0.64178068	-0.3843603	-0.17097894
1996-3	-0.6731604	-0.44020171	-0.7476806	-0.66273298	-0.39017875	-0.70078204
1996-4	-0.68505167	-0.50635643	-0.75648912	-0.67031023	-0.37778585	-1.2556022
1996-5	-0.69306577	-0.47577856	-0.67818282	-0.67873562	-0.36456436	-0.89189587
1996-6	-0.67123288	-0.4851068	-0.75885655	-0.68014997	-0.36535121	-1.2292114
1996-7	-0.69948797	-0.50526955	-0.69282144	-0.65976048	-0.36229155	-0.99829414
1996-8	-0.66585049	-0.5230608	-0.74526582	-0.57284394	-0.38594247	-0.28529821
1996-9	-0.67075808	-0.54054561	-0.78507286	-0.65243014	-0.3674832	-1.3744695
1996-10	-0.74379506	-0.55014668	-0.7440483	-0.65000347	-0.36205201	-1.6816894
1996-11	-0.75397995	-0.55336705	-0.73542765	-0.65800337	-0.36162162	-1.7861923
1996-12	-0.79109728	-0.53094489	-0.80936647	-0.68793894	-0.37797038	-2.483169
1997-1	-0.63865834	-0.51869847	-0.75594309	-0.60018019	-0.36340449	-0.49360451
1997-2	-0.71058013	-0.53698842	-0.80422777	-0.58218722	-0.39666591	-0.97441859
1997-3	-0.74499536	-0.56052188	-0.78444892	-0.68375539	-0.37727016	-2.155919
1997-4	-0.71788838	-0.6157917	-0.83664295	-0.6233954	-0.38594966	-1.9569454
1997-5	-0.74226826	-0.60527927	-0.78397601	-0.60882854	-0.38471184	-1.6710944
1997-6	-0.83102944	-0.57139202	-0.84110983	-0.71590251	-0.37144863	-3.3647257
1997-7	-0.73627789	-0.51553842	-0.87093049	-0.68229904	-0.35192536	-2.4729989
1997-8	-0.78630957	-0.53570176	-0.7103078	-0.65457622	-0.36028969	-1.7596096
1997-9	-0.74229479	-0.53742695	-0.75438665	-0.64433817	-0.36924457	-1.5834529
1997-10	-0.73196559	-0.53824169	-0.81546426	-0.6568438	-0.37635259	-1.9126326
1997-11	-0.82872502	-0.52954052	-0.85870151	-0.64631478	-0.37960936	-2.6236481
1997-12	-0.61528127	-0.51852381	-0.74319113	-0.65279845	-0.32908014	-0.89567881
1998-1	-0.6977602	-0.50607494	-0.85744387	-0.62037855	-0.33446068	-1.6787837
1998-2	-0.77238959	-0.49721956	-0.80490713	-0.6521577	-0.30910952	-2.2426583
1998-3	-0.74551985	-0.52290383	-0.77853259	-0.6953368	-0.34429119	-2.2255769
1998-4	-0.8463725	-0.5336193	-0.77079487	-0.64878494	-0.33616543	-2.5376142
1998-5	-0.79329084	-0.56702728	-0.93292934	-0.70261323	-0.29856539	-3.8566151
1998-6	-0.63411108	-0.51223285	-0.83363169	-0.67216337	-0.32571987	-1.6495562
1998-7	-0.77331412	-0.55681899	-0.82237725	-0.64172185	-0.31879078	-2.475576
1998-8	-0.72626854	-0.51306691	-0.71973488	-0.63656837	-0.30035385	-1.4786979
1998-9	-0.79365762	-0.42477208	-0.69155454	-0.62815729	-0.30655375	-1.2587304
1998-10	-0.68663389	-0.3951776	-0.70142041	-0.63786188	-0.31371964	-0.52664698
1998-11	-0.63806085	-0.46467499	-0.75550819	-0.66736736	-0.34652108	-0.8938873
1998-12	-0.64685474	-0.5014378	-0.70116363	-0.6834728	-0.34120701	-0.99372482
1999-1	-0.76865993	-0.5385089	-0.71922823	-0.63280709	-0.35326699	-1.5589718
1999-2	-0.76311871	-0.5311248	-0.7941229	-0.66507687	-0.38458697	-1.9948743
1999-3	-0.80956093	-0.53726823	-0.797009	-0.65870803	-0.39706247	-2.2204184
1999-4	-0.83644154	-0.5359254	-0.83253411	-0.61421216	-0.37289254	-2.3288725
1999-5	-0.81258017	-0.56061053	-0.81650871	-0.62487961	-0.36526022	-2.3317148
1999-6	-0.85345117	-0.54938318	-0.77585193	-0.71867291	-0.38075995	-3.0375492
1999-7	-0.89052693	-0.56741383	-0.88812109	-0.68386091	-0.3779649	-3.6779368
1999-8	-0.75231071	-0.60449216	-0.7970404	-0.60812049	-0.38485263	-1.7952229
1999-9	-0.83283237	-0.57386561	-0.81854961	-0.66014823	-0.3947625	-2.677039
1999-10	-0.81821683	-0.58252063	-0.79439311	-0.70321705	-0.36341879	-3.0197852
1999-11	-0.73011794	-0.5227723	-0.72442429	-0.65859127	-0.36843468	-1.402633
1999-12	-0.82233728	-0.59028463	-0.8194302	-0.64387897	-0.3788184	-2.6351898
2000-1	-0.826973	-0.59846083	-0.87702233	-0.69433126	-0.41395455	-3.2493809
2000-2	-0.8432954	-0.6470876	-0.88616779	-0.64437717	-0.40274134	-3.2642932
2000-3	-0.8408884	-0.6635212	-0.79168224	-0.58906915	-0.39570243	-2.3935984
2000-4	-0.82288937	-0.60946169	-0.88884978	-0.64716753	-0.37459617	-3.1447488
2000-5	-0.87590511	-0.659661	-0.79500162	-0.67454814	-0.40492757	-3.2914867
2000-6	-0.77616787	-0.61610218	-0.80792556	-0.6448506	-0.38696782	-2.3586767
2000-7	-0.79785051	-0.54866904	-0.75930363	-0.66998425	-0.40095941	-2.0710322
2000-8	-0.77114513	-0.52530596	-0.83386992	-0.61962781	-0.3875383	-1.8334505
2000-9	-0.81387286	-0.55051499	-0.8806181	-0.60572006	-0.43172871	-2.1259059
2000-10	-0.74410597	-0.5354891	-0.6743475	-0.6738463	-0.40631513	-1.2160513
2000-11	-0.73982886	-0.52409871	-0.72851741	-0.63308896	-0.38191418	-1.2083538
2000-12	-0.60429296	-0.44978316	-0.62407251	-0.6204009	-0.34429372	0.47435012
2001-1	-0.58354123	-0.374525	-0.61485352	-0.6154689	-0.38213171	1.2410263
2001-2	-0.54651664	-0.38833472	-0.52211727	-0.59870216	-0.34106663	1.8366847
2001-3	-0.61529602	-0.39831543	-0.60514731	-0.64250574	-0.34974992	0.58141083
2001-4	-0.58654846	-0.38981395	-0.57137972	-0.56732009	-0.3482711	1.6107183
2001-5	-0.58328713	-0.38619578	-0.52835124	-0.62582497	-0.34883281	1.387495
2001-6	-0.59559939	-0.38934984	-0.56321807	-0.61846784	-0.36297364	1.2439557
2001-7	-0.5915265	-0.4138841	-0.61054282	-0.62101355	-0.3437735	0.78518604
2001-8	-0.55606579	-0.43464272	-0.54356926	-0.60997404	-0.39162958	1.6184073
2001-9	-0.53814246	-0.38337244	-0.48352489	-0.6444266	-0.36392897	1.8531959
2001-10	-0.53161109	-0.4127634	-0.45176848	-0.62702196	-0.35765701	2.0433916
2001-11	-0.50839123	-0.42608303	-0.47339512	-0.6188892	-0.36702141	2.135433
2001-12	-0.50924666	-0.45316334	-0.49637216	-0.60165004	-0.32287712	1.7985486
2002-1	-0.51228911	-0.42674538	-0.47240414	-0.5770461	-0.35504287	2.4019284
2002-2	-0.52716306	-0.48624045	-0.54375517	-0.64467855	-0.32160952	0.91097328
2002-3	-0.50988579	-0.50489851	-0.55442923	-0.63623496	-0.32988541	0.99518166
2002-4	-0.53624903	-0.54795833	-0.53585626	-0.56173615	-0.33773685	1.393942
2002-5	-0.6042759	-0.49557562	-0.63545125	-0.64276427	-0.35293213	0.06158383
2002-6	-0.63293454	-0.5057984	-0.57372811	-0.63438648	-0.34117365	0.16594533
2002-7	-0.579435	-0.50884015	-0.59889056	-0.63763663	-0.36089471	0.44069778
2002-8	-0.58847784	-0.52002022	-0.55657895	-0.64345152	-0.32723158	0.3308727
2002-9	-0.59075573	-0.52810313	-0.51647155	-0.59819566	-0.34547669	0.96818031
2002-10	-0.53238095	-0.4709939	-0.54851079	-0.56081486	-0.34693127	1.7595553
2002-11	-0.60063564	-0.5120706	-0.50098804	-0.62667041	-0.32991054	0.73879763
2002-12	-0.54072915	-0.54590761	-0.57237264	-0.64913236	-0.32604498	0.38397896
2003-1	-0.58791325	-0.48330263	-0.53803743	-0.6131463	-0.38421234	1.1534942
2003-2	-0.55074598	-0.54981783	-0.48388165	-0.58509406	-0.37417449	1.5612377
2003-3	-0.54826732	-0.52869873	-0.48726618	-0.53871727	-0.36732875	2.0103781
2003-4	-0.56254304	-0.5205237	-0.49948188	-0.61649219	-0.36348602	1.2159304
2003-5	-0.57813388	-0.51927185	-0.54559634	-0.6191227	-0.35706411	0.82014434
2003-6	-0.54210522	-0.53170192	-0.53763651	-0.57241257	-0.35177731	1.4043925
2003-7	-0.57625883	-0.51376402	-0.57112695	-0.62186913	-0.36339073	0.73186836
2003-8	-0.5814108	-0.53050652	-0.55847897	-0.6336974	-0.35682602	0.55526242
2003-9	-0.59857788	-0.55767214	-0.60179443	-0.60650839	-0.37004007	0.38764003
2003-10	-0.54750529	-0.56460576	-0.55543083	-0.64965514	-0.36577476	0.54763126
2003-11	-0.5222106	-0.57100922	-0.54109676	-0.69844948	-0.36467306	0.34199751
2003-12	-0.55427435	-0.55949446	-0.58797214	-0.61342504	-0.38470009	0.75808388
2004-1	-0.57853651	-0.58212047	-0.61577907	-0.64286419	-0.39598537	0.16103323
2004-2	-0.61098928	-0.57298926	-0.60829455	-0.63647791	-0.3552609	-0.12668888
2004-3	-0.55859033	-0.55150781	-0.63624906	-0.5794372	-0.33631209	0.54358582
2004-4	-0.59959594	-0.56818535	-0.63777174	-0.62396996	-0.36227646	-0.04551942
2004-5	-0.57741287	-0.74739869	-0.59511033	-0.68431478	-0.36896228	-0.96770346
2004-6	-0.58549988	-0.68161272	-0.57257152	-0.61872078	-0.37143026	-0.03477131
2004-7	-0.5778667	-0.69862042	-0.55323586	-0.62272761	-0.36221672	-0.04227841
2004-8	-0.61928177	-0.6464188	-0.58962438	-0.69272781	-0.36601116	-0.83424129
2004-9	-0.6012429	-0.63065424	-0.56862941	-0.6007338	-0.37176639	0.2703068
2004-10	-0.64259397	-0.6041407	-0.62795752	-0.71174834	-0.36877801	-1.1410388
2004-11	-0.60478187	-0.63353969	-0.57923542	-0.66202099	-0.3622465	-0.3875365
2004-12	-0.64016818	-0.63526055	-0.57439395	-0.66824658	-0.38805526	-0.51653555
2005-1	-0.61188752	-0.6152066	-0.60691718	-0.64973304	-0.3848352	-0.27532237
2005-2	-0.6763761	-0.65665552	-0.63963522	-0.70911357	-0.38299757	-1.5656103
2005-3	-0.69362604	-0.67525623	-0.69909474	-0.63899363	-0.37452244	-1.5323636
2005-4	-0.62024775	-0.66719032	-0.64719384	-0.75077795	-0.37368645	-1.6894975
2005-5	-0.57861069	-0.63959623	-0.68742653	-0.69425809	-0.37739166	-1.0122364
2005-6	-0.67145135	-0.61179036	-0.67960659	-0.6914995	-0.37804528	-1.4184046
2005-7	-0.72400221	-0.68019497	-0.62721458	-0.65453142	-0.37306056	-1.5084924
2005-8	-0.66550401	-0.678881	-0.67501723	-0.64111979	-0.37546693	-1.2518764
2005-9	-0.5778679	-0.65150158	-0.64354681	-0.61961925	-0.3969658	-0.09863303
2005-10	-0.5232696	-0.6437871	-0.57481737	-0.69903068	-0.41009638	0.05564867
2005-11	-0.64771062	-0.65068085	-0.61892057	-0.62245395	-0.38432948	-0.50646418
2005-12	-0.57374669	-0.63389114	-0.63603281	-0.62672873	-0.38435655	-0.07718701
2006-1	-0.66283691	-0.62585612	-0.69478136	-0.71998155	-0.3800076	-1.7368921
2006-2	-0.6230713	-0.61928189	-0.66615425	-0.66718092	-0.38579321	-0.8227207
2006-3	-0.58284254	-0.62756933	-0.65900215	-0.73649946	-0.37965514	-1.1773518
2006-4	-0.60641739	-0.63037224	-0.6724761	-0.62177233	-0.38483324	-0.42204162
2006-5	-0.59846874	-0.66222805	-0.65934195	-0.6453902	-0.38152384	-0.66250656
2006-6	-0.65000599	-0.65875234	-0.72363078	-0.69027176	-0.38924589	-1.6591308
2006-7	-0.68484336	-0.65100948	-0.79038275	-0.70731758	-0.40239333	-2.2785726
2006-8	-0.62991336	-0.62806378	-0.70658798	-0.66618619	-0.39299502	-1.0758913
2006-9	-0.60567981	-0.54788294	-0.73472415	-0.70163188	-0.38791879	-1.0263649
2006-10	-0.80265994	-0.53918817	-0.70680475	-0.66545599	-0.38338157	-1.8338161
2006-11	-0.79800618	-0.51719435	-0.74502439	-0.74299934	-0.37981693	-2.577093
2006-12	-0.69620002	-0.5288877	-0.85303702	-0.70772491	-0.38209808	-2.2357482
2007-1	-0.80140937	-0.53130425	-0.73478462	-0.6810607	-0.38465485	-2.0628626
2007-2	-0.79257803	-0.53274417	-0.83018787	-0.77694243	-0.38044065	-3.3475337
2007-3	-0.76506098	-0.52834186	-0.76222487	-0.6740409	-0.38273406	-1.9104826
2007-4	-0.71786799	-0.54031406	-0.77963144	-0.69662953	-0.37455958	-1.9846697
2007-5	-0.80125595	-0.53297833	-0.82568248	-0.68062207	-0.38072947	-2.5689284
2007-6	-0.66142596	-0.548873	-0.70869385	-0.67988775	-0.45084985	-0.74219057
2007-7	-0.74996669	-0.54044568	-0.84727497	-0.7268302	-0.37171191	-2.8213454
2007-8	-0.69640082	-0.49261269	-0.72455036	-0.67697321	-0.37224738	-1.1817005
2007-9	-0.71209495	-0.43291731	-0.73096266	-0.72520615	-0.35692389	-1.5303097
2007-10	-0.7288527	-0.4150792	-0.78155312	-0.65422407	-0.38209687	-1.097149
2007-11	-0.66921988	-0.41669632	-0.67571775	-0.68346778	-0.38625565	-0.38065795
2007-12	-0.62774912	-0.42412451	-0.63442368	-0.65863434	-0.39209625	0.31274026
2008-1	-0.64356874	-0.40061082	-0.61481119	-0.65035812	-0.36071365	0.32763354
2008-2	-0.58731273	-0.40791803	-0.59225804	-0.70452382	-0.37977818	0.42222006
2008-3	-0.58904206	-0.40492919	-0.56312321	-0.69137084	-0.37962836	0.68925703
2008-4	-0.60381039	-0.41853703	-0.55594424	-0.71440014	-0.40469182	0.50659777
2008-5	-0.64576594	-0.47281909	-0.53723537	-0.643102	-0.40923271	0.70952206
2008-6	-0.60339123	-0.4577689	-0.53650417	-0.64762882	-0.43421673	1.1491581
2008-7	-0.57718937	-0.50505716	-0.64342966	-0.58357708	-0.4212512	1.0061995
2008-8	-0.6177075	-0.52108075	-0.59665817	-0.74435786	-0.40321563	-0.52831498
2008-9	-0.58843539	-0.47887825	-0.53736693	-0.6432815	-0.39131406	0.95743069
2008-10	-0.58204544	-0.41122289	-0.51604692	-0.64411446	-0.43877058	1.6622722
2008-11	-0.59051538	-0.45048036	-0.51944268	-0.64959749	-0.44263665	1.3839007
2008-12	-0.59235491	-0.43491232	-0.56182903	-0.66028198	-0.43153409	1.0702488
2009-1	-0.53421383	-0.46279522	-0.55963815	-0.77245016	-0.40889006	0.26895023
2009-2	-0.56864962	-0.50811858	-0.47766209	-0.68196228	-0.45184118	1.2595438
2009-3	-0.56030275	-0.51682204	-0.47580419	-0.63146814	-0.44331028	1.6639966
2009-4	-0.52188775	-0.4725837	-0.48508668	-0.63076817	-0.39990986	1.8450978
2009-5	-0.54713276	-0.54619635	-0.51437328	-0.66995377	-0.37823906	0.74651692
2009-6	-0.52454518	-0.51612098	-0.52328158	-0.61878054	-0.37362697	1.3895894
2009-7	-0.52640487	-0.5273868	-0.52374152	-0.62946789	-0.42148125	1.4835998
2009-8	-0.57688835	-0.52485917	-0.5227764	-0.64657781	-0.41546554	0.99783655
2009-9	-0.60186359	-0.62212779	-0.53328804	-0.6329226	-0.40473272	0.39425043
2009-10	-0.61656741	-0.56962382	-0.56439117	-0.64641793	-0.42463551	0.36436408
2009-11	-0.56164359	-0.52606101	-0.62063142	-0.64919425	-0.41836764	0.56471733
2009-12	-0.54639313	-0.56823464	-0.54872008	-0.66185925	-0.43228424	0.81856442
2010-1	-0.62877295	-0.54438379	-0.58654067	-0.74638799	-0.40589391	-0.65594692
2010-2	-0.63797348	-0.55346982	-0.51981826	-0.74120363	-0.41977548	-0.28673603
2010-3	-0.67942077	-0.59664305	-0.5689105	-0.6263147	-0.4400366	0.0592085
2010-4	-0.56202599	-0.57707802	-0.50956793	-0.60511856	-0.42991874	1.3497885
2010-5	-0.66276179	-0.56895991	-0.58823704	-0.63557529	-0.40546808	-0.06735209
2010-6	-0.63039863	-0.59439401	-0.57721254	-0.72813165	-0.39838128	-0.7312793
2010-7	-0.59415339	-0.58080593	-0.54822238	-0.7045975	-0.4067639	-0.03860486
2010-8	-0.629947	-0.59210998	-0.63014901	-0.69061855	-0.41337427	-0.60500142
2010-9	-0.68062064	-0.6248735	-0.64399875	-0.6920432	-0.46024842	-0.92381219
2010-10	-0.64284212	-0.63186444	-0.71127858	-0.72331165	-0.40783904	-1.6050734
2010-11	-0.63528324	-0.60405987	-0.64975335	-0.71436505	-0.43999448	-0.85907354
2010-12	-0.67867011	-0.60475915	-0.63381685	-0.69553704	-0.41700068	-1.0204181
2011-1	-0.72064455	-0.58234143	-0.63787041	-0.69765475	-0.39642598	-1.3366353
2011-2	-0.59932799	-0.5457631	-0.54187869	-0.62156072	-0.39160736	0.74133686
2011-3	-0.63005179	-0.58003239	-0.65926508	-0.70287292	-0.42056273	-0.77059676
2011-4	-0.6057315	-0.54991645	-0.6275079	-0.71477872	-0.4298822	-0.3582135
2011-5	-0.65207944	-0.57458239	-0.59237466	-0.6968537	-0.40923165	-0.54178289
2011-6	-0.68174586	-0.59042934	-0.68303333	-0.6706008	-0.39910932	-1.1197386
2011-7	-0.71493143	-0.61517125	-0.64826883	-0.76182554	-0.43095605	-1.8645618
2011-8	-0.60289087	-0.56252609	-0.56351882	-0.61389078	-0.48484862	1.0782478
2011-9	-0.72556125	-0.67198168	-0.66714002	-0.80508083	-0.4919971	-2.3385569
2011-10	-0.69392085	-0.68458955	-0.67702899	-0.78419913	-0.45654181	-2.2532138
2011-11	-0.7574804	-0.68452475	-0.7165841	-0.80227452	-0.43923884	-3.1171598
2011-12	-0.6587013	-0.67676005	-0.61536431	-0.70037488	-0.40864777	-1.2066823

Return to Figure 2

Figure 3: Comparison of Household Belief Dispersion Measure to Profes sional Belief Dispersion Measures

year-month	upper left panel first principal component of SCA series	upper right panel first principal component of SPFseries	lower left panel IBES series	lower right panel first principal component of bluechip series
1978-1	0.73481173	-0.04099531	2.889046
1978-2	1.0850631	-0.11801229	2.823268
1978-3	-0.22418699	-0.19502928	2.668032
1978-4	0.01774248	-0.27204626	2.811625
1978-5	0.34721601	-0.02471097	2.260565
1978-6	-0.50717187	0.22262431	2.272768
1978-7	-0.71408461	0.4699596	2.416855
1978-8	0.73496686	0.88935656	2.416112
1978-9	-0.71179179	1.3087535	2.295338
1978-10	0.08698009	1.7281505	2.731937
1978-11	1.5923879	1.8537296	2.853136
1978-12	1.8519561	1.9793087	2.938837
1979-1	0.75281851	2.1048878	3.021441
1979-2	1.5632006	2.0296349	2.88526
1979-3	1.2402206	1.9543819	2.494699
1979-4	1.9167264	1.8791289	2.567214
1979-5	0.88496603	2.081758	2.871248
1979-6	1.6426806	2.2843871	3.209696
1979-7	1.9996211	2.4870162	3.231431
1979-8	1.3401477	2.8637273	3.240571
1979-9	1.851112	3.2404383	3.039301
1979-10	1.5202225	3.6171494	2.937058
1979-11	0.98074169	4.1623054	3.463765
1979-12	2.9930595	4.7074614	3.588716
1980-1	2.4431325	5.2526174	3.639265
1980-2	2.3920437	5.190192	3.793544
1980-3	1.7254319	5.1277666	3.193522
1980-4	2.9981109	5.0653412	3.696087
1980-5	2.865998	4.1911978	4.679395
1980-6	2.744183	3.3170544	4.592088
1980-7	2.30572	2.4429109	4.562363
1980-8	2.5482328	2.0095907	4.490897
1980-9	2.3790541	1.5762704	4.548803
1980-10	1.7703173	1.1429501	4.382824
1980-11	2.4165726	0.9751709	4.130542
1980-12	2.5546769	0.80739171	4.050464
1981-1	2.6466682	0.63961253	4.254148
1981-2	2.504613	0.39542318	4.208952
1981-3	3.0899617	0.15123384	3.947914
1981-4	2.7847833	-0.0929555	3.938706
1981-5	1.725681	0.13266576	4.15927
1981-6	2.6875281	0.35828701	4.074589
1981-7	1.6603838	0.58390827	4.096709
1981-8	1.6719282	1.7090977	4.454978
1981-9	2.0320343	2.8342872	4.74455
1981-10	2.3681369	3.9594766	4.993026
1981-11	3.011273	4.1644879	5.960153
1981-12	2.8752801	4.3694992	5.706265
1982-1	3.14369	4.5745105	5.512625
1982-2	3.1521222	4.7292747	5.776671
1982-3	2.5966105	4.884039	6.427406
1982-4	2.8361101	5.0388033	6.014341
1982-5	2.5091775	4.4058763	5.791072
1982-6	2.7945738	3.7729492	6.416225
1982-7	1.8700416	3.1400222	6.408748
1982-8	2.5766057	3.1158141	7.344413
1982-9	2.0541751	3.0916061	7.240716
1982-10	3.1995061	3.067398	7.141171
1982-11	2.5913845	3.0089111	6.834827
1982-12	2.3905192	2.9504242	6.726109
1983-1	2.0512111	2.8919372	7.217941
1983-2	2.3072277	2.6839157	6.825828
1983-3	1.5832012	2.4758941	6.730194
1983-4	1.2847281	2.2678726	7.033504
1983-5	0.48992269	1.7341377	6.928504
1983-6	0.59065577	1.2004027	6.460676
1983-7	0.6251747	0.66666777	5.996148
1983-8	2.0209434	0.76033713	6.0727
1983-9	1.333755	0.85400649	6.111005
1983-10	1.7993178	0.94767585	5.583032
1983-11	0.88606436	0.82531095	5.922182
1983-12	0.77563704	0.70294605	5.752211
1984-1	0.46720918	0.58058116	5.264811
1984-2	0.75054227	0.03593907	5.242124
1984-3	0.84338023	-0.50870302	5.031944
1984-4	-0.29433948	-1.0533451	4.775267
1984-5	-0.31516826	-0.51562453	4.692658
1984-6	-0.54139039	0.02209606	5.074079
1984-7	-0.24666978	0.55981665	4.948204	1.532804
1984-8	0.3127384	0.66699638	4.986961	3.7536817
1984-9	0.5313853	0.77417612	4.534219	3.2692368
1984-10	0.51255533	0.88135586	4.484784	4.0509894
1984-11	0.46843557	0.60245016	4.717183	4.0239522
1984-12	0.71264765	0.32354446	4.754405	5.5342727
1985-1	-0.59025309	0.04463875	4.712998	2.0377556
1985-2	0.56016826	0.20453061	4.684233	2.3373027
1985-3	0.69280384	0.36442247	4.865456	1.1650776
1985-4	0.41636997	0.52431433	5.163823	0.81262692
1985-5	0.04041191	0.1584404	5.547966	0.72873725
1985-6	-1.2820451	-0.20743354	5.571351	1.2438282
1985-7	-1.1158876	-0.57330747	5.854351	1.7047153
1985-8	-0.09998336	-0.21674411	5.776543	1.2613049
1985-9	-0.4470254	0.13981925	5.878231	1.1513507
1985-10	-0.54328002	0.49638261	5.849618	0.84082388
1985-11	-0.93274699	0.43168186	5.996833	1.9318129
1985-12	-1.7461691	0.3669811	5.87935	0.91173895
1986-1	-0.80874213	0.30228034	5.930404	2.32699
1986-2	-0.73500861	0.40925042	6.379605	2.2466089
1986-3	0.56246454	0.51622049	7.304765	3.7216476
1986-4	-0.09220473	0.62319056	7.235341	2.6122817
1986-5	-0.5065352	0.43776865	7.466382	3.1207156
1986-6	-1.3557055	0.25234675	7.156459	3.7122212
1986-7	-1.7540777	0.06692484	7.155618	2.8250673
1986-8	-0.69016102	-0.01668945	7.195311	2.9010201
1986-9	-0.09378891	-0.10030375	7.14779	3.5801741
1986-10	-1.4261407	-0.18391804	7.358145	3.2034965
1986-11	-1.1474735	-0.02721808	7.289886	2.6319082
1986-12	-0.72443948	0.12948189	7.242053	1.9814622
1987-1	-0.24622233	0.28618185	7.385233	2.2773712
1987-2	-0.41296202	0.09306838	7.789639	2.3415367
1987-3	-1.2244459	-0.10004509	7.484829	2.3545668
1987-4	-0.99639822	-0.29315856	7.091827	4.1865177
1987-5	-2.0114187	-0.10603407	7.023414	4.6810148
1987-6	-1.6797507	0.08109042	7.151475	5.6491315
1987-7	-1.3261137	0.26821491	7.198224	4.654136
1987-8	-1.0004272	0.10872343	6.536697	4.821016
1987-9	-1.3241647	-0.05076805	6.457915	3.725096
1987-10	-0.81915776	-0.21025953	6.645165	4.6173227
1987-11	0.2572869	0.39062747	7.453904	2.5844514
1987-12	0.08132814	0.99151446	7.169471	1.1486167
1988-1	-1.5673364	1.5924015	7.111462	4.6339509
1988-2	-0.30086025	1.1603849	7.193193	4.515699
1988-3	-1.3826117	0.72836834	6.758129	3.3184503
1988-4	-1.2864308	0.29635178	6.645958	3.2901226
1988-5	-2.7383115	-0.15420639	6.538706	1.4361292
1988-6	-0.90266364	-0.60476456	6.326688	1.4962003
1988-7	-0.55714358	-1.0553227	6.115457	0.47800033
1988-8	-0.23544265	-0.99091464	5.551131	0.8990848
1988-9	-0.06994041	-0.92650655	5.541984	0.84558302
1988-10	-1.3308013	-0.86209845	5.697626	1.3679173
1988-11	-1.3456296	-0.73415843	5.605634	1.6123032
1988-12	-1.2438114	-0.60621841	5.64718	2.992243
1989-1	-0.58382201	-0.47827838	5.317662	0.62611043
1989-2	-0.81356685	-0.34460529	5.314315	0.8263408
1989-3	-1.3461725	-0.2109322	5.004379	1.1638239
1989-4	-1.1120241	-0.0772591	5.089464	1.9664595
1989-5	-0.13621481	0.03869952	5.463349	1.6644314
1989-6	-1.380234	0.15465814	5.60448	1.7132547
1989-7	-1.7120233	0.27061676	5.450681	1.7848801
1989-8	-1.0007359	0.17650776	5.966403	0.35592739
1989-9	-1.7182075	0.08239876	5.665582	1.419826
1989-10	-0.99633363	-0.01171025	5.963952	0.47846298
1989-11	-0.74168225	-0.05113729	6.188269	1.1139899
1989-12	-0.27530881	-0.09056434	6.273938	1.0055775
1990-1	-0.58124769	-0.12999139	6.423045	1.0688014
1990-2	-0.80123987	0.46711381	6.318942	0.89484896
1990-3	-0.86507096	1.064219	6.050212	0.70876245
1990-4	-0.3809466	1.6613242	5.90401	0.46905788
1990-5	-1.2047564	1.0375139	5.752942	0.74291069
1990-6	-0.85600037	0.41370366	5.58061	0.40148204
1990-7	-1.5325901	-0.21010661	5.381556	0.25928692
1990-8	0.19717541	0.08275668	5.74083	1.1748479
1990-9	0.34883775	0.37561997	6.19269	0.71225434
1990-10	2.5361043	0.66848326	6.862741	0.7586871
1990-11	2.1569694	0.1193566	7.279419	1.0993963
1990-12	1.2272296	-0.42977007	7.309133	0.62164603
1991-1	2.4421191	-0.97889674	7.470951	1.9864381
1991-2	1.8498174	-0.54155012	7.017881	2.6984903
1991-3	1.647821	-0.10420349	7.123105	1.4937118
1991-4	1.7059696	0.33314313	6.979626	1.9028546
1991-5	2.290046	0.09720309	6.700002	1.9784066
1991-6	1.1641681	-0.13873694	6.498819	1.955297
1991-7	1.5134024	-0.37467698	6.468285	2.1465893
1991-8	0.83245072	-0.63018913	6.465444	2.6642573
1991-9	-0.58203555	-0.88570128	6.445342	2.3910543
1991-10	0.85929929	-1.1412134	6.816307	2.7385002
1991-11	1.387095	-0.89445812	6.563768	2.0791735
1991-12	2.5320356	-0.6477028	6.715309	1.9983902
1992-1	1.9028568	-0.40094748	6.890919	1.6665381
1992-2	2.6100945	-0.03745126	6.984068	1.8742612
1992-3	1.9231991	0.32604496	6.780344	1.6736925
1992-4	1.8622445	0.68954118	6.801488	1.0085488
1992-5	1.5391958	0.37646389	6.725185	0.89306135
1992-6	1.4093788	0.06338659	6.598463	0.86361654
1992-7	1.54331	-0.2496907	6.45779	1.4757219
1992-8	1.1119779	-0.32248779	5.958372	1.360469
1992-9	0.81577273	-0.39528488	5.948228	1.094252
1992-10	1.6963221	-0.46808196	5.945353	0.76767774
1992-11	0.25683554	-0.75729056	5.983381	-0.30533147
1992-12	1.8876849	-1.0464992	6.174329	-0.12774184
1993-1	1.4052333	-1.3357078	6.188008	-0.35865753
1993-2	2.2788127	-1.4555276	6.223314	-0.53383426
1993-3	2.3106325	-1.5753474	5.853619	-0.20789821
1993-4	1.2194022	-1.6951672	5.917246	-0.45124873
1993-5	0.849496	-1.679404	5.527936	-0.0859154
1993-6	2.2521119	-1.6636408	5.461865	-0.18743346
1993-7	0.81215158	-1.6478775	5.516375	0.40526085
1993-8	1.9219851	-1.667429	5.294291	-0.97652676
1993-9	0.9161958	-1.6869805	5.274116	-0.72024525
1993-10	0.59219932	-1.706532	5.499369	-0.73979134
1993-11	0.6243507	-1.6575042	5.382495	-0.81702345
1993-12	-0.10151376	-1.6084763	5.124371	-0.88716093
1994-1	0.32229505	-1.5594484	5.137722	-1.6285977
1994-2	0.85420958	-1.7645186	4.982533	-1.1935852
1994-3	0.46379708	-1.9695887	4.770741	-1.1196637
1994-4	0.04088375	-2.1746588	4.642625	-0.56129155
1994-5	-0.97471656	-1.9370344	4.464803	-1.0106458
1994-6	-0.55123207	-1.69941	4.334656	-0.71346842
1994-7	-2.2073817	-1.4617856	4.432772	-1.0597794
1994-8	-0.43182771	-1.454832	4.126782	-0.07153967
1994-9	0.31455856	-1.4478784	4.088637	-0.8031469
1994-10	-2.3327793	-1.4409248	4.004226	-0.68222494
1994-11	-0.43128031	-1.4915217	3.922569	-0.21194162
1994-12	-0.17367294	-1.5421186	3.783062	0.86980703
1995-1	-1.1408477	-1.5927154	3.858378	-0.80160105
1995-2	-0.46545573	-1.4920471	3.710241	-0.69936083
1995-3	-0.72828863	-1.3913788	3.772497	-0.86018723
1995-4	-0.34840797	-1.2907105	3.659854	-0.69063013
1995-5	-1.7388378	-1.4477127	3.724943	0.29030862
1995-6	-0.67820643	-1.6047149	3.616164	0.54235492
1995-7	-0.6132124	-1.761717	3.565553	0.25419389
1995-8	-1.1958092	-1.8024263	3.718099	-0.23205097
1995-9	-1.0857583	-1.8431357	3.617959	0.31306253
1995-10	-0.28265731	-1.883845	3.675117	-0.28733824
1995-11	-1.2709992	-1.794838	3.696039	-0.78005052
1995-12	-0.41644737	-1.705831	3.801891	-1.6547452
1996-1	-0.12832054	-1.616824	4.120867	0.59147287
1996-2	-0.17097894	-1.6907531	4.126982	-0.63120765
1996-3	-0.70078204	-1.7646823	4.190679	-0.71063336
1996-4	-1.2556022	-1.8386115	4.0628	-1.046891
1996-5	-0.89189587	-1.836854	4.105099	-0.7279714
1996-6	-1.2292114	-1.8350964	4.07344	-1.3122367
1996-7	-0.99829414	-1.8333389	4.187102	-1.210473
1996-8	-0.28529821	-1.7676588	4.014196	-0.95886238
1996-9	-1.3744695	-1.7019787	4.020102	-1.1018172
1996-10	-1.6816894	-1.6362986	4.047657	-0.60069329
1996-11	-1.7861923	-1.7816959	3.876091	-0.53666024
1996-12	-2.483169	-1.9270933	3.792777	-0.93859128
1997-1	-0.49360451	-2.0724906	3.743446	0.51669327
1997-2	-0.97441859	-1.892703	3.529503	0.5732874
1997-3	-2.155919	-1.7129153	3.56956	0.64033889
1997-4	-1.9569454	-1.5331276	3.496302	0.73528043
1997-5	-1.6710944	-1.5747664	3.364436	0.50026488
1997-6	-3.3647257	-1.6164051	3.423286	0.44113407
1997-7	-2.4729989	-1.6580439	3.465552	-0.2077529
1997-8	-1.7596096	-1.5311818	3.525247	-0.62477174
1997-9	-1.5834529	-1.4043198	3.556115	-0.59034453
1997-10	-1.9126326	-1.2774578	3.418275	-0.84799477
1997-11	-2.6236481	-1.3423272	3.275387	-1.4348898
1997-12	-0.89567881	-1.4071965	3.451565	-1.3069138
1998-1	-1.6787837	-1.4720659	3.406486	-1.1245665
1998-2	-2.2426583	-1.3385275	3.399241	-0.75522179
1998-3	-2.2255769	-1.2049892	3.712785	-1.0144933
1998-4	-2.5376142	-1.0714508	3.665507	-1.014371
1998-5	-3.8566151	-1.2295445	3.535752	-0.88647901
1998-6	-1.6495562	-1.3876382	3.499058	-0.77472971
1998-7	-2.475576	-1.5457319	3.872381	-0.37678793
1998-8	-1.4786979	-1.3405517	4.388129	-0.08079532
1998-9	-1.2587304	-1.1353715	4.945602	1.1984027
1998-10	-0.52664698	-0.9301913	5.663602	1.5708259
1998-11	-0.8938873	-1.1902543	5.035448	0.71237088
1998-12	-0.99372482	-1.4503174	5.172045	0.3284727
1999-1	-1.5589718	-1.7103804	4.981393	0.02900436
1999-2	-1.9948743	-1.6920353	4.381765	-0.66425922
1999-3	-2.2204184	-1.6736903	4.2165	-0.63908584
1999-4	-2.3288725	-1.6553453	4.124804	-1.2261986
1999-5	-2.3317148	-1.7420653	3.746179	-1.4754183
1999-6	-3.0375492	-1.8287852	3.765586	-1.4633811
1999-7	-3.6779368	-1.9155052	3.730759	-1.1644388
1999-8	-1.7952229	-1.9454963	3.490169	-1.153088
1999-9	-2.677039	-1.9754873	3.48985	-1.2399167
1999-10	-3.0197852	-2.0054783	3.550941	-0.54080985
1999-11	-1.402633	-1.9352767	3.304692	0.69110131
1999-12	-2.6351898	-1.865075	3.251402	0.87724897
2000-1	-3.2493809	-1.7948734	3.325625	-1.7343962
2000-2	-3.2642932	-1.678629	3.269745	-1.5286692
2000-3	-2.3935984	-1.5623847	3.35705	-1.3764941
2000-4	-3.1447488	-1.4461403	3.25238	-1.0375278
2000-5	-3.2914867	-1.6650498	3.017047	-0.93995736
2000-6	-2.3586767	-1.8839593	3.006106	-0.90306152
2000-7	-2.0710322	-2.1028687	3.010747	0.04795252
2000-8	-1.8334505	-2.2332866	3.170972	0.01523614
2000-9	-2.1259059	-2.3637045	3.276419	-1.1025971
2000-10	-1.2160513	-2.4941224	3.271645	-1.0341518
2000-11	-1.2083538	-1.8514618	3.735962	-1.2482899
2000-12	0.47435012	-1.2088013	3.683648	-2.2544521
2001-1	1.2410263	-0.56614074	4.241885	-1.308414
2001-2	1.8366847	-0.79179129	4.141288	-0.32643891
2001-3	0.58141083	-1.0174418	4.625724	-0.42841863
2001-4	1.6107183	-1.2430924	5.262646	0.33722584
2001-5	1.387495	-1.12035	5.049188	0.32649742
2001-6	1.2439557	-0.99760768	5.089937	0.69127603
2001-7	0.78518604	-0.87486532	5.388646	0.90249511
2001-8	1.6184073	-0.19968331	5.216085	-0.03058315
2001-9	1.8531959	0.4754987	6.051383	0.08120348
2001-10	2.0433916	1.1506807	6.975911	1.2006628
2001-11	2.135433	0.63348414	6.137777	3.0351729
2001-12	1.7985486	0.11628756	6.343282	3.3481551
2002-1	2.4019284	-0.40090902	6.486381	2.7599825
2002-2	0.91097328	-0.44956652	5.682597	1.4051915
2002-3	0.99518166	-0.49822402	5.549903	1.3955561
2002-4	1.393942	-0.54688152	5.159651	0.7907946
2002-5	0.06158383	-0.5152009	4.858417	0.68391278
2002-6	0.16594533	-0.48352027	4.795951	0.50108092
2002-7	0.44069778	-0.45183965	5.046355	0.36189732
2002-8	0.3308727	-0.51050853	4.917718	-0.72857127
2002-9	0.96818031	-0.56917741	5.014981	-0.98754869
2002-10	1.7595553	-0.62784628	5.476527	-0.58331301
2002-11	0.73879763	-0.50358439	5.417028	-2.2789731
2002-12	0.38397896	-0.37932249	5.41719	-1.5696633
2003-1	1.1534942	-0.25506059	5.611995	-0.86055312
2003-2	1.5612377	-0.53746348	5.03646	-1.5429001
2003-3	2.0103781	-0.81986638	5.215633	-1.1845668
2003-4	1.2159304	-1.1022693	5.063505	-1.4795318
2003-5	0.82014434	-1.0518921	5.026517	-1.7696828
2003-6	1.4043925	-1.0015149	5.105165	-1.4398437
2003-7	0.73186836	-0.95113768	5.230138	-2.0828098
2003-8	0.55526242	-0.9359746	4.998049	-1.3278104
2003-9	0.38764003	-0.92081152	5.017617	-2.021151
2003-10	0.54763126	-0.90564844	4.976037	-2.1888584
2003-11	0.34199751	-0.87959865	4.736477	-2.2916618
2003-12	0.75808388	-0.85354885	4.758271	-2.2409312
2004-1	0.16103323	-0.82749906	4.80088	-1.744954
2004-2	-0.12668888	-0.78368571	4.504503	-1.7169944
2004-3	0.54358582	-0.73987235	4.550078	-2.0563385
2004-4	-0.04551942	-0.696059	4.474405	-2.1127073
2004-5	-0.96770346	-0.75163905	4.323748	-2.0863846
2004-6	-0.03477131	-0.80721911	4.438546	-2.698717
2004-7	-0.04227841	-0.86279916	4.481792	-2.0955382
2004-8	-0.83424129	-0.76732931	4.37491	-2.2093584
2004-9	0.2703068	-0.67185946	4.501893	-1.6751836
2004-10	-1.1410388	-0.57638961	4.882749	-2.2994806
2004-11	-0.3875365	-0.66507868	4.922313	-2.6024874
2004-12	-0.51653555	-0.75376775	4.728897	-2.9955268
2005-1	-0.27532237	-0.84245682	4.685918	-1.9418709
2005-2	-1.5656103	-1.4214484	4.195552	-2.2938174
2005-3	-1.5323636	-2.0004399	4.271251	-2.5337474
2005-4	-1.6894975	-2.5794314	4.614535	-2.5298017
2005-5	-1.0122364	-2.3986773	4.302199	-2.3882291
2005-6	-1.4184046	-2.2179232	4.365287	-2.2052132
2005-7	-1.5084924	-2.0371691	4.634349	-2.1116461
2005-8	-1.2518764	-1.9264759	4.197282	-2.6345314
2005-9	-0.09863303	-1.8157828	4.625477	-2.0146308
2005-10	0.05564867	-1.7050896	4.719478	-2.1486425
2005-11	-0.50646418	-1.6022597	4.604426	-2.2284653
2005-12	-0.07718701	-1.4994298	4.483163	-1.983599
2006-1	-1.7368921	-1.3965999	4.601477	-2.4305433
2006-2	-0.8227207	-1.5551431	4.153683	-2.5022616
2006-3	-1.1773518	-1.7136864	4.349055	-2.4801766
2006-4	-0.42204162	-1.8722296	4.186525	-2.7353526
2006-5	-0.66250656	-1.7808288	3.925333	-2.5006598
2006-6	-1.6591308	-1.6894279	4.357511	-2.6735817
2006-7	-2.2785726	-1.5980271	4.338209	-2.6412895
2006-8	-1.0758913	-1.8081559	4.250786	-2.2135274
2006-9	-1.0263649	-2.0182846	4.13406	-1.9562573
2006-10	-1.8338161	-2.2284133	4.290978	-1.8049781
2006-11	-2.577093	-2.3609894	4.281192	-1.0553712
2006-12	-2.2357482	-2.4935655	4.334708	-0.93085669
2007-1	-2.0628626	-2.6261415	4.34251	-2.3818005
2007-2	-3.3475337	-2.5934729	4.070217	-2.736513
2007-3	-1.9104826	-2.5608043	4.146176	-2.4305049
2007-4	-1.9846697	-2.5281357	4.290183	-2.2632072
2007-5	-2.5689284	-2.3599259	4.38088	-2.2472569
2007-6	-0.74219057	-2.191716	4.169298	-2.3320945
2007-7	-2.8213454	-2.0235062	4.233707	-1.9135009
2007-8	-1.1817005	-2.0350919	3.945284	-0.40340917
2007-9	-1.5303097	-2.0466775	4.243441	-1.6114322
2007-10	-1.097149	-2.0582632	4.439932	-1.7968019
2007-11	-0.38065795	-1.6685909	4.573728	-2.4352307
2007-12	0.31274026	-1.2789187	4.613975	-1.9610623
2008-1	0.32763354	-0.88924651	4.84215	-1.7185584
2008-2	0.42222006	-0.8964868	4.778523	-0.46276751
2008-3	0.68925703	-0.9037271	5.129178	-0.89251265
2008-4	0.50659777	-0.9109674	4.849617	-0.72778058
2008-5	0.70952206	-0.54540821	4.993898	-0.92217957
2008-6	1.1491581	-0.17984901	5.742879	-0.30302639
2008-7	1.0061995	0.18571019	5.689308	-0.53111021
2008-8	-0.52831498	0.40084471	5.728809	-1.380282
2008-9	0.95743069	0.61597922	5.513769	-1.0678447
2008-10	1.6622722	0.83111374	6.195171	-0.10940324
2008-11	1.3839007	1.2485448	7.883073	-1.1642283
2008-12	1.0702488	1.6659759	10.159787	-0.01159865
2009-1	0.26895023	2.0834069	10.762946	1.093638
2009-2	1.2595438	2.508314	10.021459	0.99588393
2009-3	1.6639966	2.933221	10.570931	1.2390405
2009-4	1.8450978	3.358128	9.940956	1.5446376
2009-5	0.74651692	3.035805	8.901604	2.0414813
2009-6	1.3895894	2.7134819	8.70647	1.3128656
2009-7	1.4835998	2.3911589	8.405752	0.56937339
2009-8	0.99783655	1.844308	7.750519	1.3154072
2009-9	0.39425043	1.2974572	7.703628	-1.0681157
2009-10	0.36436408	0.75060635	7.580351	0.7777436
2009-11	0.56471733	0.48327179	6.698128	-1.171352
2009-12	0.81856442	0.21593722	6.720455	-0.31974263
2010-1	-0.65594692	-0.05139734	6.818615	-0.11214309
2010-2	-0.28673603	-0.09636817	6.11777	-0.72211504
2010-3	0.0592085	-0.14133899	5.982807	-0.54085612
2010-4	1.3497885	-0.18630982	5.895384	-0.89005905
2010-5	-0.06735209	-0.12530344	5.537248	-1.5249724
2010-6	-0.7312793	-0.06429706	5.621185	-1.363351
2010-7	-0.03860486	-0.00329067	5.443344	-0.68288713
2010-8	-0.60500142	-0.08204162	5.17949	-0.96492311
2010-9	-0.92381219	-0.16079256	5.303957	-1.0445923
2010-10	-1.6050734	-0.23954351	5.433281	0.62763804
2010-11	-0.85907354	-0.62760358	5.112839	-2.1744729
2010-12	-1.0204181	-1.0156637	5.185188	-2.239292
2011-1	-1.3366353	-1.4037237	5.193245	-2.0305865
2011-2	0.74133686	-1.2759522	4.848343	-2.6027872
2011-3	-0.77059676	-1.1481806	4.690867	-2.5971954
2011-4	-0.3582135	-1.0204091	4.850517	-2.4963531
2011-5	-0.54178289	-0.62170951	4.506019	-2.3281588
2011-6	-1.1197386	-0.22300995	4.495095	-2.5540692
2011-7	-1.8645618	0.17568961	4.577316	-2.5866689
2011-8	1.0782478	-0.1471822	4.688058	-2.4935899
2011-9	-2.3385569	-0.470054	5.020074	-1.4332015
2011-10	-2.2532138	-0.79292581	5.148245	-1.4590778
2011-11	-3.1171598	-0.73563026	4.791008	-0.87209971
2011-12	-1.2066823	-0.6783347	4.781819	-1.3223083

Return to Figure 3

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