Year (t)

ln(Rt,cal)

ln(Rt,obs) − ln(Rt,cal)

ln(St+2) − ln(St)

1951

6.74

0.16

−0.15

1952

6.66

0.57

0.00

1953

6.59

0.64

0.09

1954

6.66

0.22

0.09

1955

6.69

0.00

−0.03

1956

6.74

−0.20

−0.22

1957

6.66

0.08

0.09

1958

6.53

1.70

0.76

1959

6.74

1.81

0.84

1960

7.27

−0.47

0.05

1961

7.56

−1.15

−0.78

1962

7.32

−1.22

−1.08

1963

6.79

−1.14

−1.00

1964

6.26

−1.11

−0.69

1965

5.82

−0.85

−0.44

1966

5.58

−0.45

−0.20

1967

5.38

−0.01

−0.59

1968

5.38

0.26

−0.59

1969

4.81

1.37

0.34

1970

4.81

2.55

1.69

1971

5.14

3.99

2.11

1972

6.46

1.00

2.02

1973

7.21

3.96

2.01

1974

8.44

0.84

1.43

1975

9.18

0.96

1.41

1976

9.84

1.09

1.12

1977

10.56

0.87

0.87

1978

10.94

0.51

0.76

1979

11.41

−0.76

0.23

1980

11.68

0.90

0.37

1981

11.63

0.56

0.54

1982

12.05

−0.09

0.03

1983

12.16

−0.06

−0.12

1984

12.08

0.19

0.23

1985

12.04

0.38

0.34

1986

12.30

0.17

0.24