Data collected by Professor Ray Fair of Yale University.

Variable      Definition

Year          Election year
V             Proportion of 2-party presidential vote obtained by Democratic
              candidate
I             dummy variable:  1 = Democratic incumbent, -1 = Republican
              incumbent
D             dummy variable:  1 = Democratic incumbent running for
              reelection; -1 if Republican incumbent is running for re-
              election; 0 if neither
W             dummy variable (1 for elections of 1920, 1944, and 1948; 0
              otherwise)
G             Growth rate of real per capita GDP in first 3 quarters of
              election year
P             Absolute value of growh rate of GDP deflator in first 15
              quarters of administration
N             Number of quarters in the first 15 quarters of the administration
              in which growth rate of real per capita GDP is greater than
              3.2%