Code for producing all results for "Long-Run Saving Dynamics: Evidence from Unexpected Inheritances", Druedahl and Martinello, The Review of Economics and Statistics.
The data used in the paper are drawn from Danish administrative registers and are confidential. However, our access is not unique and others can gain similar access by following a procedure described by Statistics Denmark at http://www.dst.dk/en/TilSalg/Forskningsservice.aspx. Additional datails are provided in Appendix F in the Supplemental Materials.
The results are reproduced in the following steps:
data/server/master.do
reproduces all stata result files, data, tables and figures that are produced on Danish administrative data. These include the empirical results and the necessary outputs for running the rest of the code (seedata/server/ReadMe.md
for additional details). These files use sensitive administrative data stored in a secure server and are therefore not directly reproducible from this repository alone. These files reproduce all the empirical results in the paper. Crucially, for the model part of the paper, five files need to be exported from the server to a local machine (income_stds.csv
,ageatdeath.csv
,all.csv
,empirical_networth.csv
andempirical_liqworth.csv
). These files are already copied inmodel/data/*
for convenience.- Copy the content of
data/server/toexport/*
, (income_stds.csv
,ageatdeath.csv
,all.csv
,empirical_networth.csv
andempirical_liqworth.csv
) tomodel/data/*
. This step mimics the process of exporting the necessary moments for estimation from a secure server to a local machine. From this step forward no sensitive data is used, and therefore the code is fully reproducible. - Run
model/run.m
to estimate and simulate the structural consumption models and produce some model figures (seemodel/ReadMe.md
for additional details). - Adjust the path in
data/local/master.do
to point tocode/csv/
. Rundata/local/master.do
to produce the final figures.
All source-files for tables and figures have now been produced. See the list below.
Table 1:
data/local/server/tabs/descriptives.txt
Table 2:
data/local/server/tabs/empirics_2.txt
data/local/server/tabs/empirics_0.txt
Table 3:
data/local/server/tabs/housing_2.txt
Table 4:
data/local/server/tabs/other_2_inc.txt
data/local/server/tabs/other_2_pens.txt
data/local/server/tabs/other_2_hhd.txt
Table 5:
- Does not rely on data (except for income shock standard deviations from
income_stds.csv
)
Table 6:
model/figs_tabs/table_lines/bs_ez_LCP_rho_2_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_rho_3_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_rho_4_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_var_alphas.txt
Table 7:
model/figs_tabs/table_lines/bs_ez_LCP_rho_1_iq_irf_liq.txt
model/figs_tabs/table_lines/bs_ez_LCP_rho_2_iq_irf_liq.txt
model/figs_tabs/table_lines/bs_ez_LCP_rho_3_iq_irf_liq.txt
model/figs_tabs/table_lines/bs_ez_LCP_rho_4_iq_irf_liq.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_iq_irf_liq.txt
model/figs_tabs/table_lines/bs_het_LCP_rho_1_iq_irf_liq.txt
model/figs_tabs/table_lines/bs_het_LCP_rho_2_iq_irf_liq.txt
model/figs_tabs/table_lines/bs_het_LCP_rho_3_iq_irf_liq.txt
model/figs_tabs/table_lines/bs_het_LCP_rho_4_iq_irf_liq.txt
model/figs_tabs/table_lines/bs_het_LCP_IRF_iq_irf_liq.txt
model/figs_tabs/table_lines/kv_ez_LCP_rho_1_iq_irf_liq.txt
model/figs_tabs/table_lines/kv_ez_LCP_rho_2_iq_irf_liq.txt
model/figs_tabs/table_lines/kv_ez_LCP_rho_3_iq_irf_liq.txt
model/figs_tabs/table_lines/kv_ez_LCP_rho_4_iq_irf_liq.txt
model/figs_tabs/table_lines/kv_ez_LCP_IRF_iq_irf_liq.txt
Table A.1:
data/local/server/tabs/FN_VS_event.txt
Table C.1:
data/local/server/tabs/FN_VS_event.txt
Table D.1:
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_1_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_2_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_3_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_4_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_5_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_6_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_7_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_8_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_9_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_10_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_11_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_12_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_13_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_14_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_15_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_16_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_17_noalphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_sigma_rho_18_noalphas.txt
Table D.2:
model/figs_tabs/table_lines/bs_CRRA_LCP_rho_2_alphas.txt
model/figs_tabs/table_lines/bs_CRRA_LCP_rho_3_alphas.txt
model/figs_tabs/table_lines/bs_CRRA_LCP_rho_4_alphas.txt
model/figs_tabs/table_lines/bs_CRRA_LCP_IRF_var_alphas.txt
Table D.3:
model/figs_tabs/table_lines/bs_ez_LCP_IRF_per_rho_1_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_per_rho_2_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_per_rho_3_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_per_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_var_rho_1_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_var_rho_2_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_var_rho_3_alphas.txt
model/figs_tabs/table_lines/bs_ez_LCP_IRF_var_alphas.txt
Table D.4:
model/figs_tabs/table_lines/robustness.txt
Table F1:
- Does not rely on data
Table F2:
- Does not rely on data
Table F3:
- Does not rely on data
Table G1:
data/local/server/tabs/role_lqconstr_2_rev.txt
Table G2:
data/local/server/tabs/app_main.txt
Table G3:
data/local/server/tabs/app_main_abs.txt
Table G4:
data/local/server/tabs/app_placebo.txt
Table G5:
data/local/server/tabs/app_placebo_abs.txt
Table G6:
data/local/server/tabs/housing.txt
Table G7:
data/local/server/tabs/income_pension.txt
Table G8:
data/local/server/tabs/app_household.txt
Figure 1:
data/server/graphs/example/avgs_fe_1.pdf
data/server/graphs/example/diffs_fe_1.pdf
Figure 2:
data/server/graphs/networth_2_main.pdf
data/server/graphs/networth_0_main.pdf
data/server/graphs/liqworth_2_main.pdf
data/server/graphs/wealthcomp_2_main.pdf
Figure 3:
data/local/graphs/bs_fits_rhos.pdf
data/local/graphs/bs_fits_matched.pdf
Figure 4:
data/local/graphs/bs_prec.pdf
Figure 5:
data/local/graphs/kv_fits.pdf
Figure C.1:
data/server/graphs/example/avgs_nofe_1.pdf
data/server/graphs/example/avgs_fe_1.pdf
data/server/graphs/example/diffs_nofe_1.pdf
data/server/graphs/example/diffs_fe_1.pdf
Figure C.2:
data/server/graphs/example/diffs_fe_1.pdf
data/server/graphs/example/diffs_fe_2.pdf
data/server/graphs/example/eventrestr_fe_1.pdf
data/server/graphs/example/eventrestr_fe_2.pdf
data/server/graphs/example/event_fe_1.pdf
data/server/graphs/example/event_fe_2.pdf
Figure C.3:
data/server/graphs/example/networth_FN_yearcohort_balance.pdf
data/server/graphs/example/networth_event_yearcohort.pdf
data/server/graphs/example/liqassets_FN_yearcohort_balance.pdf
data/server/graphs/example/liqassets_event_yearcohort.pdf
Figure D.1:
model/figs_tabs/bs_ez_LCP_IRF/inh_cycle.png
model/figs_tabs/bs_ez_LCP_IRF/lcp_inh_p_mean.png
Figure D.2:
model/figs_tabs/bs_ez_LCP_IRF/fit_P_mean.png
model/figs_tabs/bs_ez_LCP_IRF/fit_H_pos_mean.png
model/figs_tabs/bs_ez_LCP_IRF/fit_h_cond_mean.png
Figure D.3:
data/local/appendix_bs_expected.pdf
data/local/appendix_kv_expected.pdf
Figure E.1:
model/figs_tabs/test_suite/test_bs_PIH_lcp_compare_C_mean.png
model/figs_tabs/test_suite/test_bs_PIH_lcp_compare_AB_mean.png
Figure E.2:
model/figs_tabs/test_suite/test_bs_vfi_negm_lcp_compare_C_mean.png
model/figs_tabs/test_suite/test_bs_vfi_negm_lcp_compare_AB_mean.png
Figure E.3:
model/figs_tabs/test_suite/test_bs_ez_compare_AB_t35_ez.png
model/figs_tabs/test_suite/test_bs_zeta_compare_AB_t35_zetas.png
Figure E.4:
model/figs_tabs/test_suite/test_bs_grid_compare_AB_t20_grid.png
model/figs_tabs/test_suite/test_bs_grid_compare_AB_t35_grid.png
Figure E.5:
model/figs_tabs/test_suite/test_lambda_compare_AB_t20_lambas.png
model/figs_tabs/test_suite/test_lambda_compare_AB_t35_lambas.png
Figure E.6:
model/figs_tabs/test_suite/test_grid_compare_AB_t20_grid.png
model/figs_tabs/test_suite/test_grid_compare_AB_t35_grid.png
Figure E.7:
model/figs_tabs/test_suite/test_vfi_negm_lcp_compare_C_mean.png
model/figs_tabs/test_suite/test_vfi_negm_lcp_compare_AB_mean.png
Figure E.8:
model/figs_tabs/test_suite/test_singles_beta_compare_AB_t35_beta.png
model/figs_tabs/test_suite/test_singles_rho_compare_AB_t35_rho.png
model/figs_tabs/test_suite/test_singles_sigma_compare_AB_t35_sigma.png
model/figs_tabs/test_suite/test_singles_zeta_compare_AB_t35_zeta.png
model/figs_tabs/test_suite/test_singles_kappa_compare_AB_t35_kappa.png
model/figs_tabs/test_suite/test_singles_sigma_psi_compare_AB_t35_sigma_psi.png
Figure G.1:
data/server/graphs/robustness_byinher.pdf
data/server/graphs/robustness_byinher_norm.pdf
Figure G.2:
data/server/graphs/inheritance_distribution.pdf
Figure G.3:
data/server/graphs/distribution_perminc.pdf
data/server/graphs/distribution_networth.pdf
Figure G.4:
data/server/graphs/robustness_norm_VS_abs.pdf
Figure G.5:
data/server/graphs/robustness_base_VS_inflated_housing.pdf
Figure G.6:
data/server/graphs/robustness_networth_individual_VS_hhd.pdf
data/server/graphs/robustness_liqworth_individual_VS_hhd.pdf
Figure G.7:
data/server/graphs/robustness_networth_liquid_vs_illiquid.pdf