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LongRunSavingDynamics

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:

  1. 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 (see data/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 and empirical_liqworth.csv). These files are already copied in model/data/* for convenience.
  2. Copy the content of data/server/toexport/*, (income_stds.csv, ageatdeath.csv, all.csv, empirical_networth.csv and empirical_liqworth.csv) to model/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.
  3. Run model/run.m to estimate and simulate the structural consumption models and produce some model figures (see model/ReadMe.md for additional details).
  4. Adjust the path in data/local/master.do to point to code/csv/. Run data/local/master.do to produce the final figures.

All source-files for tables and figures have now been produced. See the list below.

 

Source-files for tables and figures

 

Tables

 

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

 

Tables - Appendices

 

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

 

Figures

 

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

 

Figures - Appendices

 

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

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