File size: 2,454 Bytes
ed7d493 |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 |
******************************************************************************************
* Replicate Table 4 of "Safe Assets" by Barro, Fernandez-Villaverde, Levintal and Mollerus
******************************************************************************************
clear all
clear mata
set mem 500m
set maxvar 32767
set more off
cap log close
clear
use rscfp2019 // can be downloaded from https://www.federalreserve.gov/econres/files/scfp2019s.zip
gen stockfund = stmutf
gen stocks_indirect = equity - stocks - stockfund /* the variable equity is generated by SCF to measure all stock holdings, including indirect holdings of stocks. */
gen realestate_net = houses - mrthel + oresre - resdbt +nnresre
gen otherphysical = vehic + othnfin
gen allequity = equity + bus
* percentiles
_pctile networth [aweight = wgt], p(50,75,90,95,99)
local p50 = r(r1)
local p75 = r(r2)
local p90 = r(r3)
local p95 = r(r4)
local p99 = r(r5)
gen pctile = 0
replace pctile = 1 if networth<=`p50'
replace pctile = 2 if networth>`p50' & networth<=`p75'
replace pctile = 3 if networth>`p75' & networth<=`p90'
replace pctile = 4 if networth>`p90' & networth<=`p95'
replace pctile = 5 if networth>`p95' & networth<=`p99'
replace pctile = 6 if networth>`p99'
foreach var in "networth" "allequity" "stocks" "stockfund" "bus" "stocks_indirect" "realestate_net" "othnfin" "vehic" {
di "`var'"
gen sum_`var' = 0
gen share_`var' = 0
gen port_`var' = 0
foreach x in 1 2 3 4 5 6 {
sum `var' [aweight = wgt] if pctile==`x'
replace sum_`var' = r(sum) if _n==`x'
}
* total population
sum `var' [aweight = wgt]
replace sum_`var' = r(sum) if _n==7
* bottom 90
sum `var' [aweight = wgt] if pctile<=3
replace sum_`var' = r(sum) if _n==8
* p90-p95
sum `var' [aweight = wgt] if pctile==4
replace sum_`var' = r(sum) if _n==9
* top 5
sum `var' [aweight = wgt] if pctile>=5
replace sum_`var' = r(sum) if _n==10
* top 1
sum `var' [aweight = wgt] if pctile==6
replace sum_`var' = r(sum) if _n==11
* share in total population
replace share_`var' = sum_`var'/sum_`var'[7]
}
keep share*
keep if _n<=11
quietly log using Tables_1_to_4.smcl, append
* Table 4 (transposed)
list share_networth share_allequity share_stocks share_stockfund share_bus share_stocks_indirect share_realestate_net share_othnfin share_vehic if _n>=8, clean noobs
log close
|