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clear all
set more off
set maxvar 10000
set mem 500m
*Set path
***
*cd ---- specify path to \data_replication\scf\proc_data\
local ourprocdata "./our_proc"
local output "./output"
use taxsim2001.dta, clear
*use our processed data
*use "`ourprocdata'/taxsim2001.dta", clear
****************************************************************************************
****************************************************************************************
*Rent
rename X708 rent
rename X709 per_rent
replace rent=rent*12 if per_rent==4 //monthly
replace rent=rent*12*4.34 if per_rent==2 //weekly
replace rent=rent*12*2.17 if per_rent==3 //biweekly
replace rent=rent*4 if per_rent==5 //quarterly
replace rent=rent*2 if per_rent==11 //twice per year
replace rent=rent*6 if per_rent==12 //every two months
replace rent=rent*12*2 if per_rent==31 //twice a month
replace rent=. if per_rent==-1 //none
replace rent=. if per_rent==-7 //other
gen HELS=cond(X1005-X1004>0,0,max(X1005,0)) // some people report more debt than they took initially
*Create year first mortgage was taken
rename X802 year_main_mtg
rename X902 year_main_mtg2
rename X1002 year_main_mtg3
replace year_main_mtg=. if year_main_mtg==0
gen mtg_age = 2001 - year_main_mtg
replace year_main_mtg2=. if year_main_mtg2==0
replace year_main_mtg3=. if year_main_mtg3==0
gen mtg_age2=(2001-year_main_mtg2)
gen mtg_age3=(2001-year_main_mtg3)
*Create number of years agreed for payment for first mortgage
rename X806 nr_years_mtg_at_origin
replace nr_years_mtg_at_origin=. if nr_years_mtg_at_origin<=0
*Clean
drop J*
drop X*
********************************************************************************
*Create wealth variables
********************************************************************************
*Value of all houses
replace houses=. if houses<0
replace oresre=. if oresre<0
gen house_val=houses
*Homeownership status
gen ownership=housecl
*liquid assets
gen l_assets=max(othfin,0)+max(checking,0)+max(saving,0)+max(mma,0)+max(cds,0)+max(nmmf,0)+max(savbnd,0)+max(stocks,0)+max(bond,0)+oresre+nnresre // oresre includes land contracts/notes, while nnresre doesn't
*mortgage debt
gen m_debt=max(NH_MORT,0)-max(HELS,0)
drop m_debt
gen m_debt=max(NH_MORT,0)+max(heloc,0)
*HELOC
gen helocs=max(heloc,0)+max(HELS,0)
*liquid debt
gen l_debt=max(ccbal,0)+max(resdbt,0)
*Wealth (net worth)
gen wealth=house_val+l_assets-l_debt-m_debt
gen hnworth=house_val-m_debt
*Age of head
gen age_head=age
*Generate positive house values
gen h1=house_val if house_val>=0
******
replace inc=inc/equiv
replace h1=h1/equiv
******
******************************
*Drop observation with wealth above 80th percentile
******************************
pctile pct = wealth [w=wgt], nq(100) genp(percent)
gen pk1=pct if percent==80
egen mean_pk1=mean(pk1)
drop if wealth>mean_pk1
*Drop households that are too young or too old
drop if age_head<25
drop if age_head>85
********************************************************************************************************************************************8
*create income threshold
egen p33inc = pctile(inc), p(33)
egen p66inc = pctile(inc), p(66)
*fraction homeowners (bottom 1/3 by income)
preserve
replace ownership=0 if ownership!=1
collapse (mean) ownership [weight=wgt] if (inc<=p33inc)
gen res=ownership
replace res=round(res, 0.01)
gen title="fraction homeowners (bottom 1/3 by income)"
save moment1.dta, replace
restore
*fraction homeowners (mid 1/3 by income)
preserve
replace ownership=0 if ownership!=1
collapse (mean) ownership [weight=wgt] if (inc>p33inc) & (inc<=p66inc)
gen res=ownership
replace res=round(res, 0.01)
gen title="fraction homeowners (mid 1/3 by income)"
save moment2.dta, replace
restore
*fraction homeowners (top 1/3 by income)
preserve
replace ownership=0 if ownership!=1
collapse (mean) ownership [weight=wgt] if (inc>p66inc)
gen res=ownership
replace res=round(res, 0.01)
gen title="fraction homeowners (top 1/3 by income)"
save moment3.dta, replace
restore
preserve
replace ownership=0 if ownership!=1
collapse (mean) ownership [weight=wgt] if age_head<45
gen res=ownership
replace res=round(res, 0.01)
gen title="fraction homeowners (age: 25-45)"
save moment4.dta, replace
restore
preserve
replace ownership=0 if ownership!=1
collapse (mean) ownership [weight=wgt] if (age_head>=45) & (age_head<65)
gen res=ownership
replace res=round(res, 0.01)
gen title="fraction homeowners (age: 45-65)"
save moment5.dta, replace
restore
preserve
replace ownership=0 if ownership!=1
collapse (mean) ownership [weight=wgt] if age_head>=65
gen res=ownership
replace res=round(res, 0.01)
gen title="fraction homeowners (age: 65-85)"
save moment6.dta, replace
restore
*********************************************************************************************************
forval x=1(1)6{
use moment`x'.dta, clear
keep res title
duplicates drop
save moment`x'.dta, replace
}
use moment1.dta, clear
forval x=2(1)6{
append using moment`x'.dta
}
order title res
***
cd ..
outsheet using "`output'/fig1&2_appendix.csv", replace c
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