This subdirectory contains data and programs for replicating the results 
that use the Panel Study of Income Dynamics (tables 1 and 2 in the paper), which are a narrow replication of Schulhofer-Wohl (2011)' exercise on different subset of the original sample.


Raw data (downloads from the PSID, the national accounts and the CPI) 
are in data/raw/. 
First, set the path for STATA's working directory in the _psid_master.do: cd "C:\...\ATV data archive files\psid"
When you run the programs, intermediate data files 
will appear in other subdirectories of data/.


You can replicate the results as follows:

 Run the programs _step_1.do, _step_2a.do, _step_2b.do, _step_2c.do, _step_3a.do, _step_3b.do and _step_3c.do, in that order (you can also run once _psid_master.do in the psid subdirectory). 
Be warned that these programs -- 
especially _step_2s.do -- are quite slow.

 Results for all tables will 
appear in files in subdirectories of output/.