---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- name: log: C:\Users\chouse\Dropbox\basu-house\analysis\code\../temp/user_cost_var.log log type: text opened on: 18 Jan 2017, 15:01:42 . /*** Aggregate Macro Data ***/ > use `myinput'fred4ucvar_data, clear; . /*** Interpolated/Extrapolated Measure of User Cost and Entry Wage ***/ > merge 1:1 dateq using `myinput'log_user_cost_quarterly_ipd, keep(match) nogen; Result # of obs. ----------------------------------------- not matched 0 matched 277 ----------------------------------------- . merge 1:1 dateq using `myinput'log_user_cost_quarterly_ipd_cumtight, keep(match) nogen; Result # of obs. ----------------------------------------- not matched 0 matched 277 ----------------------------------------- . merge 1:1 dateq using `myinput'lentry_quarterly_ipd, keep(match) nogen; Result # of obs. ----------------------------------------- not matched 0 matched 277 ----------------------------------------- . merge 1:1 dateq using `myinput'lentry_quarterly_ipd_cumtight, keep(match) nogen; Result # of obs. ----------------------------------------- not matched 0 matched 277 ----------------------------------------- . /*** Export data used in the VAR analysis ***/ > export excel year quarter luc_ipd luc_ipd_cumtight using `myoutput'`prg'_data.xlsx if !missing(luc_ipd), replace firstrow(variables); file ../output/user_cost_var_data.xlsx saved . /****************************/ > /*** Define sample period ***/ > /****************************/ > tsset dateq; time variable: dateq, 1947q1 to 2016q1 delta: 1 quarter . keep if tin(1965q3,1995q3); (156 observations deleted) . local samp 1965q3_1995q3; . /***********************************************/ > /*** collect information about sample period ***/ > /***********************************************/ > tsset dateq; time variable: dateq, 1965q3 to 1995q3 delta: 1 quarter . local samp_begin = r(tmin); . local samp_end = r(tmax); . local samp_tsfmt = r(tsfmt); . /********************************/ > /*** Our measures of the wage ***/ > /********************************/ > local myseries luc_ipd luc_ipd_cumtight lentry_wage_ipd lentry_wage_ipd_cumtight; . local cnt = 1; . save `tempdata'`prg'_TEMP, replace; (note: file ../temp/user_cost_var_TEMP.dta not found) file ../temp/user_cost_var_TEMP.dta saved . foreach ss of loc myseries {; 2. di "***"; 3. di "* `ss'"; 4. di "***"; 5. if `cnt' > 1 {; 6. use `tempdata'`prg'_TEMP, clear; 7. }; 8. /* User cost, IPD */ > if strmatch("`ss'","luc_ipd") {; 9. gen mywage = luc_ipd; 10. local mywage luc_ipd; 11. local deflator ipd; 12. }; 13. /* User cost, IPD, cumulative tightness */ > if strmatch("`ss'","luc_ipd_cumtight") {; 14. gen mywage = luc_ipd_cumtight; 15. local mywage luc_ipd_cumtght; 16. local deflator ipd; 17. }; 18. /* Entry wages, IPD */ > if strmatch("`ss'","lentry_wage_ipd") {; 19. gen mywage = lentry_wage_ipd; 20. local mywage lnh_ipd; 21. local deflator ipd; 22. }; 23. /* Entry wages, IPD, cumulative tightness */ > if strmatch("`ss'","lentry_wage_ipd_cumtight") {; 24. gen mywage = lentry_wage_ipd_cumtight; 25. local mywage lnh_ipd_cumtght; 26. local deflator ipd; 27. }; 28. /*********************************************************************/ > /*** CEE (2005) ***/ > /*** > Y1 = [1] real gross domestic product > [2] real consumption > [3] the GDP deflator > [4] real investment > [5] the real wage > [6] labor productivity > > Y2 = [7] real profits > [8] the growth rate of M2 > > R = [9] the federal funds rate > > All the variables, except money growth, have been logged. > ***/ > /*********************************************************************/ > > local VAR_CEE loutput lconsumption linfl linv lmacrowage_`deflator' lprod fedfunds lcp gm2 mywage; 29. local cnt = 0; 30. foreach vv in `VAR_CEE' {; 31. if strmatch("`vv'","mywage")==0 {; 32. forvalues ii = 1/4 {; 33. local cnt = `cnt' + 1; 34. constraint define `cnt' [`vv'] L`ii'.mywage; 35. }; 36. }; 37. }; 38. local nconstraint : word count `VAR_CEE'; 39. local nconstraint = 4*(`nconstraint' - 1); 40. /* substract 1 */ > > set matsize 800; 41. /*** run VAR ***/ > var `VAR_CEE', lags(1/4) constraint(1/`nconstraint'); 42. /* varstable; */ > > /*** unset IRF file ***/ > irf set, clear; 43. irf create `mywage', step(`step') set(myirf, replace) order(`VAR_CEE') replace; 44. use myirf.irf, clear; 45. replace response = "`mywage'" if response == "mywage"; 46. replace impulse = "`mywage'" if impulse == "mywage"; 47. gen samp_begin = `samp_begin'; 48. format samp_begin `samp_tsfmt'; 49. gen samp_end = `samp_end'; 50. format samp_end `samp_tsfmt'; 51. sort impulse response step; 52. rename irfname wage_series; 53. keep impulse response step oirf coirf stdoirf stdcoirf wage_series samp_begin samp_end; 54. keep if impulse=="fedfunds"; 55. replace response = "_" + response; 56. reshape wide oirf coirf stdoirf stdcoirf, i(step wage_series impulse samp_begin samp_end) j(response) s; 57. /*** save ordered impulse responses ***/ > export excel wage_series samp_begin samp_end impulse step oirf_* using `myoutput'`prg'_`samp'_`mywage'.xlsx, replace > firstrow(variables) datestring("`samp_tsfmt'") sheet("oirf"); 58. /*** save std of ordered impulse responses ***/ > export excel wage_series samp_begin samp_end impulse step stdoirf_* using `myoutput'`prg'_`samp'_`mywage'.xlsx, sheetmodify > firstrow(variables) datestring("`samp_tsfmt'") sheet("stdoirf"); 59. save `myinput'`prg'_`samp'_`mywage', replace; 60. local ++cnt; 61. }; *** * luc_ipd *** Estimating VAR coefficients Iteration 1: tolerance = .1104042 Iteration 2: tolerance = .00467136 Iteration 3: tolerance = .00121132 Iteration 4: tolerance = .00036991 Iteration 5: tolerance = .00010748 Iteration 6: tolerance = .00003104 Iteration 7: tolerance = 8.829e-06 Iteration 8: tolerance = 2.598e-06 Iteration 9: tolerance = 9.074e-07 Vector autoregression Sample: 1966q3 - 1995q3 Number of obs = 117 Log likelihood = 3683.007 AIC = -55.94883 FPE = 1.62e-37 HQIC = -52.01911 Det(Sigma_ml) = 2.15e-40 SBIC = -46.26942 Equation Parms RMSE R-sq chi2 P>chi2 ---------------------------------------------------------------- loutput 37 .007198 0.9993 173830.6 0.0000 lconsumption 37 .005055 0.9997 345811.4 0.0000 linfl 37 .002811 1.0000 2739195 0.0000 linv 37 .0249 0.9932 17015.85 0.0000 lmacrowage_ipd 37 .005016 0.9985 80222.99 0.0000 lprod 37 .005606 0.9984 71469.42 0.0000 fedfunds 37 .775559 0.9416 1886.946 0.0000 lcp 37 .039401 0.9731 4226.96 0.0000 gm2 37 .004738 0.7651 381.1057 0.0000 mywage 41 .015878 0.9983 70450.3 0.0000 ---------------------------------------------------------------- ( 1) [loutput]L.mywage = 0 ( 2) [loutput]L2.mywage = 0 ( 3) [loutput]L3.mywage = 0 ( 4) [loutput]L4.mywage = 0 ( 5) [lconsumption]L.mywage = 0 ( 6) [lconsumption]L2.mywage = 0 ( 7) [lconsumption]L3.mywage = 0 ( 8) [lconsumption]L4.mywage = 0 ( 9) [linfl]L.mywage = 0 (10) [linfl]L2.mywage = 0 (11) [linfl]L3.mywage = 0 (12) [linfl]L4.mywage = 0 (13) [linv]L.mywage = 0 (14) [linv]L2.mywage = 0 (15) [linv]L3.mywage = 0 (16) [linv]L4.mywage = 0 (17) [lmacrowage_ipd]L.mywage = 0 (18) [lmacrowage_ipd]L2.mywage = 0 (19) [lmacrowage_ipd]L3.mywage = 0 (20) [lmacrowage_ipd]L4.mywage = 0 (21) [lprod]L.mywage = 0 (22) [lprod]L2.mywage = 0 (23) [lprod]L3.mywage = 0 (24) [lprod]L4.mywage = 0 (25) [fedfunds]L.mywage = 0 (26) [fedfunds]L2.mywage = 0 (27) [fedfunds]L3.mywage = 0 (28) [fedfunds]L4.mywage = 0 (29) [lcp]L.mywage = 0 (30) [lcp]L2.mywage = 0 (31) [lcp]L3.mywage = 0 (32) [lcp]L4.mywage = 0 (33) [gm2]L.mywage = 0 (34) [gm2]L2.mywage = 0 (35) [gm2]L3.mywage = 0 (36) [gm2]L4.mywage = 0 -------------------------------------------------------------------------------- | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- loutput | loutput | L1. | 1.014422 .2403244 4.22 0.000 .5433943 1.485449 L2. | -.0192284 .3174068 -0.06 0.952 -.6413342 .6028774 L3. | -.7290791 .3081778 -2.37 0.018 -1.333096 -.1250618 L4. | .3513839 .228084 1.54 0.123 -.0956526 .7984203 | lconsumption | L1. | .3029582 .1996909 1.52 0.129 -.0884289 .6943452 L2. | .2098293 .2571057 0.82 0.414 -.2940887 .7137474 L3. | -.3759359 .2805379 -1.34 0.180 -.92578 .1739083 L4. | .2377787 .2188509 1.09 0.277 -.1911612 .6667185 | linfl | L1. | .1421267 .2600011 0.55 0.585 -.3674661 .6517194 L2. | -.2320376 .4019782 -0.58 0.564 -1.0199 .5558253 L3. | -.195788 .3878229 -0.50 0.614 -.9559069 .564331 L4. | .3569629 .2477664 1.44 0.150 -.1286502 .8425761 | linv | L1. | -.0248185 .046979 -0.53 0.597 -.1168957 .0672587 L2. | .0458209 .0587268 0.78 0.435 -.0692815 .1609233 L3. | -.0062914 .0532476 -0.12 0.906 -.1106549 .0980721 L4. | .0176023 .0400922 0.44 0.661 -.060977 .0961815 | lmacrowage_ipd | L1. | .2031385 .1709517 1.19 0.235 -.1319207 .5381977 L2. | -.1256242 .245868 -0.51 0.609 -.6075166 .3562683 L3. | -.027472 .2385506 -0.12 0.908 -.4950225 .4400786 L4. | .1740159 .178683 0.97 0.330 -.1761964 .5242282 | lprod | L1. | -.460157 .2041591 -2.25 0.024 -.8603015 -.0600125 L2. | -.2178127 .3097143 -0.70 0.482 -.8248415 .3892161 L3. | .920172 .3081711 2.99 0.003 .3161677 1.524176 L4. | -.7427716 .2024381 -3.67 0.000 -1.139543 -.3460002 | fedfunds | L1. | .0005191 .00095 0.55 0.585 -.0013428 .002381 L2. | -.0039059 .0011729 -3.33 0.001 -.0062048 -.001607 L3. | .0038138 .0012021 3.17 0.002 .0014578 .0061698 L4. | -.0035586 .001031 -3.45 0.001 -.0055793 -.001538 | lcp | L1. | .0126745 .0196843 0.64 0.520 -.0259061 .0512552 L2. | -.0399923 .0298386 -1.34 0.180 -.0984749 .0184903 L3. | .0618313 .0294804 2.10 0.036 .0040507 .1196119 L4. | -.0069885 .0218642 -0.32 0.749 -.0498416 .0358646 | gm2 | L1. | .1878949 .140073 1.34 0.180 -.0866433 .462433 L2. | .1967381 .1561879 1.26 0.208 -.1093845 .5028607 L3. | .0595629 .1528588 0.39 0.697 -.2400348 .3591606 L4. | -.1145326 .1423392 -0.80 0.421 -.3935123 .1644471 | mywage | L1. | 1.55e-16 5.18e-15 0.03 0.976 -1.00e-14 1.03e-14 L2. | -1.89e-15 1.09e-14 -0.17 0.863 -2.33e-14 1.96e-14 L3. | 3.07e-15 1.33e-14 0.23 0.818 -2.31e-14 2.92e-14 L4. | 8.55e-16 2.39e-15 0.36 0.721 -3.83e-15 5.54e-15 | _cons | -1.211284 .4555577 -2.66 0.008 -2.10416 -.3184071 ---------------+---------------------------------------------------------------- lconsumption | loutput | L1. | .1054236 .1687729 0.62 0.532 -.2253652 .4362124 L2. | -.184406 .2229056 -0.83 0.408 -.6212929 .2524809 L3. | -.2840669 .2164243 -1.31 0.189 -.7082507 .1401169 L4. | .2379154 .1601768 1.49 0.137 -.0760254 .5518562 | lconsumption | L1. | .7925947 .1402372 5.65 0.000 .517735 1.067455 L2. | .3297423 .1805579 1.83 0.068 -.0241447 .6836293 L3. | .0168305 .1970136 0.09 0.932 -.3693091 .4029701 L4. | -.0592639 .1536926 -0.39 0.700 -.3604959 .2419681 | linfl | L1. | -.0711771 .1825912 -0.39 0.697 -.4290492 .2866951 L2. | -.0061465 .2822977 -0.02 0.983 -.5594398 .5471467 L3. | .1688696 .2723568 0.62 0.535 -.36494 .7026791 L4. | -.0487649 .1739991 -0.28 0.779 -.389797 .2922671 | linv | L1. | .0098028 .032992 0.30 0.766 -.0548604 .0744659 L2. | .0509585 .0412421 1.24 0.217 -.0298746 .1317916 L3. | .0085609 .0373943 0.23 0.819 -.0647305 .0818524 L4. | -.0333093 .0281556 -1.18 0.237 -.0884932 .0218746 | lmacrowage_ipd | L1. | -.0435817 .1200544 -0.36 0.717 -.2788841 .1917206 L2. | -.0011794 .172666 -0.01 0.995 -.3395986 .3372397 L3. | .1707319 .1675272 1.02 0.308 -.1576153 .4990791 L4. | .0383536 .1254839 0.31 0.760 -.2075904 .2842975 | lprod | L1. | -.1083472 .143375 -0.76 0.450 -.389357 .1726627 L2. | -.0697658 .2175034 -0.32 0.748 -.4960646 .3565329 L3. | .143132 .2164196 0.66 0.508 -.2810427 .5673067 L4. | -.2478349 .1421664 -1.74 0.081 -.5264759 .0308061 | fedfunds | L1. | -.0019566 .0006671 -2.93 0.003 -.0032642 -.000649 L2. | -.0005999 .0008237 -0.73 0.466 -.0022144 .0010145 L3. | .0008454 .0008442 1.00 0.317 -.0008092 .0024999 L4. | -.0005686 .000724 -0.79 0.432 -.0019877 .0008504 | lcp | L1. | -.0168388 .0138237 -1.22 0.223 -.0439328 .0102553 L2. | -.0136468 .0209548 -0.65 0.515 -.0547174 .0274238 L3. | .0465467 .0207033 2.25 0.025 .005969 .0871243 L4. | -.0062824 .0153546 -0.41 0.682 -.0363769 .0238121 | gm2 | L1. | .0140673 .0983692 0.14 0.886 -.1787328 .2068675 L2. | .1821827 .1096862 1.66 0.097 -.0327983 .3971638 L3. | .0605851 .1073483 0.56 0.572 -.1498137 .2709839 L4. | -.0135381 .0999607 -0.14 0.892 -.2094575 .1823813 | mywage | L1. | 1.00e-15 1.93e-15 0.52 0.602 -2.77e-15 4.78e-15 L2. | -1.26e-15 5.24e-15 -0.24 0.810 -1.15e-14 9.02e-15 L3. | 2.15e-15 8.42e-15 0.26 0.799 -1.44e-14 1.87e-14 L4. | -3.33e-16 2.59e-15 -0.13 0.898 -5.40e-15 4.74e-15 | _cons | -.1728964 .319925 -0.54 0.589 -.7999378 .4541449 ---------------+---------------------------------------------------------------- linfl | loutput | L1. | .1060613 .0938563 1.13 0.258 -.0778937 .2900163 L2. | .0784845 .1239601 0.63 0.527 -.1644728 .3214418 L3. | -.0205006 .1203558 -0.17 0.865 -.2563936 .2153924 L4. | -.1983266 .089076 -2.23 0.026 -.3729122 -.0237409 | lconsumption | L1. | -.0660305 .0779873 -0.85 0.397 -.2188828 .0868219 L2. | -.1811226 .1004101 -1.80 0.071 -.3779228 .0156776 L3. | .0663141 .1095613 0.61 0.545 -.1484221 .2810503 L4. | .1664204 .08547 1.95 0.052 -.0010978 .3339387 | linfl | L1. | 1.189416 .1015408 11.71 0.000 .9903994 1.388432 L2. | .1455086 .1569886 0.93 0.354 -.1621835 .4532006 L3. | -.225296 .1514604 -1.49 0.137 -.5221529 .071561 L4. | -.1160927 .0967627 -1.20 0.230 -.3057441 .0735588 | linv | L1. | .0075678 .0183472 0.41 0.680 -.028392 .0435277 L2. | -.0272184 .0229352 -1.19 0.235 -.0721706 .0177337 L3. | -.0078286 .0207953 -0.38 0.707 -.0485867 .0329295 L4. | .0345903 .0156576 2.21 0.027 .0039019 .0652786 | lmacrowage_ipd | L1. | .1894653 .0667635 2.84 0.005 .0586112 .3203194 L2. | .00058 .0960213 0.01 0.995 -.1876184 .1887783 L3. | -.0793952 .0931636 -0.85 0.394 -.2619924 .1032021 L4. | -.0353711 .0697829 -0.51 0.612 -.1721431 .1014008 | lprod | L1. | -.2027012 .0797323 -2.54 0.011 -.3589737 -.0464287 L2. | .0573304 .1209558 0.47 0.636 -.1797387 .2943995 L3. | .1007808 .1203532 0.84 0.402 -.1351071 .3366687 L4. | .0618045 .0790602 0.78 0.434 -.0931507 .2167596 | fedfunds | L1. | .0006839 .000371 1.84 0.065 -.0000433 .001411 L2. | -.0001028 .0004581 -0.22 0.822 -.0010007 .000795 L3. | .0001948 .0004695 0.41 0.678 -.0007254 .0011149 L4. | -.0002809 .0004026 -0.70 0.485 -.0010701 .0005082 | lcp | L1. | .0089632 .0076875 1.17 0.244 -.0061041 .0240304 L2. | .0059194 .0116532 0.51 0.611 -.0169204 .0287592 L3. | -.0225225 .0115133 -1.96 0.050 -.0450881 .0000431 L4. | .0106155 .0085389 1.24 0.214 -.0061204 .0273514 | gm2 | L1. | .0474538 .0547041 0.87 0.386 -.0597644 .1546719 L2. | .0465964 .0609976 0.76 0.445 -.0729567 .1661495 L3. | -.0656617 .0596975 -1.10 0.271 -.1826666 .0513433 L4. | -.1095748 .0555892 -1.97 0.049 -.2185276 -.000622 | mywage | L1. | -2.15e-16 6.03e-16 -0.36 0.721 -1.40e-15 9.67e-16 L2. | 6.00e-16 1.16e-15 0.51 0.607 -1.68e-15 2.88e-15 L3. | -4.47e-16 8.53e-16 -0.52 0.600 -2.12e-15 1.22e-15 L4. | 1.55e-16 5.56e-16 0.28 0.780 -9.35e-16 1.25e-15 | _cons | -.1681065 .1779135 -0.94 0.345 -.5168107 .1805976 ---------------+---------------------------------------------------------------- linv | loutput | L1. | 1.631396 .8313904 1.96 0.050 .0019006 3.260891 L2. | -.0963867 1.098053 -0.09 0.930 -2.248531 2.055757 L3. | -2.150835 1.066126 -2.02 0.044 -4.240403 -.0612678 L4. | -.0832109 .7890453 -0.11 0.916 -1.629711 1.463289 | lconsumption | L1. | 1.483342 .6908209 2.15 0.032 .1293577 2.837326 L2. | -1.431515 .8894445 -1.61 0.108 -3.174794 .3117643 L3. | -1.180147 .9705068 -1.22 0.224 -3.082305 .7220117 L4. | 1.864513 .7571037 2.46 0.014 .3806175 3.348409 | linfl | L1. | .2947739 .8994607 0.33 0.743 -1.468137 2.057684 L2. | .3605066 1.390624 0.26 0.795 -2.365066 3.086079 L3. | -2.829261 1.341654 -2.11 0.035 -5.458855 -.1996677 L4. | 2.30808 .8571354 2.69 0.007 .6281256 3.988035 | linv | L1. | .5985711 .1625216 3.68 0.000 .2800347 .9171076 L2. | .029097 .2031624 0.14 0.886 -.3690941 .427288 L3. | -.0151252 .1842076 -0.08 0.935 -.3761654 .345915 L4. | .1698421 .138697 1.22 0.221 -.101999 .4416831 | lmacrowage_ipd | L1. | .3932298 .5913989 0.66 0.506 -.7658908 1.55235 L2. | .0483397 .8505682 0.06 0.955 -1.618743 1.715423 L3. | -1.326505 .8252538 -1.61 0.108 -2.943973 .2909628 L4. | .9689221 .618145 1.57 0.117 -.2426199 2.180464 | lprod | L1. | -2.17979 .7062782 -3.09 0.002 -3.56407 -.7955098 L2. | .5337514 1.071441 0.50 0.618 -1.566235 2.633737 L3. | 3.272602 1.066103 3.07 0.002 1.183079 5.362124 L4. | -1.773381 .7003244 -2.53 0.011 -3.145991 -.4007702 | fedfunds | L1. | .0108799 .0032864 3.31 0.001 .0044386 .0173212 L2. | -.0173063 .0040577 -4.27 0.000 -.0252593 -.0093534 L3. | .0147923 .0041585 3.56 0.000 .0066418 .0229429 L4. | -.010474 .0035666 -2.94 0.003 -.0174644 -.0034836 | lcp | L1. | .0559385 .068097 0.82 0.411 -.0775292 .1894062 L2. | -.1160336 .1032252 -1.12 0.261 -.3183512 .0862839 L3. | .1363906 .1019861 1.34 0.181 -.0634984 .3362796 L4. | -.0502675 .0756383 -0.66 0.506 -.1985157 .0979808 | gm2 | L1. | .9577276 .4845757 1.98 0.048 .0079767 1.907479 L2. | -.1316717 .5403241 -0.24 0.807 -1.190687 .9273441 L3. | .3298038 .5288074 0.62 0.533 -.7066396 1.366247 L4. | -1.129034 .4924154 -2.29 0.022 -2.09415 -.1639174 | mywage | L1. | 7.19e-16 1.81e-14 0.04 0.968 -3.48e-14 3.62e-14 L2. | -1.07e-14 3.68e-14 -0.29 0.772 -8.29e-14 6.16e-14 L3. | 8.61e-15 4.37e-14 0.20 0.844 -7.71e-14 9.44e-14 L4. | -1.90e-15 1.09e-14 -0.17 0.861 -2.33e-14 1.95e-14 | _cons | -2.403691 1.575979 -1.53 0.127 -5.492553 .6851716 ---------------+---------------------------------------------------------------- lmacrowage_ipd | loutput | L1. | -.0807417 .167474 -0.48 0.630 -.4089846 .2475012 L2. | .1286773 .22119 0.58 0.561 -.3048471 .5622017 L3. | .1416887 .2147586 0.66 0.509 -.2792304 .5626079 L4. | -.1472362 .158944 -0.93 0.354 -.4587607 .1642884 | lconsumption | L1. | .0869034 .1391578 0.62 0.532 -.185841 .3596477 L2. | -.1729637 .1791683 -0.97 0.334 -.5241271 .1781996 L3. | -.0209334 .1954973 -0.11 0.915 -.4041011 .3622343 L4. | .1668694 .1525098 1.09 0.274 -.1320442 .4657831 | linfl | L1. | -.1340592 .1811859 -0.74 0.459 -.4891771 .2210587 L2. | .0762285 .280125 0.27 0.786 -.4728064 .6252634 L3. | .0171642 .2702606 0.06 0.949 -.5125369 .5468654 L4. | .0285074 .17266 0.17 0.869 -.3098999 .3669147 | linv | L1. | -.0008074 .0327381 -0.02 0.980 -.0649728 .0633581 L2. | -.0081417 .0409247 -0.20 0.842 -.0883527 .0720692 L3. | -.0191537 .0371065 -0.52 0.606 -.0918811 .0535736 L4. | .0165453 .0279389 0.59 0.554 -.0382139 .0713046 | lmacrowage_ipd | L1. | .9219521 .1191305 7.74 0.000 .6884607 1.155444 L2. | .118564 .1713371 0.69 0.489 -.2172505 .4543785 L3. | -.2128697 .1662378 -1.28 0.200 -.5386898 .1129504 L4. | .074209 .1245181 0.60 0.551 -.1698421 .3182601 | lprod | L1. | .0122652 .1422716 0.09 0.931 -.2665819 .2911123 L2. | .0550595 .2158294 0.26 0.799 -.3679583 .4780773 L3. | -.1159188 .214754 -0.54 0.589 -.5368289 .3049913 L4. | -.0038837 .1410722 -0.03 0.978 -.2803802 .2726128 | fedfunds | L1. | -.0015718 .000662 -2.37 0.018 -.0028693 -.0002743 L2. | .0014682 .0008174 1.80 0.072 -.0001338 .0030703 L3. | -.0008027 .0008377 -0.96 0.338 -.0024445 .0008392 L4. | .0007072 .0007184 0.98 0.325 -.000701 .0021153 | lcp | L1. | -.0120811 .0137174 -0.88 0.378 -.0389667 .0148044 L2. | .0187348 .0207935 0.90 0.368 -.0220197 .0594894 L3. | -.0124671 .0205439 -0.61 0.544 -.0527324 .0277982 L4. | .0083212 .0152364 0.55 0.585 -.0215417 .038184 | gm2 | L1. | .064135 .0976122 0.66 0.511 -.1271813 .2554513 L2. | -.011447 .108842 -0.11 0.916 -.2247735 .2018794 L3. | .1534719 .1065221 1.44 0.150 -.0553076 .3622514 L4. | .1459105 .0991914 1.47 0.141 -.048501 .340322 | mywage | L1. | 3.74e-17 1.04e-15 0.04 0.971 -1.99e-15 2.07e-15 L2. | -6.73e-16 2.44e-15 -0.28 0.783 -5.46e-15 4.11e-15 L3. | 8.78e-16 4.18e-15 0.21 0.834 -7.32e-15 9.08e-15 L4. | -5.84e-17 1.02e-15 -0.06 0.954 -2.05e-15 1.93e-15 | _cons | .0685099 .3174627 0.22 0.829 -.5537055 .6907254 ---------------+---------------------------------------------------------------- lprod | loutput | L1. | -.075914 .1871873 -0.41 0.685 -.4427944 .2909664 L2. | .0071623 .2472263 0.03 0.977 -.4773923 .491717 L3. | -.5591547 .2400379 -2.33 0.020 -1.02962 -.0886891 L4. | .3596738 .1776533 2.02 0.043 .0114797 .707868 | lconsumption | L1. | .0348936 .1555381 0.22 0.822 -.2699555 .3397427 L2. | .4198501 .2002582 2.10 0.036 .0273512 .8123489 L3. | -.327895 .2185093 -1.50 0.133 -.7561654 .1003755 L4. | .2191909 .1704617 1.29 0.198 -.1149079 .5532897 | linfl | L1. | .0915494 .2025133 0.45 0.651 -.3053695 .4884682 L2. | -.0908089 .3130986 -0.29 0.772 -.7044707 .522853 L3. | -.1172557 .3020731 -0.39 0.698 -.709308 .4747967 L4. | .1540038 .1929838 0.80 0.425 -.2242375 .5322451 | linv | L1. | -.0135072 .0365917 -0.37 0.712 -.0852256 .0582112 L2. | .0301736 .045742 0.66 0.509 -.059479 .1198263 L3. | .0044397 .0414743 0.11 0.915 -.0768484 .0857279 L4. | -.0101185 .0312276 -0.32 0.746 -.0713235 .0510864 | lmacrowage_ipd | L1. | .2342415 .1331533 1.76 0.079 -.0267342 .4952172 L2. | -.1091849 .1915052 -0.57 0.569 -.4845282 .2661584 L3. | -.1232299 .1858057 -0.66 0.507 -.4874023 .2409426 L4. | .1084479 .1391752 0.78 0.436 -.1643304 .3812263 | lprod | L1. | .7767898 .1590184 4.88 0.000 .4651196 1.08846 L2. | -.3266161 .2412347 -1.35 0.176 -.7994274 .1461952 L3. | .5945444 .2400327 2.48 0.013 .124089 1.065 L4. | -.4563598 .1576779 -2.89 0.004 -.7654027 -.1473169 | fedfunds | L1. | -.0004142 .0007399 -0.56 0.576 -.0018645 .001036 L2. | -.0016402 .0009136 -1.80 0.073 -.0034308 .0001504 L3. | .0023906 .0009363 2.55 0.011 .0005555 .0042257 L4. | -.0021027 .000803 -2.62 0.009 -.0036766 -.0005289 | lcp | L1. | -.0167922 .015332 -1.10 0.273 -.0468424 .013258 L2. | .0068765 .0232411 0.30 0.767 -.0386753 .0524282 L3. | .0366775 .0229621 1.60 0.110 -.0083275 .0816825 L4. | -.011131 .0170299 -0.65 0.513 -.044509 .0222471 | gm2 | L1. | .0650915 .1091021 0.60 0.551 -.1487447 .2789276 L2. | .0320128 .1216538 0.26 0.792 -.2064244 .2704499 L3. | .0978273 .1190608 0.82 0.411 -.1355277 .3311822 L4. | -.1038473 .1108672 -0.94 0.349 -.321143 .1134484 | mywage | L1. | 4.64e-16 2.95e-15 0.16 0.875 -5.33e-15 6.26e-15 L2. | -1.20e-15 8.00e-15 -0.15 0.881 -1.69e-14 1.45e-14 L3. | 1.11e-16 6.27e-15 0.02 0.986 -1.22e-14 1.24e-14 L4. | -5.59e-16 2.17e-15 -0.26 0.796 -4.80e-15 3.69e-15 | _cons | -.9598243 .3548313 -2.71 0.007 -1.655281 -.2643678 ---------------+---------------------------------------------------------------- fedfunds | loutput | L1. | 56.05766 25.89494 2.16 0.030 5.304505 106.8108 L2. | 31.62285 34.20056 0.92 0.355 -35.40901 98.65472 L3. | -45.64918 33.20613 -1.37 0.169 -110.732 19.43365 L4. | -4.55734 24.57604 -0.19 0.853 -52.72549 43.61081 | lconsumption | L1. | 12.23621 21.51669 0.57 0.570 -29.93573 54.40814 L2. | -72.24026 27.70313 -2.61 0.009 -126.5374 -17.94312 L3. | 64.14301 30.22794 2.12 0.034 4.897338 123.3887 L4. | -27.29287 23.58117 -1.16 0.247 -73.51111 18.92537 | linfl | L1. | 4.318662 28.0151 0.15 0.877 -50.58992 59.22725 L2. | 41.43006 43.31313 0.96 0.339 -43.46212 126.3222 L3. | -72.52767 41.7879 -1.74 0.083 -154.4304 9.375102 L4. | 24.6888 26.69681 0.92 0.355 -27.63599 77.01359 | linv | L1. | 3.524465 5.061987 0.70 0.486 -6.396847 13.44578 L2. | -4.307643 6.327808 -0.68 0.496 -16.70992 8.094634 L3. | 1.062937 5.73743 0.19 0.853 -10.18222 12.30809 L4. | -.9715113 4.319932 -0.22 0.822 -9.438422 7.4954 | lmacrowage_ipd | L1. | 36.22995 18.42004 1.97 0.049 .1273407 72.33256 L2. | 2.56805 26.49226 0.10 0.923 -49.35583 54.49193 L3. | -.5699124 25.70381 -0.02 0.982 -50.94845 49.80863 L4. | 2.269852 19.25308 0.12 0.906 -35.4655 40.0052 | lprod | L1. | -78.5941 21.99813 -3.57 0.000 -121.7096 -35.47855 L2. | 9.704209 33.37169 0.29 0.771 -55.70311 75.11153 L3. | 1.572763 33.20542 0.05 0.962 -63.50866 66.65419 L4. | 6.430857 21.81269 0.29 0.768 -36.32123 49.18294 | fedfunds | L1. | .8143955 .102361 7.96 0.000 .6137717 1.015019 L2. | -.4520027 .1263838 -3.58 0.000 -.6997103 -.204295 L3. | .406553 .1295232 3.14 0.002 .1526922 .6604139 L4. | .0942629 .1110871 0.85 0.396 -.1234638 .3119897 | lcp | L1. | 4.36764 2.120987 2.06 0.039 .210582 8.524699 L2. | -4.854279 3.215108 -1.51 0.131 -11.15577 1.447216 L3. | -.1743964 3.176514 -0.05 0.956 -6.40025 6.051457 L4. | 3.615622 2.355871 1.53 0.125 -1.0018 8.233043 | gm2 | L1. | 41.13485 15.09286 2.73 0.006 11.55339 70.71632 L2. | -13.30364 16.82923 -0.79 0.429 -46.28833 19.68105 L3. | 37.27047 16.47052 2.26 0.024 4.988832 69.5521 L4. | -4.523679 15.33704 -0.29 0.768 -34.58373 25.53637 | mywage | L1. | 9.54e-14 2.38e-13 0.40 0.689 -3.72e-13 5.63e-13 L2. | -1.88e-13 5.46e-13 -0.35 0.730 -1.26e-12 8.81e-13 L3. | 1.66e-13 4.66e-13 0.36 0.721 -7.46e-13 1.08e-12 L4. | -1.35e-14 2.19e-13 -0.06 0.951 -4.43e-13 4.16e-13 | _cons | 125.2165 49.08631 2.55 0.011 29.00911 221.4239 ---------------+---------------------------------------------------------------- lcp | loutput | L1. | .3339708 1.315554 0.25 0.800 -2.244467 2.912408 L2. | 1.427427 1.737508 0.82 0.411 -1.978026 4.832879 L3. | -2.743628 1.686987 -1.63 0.104 -6.050062 .5628071 L4. | .3255441 1.248549 0.26 0.794 -2.121566 2.772654 | lconsumption | L1. | -.3424329 1.093123 -0.31 0.754 -2.484914 1.800048 L2. | -1.020164 1.407416 -0.72 0.469 -3.778648 1.73832 L3. | 2.06398 1.535685 1.34 0.179 -.9459068 5.073867 L4. | -.0843149 1.198006 -0.07 0.944 -2.432363 2.263733 | linfl | L1. | .7871345 1.423265 0.55 0.580 -2.002413 3.576682 L2. | -1.738328 2.200458 -0.79 0.430 -6.051147 2.574491 L3. | -.1605171 2.122971 -0.08 0.940 -4.321464 4.00043 L4. | 1.141458 1.356291 0.84 0.400 -1.516824 3.79974 | linv | L1. | -.3724292 .2571666 -1.45 0.148 -.8764665 .1316081 L2. | -.1241407 .3214748 -0.39 0.699 -.7542197 .5059382 L3. | .467026 .2914815 1.60 0.109 -.1042672 1.038319 L4. | -.0381351 .2194676 -0.17 0.862 -.4682837 .3920136 | lmacrowage_ipd | L1. | -.4668179 .9358022 -0.50 0.618 -2.300956 1.367321 L2. | .1254472 1.3459 0.09 0.926 -2.512467 2.763362 L3. | .4327836 1.305843 0.33 0.740 -2.126622 2.992189 L4. | .3464251 .9781239 0.35 0.723 -1.570663 2.263513 | lprod | L1. | -.5736512 1.117582 -0.51 0.608 -2.764071 1.616769 L2. | -.3274343 1.695399 -0.19 0.847 -3.650355 2.995486 L3. | 1.964684 1.686951 1.16 0.244 -1.341679 5.271048 L4. | -1.267408 1.108161 -1.14 0.253 -3.439363 .904547 | fedfunds | L1. | .0055202 .0052003 1.06 0.288 -.0046722 .0157126 L2. | -.0136953 .0064207 -2.13 0.033 -.0262797 -.0011108 L3. | .0055892 .0065802 0.85 0.396 -.0073078 .0184862 L4. | -.0047881 .0056436 -0.85 0.396 -.0158493 .0062732 | lcp | L1. | 1.108051 .1077536 10.28 0.000 .8968575 1.319244 L2. | -.1476327 .1633387 -0.90 0.366 -.4677706 .1725053 L3. | -.0318787 .161378 -0.20 0.843 -.3481738 .2844164 L4. | .0608209 .1196865 0.51 0.611 -.1737602 .2954021 | gm2 | L1. | 1.814128 .7667701 2.37 0.018 .3112865 3.31697 L2. | .5436845 .8549837 0.64 0.525 -1.132053 2.219422 L3. | -.1808666 .8367602 -0.22 0.829 -1.820886 1.459153 L4. | -.2574977 .7791753 -0.33 0.741 -1.784653 1.269658 | mywage | L1. | 1.92e-15 1.01e-14 0.19 0.850 -1.79e-14 2.17e-14 L2. | -6.95e-15 5.06e-14 -0.14 0.891 -1.06e-13 9.22e-14 L3. | -1.54e-16 1.97e-14 -0.01 0.994 -3.88e-14 3.85e-14 L4. | -6.20e-15 1.17e-14 -0.53 0.598 -2.92e-14 1.68e-14 | _cons | -3.176155 2.493756 -1.27 0.203 -8.063827 1.711517 ---------------+---------------------------------------------------------------- gm2 | loutput | L1. | -.3982073 .158189 -2.52 0.012 -.7082521 -.0881626 L2. | .1212237 .208927 0.58 0.562 -.2882656 .5307131 L3. | .0515007 .2028522 0.25 0.800 -.3460823 .4490836 L4. | -.0903561 .150132 -0.60 0.547 -.3846094 .2038972 | lconsumption | L1. | .291956 .1314428 2.22 0.026 .0343328 .5495791 L2. | -.0485233 .169235 -0.29 0.774 -.3802178 .2831711 L3. | -.3307266 .1846587 -1.79 0.073 -.6926511 .0311978 L4. | .3476654 .1440544 2.41 0.016 .0653239 .630007 | linfl | L1. | -.1190461 .1711408 -0.70 0.487 -.4544759 .2163836 L2. | .2882658 .2645946 1.09 0.276 -.23033 .8068616 L3. | -.3191349 .2552771 -1.25 0.211 -.8194689 .181199 L4. | .1527394 .1630875 0.94 0.349 -.1669062 .4723851 | linv | L1. | .0285118 .0309231 0.92 0.357 -.0320962 .0891199 L2. | .0258734 .0386558 0.67 0.503 -.0498906 .1016374 L3. | -.049274 .0350493 -1.41 0.160 -.1179693 .0194212 L4. | .0431793 .0263899 1.64 0.102 -.008544 .0949026 | lmacrowage_ipd | L1. | -.2554241 .1125257 -2.27 0.023 -.4759705 -.0348777 L2. | .2193815 .161838 1.36 0.175 -.0978151 .5365781 L3. | -.1770265 .1570214 -1.13 0.260 -.4847828 .1307298 L4. | .0890963 .1176147 0.76 0.449 -.1414243 .3196169 | lprod | L1. | .4241301 .1343839 3.16 0.002 .1607426 .6875176 L2. | -.2947006 .2038636 -1.45 0.148 -.6942658 .1048647 L3. | .2455808 .2028478 1.21 0.226 -.1519936 .6431551 L4. | -.2782425 .133251 -2.09 0.037 -.5394097 -.0170753 | fedfunds | L1. | -.0009722 .0006253 -1.55 0.120 -.0021978 .0002534 L2. | .0017317 .0007721 2.24 0.025 .0002184 .0032449 L3. | .0001392 .0007912 0.18 0.860 -.0014116 .00169 L4. | -.0003014 .0006786 -0.44 0.657 -.0016315 .0010287 | lcp | L1. | -.0291712 .0129568 -2.25 0.024 -.0545661 -.0037762 L2. | .0329493 .0196407 1.68 0.093 -.0055458 .0714444 L3. | .0219381 .0194049 1.13 0.258 -.0160949 .0599711 L4. | -.0221258 .0143917 -1.54 0.124 -.0503331 .0060814 | gm2 | L1. | .4300754 .0922004 4.66 0.000 .2493659 .6107849 L2. | -.0151551 .1028077 -0.15 0.883 -.2166545 .1863443 L3. | .0780489 .1006164 0.78 0.438 -.1191556 .2752534 L4. | -.1116425 .0936921 -1.19 0.233 -.2952757 .0719906 | mywage | L1. | -9.27e-16 8.96e-16 -1.03 0.301 -2.68e-15 8.29e-16 L2. | 1.09e-15 1.40e-15 0.78 0.436 -1.65e-15 3.83e-15 L3. | -1.90e-16 1.07e-15 -0.18 0.858 -2.28e-15 1.90e-15 L4. | 3.66e-17 4.31e-16 0.08 0.932 -8.08e-16 8.81e-16 | _cons | -1.21487 .2998622 -4.05 0.000 -1.802589 -.6271507 ---------------+---------------------------------------------------------------- mywage | loutput | L1. | .0946521 .536609 0.18 0.860 -.9570823 1.146386 L2. | -.247299 .712374 -0.35 0.728 -1.643527 1.148928 L3. | -.1639614 .6858271 -0.24 0.811 -1.508158 1.180235 L4. | .7325548 .5259398 1.39 0.164 -.2982683 1.763378 | lconsumption | L1. | .1243914 .4459699 0.28 0.780 -.7496935 .9984762 L2. | .7819681 .5758885 1.36 0.175 -.3467526 1.910689 L3. | -.364379 .6376449 -0.57 0.568 -1.61414 .885382 L4. | -.181148 .4919617 -0.37 0.713 -1.145375 .7830792 | linfl | L1. | -.8467967 .5932426 -1.43 0.153 -2.009531 .3159374 L2. | .7388274 .9108251 0.81 0.417 -1.046357 2.524012 L3. | .0223174 .8701921 0.03 0.980 -1.683228 1.727863 L4. | .0578831 .5512003 0.11 0.916 -1.02245 1.138216 | linv | L1. | -.1463364 .1043586 -1.40 0.161 -.3508755 .0582028 L2. | .2716727 .1324787 2.05 0.040 .0120192 .5313262 L3. | -.119779 .1225499 -0.98 0.328 -.3599724 .1204144 L4. | -.0797014 .0921341 -0.87 0.387 -.2602808 .100878 | lmacrowage_ipd | L1. | -.7957782 .3855246 -2.06 0.039 -1.551393 -.0401639 L2. | .8058924 .5733831 1.41 0.160 -.3179179 1.929703 L3. | .3930483 .5578128 0.70 0.481 -.7002448 1.486341 L4. | .1122517 .4075782 0.28 0.783 -.6865868 .9110903 | lprod | L1. | -.7352676 .4538402 -1.62 0.105 -1.624778 .1542428 L2. | -.3576382 .6849096 -0.52 0.602 -1.700036 .9847599 L3. | .9671879 .681909 1.42 0.156 -.3693292 2.303705 L4. | -1.100825 .4479469 -2.46 0.014 -1.978785 -.2228656 | fedfunds | L1. | -.0017081 .0021519 -0.79 0.427 -.0059257 .0025095 L2. | -.0024739 .0026461 -0.93 0.350 -.0076602 .0027123 L3. | .0047375 .0027072 1.75 0.080 -.0005685 .0100435 L4. | -.0042258 .002333 -1.81 0.070 -.0087985 .0003468 | lcp | L1. | -.00697 .0448783 -0.16 0.877 -.0949298 .0809898 L2. | -.0271851 .0661235 -0.41 0.681 -.1567847 .1024146 L3. | .0828752 .0655257 1.26 0.206 -.0455528 .2113031 L4. | .0082705 .0489136 0.17 0.866 -.0875984 .1041395 | gm2 | L1. | .1924033 .3147398 0.61 0.541 -.4244753 .8092819 L2. | .7591418 .3472146 2.19 0.029 .0786137 1.43967 L3. | .7655168 .3453069 2.22 0.027 .0887278 1.442306 L4. | -.0825483 .3205592 -0.26 0.797 -.7108327 .5457361 | mywage | L1. | 1.483441 .0868568 17.08 0.000 1.313205 1.653677 L2. | -.5659591 .1603673 -3.53 0.000 -.8802732 -.2516449 L3. | -.3181488 .1599049 -1.99 0.047 -.6315567 -.0047409 L4. | .1829388 .0888517 2.06 0.040 .0087926 .3570849 | _cons | -1.016231 1.035199 -0.98 0.326 -3.045184 1.012722 -------------------------------------------------------------------------------- irf file has been cleared (file myirf.irf created) (file myirf.irf now active) irfname luc_ipd not found in myirf.irf (file myirf.irf updated) (310 real changes made) (310 real changes made) (2,790 observations deleted) variable response was str14 now str15 (310 real changes made) (note: j = _fedfunds _gm2 _lconsumption _lcp _linfl _linv _lmacrowage_ipd _loutput _lprod _luc_ipd) Data long -> wide ----------------------------------------------------------------------------- Number of obs. 310 -> 31 Number of variables 10 -> 45 j variable (10 values) response -> (dropped) xij variables: oirf -> oirf_fedfunds oirf_gm2 ... oirf_luc_ipd coirf -> coirf_fedfunds coirf_gm2 ... coirf_luc_ipd stdoirf -> stdoirf_fedfunds stdoirf_gm2 ... stdoirf_luc_ipd stdcoirf -> stdcoirf_fedfunds stdcoirf_gm2 ... stdcoirf_luc_ipd ----------------------------------------------------------------------------- file ../output/user_cost_var_1965q3_1995q3_luc_ipd.xlsx saved file ../output/user_cost_var_1965q3_1995q3_luc_ipd.xlsx saved file ../input/user_cost_var_1965q3_1995q3_luc_ipd.dta saved *** * luc_ipd_cumtight *** Estimating VAR coefficients Iteration 1: tolerance = .1074455 Iteration 2: tolerance = .0061676 Iteration 3: tolerance = .0021539 Iteration 4: tolerance = .00076918 Iteration 5: tolerance = .00025867 Iteration 6: tolerance = .00008509 Iteration 7: tolerance = .00002756 Iteration 8: tolerance = 8.851e-06 Iteration 9: tolerance = 2.856e-06 Iteration 10: tolerance = 8.966e-07 Vector autoregression Sample: 1966q3 - 1995q3 Number of obs = 117 Log likelihood = 3680.485 AIC = -55.90572 FPE = 1.70e-37 HQIC = -51.976 Det(Sigma_ml) = 2.25e-40 SBIC = -46.22631 Equation Parms RMSE R-sq chi2 P>chi2 ---------------------------------------------------------------- loutput 37 .007198 0.9993 173830.6 0.0000 lconsumption 37 .005055 0.9997 345811.4 0.0000 linfl 37 .002811 1.0000 2739195 0.0000 linv 37 .0249 0.9932 17015.86 0.0000 lmacrowage_ipd 37 .005016 0.9985 80222.97 0.0000 lprod 37 .005606 0.9984 71469.41 0.0000 fedfunds 37 .775559 0.9416 1886.946 0.0000 lcp 37 .039401 0.9731 4226.959 0.0000 gm2 37 .004738 0.7651 381.1058 0.0000 mywage 41 .014131 0.9990 115389.8 0.0000 ---------------------------------------------------------------- ( 1) [loutput]L.mywage = 0 ( 2) [loutput]L2.mywage = 0 ( 3) [loutput]L3.mywage = 0 ( 4) [loutput]L4.mywage = 0 ( 5) [lconsumption]L.mywage = 0 ( 6) [lconsumption]L2.mywage = 0 ( 7) [lconsumption]L3.mywage = 0 ( 8) [lconsumption]L4.mywage = 0 ( 9) [linfl]L.mywage = 0 (10) [linfl]L2.mywage = 0 (11) [linfl]L3.mywage = 0 (12) [linfl]L4.mywage = 0 (13) [linv]L.mywage = 0 (14) [linv]L2.mywage = 0 (15) [linv]L3.mywage = 0 (16) [linv]L4.mywage = 0 (17) [lmacrowage_ipd]L.mywage = 0 (18) [lmacrowage_ipd]L2.mywage = 0 (19) [lmacrowage_ipd]L3.mywage = 0 (20) [lmacrowage_ipd]L4.mywage = 0 (21) [lprod]L.mywage = 0 (22) [lprod]L2.mywage = 0 (23) [lprod]L3.mywage = 0 (24) [lprod]L4.mywage = 0 (25) [fedfunds]L.mywage = 0 (26) [fedfunds]L2.mywage = 0 (27) [fedfunds]L3.mywage = 0 (28) [fedfunds]L4.mywage = 0 (29) [lcp]L.mywage = 0 (30) [lcp]L2.mywage = 0 (31) [lcp]L3.mywage = 0 (32) [lcp]L4.mywage = 0 (33) [gm2]L.mywage = 0 (34) [gm2]L2.mywage = 0 (35) [gm2]L3.mywage = 0 (36) [gm2]L4.mywage = 0 -------------------------------------------------------------------------------- | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- loutput | loutput | L1. | 1.014422 .2403244 4.22 0.000 .5433943 1.485449 L2. | -.0192284 .3174068 -0.06 0.952 -.6413342 .6028774 L3. | -.729079 .3081777 -2.37 0.018 -1.333096 -.1250617 L4. | .3513839 .228084 1.54 0.123 -.0956526 .7984203 | lconsumption | L1. | .3029581 .1996909 1.52 0.129 -.0884289 .6943452 L2. | .2098293 .2571057 0.82 0.414 -.2940887 .7137474 L3. | -.3759359 .2805379 -1.34 0.180 -.92578 .1739083 L4. | .2377786 .2188509 1.09 0.277 -.1911612 .6667185 | linfl | L1. | .1421267 .2600011 0.55 0.585 -.3674661 .6517194 L2. | -.2320376 .4019782 -0.58 0.564 -1.0199 .5558253 L3. | -.1957879 .3878229 -0.50 0.614 -.9559069 .564331 L4. | .3569629 .2477664 1.44 0.150 -.1286503 .8425761 | linv | L1. | -.0248185 .046979 -0.53 0.597 -.1168957 .0672587 L2. | .0458209 .0587268 0.78 0.435 -.0692815 .1609233 L3. | -.0062914 .0532476 -0.12 0.906 -.1106549 .0980721 L4. | .0176023 .0400922 0.44 0.661 -.060977 .0961815 | lmacrowage_ipd | L1. | .2031385 .1709517 1.19 0.235 -.1319207 .5381977 L2. | -.1256242 .245868 -0.51 0.609 -.6075166 .3562683 L3. | -.027472 .2385506 -0.12 0.908 -.4950225 .4400786 L4. | .1740159 .178683 0.97 0.330 -.1761964 .5242282 | lprod | L1. | -.460157 .2041591 -2.25 0.024 -.8603015 -.0600125 L2. | -.2178127 .3097143 -0.70 0.482 -.8248415 .3892162 L3. | .920172 .3081711 2.99 0.003 .3161677 1.524176 L4. | -.7427716 .2024381 -3.67 0.000 -1.139543 -.3460002 | fedfunds | L1. | .0005191 .00095 0.55 0.585 -.0013428 .002381 L2. | -.0039059 .0011729 -3.33 0.001 -.0062048 -.001607 L3. | .0038138 .0012021 3.17 0.002 .0014578 .0061698 L4. | -.0035586 .001031 -3.45 0.001 -.0055793 -.001538 | lcp | L1. | .0126745 .0196843 0.64 0.520 -.0259061 .0512552 L2. | -.0399923 .0298386 -1.34 0.180 -.0984749 .0184903 L3. | .0618313 .0294804 2.10 0.036 .0040507 .1196119 L4. | -.0069885 .0218642 -0.32 0.749 -.0498416 .0358646 | gm2 | L1. | .1878948 .140073 1.34 0.180 -.0866433 .462433 L2. | .1967381 .1561879 1.26 0.208 -.1093845 .5028607 L3. | .0595629 .1528588 0.39 0.697 -.2400348 .3591606 L4. | -.1145326 .1423392 -0.80 0.421 -.3935123 .1644471 | mywage | L1. | -2.85e-15 2.23e-15 -1.28 0.202 -7.22e-15 1.53e-15 L2. | 7.24e-15 6.50e-15 1.11 0.265 -5.50e-15 2.00e-14 L3. | -4.27e-15 6.83e-15 -0.63 0.531 -1.77e-14 9.11e-15 L4. | 7.43e-16 4.62e-15 0.16 0.872 -8.32e-15 9.80e-15 | _cons | -1.211284 .4555577 -2.66 0.008 -2.10416 -.3184071 ---------------+---------------------------------------------------------------- lconsumption | loutput | L1. | .1054236 .1687729 0.62 0.532 -.2253652 .4362124 L2. | -.184406 .2229056 -0.83 0.408 -.6212929 .2524808 L3. | -.2840669 .2164243 -1.31 0.189 -.7082507 .1401169 L4. | .2379154 .1601768 1.49 0.137 -.0760253 .5518562 | lconsumption | L1. | .7925948 .1402372 5.65 0.000 .517735 1.067455 L2. | .3297423 .1805579 1.83 0.068 -.0241447 .6836293 L3. | .0168306 .1970136 0.09 0.932 -.369309 .4029701 L4. | -.0592639 .1536926 -0.39 0.700 -.3604959 .2419681 | linfl | L1. | -.0711771 .1825912 -0.39 0.697 -.4290492 .2866951 L2. | -.0061466 .2822977 -0.02 0.983 -.5594398 .5471467 L3. | .1688696 .2723568 0.62 0.535 -.3649399 .7026791 L4. | -.0487649 .1739991 -0.28 0.779 -.389797 .2922671 | linv | L1. | .0098028 .032992 0.30 0.766 -.0548604 .0744659 L2. | .0509585 .0412421 1.24 0.217 -.0298746 .1317916 L3. | .0085609 .0373943 0.23 0.819 -.0647305 .0818524 L4. | -.0333093 .0281556 -1.18 0.237 -.0884932 .0218746 | lmacrowage_ipd | L1. | -.0435817 .1200544 -0.36 0.717 -.2788841 .1917206 L2. | -.0011794 .172666 -0.01 0.995 -.3395986 .3372397 L3. | .170732 .1675272 1.02 0.308 -.1576152 .4990792 L4. | .0383536 .1254839 0.31 0.760 -.2075904 .2842975 | lprod | L1. | -.1083472 .143375 -0.76 0.450 -.389357 .1726627 L2. | -.0697658 .2175034 -0.32 0.748 -.4960646 .3565329 L3. | .143132 .2164196 0.66 0.508 -.2810427 .5673067 L4. | -.2478349 .1421664 -1.74 0.081 -.5264759 .0308061 | fedfunds | L1. | -.0019566 .0006671 -2.93 0.003 -.0032642 -.000649 L2. | -.0005999 .0008237 -0.73 0.466 -.0022144 .0010145 L3. | .0008454 .0008442 1.00 0.317 -.0008092 .0024999 L4. | -.0005686 .000724 -0.79 0.432 -.0019877 .0008504 | lcp | L1. | -.0168388 .0138237 -1.22 0.223 -.0439328 .0102553 L2. | -.0136468 .0209548 -0.65 0.515 -.0547174 .0274238 L3. | .0465467 .0207033 2.25 0.025 .005969 .0871243 L4. | -.0062824 .0153546 -0.41 0.682 -.0363769 .0238121 | gm2 | L1. | .0140673 .0983692 0.14 0.886 -.1787328 .2068675 L2. | .1821828 .1096862 1.66 0.097 -.0327983 .3971638 L3. | .0605851 .1073483 0.56 0.572 -.1498137 .2709839 L4. | -.0135381 .0999607 -0.14 0.892 -.2094574 .1823813 | mywage | L1. | -1.83e-16 1.75e-15 -0.10 0.917 -3.62e-15 3.25e-15 L2. | -1.87e-15 4.04e-15 -0.46 0.643 -9.78e-15 6.04e-15 L3. | -1.76e-15 8.21e-15 -0.21 0.830 -1.79e-14 1.43e-14 L4. | -5.18e-16 2.60e-15 -0.20 0.842 -5.61e-15 4.57e-15 | _cons | -.1728965 .3199249 -0.54 0.589 -.7999378 .4541449 ---------------+---------------------------------------------------------------- linfl | loutput | L1. | .1060613 .0938563 1.13 0.258 -.0778937 .2900163 L2. | .0784845 .1239601 0.63 0.527 -.1644728 .3214418 L3. | -.0205006 .1203558 -0.17 0.865 -.2563936 .2153923 L4. | -.1983265 .089076 -2.23 0.026 -.3729122 -.0237409 | lconsumption | L1. | -.0660305 .0779873 -0.85 0.397 -.2188828 .0868219 L2. | -.1811226 .1004101 -1.80 0.071 -.3779228 .0156776 L3. | .0663141 .1095613 0.61 0.545 -.148422 .2810503 L4. | .1664204 .08547 1.95 0.052 -.0010978 .3339386 | linfl | L1. | 1.189416 .1015408 11.71 0.000 .9903994 1.388432 L2. | .1455086 .1569886 0.93 0.354 -.1621835 .4532006 L3. | -.225296 .1514604 -1.49 0.137 -.5221529 .071561 L4. | -.1160927 .0967627 -1.20 0.230 -.3057441 .0735587 | linv | L1. | .0075678 .0183472 0.41 0.680 -.028392 .0435277 L2. | -.0272185 .0229352 -1.19 0.235 -.0721706 .0177337 L3. | -.0078286 .0207953 -0.38 0.707 -.0485867 .0329295 L4. | .0345903 .0156576 2.21 0.027 .0039019 .0652786 | lmacrowage_ipd | L1. | .1894653 .0667635 2.84 0.005 .0586112 .3203194 L2. | .00058 .0960213 0.01 0.995 -.1876184 .1887783 L3. | -.0793952 .0931636 -0.85 0.394 -.2619924 .1032021 L4. | -.0353711 .0697829 -0.51 0.612 -.1721431 .1014008 | lprod | L1. | -.2027012 .0797323 -2.54 0.011 -.3589737 -.0464287 L2. | .0573304 .1209558 0.47 0.636 -.1797387 .2943995 L3. | .1007808 .1203532 0.84 0.402 -.1351071 .3366687 L4. | .0618045 .0790602 0.78 0.434 -.0931507 .2167596 | fedfunds | L1. | .0006839 .000371 1.84 0.065 -.0000433 .001411 L2. | -.0001028 .0004581 -0.22 0.822 -.0010007 .000795 L3. | .0001948 .0004695 0.41 0.678 -.0007254 .0011149 L4. | -.0002809 .0004026 -0.70 0.485 -.0010701 .0005082 | lcp | L1. | .0089632 .0076875 1.17 0.244 -.0061041 .0240304 L2. | .0059194 .0116532 0.51 0.611 -.0169204 .0287592 L3. | -.0225225 .0115133 -1.96 0.050 -.0450881 .0000431 L4. | .0106155 .0085389 1.24 0.214 -.0061204 .0273514 | gm2 | L1. | .0474538 .0547041 0.87 0.386 -.0597643 .1546719 L2. | .0465964 .0609976 0.76 0.445 -.0729567 .1661495 L3. | -.0656617 .0596975 -1.10 0.271 -.1826666 .0513433 L4. | -.1095748 .0555892 -1.97 0.049 -.2185276 -.000622 | mywage | L1. | 9.94e-17 3.50e-16 0.28 0.776 -5.87e-16 7.85e-16 L2. | -8.81e-17 5.79e-16 -0.15 0.879 -1.22e-15 1.05e-15 L3. | 6.43e-16 4.69e-16 1.37 0.170 -2.75e-16 1.56e-15 L4. | 3.83e-16 3.71e-16 1.03 0.301 -3.43e-16 1.11e-15 | _cons | -.1681065 .1779135 -0.94 0.345 -.5168107 .1805976 ---------------+---------------------------------------------------------------- linv | loutput | L1. | 1.631396 .8313904 1.96 0.050 .0019006 3.260891 L2. | -.0963867 1.098053 -0.09 0.930 -2.248531 2.055757 L3. | -2.150835 1.066126 -2.02 0.044 -4.240403 -.0612676 L4. | -.083211 .7890453 -0.11 0.916 -1.629711 1.463289 | lconsumption | L1. | 1.483342 .6908209 2.15 0.032 .1293577 2.837326 L2. | -1.431515 .8894445 -1.61 0.108 -3.174794 .3117643 L3. | -1.180147 .9705068 -1.22 0.224 -3.082305 .7220118 L4. | 1.864513 .7571037 2.46 0.014 .3806175 3.348409 | linfl | L1. | .2947738 .8994607 0.33 0.743 -1.468137 2.057684 L2. | .3605066 1.390624 0.26 0.795 -2.365066 3.086079 L3. | -2.829261 1.341654 -2.11 0.035 -5.458855 -.1996676 L4. | 2.30808 .8571354 2.69 0.007 .6281257 3.988035 | linv | L1. | .5985711 .1625216 3.68 0.000 .2800346 .9171076 L2. | .0290969 .2031624 0.14 0.886 -.3690941 .427288 L3. | -.0151252 .1842076 -0.08 0.935 -.3761654 .3459151 L4. | .1698421 .138697 1.22 0.221 -.101999 .4416831 | lmacrowage_ipd | L1. | .3932298 .5913989 0.66 0.506 -.7658908 1.55235 L2. | .0483397 .8505682 0.06 0.955 -1.618743 1.715423 L3. | -1.326505 .8252538 -1.61 0.108 -2.943973 .2909628 L4. | .9689221 .618145 1.57 0.117 -.2426199 2.180464 | lprod | L1. | -2.17979 .7062782 -3.09 0.002 -3.56407 -.7955099 L2. | .5337514 1.071441 0.50 0.618 -1.566235 2.633737 L3. | 3.272601 1.066103 3.07 0.002 1.183079 5.362124 L4. | -1.773381 .7003244 -2.53 0.011 -3.145991 -.4007701 | fedfunds | L1. | .0108799 .0032864 3.31 0.001 .0044386 .0173212 L2. | -.0173063 .0040577 -4.27 0.000 -.0252593 -.0093534 L3. | .0147923 .0041585 3.56 0.000 .0066418 .0229429 L4. | -.010474 .0035666 -2.94 0.003 -.0174644 -.0034836 | lcp | L1. | .0559385 .068097 0.82 0.411 -.0775292 .1894062 L2. | -.1160337 .1032252 -1.12 0.261 -.3183512 .0862839 L3. | .1363906 .1019861 1.34 0.181 -.0634984 .3362796 L4. | -.0502675 .0756383 -0.66 0.506 -.1985157 .0979808 | gm2 | L1. | .9577276 .4845757 1.98 0.048 .0079766 1.907479 L2. | -.1316716 .5403241 -0.24 0.807 -1.190687 .9273441 L3. | .3298038 .5288074 0.62 0.533 -.7066396 1.366247 L4. | -1.129034 .4924154 -2.29 0.022 -2.09415 -.1639174 | mywage | L1. | -1.97e-15 1.17e-14 -0.17 0.867 -2.50e-14 2.10e-14 L2. | 9.19e-15 2.14e-14 0.43 0.667 -3.27e-14 5.11e-14 L3. | -1.62e-14 1.53e-14 -1.06 0.291 -4.63e-14 1.39e-14 L4. | -4.35e-15 5.07e-15 -0.86 0.390 -1.43e-14 5.58e-15 | _cons | -2.403691 1.575979 -1.53 0.127 -5.492553 .6851716 ---------------+---------------------------------------------------------------- lmacrowage_ipd | loutput | L1. | -.0807417 .167474 -0.48 0.630 -.4089846 .2475012 L2. | .1286773 .22119 0.58 0.561 -.3048472 .5622017 L3. | .1416888 .2147586 0.66 0.509 -.2792304 .5626079 L4. | -.1472362 .158944 -0.93 0.354 -.4587608 .1642883 | lconsumption | L1. | .0869034 .1391578 0.62 0.532 -.185841 .3596477 L2. | -.1729637 .1791683 -0.97 0.334 -.5241271 .1781996 L3. | -.0209334 .1954973 -0.11 0.915 -.4041011 .3622343 L4. | .1668695 .1525098 1.09 0.274 -.1320442 .4657831 | linfl | L1. | -.1340592 .1811859 -0.74 0.459 -.4891771 .2210587 L2. | .0762285 .280125 0.27 0.786 -.4728064 .6252634 L3. | .0171643 .2702606 0.06 0.949 -.5125369 .5468654 L4. | .0285074 .17266 0.17 0.869 -.3098999 .3669147 | linv | L1. | -.0008074 .0327381 -0.02 0.980 -.0649728 .0633581 L2. | -.0081417 .0409247 -0.20 0.842 -.0883527 .0720692 L3. | -.0191537 .0371065 -0.52 0.606 -.0918811 .0535736 L4. | .0165453 .0279389 0.59 0.554 -.0382139 .0713046 | lmacrowage_ipd | L1. | .9219521 .1191305 7.74 0.000 .6884607 1.155443 L2. | .118564 .1713371 0.69 0.489 -.2172505 .4543785 L3. | -.2128697 .1662378 -1.28 0.200 -.5386898 .1129504 L4. | .074209 .1245181 0.60 0.551 -.1698421 .31826 | lprod | L1. | .0122652 .1422716 0.09 0.931 -.2665819 .2911123 L2. | .0550595 .2158294 0.26 0.799 -.3679583 .4780773 L3. | -.1159188 .214754 -0.54 0.589 -.5368289 .3049913 L4. | -.0038837 .1410722 -0.03 0.978 -.2803801 .2726128 | fedfunds | L1. | -.0015718 .000662 -2.37 0.018 -.0028693 -.0002743 L2. | .0014682 .0008174 1.80 0.072 -.0001338 .0030703 L3. | -.0008027 .0008377 -0.96 0.338 -.0024445 .0008392 L4. | .0007072 .0007184 0.98 0.325 -.000701 .0021153 | lcp | L1. | -.0120811 .0137174 -0.88 0.378 -.0389667 .0148044 L2. | .0187348 .0207935 0.90 0.368 -.0220197 .0594894 L3. | -.0124671 .0205439 -0.61 0.544 -.0527324 .0277982 L4. | .0083212 .0152364 0.55 0.585 -.0215417 .038184 | gm2 | L1. | .064135 .0976122 0.66 0.511 -.1271813 .2554513 L2. | -.011447 .108842 -0.11 0.916 -.2247735 .2018794 L3. | .1534719 .1065221 1.44 0.150 -.0553076 .3622514 L4. | .1459105 .0991914 1.47 0.141 -.048501 .340322 | mywage | L1. | -3.55e-16 8.36e-16 -0.42 0.671 -1.99e-15 1.28e-15 L2. | -9.55e-16 2.26e-15 -0.42 0.673 -5.39e-15 3.48e-15 L3. | -4.71e-17 3.18e-15 -0.01 0.988 -6.27e-15 6.18e-15 L4. | -1.48e-16 8.72e-16 -0.17 0.865 -1.86e-15 1.56e-15 | _cons | .0685099 .3174627 0.22 0.829 -.5537055 .6907254 ---------------+---------------------------------------------------------------- lprod | loutput | L1. | -.075914 .1871873 -0.41 0.685 -.4427945 .2909664 L2. | .0071623 .2472263 0.03 0.977 -.4773923 .491717 L3. | -.5591547 .2400379 -2.33 0.020 -1.02962 -.0886891 L4. | .3596738 .1776533 2.02 0.043 .0114797 .707868 | lconsumption | L1. | .0348936 .1555381 0.22 0.822 -.2699555 .3397427 L2. | .4198501 .2002582 2.10 0.036 .0273512 .8123489 L3. | -.327895 .2185093 -1.50 0.133 -.7561654 .1003755 L4. | .2191909 .1704617 1.29 0.198 -.1149079 .5532897 | linfl | L1. | .0915493 .2025133 0.45 0.651 -.3053695 .4884682 L2. | -.0908089 .3130985 -0.29 0.772 -.7044708 .522853 L3. | -.1172556 .3020731 -0.39 0.698 -.7093079 .4747967 L4. | .1540038 .1929838 0.80 0.425 -.2242375 .5322451 | linv | L1. | -.0135072 .0365917 -0.37 0.712 -.0852256 .0582112 L2. | .0301737 .045742 0.66 0.509 -.059479 .1198263 L3. | .0044397 .0414743 0.11 0.915 -.0768484 .0857278 L4. | -.0101185 .0312276 -0.32 0.746 -.0713235 .0510864 | lmacrowage_ipd | L1. | .2342415 .1331533 1.76 0.079 -.0267342 .4952172 L2. | -.1091849 .1915052 -0.57 0.569 -.4845282 .2661584 L3. | -.1232298 .1858057 -0.66 0.507 -.4874023 .2409426 L4. | .1084479 .1391752 0.78 0.436 -.1643305 .3812262 | lprod | L1. | .7767899 .1590184 4.88 0.000 .4651196 1.08846 L2. | -.3266161 .2412347 -1.35 0.176 -.7994274 .1461952 L3. | .5945444 .2400327 2.48 0.013 .1240889 1.065 L4. | -.4563598 .1576779 -2.89 0.004 -.7654027 -.1473169 | fedfunds | L1. | -.0004142 .0007399 -0.56 0.576 -.0018645 .001036 L2. | -.0016402 .0009136 -1.80 0.073 -.0034308 .0001504 L3. | .0023906 .0009363 2.55 0.011 .0005555 .0042257 L4. | -.0021027 .000803 -2.62 0.009 -.0036766 -.0005289 | lcp | L1. | -.0167922 .015332 -1.10 0.273 -.0468424 .013258 L2. | .0068765 .0232411 0.30 0.767 -.0386753 .0524282 L3. | .0366775 .0229621 1.60 0.110 -.0083275 .0816825 L4. | -.011131 .0170299 -0.65 0.513 -.044509 .0222471 | gm2 | L1. | .0650915 .1091021 0.60 0.551 -.1487447 .2789276 L2. | .0320128 .1216538 0.26 0.792 -.2064243 .2704499 L3. | .0978273 .1190608 0.82 0.411 -.1355277 .3311822 L4. | -.1038473 .1108672 -0.94 0.349 -.321143 .1134484 | mywage | L1. | -1.15e-15 2.78e-15 -0.41 0.678 -6.59e-15 4.29e-15 L2. | 2.49e-16 3.28e-15 0.08 0.940 -6.18e-15 6.68e-15 L3. | 1.11e-15 4.10e-15 0.27 0.787 -6.93e-15 9.15e-15 L4. | 7.21e-17 2.35e-15 0.03 0.976 -4.53e-15 4.68e-15 | _cons | -.9598243 .3548313 -2.71 0.007 -1.655281 -.2643678 ---------------+---------------------------------------------------------------- fedfunds | loutput | L1. | 56.05766 25.89494 2.16 0.030 5.304504 106.8108 L2. | 31.62286 34.20056 0.92 0.355 -35.409 98.65472 L3. | -45.64918 33.20613 -1.37 0.169 -110.732 19.43365 L4. | -4.557343 24.57604 -0.19 0.853 -52.7255 43.61081 | lconsumption | L1. | 12.23621 21.51669 0.57 0.570 -29.93573 54.40814 L2. | -72.24026 27.70313 -2.61 0.009 -126.5374 -17.94313 L3. | 64.14301 30.22794 2.12 0.034 4.897339 123.3887 L4. | -27.29287 23.58117 -1.16 0.247 -73.51111 18.92537 | linfl | L1. | 4.31866 28.0151 0.15 0.877 -50.58992 59.22724 L2. | 41.43006 43.31313 0.96 0.339 -43.46211 126.3222 L3. | -72.52767 41.7879 -1.74 0.083 -154.4304 9.375103 L4. | 24.6888 26.69681 0.92 0.355 -27.63599 77.01359 | linv | L1. | 3.524465 5.061987 0.70 0.486 -6.396847 13.44578 L2. | -4.307643 6.327808 -0.68 0.496 -16.70992 8.094633 L3. | 1.062937 5.73743 0.19 0.853 -10.18222 12.30809 L4. | -.971511 4.319932 -0.22 0.822 -9.438422 7.4954 | lmacrowage_ipd | L1. | 36.22995 18.42004 1.97 0.049 .1273401 72.33256 L2. | 2.568051 26.49226 0.10 0.923 -49.35583 54.49194 L3. | -.5699127 25.70381 -0.02 0.982 -50.94845 49.80863 L4. | 2.269852 19.25308 0.12 0.906 -35.4655 40.0052 | lprod | L1. | -78.5941 21.99813 -3.57 0.000 -121.7096 -35.47855 L2. | 9.704207 33.37169 0.29 0.771 -55.70311 75.11153 L3. | 1.572763 33.20542 0.05 0.962 -63.50866 66.65419 L4. | 6.430859 21.81269 0.29 0.768 -36.32123 49.18294 | fedfunds | L1. | .8143955 .102361 7.96 0.000 .6137717 1.015019 L2. | -.4520027 .1263838 -3.58 0.000 -.6997103 -.204295 L3. | .406553 .1295232 3.14 0.002 .1526922 .6604139 L4. | .0942629 .1110871 0.85 0.396 -.1234638 .3119897 | lcp | L1. | 4.36764 2.120987 2.06 0.039 .2105819 8.524699 L2. | -4.854279 3.215108 -1.51 0.131 -11.15577 1.447216 L3. | -.1743965 3.176514 -0.05 0.956 -6.40025 6.051457 L4. | 3.615622 2.355871 1.53 0.125 -1.0018 8.233043 | gm2 | L1. | 41.13485 15.09286 2.73 0.006 11.55339 70.71632 L2. | -13.30364 16.82923 -0.79 0.429 -46.28833 19.68105 L3. | 37.27047 16.47052 2.26 0.024 4.988832 69.5521 L4. | -4.523679 15.33704 -0.29 0.768 -34.58373 25.53637 | mywage | L1. | -4.15e-14 1.43e-13 -0.29 0.771 -3.22e-13 2.39e-13 L2. | 8.94e-14 2.34e-13 0.38 0.702 -3.68e-13 5.47e-13 L3. | -1.19e-13 4.27e-13 -0.28 0.781 -9.56e-13 7.18e-13 L4. | 2.71e-14 1.52e-13 0.18 0.858 -2.70e-13 3.24e-13 | _cons | 125.2165 49.08631 2.55 0.011 29.00911 221.4239 ---------------+---------------------------------------------------------------- lcp | loutput | L1. | .3339709 1.315554 0.25 0.800 -2.244467 2.912408 L2. | 1.427426 1.737508 0.82 0.411 -1.978026 4.832879 L3. | -2.743627 1.686987 -1.63 0.104 -6.050062 .5628073 L4. | .3255441 1.248549 0.26 0.794 -2.121566 2.772654 | lconsumption | L1. | -.342433 1.093123 -0.31 0.754 -2.484914 1.800048 L2. | -1.020163 1.407416 -0.72 0.469 -3.778647 1.73832 L3. | 2.06398 1.535685 1.34 0.179 -.945907 5.073867 L4. | -.0843148 1.198006 -0.07 0.944 -2.432363 2.263733 | linfl | L1. | .7871345 1.423265 0.55 0.580 -2.002413 3.576682 L2. | -1.738328 2.200458 -0.79 0.430 -6.051147 2.574491 L3. | -.160517 2.122971 -0.08 0.940 -4.321464 4.00043 L4. | 1.141458 1.356291 0.84 0.400 -1.516824 3.79974 | linv | L1. | -.3724292 .2571666 -1.45 0.148 -.8764665 .1316081 L2. | -.1241407 .3214748 -0.39 0.699 -.7542196 .5059383 L3. | .467026 .2914815 1.60 0.109 -.1042673 1.038319 L4. | -.0381351 .2194676 -0.17 0.862 -.4682837 .3920136 | lmacrowage_ipd | L1. | -.4668178 .9358022 -0.50 0.618 -2.300956 1.367321 L2. | .1254471 1.3459 0.09 0.926 -2.512467 2.763362 L3. | .4327836 1.305843 0.33 0.740 -2.126622 2.992189 L4. | .3464251 .9781239 0.35 0.723 -1.570663 2.263513 | lprod | L1. | -.5736512 1.117582 -0.51 0.608 -2.764071 1.616769 L2. | -.3274341 1.695399 -0.19 0.847 -3.650354 2.995486 L3. | 1.964684 1.686951 1.16 0.244 -1.341679 5.271048 L4. | -1.267408 1.108161 -1.14 0.253 -3.439363 .9045471 | fedfunds | L1. | .0055202 .0052003 1.06 0.288 -.0046722 .0157126 L2. | -.0136953 .0064207 -2.13 0.033 -.0262797 -.0011108 L3. | .0055892 .0065802 0.85 0.396 -.0073078 .0184862 L4. | -.0047881 .0056436 -0.85 0.396 -.0158493 .0062732 | lcp | L1. | 1.108051 .1077536 10.28 0.000 .8968575 1.319244 L2. | -.1476327 .1633387 -0.90 0.366 -.4677706 .1725053 L3. | -.0318787 .161378 -0.20 0.843 -.3481738 .2844164 L4. | .0608209 .1196865 0.51 0.611 -.1737602 .2954021 | gm2 | L1. | 1.814128 .7667701 2.37 0.018 .3112865 3.31697 L2. | .5436845 .8549837 0.64 0.525 -1.132053 2.219422 L3. | -.1808667 .8367602 -0.22 0.829 -1.820886 1.459153 L4. | -.2574976 .7791753 -0.33 0.741 -1.784653 1.269658 | mywage | L1. | -8.52e-16 6.58e-15 -0.13 0.897 -1.38e-14 1.20e-14 L2. | -2.78e-15 2.22e-14 -0.12 0.901 -4.64e-14 4.08e-14 L3. | -1.01e-14 2.50e-14 -0.40 0.686 -5.91e-14 3.89e-14 L4. | -1.58e-15 6.54e-15 -0.24 0.809 -1.44e-14 1.12e-14 | _cons | -3.176155 2.493756 -1.27 0.203 -8.063827 1.711517 ---------------+---------------------------------------------------------------- gm2 | loutput | L1. | -.3982073 .158189 -2.52 0.012 -.7082521 -.0881626 L2. | .1212237 .208927 0.58 0.562 -.2882656 .5307131 L3. | .0515007 .2028522 0.25 0.800 -.3460822 .4490836 L4. | -.0903561 .150132 -0.60 0.547 -.3846094 .2038972 | lconsumption | L1. | .291956 .1314428 2.22 0.026 .0343328 .5495791 L2. | -.0485233 .169235 -0.29 0.774 -.3802178 .2831712 L3. | -.3307266 .1846587 -1.79 0.073 -.6926511 .0311978 L4. | .3476654 .1440544 2.41 0.016 .0653239 .630007 | linfl | L1. | -.1190461 .1711408 -0.70 0.487 -.4544759 .2163836 L2. | .2882658 .2645946 1.09 0.276 -.23033 .8068616 L3. | -.3191349 .2552771 -1.25 0.211 -.8194688 .181199 L4. | .1527394 .1630875 0.94 0.349 -.1669062 .4723851 | linv | L1. | .0285118 .0309231 0.92 0.357 -.0320963 .0891199 L2. | .0258734 .0386558 0.67 0.503 -.0498906 .1016374 L3. | -.0492741 .0350493 -1.41 0.160 -.1179693 .0194212 L4. | .0431793 .0263899 1.64 0.102 -.008544 .0949026 | lmacrowage_ipd | L1. | -.2554241 .1125257 -2.27 0.023 -.4759705 -.0348777 L2. | .2193815 .161838 1.36 0.175 -.0978151 .5365781 L3. | -.1770265 .1570214 -1.13 0.260 -.4847828 .1307298 L4. | .0890963 .1176147 0.76 0.449 -.1414243 .3196169 | lprod | L1. | .4241301 .1343839 3.16 0.002 .1607426 .6875176 L2. | -.2947005 .2038636 -1.45 0.148 -.6942658 .1048647 L3. | .2455808 .2028478 1.21 0.226 -.1519936 .6431551 L4. | -.2782425 .133251 -2.09 0.037 -.5394097 -.0170753 | fedfunds | L1. | -.0009722 .0006253 -1.55 0.120 -.0021978 .0002534 L2. | .0017317 .0007721 2.24 0.025 .0002184 .0032449 L3. | .0001392 .0007912 0.18 0.860 -.0014116 .00169 L4. | -.0003014 .0006786 -0.44 0.657 -.0016315 .0010287 | lcp | L1. | -.0291712 .0129568 -2.25 0.024 -.0545661 -.0037762 L2. | .0329493 .0196407 1.68 0.093 -.0055458 .0714444 L3. | .0219381 .0194049 1.13 0.258 -.0160949 .0599711 L4. | -.0221258 .0143917 -1.54 0.124 -.0503331 .0060814 | gm2 | L1. | .4300754 .0922004 4.66 0.000 .2493658 .6107849 L2. | -.0151551 .1028077 -0.15 0.883 -.2166545 .1863443 L3. | .0780489 .1006164 0.78 0.438 -.1191556 .2752534 L4. | -.1116425 .0936921 -1.19 0.233 -.2952757 .0719906 | mywage | L1. | 3.25e-16 5.57e-16 0.58 0.560 -7.67e-16 1.42e-15 L2. | -1.60e-15 1.91e-15 -0.84 0.402 -5.33e-15 2.14e-15 L3. | 1.01e-15 1.38e-15 0.73 0.466 -1.69e-15 3.71e-15 L4. | -1.34e-15 1.17e-15 -1.14 0.253 -3.63e-15 9.58e-16 | _cons | -1.21487 .2998622 -4.05 0.000 -1.802589 -.6271507 ---------------+---------------------------------------------------------------- mywage | loutput | L1. | .0194576 .4844201 0.04 0.968 -.9299883 .9689036 L2. | -.1901356 .647655 -0.29 0.769 -1.459516 1.079245 L3. | -.0392599 .6144883 -0.06 0.949 -1.243635 1.165115 L4. | .5919186 .4675618 1.27 0.206 -.3244857 1.508323 | lconsumption | L1. | .2251539 .4000006 0.56 0.574 -.558833 1.009141 L2. | .4083378 .5071007 0.81 0.421 -.5855613 1.402237 L3. | -.0734098 .5573204 -0.13 0.895 -1.165738 1.018918 L4. | -.2047516 .4329973 -0.47 0.636 -1.053411 .6439075 | linfl | L1. | -.5812082 .5281355 -1.10 0.271 -1.616335 .4539184 L2. | .5378704 .8091936 0.66 0.506 -1.04812 2.123861 L3. | .5564422 .7750726 0.72 0.473 -.9626722 2.075557 L4. | -.5220984 .4898745 -1.07 0.287 -1.482235 .438038 | linv | L1. | -.0671963 .0925891 -0.73 0.468 -.2486675 .114275 L2. | .1667877 .1158977 1.44 0.150 -.0603676 .393943 L3. | -.0843118 .1061787 -0.79 0.427 -.2924182 .1237947 L4. | -.0874372 .0810835 -1.08 0.281 -.246358 .0714836 | lmacrowage_ipd | L1. | -.3622585 .3386403 -1.07 0.285 -1.025981 .3014643 L2. | .6888176 .4988872 1.38 0.167 -.2889833 1.666619 L3. | .3400108 .4879473 0.70 0.486 -.6163484 1.29637 L4. | -.0704655 .3588873 -0.20 0.844 -.7738717 .6329408 | lprod | L1. | -.7905456 .4049502 -1.95 0.051 -1.584233 .0031422 L2. | -.1164523 .6152152 -0.19 0.850 -1.322252 1.089347 L3. | .4251703 .6067082 0.70 0.483 -.763956 1.614297 L4. | -.6956327 .3999195 -1.74 0.082 -1.479461 .0881951 | fedfunds | L1. | -.0008049 .0019205 -0.42 0.675 -.0045691 .0029593 L2. | -.0013003 .0023455 -0.55 0.579 -.0058973 .0032968 L3. | .0024197 .0024007 1.01 0.314 -.0022857 .0071251 L4. | -.0030643 .0020959 -1.46 0.144 -.0071723 .0010437 | lcp | L1. | -.0120963 .040129 -0.30 0.763 -.0907477 .0665551 L2. | -.00501 .0587543 -0.09 0.932 -.1201662 .1101463 L3. | .0514171 .0582903 0.88 0.378 -.0628298 .1656641 L4. | .0157886 .0437102 0.36 0.718 -.0698818 .101459 | gm2 | L1. | .3480132 .2833158 1.23 0.219 -.2072755 .903302 L2. | .7406618 .3087446 2.40 0.016 .1355335 1.34579 L3. | .5960683 .3044571 1.96 0.050 -.0006566 1.192793 L4. | .1294746 .2848526 0.45 0.649 -.4288263 .6877755 | mywage | L1. | 1.526517 .0858394 17.78 0.000 1.358275 1.694759 L2. | -.680694 .1652294 -4.12 0.000 -1.004538 -.3568503 L3. | -.2050387 .1666648 -1.23 0.219 -.5316956 .1216183 L4. | .1440996 .0905293 1.59 0.111 -.0333347 .3215338 | _cons | -1.454336 .9683296 -1.50 0.133 -3.352227 .4435556 -------------------------------------------------------------------------------- irf file has been cleared (file myirf.irf created) (file myirf.irf now active) irfname luc_ipd_cumtght not found in myirf.irf (file myirf.irf updated) variable response was str14 now str15 (310 real changes made) variable impulse was str14 now str15 (310 real changes made) (2,790 observations deleted) variable response was str15 now str16 (310 real changes made) (note: j = _fedfunds _gm2 _lconsumption _lcp _linfl _linv _lmacrowage_ipd _loutput _lprod _luc_ipd_cumtght) Data long -> wide ----------------------------------------------------------------------------- Number of obs. 310 -> 31 Number of variables 10 -> 45 j variable (10 values) response -> (dropped) xij variables: oirf -> oirf_fedfunds oirf_gm2 ... oirf_luc_ipd_cumtght coirf -> coirf_fedfunds coirf_gm2 ... coirf_luc_ipd_cumtght stdoirf -> stdoirf_fedfunds stdoirf_gm2 ... stdoirf_luc_ipd_cumtght stdcoirf -> stdcoirf_fedfunds stdcoirf_gm2 ... stdcoirf_luc_ipd_cumtght ----------------------------------------------------------------------------- file ../output/user_cost_var_1965q3_1995q3_luc_ipd_cumtght.xlsx saved file ../output/user_cost_var_1965q3_1995q3_luc_ipd_cumtght.xlsx saved file ../input/user_cost_var_1965q3_1995q3_luc_ipd_cumtght.dta saved *** * lentry_wage_ipd *** Estimating VAR coefficients Iteration 1: tolerance = .2321203 Iteration 2: tolerance = .1977071 Iteration 3: tolerance = .1179984 Iteration 4: tolerance = .06021849 Iteration 5: tolerance = .03442465 Iteration 6: tolerance = .01981637 Iteration 7: tolerance = .01089965 Iteration 8: tolerance = .00604184 Iteration 9: tolerance = .00336448 Iteration 10: tolerance = .00187853 Iteration 11: tolerance = .00105033 Iteration 12: tolerance = .00058765 Iteration 13: tolerance = .00032915 Iteration 14: tolerance = .00018421 Iteration 15: tolerance = .00010318 Iteration 16: tolerance = .00005817 Iteration 17: tolerance = .00003216 Iteration 18: tolerance = .00001819 Iteration 19: tolerance = .00001007 Iteration 20: tolerance = 5.682e-06 Iteration 21: tolerance = 3.428e-06 Iteration 22: tolerance = 2.648e-06 Iteration 23: tolerance = 1.017e-06 Iteration 24: tolerance = 2.787e-06 Iteration 25: tolerance = 9.338e-07 Vector autoregression Sample: 1966q3 - 1995q3 Number of obs = 117 Log likelihood = 3698.153 AIC = -56.20775 FPE = 1.25e-37 HQIC = -52.27803 Det(Sigma_ml) = 1.66e-40 SBIC = -46.52834 Equation Parms RMSE R-sq chi2 P>chi2 ---------------------------------------------------------------- loutput 37 .007198 0.9993 173830.6 0.0000 lconsumption 37 .005055 0.9997 345811.5 0.0000 linfl 37 .002811 1.0000 2739195 0.0000 linv 37 .0249 0.9932 17015.86 0.0000 lmacrowage_ipd 37 .005016 0.9985 80222.99 0.0000 lprod 37 .005606 0.9984 71469.41 0.0000 fedfunds 37 .775559 0.9416 1886.946 0.0000 lcp 37 .039401 0.9731 4226.96 0.0000 gm2 37 .004738 0.7651 381.1057 0.0000 mywage 41 .017033 0.9981 62380.84 0.0000 ---------------------------------------------------------------- ( 1) [loutput]L.mywage = 0 ( 2) [loutput]L2.mywage = 0 ( 3) [loutput]L3.mywage = 0 ( 4) [loutput]L4.mywage = 0 ( 5) [lconsumption]L.mywage = 0 ( 6) [lconsumption]L2.mywage = 0 ( 7) [lconsumption]L3.mywage = 0 ( 8) [lconsumption]L4.mywage = 0 ( 9) [linfl]L.mywage = 0 (10) [linfl]L2.mywage = 0 (11) [linfl]L3.mywage = 0 (12) [linfl]L4.mywage = 0 (13) [linv]L.mywage = 0 (14) [linv]L2.mywage = 0 (15) [linv]L3.mywage = 0 (16) [linv]L4.mywage = 0 (17) [lmacrowage_ipd]L.mywage = 0 (18) [lmacrowage_ipd]L2.mywage = 0 (19) [lmacrowage_ipd]L3.mywage = 0 (20) [lmacrowage_ipd]L4.mywage = 0 (21) [lprod]L.mywage = 0 (22) [lprod]L2.mywage = 0 (23) [lprod]L3.mywage = 0 (24) [lprod]L4.mywage = 0 (25) [fedfunds]L.mywage = 0 (26) [fedfunds]L2.mywage = 0 (27) [fedfunds]L3.mywage = 0 (28) [fedfunds]L4.mywage = 0 (29) [lcp]L.mywage = 0 (30) [lcp]L2.mywage = 0 (31) [lcp]L3.mywage = 0 (32) [lcp]L4.mywage = 0 (33) [gm2]L.mywage = 0 (34) [gm2]L2.mywage = 0 (35) [gm2]L3.mywage = 0 (36) [gm2]L4.mywage = 0 -------------------------------------------------------------------------------- | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- loutput | loutput | L1. | 1.014422 .2403244 4.22 0.000 .5433943 1.485449 L2. | -.0192284 .3174067 -0.06 0.952 -.6413342 .6028774 L3. | -.729079 .3081777 -2.37 0.018 -1.333096 -.1250617 L4. | .3513839 .228084 1.54 0.123 -.0956526 .7984203 | lconsumption | L1. | .3029582 .1996909 1.52 0.129 -.0884289 .6943452 L2. | .2098294 .2571057 0.82 0.414 -.2940886 .7137474 L3. | -.3759358 .2805379 -1.34 0.180 -.92578 .1739083 L4. | .2377787 .2188509 1.09 0.277 -.1911612 .6667185 | linfl | L1. | .1421266 .2600011 0.55 0.585 -.3674661 .6517194 L2. | -.2320375 .4019782 -0.58 0.564 -1.0199 .5558253 L3. | -.1957879 .3878229 -0.50 0.614 -.9559069 .564331 L4. | .3569629 .2477664 1.44 0.150 -.1286503 .8425761 | linv | L1. | -.0248185 .046979 -0.53 0.597 -.1168957 .0672587 L2. | .0458209 .0587268 0.78 0.435 -.0692815 .1609233 L3. | -.0062914 .0532476 -0.12 0.906 -.1106549 .0980721 L4. | .0176023 .0400922 0.44 0.661 -.060977 .0961815 | lmacrowage_ipd | L1. | .2031385 .1709517 1.19 0.235 -.1319207 .5381977 L2. | -.1256241 .245868 -0.51 0.609 -.6075166 .3562683 L3. | -.027472 .2385506 -0.12 0.908 -.4950225 .4400786 L4. | .1740159 .178683 0.97 0.330 -.1761964 .5242282 | lprod | L1. | -.460157 .2041591 -2.25 0.024 -.8603015 -.0600125 L2. | -.2178127 .3097143 -0.70 0.482 -.8248415 .3892162 L3. | .920172 .3081711 2.99 0.003 .3161677 1.524176 L4. | -.7427715 .2024381 -3.67 0.000 -1.139543 -.3460002 | fedfunds | L1. | .0005191 .00095 0.55 0.585 -.0013428 .002381 L2. | -.0039059 .0011729 -3.33 0.001 -.0062048 -.001607 L3. | .0038138 .0012021 3.17 0.002 .0014578 .0061698 L4. | -.0035586 .001031 -3.45 0.001 -.0055793 -.001538 | lcp | L1. | .0126745 .0196843 0.64 0.520 -.0259061 .0512552 L2. | -.0399923 .0298386 -1.34 0.180 -.0984749 .0184903 L3. | .0618313 .0294804 2.10 0.036 .0040507 .1196119 L4. | -.0069885 .0218642 -0.32 0.749 -.0498416 .0358646 | gm2 | L1. | .1878949 .140073 1.34 0.180 -.0866433 .462433 L2. | .1967381 .1561879 1.26 0.208 -.1093845 .5028607 L3. | .0595629 .1528588 0.39 0.697 -.2400348 .3591606 L4. | -.1145326 .1423392 -0.80 0.421 -.3935123 .1644471 | mywage | L1. | 1.48e-15 3.18e-15 0.47 0.641 -4.75e-15 7.72e-15 L2. | -2.72e-15 4.66e-15 -0.58 0.560 -1.19e-14 6.42e-15 L3. | 3.61e-15 4.61e-15 0.78 0.434 -5.43e-15 1.26e-14 L4. | -3.17e-16 9.47e-16 -0.33 0.738 -2.17e-15 1.54e-15 | _cons | -1.211284 .4555577 -2.66 0.008 -2.10416 -.3184071 ---------------+---------------------------------------------------------------- lconsumption | loutput | L1. | .1054236 .1687729 0.62 0.532 -.2253652 .4362124 L2. | -.184406 .2229056 -0.83 0.408 -.6212929 .2524808 L3. | -.2840669 .2164243 -1.31 0.189 -.7082507 .140117 L4. | .2379154 .1601768 1.49 0.137 -.0760253 .5518562 | lconsumption | L1. | .7925948 .1402372 5.65 0.000 .517735 1.067455 L2. | .3297423 .1805579 1.83 0.068 -.0241447 .6836293 L3. | .0168306 .1970136 0.09 0.932 -.369309 .4029702 L4. | -.0592639 .1536926 -0.39 0.700 -.3604959 .2419681 | linfl | L1. | -.0711771 .1825912 -0.39 0.697 -.4290493 .2866951 L2. | -.0061465 .2822977 -0.02 0.983 -.5594398 .5471467 L3. | .1688696 .2723568 0.62 0.535 -.3649399 .7026791 L4. | -.0487649 .1739991 -0.28 0.779 -.389797 .2922671 | linv | L1. | .0098028 .032992 0.30 0.766 -.0548604 .0744659 L2. | .0509585 .0412421 1.24 0.217 -.0298746 .1317916 L3. | .0085609 .0373943 0.23 0.819 -.0647305 .0818524 L4. | -.0333093 .0281556 -1.18 0.237 -.0884932 .0218746 | lmacrowage_ipd | L1. | -.0435818 .1200544 -0.36 0.717 -.2788841 .1917206 L2. | -.0011794 .172666 -0.01 0.995 -.3395985 .3372397 L3. | .1707319 .1675272 1.02 0.308 -.1576152 .4990791 L4. | .0383536 .1254839 0.31 0.760 -.2075903 .2842975 | lprod | L1. | -.1083471 .143375 -0.76 0.450 -.389357 .1726627 L2. | -.0697658 .2175034 -0.32 0.748 -.4960646 .3565329 L3. | .143132 .2164196 0.66 0.508 -.2810427 .5673067 L4. | -.2478349 .1421664 -1.74 0.081 -.5264759 .0308061 | fedfunds | L1. | -.0019566 .0006671 -2.93 0.003 -.0032642 -.000649 L2. | -.0005999 .0008237 -0.73 0.466 -.0022144 .0010145 L3. | .0008454 .0008442 1.00 0.317 -.0008092 .0024999 L4. | -.0005686 .000724 -0.79 0.432 -.0019877 .0008504 | lcp | L1. | -.0168388 .0138237 -1.22 0.223 -.0439328 .0102553 L2. | -.0136468 .0209548 -0.65 0.515 -.0547174 .0274238 L3. | .0465467 .0207033 2.25 0.025 .005969 .0871243 L4. | -.0062824 .0153546 -0.41 0.682 -.0363769 .0238121 | gm2 | L1. | .0140673 .0983692 0.14 0.886 -.1787328 .2068675 L2. | .1821828 .1096862 1.66 0.097 -.0327982 .3971638 L3. | .0605851 .1073483 0.56 0.572 -.1498137 .2709839 L4. | -.0135381 .0999607 -0.14 0.892 -.2094574 .1823813 | mywage | L1. | 3.20e-16 1.54e-15 0.21 0.836 -2.71e-15 3.35e-15 L2. | -6.07e-17 3.07e-15 -0.02 0.984 -6.07e-15 5.95e-15 L3. | -2.54e-16 4.19e-15 -0.06 0.952 -8.46e-15 7.95e-15 L4. | 1.16e-16 1.22e-15 0.09 0.925 -2.28e-15 2.52e-15 | _cons | -.1728965 .3199249 -0.54 0.589 -.7999379 .4541449 ---------------+---------------------------------------------------------------- linfl | loutput | L1. | .1060613 .0938563 1.13 0.258 -.0778937 .2900163 L2. | .0784845 .1239601 0.63 0.527 -.1644727 .3214418 L3. | -.0205006 .1203558 -0.17 0.865 -.2563936 .2153924 L4. | -.1983265 .089076 -2.23 0.026 -.3729122 -.0237409 | lconsumption | L1. | -.0660305 .0779873 -0.85 0.397 -.2188828 .0868219 L2. | -.1811226 .1004101 -1.80 0.071 -.3779228 .0156776 L3. | .0663142 .1095613 0.61 0.545 -.148422 .2810503 L4. | .1664204 .08547 1.95 0.052 -.0010978 .3339386 | linfl | L1. | 1.189416 .1015408 11.71 0.000 .9903994 1.388432 L2. | .1455086 .1569886 0.93 0.354 -.1621835 .4532006 L3. | -.225296 .1514604 -1.49 0.137 -.5221529 .071561 L4. | -.1160927 .0967627 -1.20 0.230 -.3057441 .0735588 | linv | L1. | .0075678 .0183472 0.41 0.680 -.028392 .0435277 L2. | -.0272185 .0229352 -1.19 0.235 -.0721706 .0177337 L3. | -.0078286 .0207953 -0.38 0.707 -.0485867 .0329295 L4. | .0345903 .0156576 2.21 0.027 .0039019 .0652786 | lmacrowage_ipd | L1. | .1894653 .0667635 2.84 0.005 .0586113 .3203194 L2. | .00058 .0960213 0.01 0.995 -.1876184 .1887783 L3. | -.0793952 .0931636 -0.85 0.394 -.2619924 .1032021 L4. | -.0353711 .0697829 -0.51 0.612 -.1721431 .1014008 | lprod | L1. | -.2027012 .0797323 -2.54 0.011 -.3589737 -.0464287 L2. | .0573304 .1209558 0.47 0.636 -.1797387 .2943995 L3. | .1007808 .1203532 0.84 0.402 -.1351071 .3366687 L4. | .0618045 .0790602 0.78 0.434 -.0931507 .2167596 | fedfunds | L1. | .0006839 .000371 1.84 0.065 -.0000433 .001411 L2. | -.0001028 .0004581 -0.22 0.822 -.0010007 .000795 L3. | .0001948 .0004695 0.41 0.678 -.0007254 .0011149 L4. | -.0002809 .0004026 -0.70 0.485 -.0010701 .0005082 | lcp | L1. | .0089632 .0076875 1.17 0.244 -.0061041 .0240304 L2. | .0059194 .0116532 0.51 0.611 -.0169204 .0287592 L3. | -.0225225 .0115133 -1.96 0.050 -.0450881 .0000431 L4. | .0106155 .0085389 1.24 0.214 -.0061204 .0273514 | gm2 | L1. | .0474538 .0547041 0.87 0.386 -.0597643 .1546719 L2. | .0465964 .0609976 0.76 0.445 -.0729567 .1661495 L3. | -.0656617 .0596975 -1.10 0.271 -.1826666 .0513433 L4. | -.1095748 .0555892 -1.97 0.049 -.2185276 -.000622 | mywage | L1. | 3.61e-16 1.87e-16 1.93 0.054 -5.89e-18 7.27e-16 L2. | 2.48e-16 4.21e-16 0.59 0.555 -5.76e-16 1.07e-15 L3. | 5.37e-16 5.24e-16 1.02 0.306 -4.91e-16 1.56e-15 L4. | -1.17e-16 1.67e-16 -0.70 0.482 -4.44e-16 2.09e-16 | _cons | -.1681065 .1779135 -0.94 0.345 -.5168107 .1805976 ---------------+---------------------------------------------------------------- linv | loutput | L1. | 1.631396 .8313904 1.96 0.050 .0019007 3.260891 L2. | -.0963868 1.098053 -0.09 0.930 -2.248531 2.055757 L3. | -2.150835 1.066126 -2.02 0.044 -4.240403 -.0612677 L4. | -.0832111 .7890453 -0.11 0.916 -1.629711 1.463289 | lconsumption | L1. | 1.483342 .6908209 2.15 0.032 .1293576 2.837326 L2. | -1.431515 .8894445 -1.61 0.108 -3.174794 .3117642 L3. | -1.180147 .9705068 -1.22 0.224 -3.082305 .7220118 L4. | 1.864513 .7571037 2.46 0.014 .3806174 3.348409 | linfl | L1. | .294774 .8994607 0.33 0.743 -1.468137 2.057685 L2. | .3605066 1.390624 0.26 0.795 -2.365066 3.086079 L3. | -2.829261 1.341654 -2.11 0.035 -5.458855 -.1996675 L4. | 2.30808 .8571354 2.69 0.007 .6281256 3.988035 | linv | L1. | .5985711 .1625216 3.68 0.000 .2800347 .9171076 L2. | .029097 .2031624 0.14 0.886 -.3690941 .427288 L3. | -.0151252 .1842076 -0.08 0.935 -.3761654 .345915 L4. | .1698421 .138697 1.22 0.221 -.101999 .4416831 | lmacrowage_ipd | L1. | .3932299 .5913989 0.66 0.506 -.7658907 1.55235 L2. | .0483398 .8505682 0.06 0.955 -1.618743 1.715423 L3. | -1.326505 .8252538 -1.61 0.108 -2.943973 .2909627 L4. | .9689221 .618145 1.57 0.117 -.2426199 2.180464 | lprod | L1. | -2.17979 .7062782 -3.09 0.002 -3.56407 -.7955099 L2. | .5337514 1.071441 0.50 0.618 -1.566235 2.633737 L3. | 3.272601 1.066103 3.07 0.002 1.183079 5.362124 L4. | -1.773381 .7003244 -2.53 0.011 -3.145991 -.4007701 | fedfunds | L1. | .0108799 .0032864 3.31 0.001 .0044386 .0173212 L2. | -.0173063 .0040577 -4.27 0.000 -.0252593 -.0093534 L3. | .0147923 .0041585 3.56 0.000 .0066418 .0229429 L4. | -.010474 .0035666 -2.94 0.003 -.0174644 -.0034836 | lcp | L1. | .0559385 .068097 0.82 0.411 -.0775292 .1894062 L2. | -.1160337 .1032252 -1.12 0.261 -.3183512 .0862839 L3. | .1363906 .1019861 1.34 0.181 -.0634984 .3362796 L4. | -.0502675 .0756383 -0.66 0.506 -.1985157 .0979808 | gm2 | L1. | .9577276 .4845757 1.98 0.048 .0079766 1.907479 L2. | -.1316717 .5403241 -0.24 0.807 -1.190687 .9273441 L3. | .3298037 .5288074 0.62 0.533 -.7066396 1.366247 L4. | -1.129034 .4924154 -2.29 0.022 -2.09415 -.1639174 | mywage | L1. | 4.88e-15 7.49e-15 0.65 0.515 -9.80e-15 1.96e-14 L2. | -1.32e-14 1.11e-14 -1.19 0.235 -3.51e-14 8.61e-15 L3. | 1.62e-14 1.16e-14 1.39 0.164 -6.59e-15 3.90e-14 L4. | -6.78e-16 2.54e-15 -0.27 0.789 -5.65e-15 4.30e-15 | _cons | -2.40369 1.575979 -1.53 0.127 -5.492553 .6851717 ---------------+---------------------------------------------------------------- lmacrowage_ipd | loutput | L1. | -.0807417 .167474 -0.48 0.630 -.4089846 .2475012 L2. | .1286773 .22119 0.58 0.561 -.3048471 .5622017 L3. | .1416888 .2147586 0.66 0.509 -.2792304 .562608 L4. | -.1472362 .158944 -0.93 0.354 -.4587608 .1642883 | lconsumption | L1. | .0869034 .1391578 0.62 0.532 -.185841 .3596477 L2. | -.1729637 .1791683 -0.97 0.334 -.5241271 .1781996 L3. | -.0209334 .1954973 -0.11 0.915 -.4041011 .3622343 L4. | .1668695 .1525098 1.09 0.274 -.1320442 .4657831 | linfl | L1. | -.1340592 .1811859 -0.74 0.459 -.4891771 .2210587 L2. | .0762285 .280125 0.27 0.786 -.4728064 .6252634 L3. | .0171643 .2702606 0.06 0.949 -.5125369 .5468654 L4. | .0285074 .17266 0.17 0.869 -.3099 .3669147 | linv | L1. | -.0008074 .0327381 -0.02 0.980 -.0649728 .0633581 L2. | -.0081417 .0409247 -0.20 0.842 -.0883527 .0720692 L3. | -.0191537 .0371065 -0.52 0.606 -.0918811 .0535736 L4. | .0165453 .0279389 0.59 0.554 -.0382139 .0713046 | lmacrowage_ipd | L1. | .9219521 .1191305 7.74 0.000 .6884607 1.155443 L2. | .118564 .1713371 0.69 0.489 -.2172505 .4543785 L3. | -.2128697 .1662378 -1.28 0.200 -.5386898 .1129504 L4. | .074209 .1245181 0.60 0.551 -.1698421 .31826 | lprod | L1. | .0122652 .1422716 0.09 0.931 -.2665819 .2911123 L2. | .0550595 .2158294 0.26 0.799 -.3679583 .4780773 L3. | -.1159188 .214754 -0.54 0.589 -.5368289 .3049913 L4. | -.0038837 .1410722 -0.03 0.978 -.2803801 .2726128 | fedfunds | L1. | -.0015718 .000662 -2.37 0.018 -.0028693 -.0002743 L2. | .0014682 .0008174 1.80 0.072 -.0001338 .0030703 L3. | -.0008027 .0008377 -0.96 0.338 -.0024445 .0008392 L4. | .0007072 .0007184 0.98 0.325 -.000701 .0021153 | lcp | L1. | -.0120811 .0137174 -0.88 0.378 -.0389666 .0148044 L2. | .0187348 .0207935 0.90 0.368 -.0220197 .0594894 L3. | -.0124671 .0205439 -0.61 0.544 -.0527324 .0277982 L4. | .0083212 .0152364 0.55 0.585 -.0215417 .038184 | gm2 | L1. | .064135 .0976122 0.66 0.511 -.1271813 .2554513 L2. | -.011447 .108842 -0.11 0.916 -.2247735 .2018794 L3. | .1534719 .1065221 1.44 0.150 -.0553076 .3622514 L4. | .1459105 .0991914 1.47 0.141 -.048501 .340322 | mywage | L1. | -4.30e-16 5.38e-16 -0.80 0.423 -1.48e-15 6.23e-16 L2. | -5.73e-16 8.72e-16 -0.66 0.511 -2.28e-15 1.14e-15 L3. | -4.24e-16 1.38e-15 -0.31 0.758 -3.13e-15 2.28e-15 L4. | -2.64e-16 3.16e-16 -0.84 0.403 -8.83e-16 3.55e-16 | _cons | .0685099 .3174627 0.22 0.829 -.5537055 .6907253 ---------------+---------------------------------------------------------------- lprod | loutput | L1. | -.075914 .1871873 -0.41 0.685 -.4427944 .2909664 L2. | .0071623 .2472263 0.03 0.977 -.4773924 .4917169 L3. | -.5591547 .2400379 -2.33 0.020 -1.02962 -.0886891 L4. | .3596738 .1776533 2.02 0.043 .0114797 .707868 | lconsumption | L1. | .0348936 .1555381 0.22 0.822 -.2699555 .3397427 L2. | .4198501 .2002582 2.10 0.036 .0273512 .8123489 L3. | -.327895 .2185093 -1.50 0.133 -.7561654 .1003755 L4. | .2191909 .1704617 1.29 0.198 -.1149079 .5532897 | linfl | L1. | .0915493 .2025133 0.45 0.651 -.3053695 .4884682 L2. | -.0908089 .3130985 -0.29 0.772 -.7044708 .522853 L3. | -.1172556 .3020731 -0.39 0.698 -.7093079 .4747967 L4. | .1540038 .1929838 0.80 0.425 -.2242375 .5322451 | linv | L1. | -.0135072 .0365917 -0.37 0.712 -.0852256 .0582112 L2. | .0301736 .045742 0.66 0.509 -.059479 .1198263 L3. | .0044397 .0414743 0.11 0.915 -.0768484 .0857278 L4. | -.0101185 .0312276 -0.32 0.746 -.0713235 .0510864 | lmacrowage_ipd | L1. | .2342415 .1331533 1.76 0.079 -.0267342 .4952172 L2. | -.1091849 .1915052 -0.57 0.569 -.4845282 .2661584 L3. | -.1232299 .1858057 -0.66 0.507 -.4874023 .2409426 L4. | .1084479 .1391752 0.78 0.436 -.1643304 .3812263 | lprod | L1. | .7767898 .1590184 4.88 0.000 .4651196 1.08846 L2. | -.3266161 .2412347 -1.35 0.176 -.7994274 .1461952 L3. | .5945444 .2400327 2.48 0.013 .1240889 1.065 L4. | -.4563598 .1576779 -2.89 0.004 -.7654027 -.1473169 | fedfunds | L1. | -.0004142 .0007399 -0.56 0.576 -.0018645 .001036 L2. | -.0016402 .0009136 -1.80 0.073 -.0034308 .0001504 L3. | .0023906 .0009363 2.55 0.011 .0005555 .0042257 L4. | -.0021027 .000803 -2.62 0.009 -.0036766 -.0005289 | lcp | L1. | -.0167922 .015332 -1.10 0.273 -.0468424 .013258 L2. | .0068765 .0232411 0.30 0.767 -.0386753 .0524282 L3. | .0366775 .0229621 1.60 0.110 -.0083275 .0816825 L4. | -.011131 .0170299 -0.65 0.513 -.044509 .0222471 | gm2 | L1. | .0650915 .1091021 0.60 0.551 -.1487447 .2789276 L2. | .0320128 .1216538 0.26 0.792 -.2064243 .2704499 L3. | .0978273 .1190608 0.82 0.411 -.1355277 .3311822 L4. | -.1038473 .1108672 -0.94 0.349 -.321143 .1134484 | mywage | L1. | 1.69e-15 1.06e-15 1.60 0.110 -3.80e-16 3.76e-15 L2. | -1.53e-15 2.62e-15 -0.58 0.560 -6.65e-15 3.60e-15 L3. | 4.24e-15 3.71e-15 1.14 0.254 -3.04e-15 1.15e-14 L4. | -7.54e-16 8.34e-16 -0.90 0.366 -2.39e-15 8.80e-16 | _cons | -.9598243 .3548313 -2.71 0.007 -1.655281 -.2643678 ---------------+---------------------------------------------------------------- fedfunds | loutput | L1. | 56.05766 25.89494 2.16 0.030 5.304505 106.8108 L2. | 31.62285 34.20056 0.92 0.355 -35.40901 98.65471 L3. | -45.64918 33.20613 -1.37 0.169 -110.732 19.43365 L4. | -4.557342 24.57604 -0.19 0.853 -52.72549 43.61081 | lconsumption | L1. | 12.2362 21.51669 0.57 0.570 -29.93573 54.40814 L2. | -72.24026 27.70313 -2.61 0.009 -126.5374 -17.94312 L3. | 64.14301 30.22794 2.12 0.034 4.897337 123.3887 L4. | -27.29287 23.58117 -1.16 0.247 -73.51111 18.92537 | linfl | L1. | 4.318658 28.0151 0.15 0.877 -50.58993 59.22724 L2. | 41.43006 43.31313 0.96 0.339 -43.46212 126.3222 L3. | -72.52766 41.7879 -1.74 0.083 -154.4304 9.375109 L4. | 24.68879 26.69681 0.92 0.355 -27.63599 77.01358 | linv | L1. | 3.524464 5.061987 0.70 0.486 -6.396847 13.44578 L2. | -4.307643 6.327808 -0.68 0.496 -16.70992 8.094634 L3. | 1.062937 5.73743 0.19 0.853 -10.18222 12.30809 L4. | -.9715111 4.319932 -0.22 0.822 -9.438422 7.4954 | lmacrowage_ipd | L1. | 36.22995 18.42004 1.97 0.049 .1273392 72.33256 L2. | 2.568052 26.49226 0.10 0.923 -49.35583 54.49194 L3. | -.5699107 25.70381 -0.02 0.982 -50.94845 49.80863 L4. | 2.269851 19.25308 0.12 0.906 -35.4655 40.0052 | lprod | L1. | -78.5941 21.99813 -3.57 0.000 -121.7096 -35.47855 L2. | 9.704208 33.37169 0.29 0.771 -55.70311 75.11153 L3. | 1.572761 33.20542 0.05 0.962 -63.50866 66.65418 L4. | 6.43086 21.81269 0.29 0.768 -36.32123 49.18294 | fedfunds | L1. | .8143955 .102361 7.96 0.000 .6137717 1.015019 L2. | -.4520027 .1263838 -3.58 0.000 -.6997103 -.204295 L3. | .406553 .1295232 3.14 0.002 .1526922 .6604139 L4. | .0942629 .1110871 0.85 0.396 -.1234638 .3119897 | lcp | L1. | 4.36764 2.120987 2.06 0.039 .210582 8.524699 L2. | -4.854279 3.215108 -1.51 0.131 -11.15577 1.447216 L3. | -.1743964 3.176514 -0.05 0.956 -6.40025 6.051457 L4. | 3.615621 2.355871 1.53 0.125 -1.0018 8.233043 | gm2 | L1. | 41.13485 15.09286 2.73 0.006 11.55339 70.71632 L2. | -13.30364 16.82923 -0.79 0.429 -46.28833 19.68105 L3. | 37.27047 16.47052 2.26 0.024 4.988832 69.5521 L4. | -4.523679 15.33704 -0.29 0.768 -34.58373 25.53637 | mywage | L1. | 7.02e-14 1.01e-13 0.70 0.486 -1.27e-13 2.68e-13 L2. | 4.83e-14 2.16e-13 0.22 0.823 -3.75e-13 4.72e-13 L3. | 7.66e-14 1.21e-13 0.63 0.526 -1.60e-13 3.14e-13 L4. | -4.03e-14 4.46e-14 -0.90 0.366 -1.28e-13 4.71e-14 | _cons | 125.2165 49.08631 2.55 0.011 29.00911 221.4239 ---------------+---------------------------------------------------------------- lcp | loutput | L1. | .3339708 1.315554 0.25 0.800 -2.244467 2.912408 L2. | 1.427426 1.737508 0.82 0.411 -1.978026 4.832879 L3. | -2.743627 1.686987 -1.63 0.104 -6.050062 .5628073 L4. | .3255441 1.248549 0.26 0.794 -2.121566 2.772654 | lconsumption | L1. | -.3424329 1.093123 -0.31 0.754 -2.484914 1.800048 L2. | -1.020164 1.407416 -0.72 0.469 -3.778647 1.73832 L3. | 2.06398 1.535685 1.34 0.179 -.9459069 5.073867 L4. | -.0843149 1.198006 -0.07 0.944 -2.432363 2.263733 | linfl | L1. | .7871344 1.423265 0.55 0.580 -2.002413 3.576682 L2. | -1.738328 2.200458 -0.79 0.430 -6.051147 2.574491 L3. | -.1605169 2.122971 -0.08 0.940 -4.321464 4.00043 L4. | 1.141458 1.356291 0.84 0.400 -1.516824 3.79974 | linv | L1. | -.3724292 .2571666 -1.45 0.148 -.8764665 .1316081 L2. | -.1241407 .3214748 -0.39 0.699 -.7542196 .5059383 L3. | .467026 .2914815 1.60 0.109 -.1042672 1.038319 L4. | -.0381351 .2194676 -0.17 0.862 -.4682837 .3920136 | lmacrowage_ipd | L1. | -.4668179 .9358022 -0.50 0.618 -2.300956 1.367321 L2. | .1254472 1.3459 0.09 0.926 -2.512467 2.763362 L3. | .4327836 1.305843 0.33 0.740 -2.126622 2.992189 L4. | .3464251 .9781239 0.35 0.723 -1.570663 2.263513 | lprod | L1. | -.5736511 1.117582 -0.51 0.608 -2.764071 1.616769 L2. | -.3274343 1.695399 -0.19 0.847 -3.650354 2.995486 L3. | 1.964684 1.686951 1.16 0.244 -1.341679 5.271048 L4. | -1.267408 1.108161 -1.14 0.253 -3.439363 .9045471 | fedfunds | L1. | .0055202 .0052003 1.06 0.288 -.0046722 .0157126 L2. | -.0136953 .0064207 -2.13 0.033 -.0262797 -.0011108 L3. | .0055892 .0065802 0.85 0.396 -.0073078 .0184862 L4. | -.0047881 .0056436 -0.85 0.396 -.0158493 .0062732 | lcp | L1. | 1.108051 .1077536 10.28 0.000 .8968575 1.319244 L2. | -.1476327 .1633387 -0.90 0.366 -.4677706 .1725053 L3. | -.0318787 .161378 -0.20 0.843 -.3481738 .2844164 L4. | .0608209 .1196865 0.51 0.611 -.1737602 .2954021 | gm2 | L1. | 1.814128 .7667701 2.37 0.018 .3112865 3.31697 L2. | .5436845 .8549837 0.64 0.525 -1.132053 2.219422 L3. | -.1808666 .8367602 -0.22 0.829 -1.820886 1.459153 L4. | -.2574976 .7791753 -0.33 0.741 -1.784653 1.269658 | mywage | L1. | -1.81e-15 6.56e-15 -0.28 0.783 -1.47e-14 1.10e-14 L2. | 9.24e-15 1.70e-14 0.54 0.587 -2.41e-14 4.26e-14 L3. | 3.56e-15 7.82e-15 0.45 0.649 -1.18e-14 1.89e-14 L4. | -7.48e-16 2.30e-15 -0.32 0.745 -5.26e-15 3.77e-15 | _cons | -3.176155 2.493756 -1.27 0.203 -8.063827 1.711517 ---------------+---------------------------------------------------------------- gm2 | loutput | L1. | -.3982073 .158189 -2.52 0.012 -.7082521 -.0881626 L2. | .1212237 .208927 0.58 0.562 -.2882656 .5307131 L3. | .0515007 .2028522 0.25 0.800 -.3460823 .4490836 L4. | -.0903561 .150132 -0.60 0.547 -.3846094 .2038972 | lconsumption | L1. | .291956 .1314428 2.22 0.026 .0343328 .5495791 L2. | -.0485233 .169235 -0.29 0.774 -.3802178 .2831711 L3. | -.3307266 .1846587 -1.79 0.073 -.6926511 .0311978 L4. | .3476654 .1440544 2.41 0.016 .0653239 .630007 | linfl | L1. | -.1190461 .1711408 -0.70 0.487 -.4544759 .2163836 L2. | .2882658 .2645946 1.09 0.276 -.23033 .8068616 L3. | -.3191349 .2552771 -1.25 0.211 -.8194688 .181199 L4. | .1527394 .1630875 0.94 0.349 -.1669062 .4723851 | linv | L1. | .0285118 .0309231 0.92 0.357 -.0320962 .0891199 L2. | .0258734 .0386558 0.67 0.503 -.0498906 .1016374 L3. | -.0492741 .0350493 -1.41 0.160 -.1179693 .0194212 L4. | .0431793 .0263899 1.64 0.102 -.008544 .0949026 | lmacrowage_ipd | L1. | -.2554241 .1125257 -2.27 0.023 -.4759705 -.0348777 L2. | .2193815 .161838 1.36 0.175 -.0978151 .5365781 L3. | -.1770265 .1570214 -1.13 0.260 -.4847828 .1307298 L4. | .0890963 .1176147 0.76 0.449 -.1414243 .3196169 | lprod | L1. | .4241301 .1343839 3.16 0.002 .1607426 .6875176 L2. | -.2947006 .2038636 -1.45 0.148 -.6942658 .1048647 L3. | .2455808 .2028478 1.21 0.226 -.1519936 .6431551 L4. | -.2782425 .133251 -2.09 0.037 -.5394097 -.0170753 | fedfunds | L1. | -.0009722 .0006253 -1.55 0.120 -.0021978 .0002534 L2. | .0017317 .0007721 2.24 0.025 .0002184 .0032449 L3. | .0001392 .0007912 0.18 0.860 -.0014116 .00169 L4. | -.0003014 .0006786 -0.44 0.657 -.0016315 .0010287 | lcp | L1. | -.0291712 .0129568 -2.25 0.024 -.0545661 -.0037762 L2. | .0329493 .0196407 1.68 0.093 -.0055458 .0714444 L3. | .0219381 .0194049 1.13 0.258 -.0160949 .0599711 L4. | -.0221258 .0143917 -1.54 0.124 -.0503331 .0060814 | gm2 | L1. | .4300754 .0922004 4.66 0.000 .2493659 .6107849 L2. | -.0151551 .1028077 -0.15 0.883 -.2166545 .1863443 L3. | .0780489 .1006164 0.78 0.438 -.1191556 .2752534 L4. | -.1116425 .0936921 -1.19 0.233 -.2952757 .0719906 | mywage | L1. | -7.11e-16 2.35e-16 -3.02 0.002 -1.17e-15 -2.50e-16 L2. | -2.32e-16 3.99e-16 -0.58 0.561 -1.01e-15 5.50e-16 L3. | 7.23e-16 5.01e-16 1.44 0.149 -2.60e-16 1.71e-15 L4. | -9.52e-17 1.08e-16 -0.88 0.380 -3.08e-16 1.17e-16 | _cons | -1.21487 .2998622 -4.05 0.000 -1.802589 -.6271507 ---------------+---------------------------------------------------------------- mywage | loutput | L1. | -.658827 .5878764 -1.12 0.262 -1.811044 .4933897 L2. | .0517889 .7993566 0.06 0.948 -1.514921 1.618499 L3. | -.4224553 .7680495 -0.55 0.582 -1.927805 1.082894 L4. | .6911348 .5531747 1.25 0.212 -.3930677 1.775337 | lconsumption | L1. | -.1234607 .4751954 -0.26 0.795 -1.054827 .8079052 L2. | 1.662054 .6148716 2.70 0.007 .4569275 2.86718 L3. | -1.064547 .6725912 -1.58 0.113 -2.382801 .2537077 L4. | .1371087 .5257028 0.26 0.794 -.8932498 1.167467 | linfl | L1. | -.0484927 .6550299 -0.07 0.941 -1.332328 1.235342 L2. | -.4028572 .971617 -0.41 0.678 -2.307192 1.501477 L3. | .7432391 .9299831 0.80 0.424 -1.079494 2.565972 L4. | -.1981265 .5979644 -0.33 0.740 -1.370115 .9738622 | linv | L1. | -.0630251 .1119209 -0.56 0.573 -.2823859 .1563358 L2. | .2159819 .1393403 1.55 0.121 -.05712 .4890838 L3. | -.1555679 .127201 -1.22 0.221 -.4048773 .0937415 L4. | .0193418 .0963812 0.20 0.841 -.1695618 .2082455 | lmacrowage_ipd | L1. | -.0136357 .4173421 -0.03 0.974 -.8316112 .8043398 L2. | .0116358 .5925869 0.02 0.984 -1.149813 1.173085 L3. | .1492901 .576798 0.26 0.796 -.9812131 1.279793 L4. | .2269027 .4297387 0.53 0.597 -.6153697 1.069175 | lprod | L1. | -.5735958 .4918948 -1.17 0.244 -1.537692 .3905003 L2. | -.9383191 .7398814 -1.27 0.205 -2.38846 .5118218 L3. | 2.112469 .7356743 2.87 0.004 .6705734 3.554364 L4. | -1.427141 .4884739 -2.92 0.003 -2.384533 -.4697501 | fedfunds | L1. | .0011699 .0022875 0.51 0.609 -.0033136 .0056533 L2. | -.0073243 .0028302 -2.59 0.010 -.0128713 -.0017772 L3. | .0086831 .0028655 3.03 0.002 .0030667 .0142994 L4. | -.0075176 .0024558 -3.06 0.002 -.0123308 -.0027043 | lcp | L1. | .0050146 .0476801 0.11 0.916 -.0884367 .098466 L2. | -.0108671 .0718063 -0.15 0.880 -.1516048 .1298706 L3. | .0758263 .0709652 1.07 0.285 -.063263 .2149155 L4. | -.0282427 .0519696 -0.54 0.587 -.1301013 .0736159 | gm2 | L1. | .145903 .343483 0.42 0.671 -.5273114 .8191174 L2. | .4291526 .3838173 1.12 0.264 -.3231154 1.181421 L3. | -.027051 .3714591 -0.07 0.942 -.7550975 .7009954 L4. | -.0626974 .3454823 -0.18 0.856 -.7398303 .6144356 | mywage | L1. | 1.482158 .0877114 16.90 0.000 1.310247 1.654069 L2. | -.4236045 .159138 -2.66 0.008 -.7355092 -.1116997 L3. | -.3446227 .163815 -2.10 0.035 -.6656943 -.0235511 L4. | .1336653 .1070565 1.25 0.212 -.0761616 .3434921 | _cons | -2.380819 1.137498 -2.09 0.036 -4.610273 -.1513641 -------------------------------------------------------------------------------- irf file has been cleared (file myirf.irf created) (file myirf.irf now active) irfname lnh_ipd not found in myirf.irf (file myirf.irf updated) (310 real changes made) (310 real changes made) (2,790 observations deleted) variable response was str14 now str15 (310 real changes made) (note: j = _fedfunds _gm2 _lconsumption _lcp _linfl _linv _lmacrowage_ipd _lnh_ipd _loutput _lprod) Data long -> wide ----------------------------------------------------------------------------- Number of obs. 310 -> 31 Number of variables 10 -> 45 j variable (10 values) response -> (dropped) xij variables: oirf -> oirf_fedfunds oirf_gm2 ... oirf_lprod coirf -> coirf_fedfunds coirf_gm2 ... coirf_lprod stdoirf -> stdoirf_fedfunds stdoirf_gm2 ... stdoirf_lprod stdcoirf -> stdcoirf_fedfunds stdcoirf_gm2 ... stdcoirf_lprod ----------------------------------------------------------------------------- file ../output/user_cost_var_1965q3_1995q3_lnh_ipd.xlsx saved file ../output/user_cost_var_1965q3_1995q3_lnh_ipd.xlsx saved file ../input/user_cost_var_1965q3_1995q3_lnh_ipd.dta saved *** * lentry_wage_ipd_cumtight *** Estimating VAR coefficients Iteration 1: tolerance = .2624242 Iteration 2: tolerance = .1756297 Iteration 3: tolerance = .1061597 Iteration 4: tolerance = .05502635 Iteration 5: tolerance = .0297497 Iteration 6: tolerance = .01646124 Iteration 7: tolerance = .0092256 Iteration 8: tolerance = .00521226 Iteration 9: tolerance = .00298474 Iteration 10: tolerance = .00170529 Iteration 11: tolerance = .00097298 Iteration 12: tolerance = .00055487 Iteration 13: tolerance = .00031598 Iteration 14: tolerance = .00018034 Iteration 15: tolerance = .00010275 Iteration 16: tolerance = .00005837 Iteration 17: tolerance = .00003332 Iteration 18: tolerance = .00001895 Iteration 19: tolerance = .00001084 Iteration 20: tolerance = 6.112e-06 Iteration 21: tolerance = 3.657e-06 Iteration 22: tolerance = 1.924e-06 Iteration 23: tolerance = 1.671e-06 Iteration 24: tolerance = 9.014e-07 Vector autoregression Sample: 1966q3 - 1995q3 Number of obs = 117 Log likelihood = 3692.554 AIC = -56.11204 FPE = 1.38e-37 HQIC = -52.18232 Det(Sigma_ml) = 1.83e-40 SBIC = -46.43263 Equation Parms RMSE R-sq chi2 P>chi2 ---------------------------------------------------------------- loutput 37 .007198 0.9993 173830.6 0.0000 lconsumption 37 .005055 0.9997 345811.4 0.0000 linfl 37 .002811 1.0000 2739195 0.0000 linv 37 .0249 0.9932 17015.86 0.0000 lmacrowage_ipd 37 .005016 0.9985 80222.98 0.0000 lprod 37 .005606 0.9984 71469.43 0.0000 fedfunds 37 .775559 0.9416 1886.946 0.0000 lcp 37 .039401 0.9731 4226.959 0.0000 gm2 37 .004738 0.7651 381.1057 0.0000 mywage 41 .016961 0.9983 70551.59 0.0000 ---------------------------------------------------------------- ( 1) [loutput]L.mywage = 0 ( 2) [loutput]L2.mywage = 0 ( 3) [loutput]L3.mywage = 0 ( 4) [loutput]L4.mywage = 0 ( 5) [lconsumption]L.mywage = 0 ( 6) [lconsumption]L2.mywage = 0 ( 7) [lconsumption]L3.mywage = 0 ( 8) [lconsumption]L4.mywage = 0 ( 9) [linfl]L.mywage = 0 (10) [linfl]L2.mywage = 0 (11) [linfl]L3.mywage = 0 (12) [linfl]L4.mywage = 0 (13) [linv]L.mywage = 0 (14) [linv]L2.mywage = 0 (15) [linv]L3.mywage = 0 (16) [linv]L4.mywage = 0 (17) [lmacrowage_ipd]L.mywage = 0 (18) [lmacrowage_ipd]L2.mywage = 0 (19) [lmacrowage_ipd]L3.mywage = 0 (20) [lmacrowage_ipd]L4.mywage = 0 (21) [lprod]L.mywage = 0 (22) [lprod]L2.mywage = 0 (23) [lprod]L3.mywage = 0 (24) [lprod]L4.mywage = 0 (25) [fedfunds]L.mywage = 0 (26) [fedfunds]L2.mywage = 0 (27) [fedfunds]L3.mywage = 0 (28) [fedfunds]L4.mywage = 0 (29) [lcp]L.mywage = 0 (30) [lcp]L2.mywage = 0 (31) [lcp]L3.mywage = 0 (32) [lcp]L4.mywage = 0 (33) [gm2]L.mywage = 0 (34) [gm2]L2.mywage = 0 (35) [gm2]L3.mywage = 0 (36) [gm2]L4.mywage = 0 -------------------------------------------------------------------------------- | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- loutput | loutput | L1. | 1.014421 .2403244 4.22 0.000 .5433942 1.485449 L2. | -.0192284 .3174067 -0.06 0.952 -.6413342 .6028774 L3. | -.7290791 .3081777 -2.37 0.018 -1.333096 -.1250618 L4. | .3513839 .228084 1.54 0.123 -.0956526 .7984203 | lconsumption | L1. | .3029582 .1996909 1.52 0.129 -.0884289 .6943452 L2. | .2098293 .2571057 0.82 0.414 -.2940887 .7137473 L3. | -.3759358 .2805379 -1.34 0.180 -.9257799 .1739083 L4. | .2377787 .2188509 1.09 0.277 -.1911612 .6667185 | linfl | L1. | .1421266 .2600011 0.55 0.585 -.3674661 .6517194 L2. | -.2320376 .4019782 -0.58 0.564 -1.0199 .5558253 L3. | -.1957879 .3878229 -0.50 0.614 -.9559069 .5643311 L4. | .3569629 .2477664 1.44 0.150 -.1286503 .8425761 | linv | L1. | -.0248185 .046979 -0.53 0.597 -.1168957 .0672587 L2. | .0458209 .0587268 0.78 0.435 -.0692815 .1609233 L3. | -.0062914 .0532476 -0.12 0.906 -.1106549 .0980721 L4. | .0176023 .0400922 0.44 0.661 -.060977 .0961815 | lmacrowage_ipd | L1. | .2031385 .1709517 1.19 0.235 -.1319207 .5381977 L2. | -.1256242 .245868 -0.51 0.609 -.6075167 .3562683 L3. | -.027472 .2385506 -0.12 0.908 -.4950225 .4400786 L4. | .1740159 .178683 0.97 0.330 -.1761964 .5242282 | lprod | L1. | -.460157 .2041591 -2.25 0.024 -.8603015 -.0600125 L2. | -.2178127 .3097143 -0.70 0.482 -.8248415 .3892162 L3. | .9201719 .3081711 2.99 0.003 .3161677 1.524176 L4. | -.7427716 .2024381 -3.67 0.000 -1.139543 -.3460002 | fedfunds | L1. | .0005191 .00095 0.55 0.585 -.0013428 .002381 L2. | -.0039059 .0011729 -3.33 0.001 -.0062048 -.001607 L3. | .0038138 .0012021 3.17 0.002 .0014578 .0061698 L4. | -.0035586 .001031 -3.45 0.001 -.0055793 -.001538 | lcp | L1. | .0126745 .0196843 0.64 0.520 -.0259061 .0512552 L2. | -.0399923 .0298386 -1.34 0.180 -.0984749 .0184903 L3. | .0618313 .0294804 2.10 0.036 .0040507 .1196119 L4. | -.0069885 .0218642 -0.32 0.749 -.0498416 .0358646 | gm2 | L1. | .1878949 .140073 1.34 0.180 -.0866433 .462433 L2. | .1967381 .1561879 1.26 0.208 -.1093845 .5028607 L3. | .0595629 .1528588 0.39 0.697 -.2400348 .3591606 L4. | -.1145326 .1423392 -0.80 0.421 -.3935123 .1644471 | mywage | L1. | -1.21e-15 9.38e-16 -1.29 0.197 -3.05e-15 6.28e-16 L2. | 7.38e-15 6.58e-15 1.12 0.262 -5.51e-15 2.03e-14 L3. | -4.62e-15 3.34e-15 -1.38 0.167 -1.12e-14 1.92e-15 L4. | 2.86e-15 2.14e-15 1.33 0.182 -1.34e-15 7.06e-15 | _cons | -1.211284 .4555577 -2.66 0.008 -2.10416 -.3184071 ---------------+---------------------------------------------------------------- lconsumption | loutput | L1. | .1054236 .1687729 0.62 0.532 -.2253652 .4362124 L2. | -.184406 .2229056 -0.83 0.408 -.6212929 .2524808 L3. | -.2840669 .2164243 -1.31 0.189 -.7082507 .140117 L4. | .2379154 .1601768 1.49 0.137 -.0760253 .5518562 | lconsumption | L1. | .7925948 .1402372 5.65 0.000 .517735 1.067455 L2. | .3297423 .1805579 1.83 0.068 -.0241447 .6836293 L3. | .0168305 .1970136 0.09 0.932 -.369309 .4029701 L4. | -.0592639 .1536926 -0.39 0.700 -.3604959 .2419681 | linfl | L1. | -.0711771 .1825912 -0.39 0.697 -.4290493 .2866951 L2. | -.0061466 .2822977 -0.02 0.983 -.5594398 .5471467 L3. | .1688696 .2723568 0.62 0.535 -.3649399 .7026791 L4. | -.0487649 .1739991 -0.28 0.779 -.389797 .2922671 | linv | L1. | .0098028 .032992 0.30 0.766 -.0548604 .0744659 L2. | .0509585 .0412421 1.24 0.217 -.0298746 .1317916 L3. | .0085609 .0373943 0.23 0.819 -.0647305 .0818524 L4. | -.0333093 .0281556 -1.18 0.237 -.0884932 .0218746 | lmacrowage_ipd | L1. | -.0435817 .1200544 -0.36 0.717 -.2788841 .1917206 L2. | -.0011794 .172666 -0.01 0.995 -.3395986 .3372397 L3. | .170732 .1675272 1.02 0.308 -.1576152 .4990792 L4. | .0383536 .1254839 0.31 0.760 -.2075904 .2842975 | lprod | L1. | -.1083471 .143375 -0.76 0.450 -.389357 .1726627 L2. | -.0697658 .2175034 -0.32 0.748 -.4960646 .356533 L3. | .143132 .2164196 0.66 0.508 -.2810427 .5673067 L4. | -.2478349 .1421664 -1.74 0.081 -.5264759 .0308061 | fedfunds | L1. | -.0019566 .0006671 -2.93 0.003 -.0032642 -.000649 L2. | -.0005999 .0008237 -0.73 0.466 -.0022144 .0010145 L3. | .0008454 .0008442 1.00 0.317 -.0008092 .0024999 L4. | -.0005686 .000724 -0.79 0.432 -.0019877 .0008504 | lcp | L1. | -.0168388 .0138237 -1.22 0.223 -.0439328 .0102553 L2. | -.0136468 .0209548 -0.65 0.515 -.0547174 .0274238 L3. | .0465467 .0207033 2.25 0.025 .005969 .0871243 L4. | -.0062824 .0153546 -0.41 0.682 -.0363769 .0238121 | gm2 | L1. | .0140673 .0983692 0.14 0.886 -.1787328 .2068675 L2. | .1821828 .1096862 1.66 0.097 -.0327982 .3971638 L3. | .0605851 .1073483 0.56 0.572 -.1498137 .2709839 L4. | -.0135381 .0999607 -0.14 0.892 -.2094574 .1823813 | mywage | L1. | -2.96e-16 4.05e-16 -0.73 0.466 -1.09e-15 4.99e-16 L2. | 2.11e-15 1.11e-15 1.90 0.057 -6.50e-17 4.29e-15 L3. | -2.10e-15 1.18e-15 -1.79 0.074 -4.41e-15 2.03e-16 L4. | 1.15e-15 6.07e-16 1.90 0.058 -3.68e-17 2.34e-15 | _cons | -.1728965 .3199249 -0.54 0.589 -.7999379 .4541449 ---------------+---------------------------------------------------------------- linfl | loutput | L1. | .1060613 .0938563 1.13 0.258 -.0778937 .2900163 L2. | .0784845 .1239601 0.63 0.527 -.1644728 .3214418 L3. | -.0205006 .1203558 -0.17 0.865 -.2563936 .2153924 L4. | -.1983265 .089076 -2.23 0.026 -.3729122 -.0237409 | lconsumption | L1. | -.0660305 .0779873 -0.85 0.397 -.2188828 .0868219 L2. | -.1811226 .1004101 -1.80 0.071 -.3779228 .0156776 L3. | .0663141 .1095613 0.61 0.545 -.1484221 .2810503 L4. | .1664204 .08547 1.95 0.052 -.0010978 .3339386 | linfl | L1. | 1.189416 .1015408 11.71 0.000 .9903994 1.388432 L2. | .1455086 .1569886 0.93 0.354 -.1621835 .4532006 L3. | -.2252959 .1514604 -1.49 0.137 -.5221529 .071561 L4. | -.1160927 .0967627 -1.20 0.230 -.3057441 .0735588 | linv | L1. | .0075678 .0183472 0.41 0.680 -.028392 .0435277 L2. | -.0272184 .0229352 -1.19 0.235 -.0721706 .0177337 L3. | -.0078286 .0207953 -0.38 0.707 -.0485867 .0329295 L4. | .0345903 .0156576 2.21 0.027 .0039019 .0652786 | lmacrowage_ipd | L1. | .1894653 .0667635 2.84 0.005 .0586112 .3203194 L2. | .00058 .0960213 0.01 0.995 -.1876184 .1887783 L3. | -.0793952 .0931636 -0.85 0.394 -.2619924 .1032021 L4. | -.0353711 .0697829 -0.51 0.612 -.1721431 .1014008 | lprod | L1. | -.2027012 .0797323 -2.54 0.011 -.3589737 -.0464287 L2. | .0573304 .1209558 0.47 0.636 -.1797387 .2943995 L3. | .1007808 .1203532 0.84 0.402 -.1351071 .3366687 L4. | .0618045 .0790602 0.78 0.434 -.0931507 .2167596 | fedfunds | L1. | .0006839 .000371 1.84 0.065 -.0000433 .001411 L2. | -.0001028 .0004581 -0.22 0.822 -.0010007 .000795 L3. | .0001948 .0004695 0.41 0.678 -.0007254 .0011149 L4. | -.0002809 .0004026 -0.70 0.485 -.0010701 .0005082 | lcp | L1. | .0089632 .0076875 1.17 0.244 -.0061041 .0240304 L2. | .0059194 .0116532 0.51 0.611 -.0169204 .0287592 L3. | -.0225225 .0115133 -1.96 0.050 -.0450881 .0000431 L4. | .0106155 .0085389 1.24 0.214 -.0061204 .0273514 | gm2 | L1. | .0474538 .0547041 0.87 0.386 -.0597643 .1546719 L2. | .0465964 .0609976 0.76 0.445 -.0729567 .1661496 L3. | -.0656617 .0596975 -1.10 0.271 -.1826666 .0513433 L4. | -.1095748 .0555892 -1.97 0.049 -.2185276 -.000622 | mywage | L1. | 1.74e-16 1.73e-16 1.01 0.313 -1.64e-16 5.12e-16 L2. | -7.49e-16 3.37e-16 -2.22 0.027 -1.41e-15 -8.72e-17 L3. | 1.27e-15 4.53e-16 2.81 0.005 3.84e-16 2.16e-15 L4. | -2.44e-16 1.98e-16 -1.23 0.217 -6.31e-16 1.44e-16 | _cons | -.1681065 .1779135 -0.94 0.345 -.5168107 .1805976 ---------------+---------------------------------------------------------------- linv | loutput | L1. | 1.631396 .8313904 1.96 0.050 .0019005 3.260891 L2. | -.0963865 1.098053 -0.09 0.930 -2.24853 2.055757 L3. | -2.150835 1.066126 -2.02 0.044 -4.240403 -.0612677 L4. | -.0832109 .7890453 -0.11 0.916 -1.629711 1.463289 | lconsumption | L1. | 1.483342 .6908209 2.15 0.032 .1293577 2.837326 L2. | -1.431515 .8894445 -1.61 0.108 -3.174794 .3117641 L3. | -1.180146 .9705068 -1.22 0.224 -3.082305 .722012 L4. | 1.864513 .7571037 2.46 0.014 .3806173 3.348409 | linfl | L1. | .2947739 .8994607 0.33 0.743 -1.468137 2.057684 L2. | .3605064 1.390624 0.26 0.795 -2.365066 3.086079 L3. | -2.829261 1.341654 -2.11 0.035 -5.458855 -.1996673 L4. | 2.30808 .8571354 2.69 0.007 .6281256 3.988035 | linv | L1. | .5985711 .1625216 3.68 0.000 .2800347 .9171076 L2. | .0290969 .2031624 0.14 0.886 -.3690941 .4272879 L3. | -.0151251 .1842076 -0.08 0.935 -.3761653 .3459151 L4. | .1698421 .138697 1.22 0.221 -.101999 .4416831 | lmacrowage_ipd | L1. | .3932299 .5913989 0.66 0.506 -.7658907 1.552351 L2. | .0483397 .8505682 0.06 0.955 -1.618743 1.715423 L3. | -1.326505 .8252538 -1.61 0.108 -2.943973 .2909628 L4. | .9689221 .618145 1.57 0.117 -.2426199 2.180464 | lprod | L1. | -2.17979 .7062782 -3.09 0.002 -3.56407 -.7955099 L2. | .5337514 1.071441 0.50 0.618 -1.566235 2.633737 L3. | 3.272601 1.066103 3.07 0.002 1.183079 5.362124 L4. | -1.773381 .7003244 -2.53 0.011 -3.145991 -.4007701 | fedfunds | L1. | .0108799 .0032864 3.31 0.001 .0044386 .0173212 L2. | -.0173063 .0040577 -4.27 0.000 -.0252593 -.0093534 L3. | .0147923 .0041585 3.56 0.000 .0066418 .0229429 L4. | -.010474 .0035666 -2.94 0.003 -.0174644 -.0034836 | lcp | L1. | .0559385 .068097 0.82 0.411 -.0775292 .1894062 L2. | -.1160337 .1032252 -1.12 0.261 -.3183512 .0862839 L3. | .1363906 .1019861 1.34 0.181 -.0634984 .3362796 L4. | -.0502675 .0756383 -0.66 0.506 -.1985157 .0979808 | gm2 | L1. | .9577276 .4845757 1.98 0.048 .0079767 1.907479 L2. | -.1316717 .5403241 -0.24 0.807 -1.190687 .9273441 L3. | .3298038 .5288074 0.62 0.533 -.7066396 1.366247 L4. | -1.129034 .4924154 -2.29 0.022 -2.09415 -.1639174 | mywage | L1. | -2.64e-15 5.40e-15 -0.49 0.625 -1.32e-14 7.94e-15 L2. | 1.46e-14 1.62e-14 0.90 0.367 -1.72e-14 4.64e-14 L3. | -2.83e-14 1.44e-14 -1.96 0.049 -5.66e-14 -6.77e-17 L4. | 1.25e-14 7.75e-15 1.61 0.107 -2.68e-15 2.77e-14 | _cons | -2.403691 1.575979 -1.53 0.127 -5.492553 .6851715 ---------------+---------------------------------------------------------------- lmacrowage_ipd | loutput | L1. | -.0807417 .167474 -0.48 0.630 -.4089846 .2475012 L2. | .1286773 .22119 0.58 0.561 -.3048471 .5622017 L3. | .1416888 .2147586 0.66 0.509 -.2792304 .5626079 L4. | -.1472362 .158944 -0.93 0.354 -.4587608 .1642883 | lconsumption | L1. | .0869034 .1391578 0.62 0.532 -.185841 .3596477 L2. | -.1729638 .1791683 -0.97 0.334 -.5241271 .1781996 L3. | -.0209334 .1954973 -0.11 0.915 -.4041011 .3622343 L4. | .1668695 .1525098 1.09 0.274 -.1320442 .4657831 | linfl | L1. | -.1340592 .1811859 -0.74 0.459 -.4891771 .2210587 L2. | .0762285 .280125 0.27 0.786 -.4728064 .6252634 L3. | .0171642 .2702606 0.06 0.949 -.5125369 .5468654 L4. | .0285074 .17266 0.17 0.869 -.3099 .3669147 | linv | L1. | -.0008074 .0327381 -0.02 0.980 -.0649728 .0633581 L2. | -.0081417 .0409247 -0.20 0.842 -.0883527 .0720692 L3. | -.0191537 .0371065 -0.52 0.606 -.0918811 .0535736 L4. | .0165453 .0279389 0.59 0.554 -.0382139 .0713046 | lmacrowage_ipd | L1. | .9219521 .1191305 7.74 0.000 .6884607 1.155444 L2. | .118564 .1713371 0.69 0.489 -.2172505 .4543785 L3. | -.2128697 .1662378 -1.28 0.200 -.5386898 .1129504 L4. | .074209 .1245181 0.60 0.551 -.1698421 .3182601 | lprod | L1. | .0122652 .1422716 0.09 0.931 -.2665819 .2911123 L2. | .0550595 .2158294 0.26 0.799 -.3679583 .4780773 L3. | -.1159188 .214754 -0.54 0.589 -.5368289 .3049913 L4. | -.0038837 .1410722 -0.03 0.978 -.2803801 .2726128 | fedfunds | L1. | -.0015718 .000662 -2.37 0.018 -.0028693 -.0002743 L2. | .0014682 .0008174 1.80 0.072 -.0001338 .0030703 L3. | -.0008027 .0008377 -0.96 0.338 -.0024445 .0008392 L4. | .0007072 .0007184 0.98 0.325 -.000701 .0021153 | lcp | L1. | -.0120811 .0137174 -0.88 0.378 -.0389666 .0148044 L2. | .0187348 .0207935 0.90 0.368 -.0220197 .0594894 L3. | -.0124671 .0205439 -0.61 0.544 -.0527324 .0277982 L4. | .0083212 .0152364 0.55 0.585 -.0215417 .038184 | gm2 | L1. | .064135 .0976122 0.66 0.511 -.1271813 .2554513 L2. | -.011447 .108842 -0.11 0.916 -.2247735 .2018794 L3. | .1534719 .1065221 1.44 0.150 -.0553076 .3622514 L4. | .1459105 .0991914 1.47 0.141 -.048501 .340322 | mywage | L1. | -9.22e-16 3.22e-16 -2.86 0.004 -1.55e-15 -2.91e-16 L2. | 1.95e-15 7.48e-16 2.61 0.009 4.86e-16 3.42e-15 L3. | -2.86e-15 1.12e-15 -2.54 0.011 -5.06e-15 -6.52e-16 L4. | 8.11e-16 4.32e-16 1.88 0.061 -3.59e-17 1.66e-15 | _cons | .0685099 .3174627 0.22 0.829 -.5537056 .6907253 ---------------+---------------------------------------------------------------- lprod | loutput | L1. | -.075914 .1871873 -0.41 0.685 -.4427945 .2909664 L2. | .0071623 .2472263 0.03 0.977 -.4773923 .491717 L3. | -.5591547 .2400379 -2.33 0.020 -1.02962 -.0886891 L4. | .3596738 .1776533 2.02 0.043 .0114796 .7078679 | lconsumption | L1. | .0348936 .1555381 0.22 0.822 -.2699556 .3397427 L2. | .4198501 .2002582 2.10 0.036 .0273512 .8123489 L3. | -.327895 .2185093 -1.50 0.133 -.7561654 .1003755 L4. | .2191909 .1704617 1.29 0.198 -.1149079 .5532897 | linfl | L1. | .0915494 .2025133 0.45 0.651 -.3053695 .4884682 L2. | -.0908089 .3130986 -0.29 0.772 -.7044708 .522853 L3. | -.1172556 .3020731 -0.39 0.698 -.7093079 .4747967 L4. | .1540038 .1929838 0.80 0.425 -.2242375 .5322451 | linv | L1. | -.0135072 .0365917 -0.37 0.712 -.0852256 .0582112 L2. | .0301736 .045742 0.66 0.509 -.059479 .1198262 L3. | .0044397 .0414743 0.11 0.915 -.0768484 .0857278 L4. | -.0101185 .0312276 -0.32 0.746 -.0713235 .0510864 | lmacrowage_ipd | L1. | .2342415 .1331533 1.76 0.079 -.0267342 .4952172 L2. | -.1091849 .1915052 -0.57 0.569 -.4845282 .2661584 L3. | -.1232299 .1858057 -0.66 0.507 -.4874023 .2409426 L4. | .1084479 .1391752 0.78 0.436 -.1643304 .3812262 | lprod | L1. | .7767898 .1590184 4.88 0.000 .4651196 1.08846 L2. | -.3266161 .2412347 -1.35 0.176 -.7994274 .1461952 L3. | .5945444 .2400327 2.48 0.013 .1240889 1.065 L4. | -.4563598 .1576779 -2.89 0.004 -.7654027 -.1473169 | fedfunds | L1. | -.0004142 .0007399 -0.56 0.576 -.0018645 .001036 L2. | -.0016402 .0009136 -1.80 0.073 -.0034308 .0001504 L3. | .0023906 .0009363 2.55 0.011 .0005555 .0042257 L4. | -.0021027 .000803 -2.62 0.009 -.0036766 -.0005289 | lcp | L1. | -.0167922 .015332 -1.10 0.273 -.0468424 .013258 L2. | .0068765 .0232411 0.30 0.767 -.0386753 .0524282 L3. | .0366775 .0229621 1.60 0.110 -.0083275 .0816825 L4. | -.011131 .0170299 -0.65 0.513 -.044509 .0222471 | gm2 | L1. | .0650915 .1091021 0.60 0.551 -.1487447 .2789276 L2. | .0320128 .1216538 0.26 0.792 -.2064243 .2704499 L3. | .0978273 .1190608 0.82 0.411 -.1355277 .3311822 L4. | -.1038473 .1108672 -0.94 0.349 -.321143 .1134484 | mywage | L1. | -5.90e-16 8.62e-16 -0.68 0.494 -2.28e-15 1.10e-15 L2. | 5.23e-15 3.05e-15 1.72 0.086 -7.38e-16 1.12e-14 L3. | -4.52e-15 3.03e-15 -1.49 0.136 -1.05e-14 1.42e-15 L4. | 2.82e-15 1.70e-15 1.66 0.097 -5.14e-16 6.15e-15 | _cons | -.9598243 .3548313 -2.71 0.007 -1.655281 -.2643678 ---------------+---------------------------------------------------------------- fedfunds | loutput | L1. | 56.05766 25.89494 2.16 0.030 5.304505 106.8108 L2. | 31.62286 34.20056 0.92 0.355 -35.40901 98.65472 L3. | -45.64918 33.20613 -1.37 0.169 -110.732 19.43364 L4. | -4.557342 24.57604 -0.19 0.853 -52.72549 43.61081 | lconsumption | L1. | 12.2362 21.51669 0.57 0.570 -29.93573 54.40814 L2. | -72.24026 27.70313 -2.61 0.009 -126.5374 -17.94313 L3. | 64.14301 30.22794 2.12 0.034 4.89734 123.3887 L4. | -27.29287 23.58117 -1.16 0.247 -73.51111 18.92537 | linfl | L1. | 4.318661 28.0151 0.15 0.877 -50.58992 59.22724 L2. | 41.43006 43.31313 0.96 0.339 -43.46212 126.3222 L3. | -72.52766 41.7879 -1.74 0.083 -154.4304 9.375108 L4. | 24.6888 26.69681 0.92 0.355 -27.63599 77.01358 | linv | L1. | 3.524465 5.061987 0.70 0.486 -6.396847 13.44578 L2. | -4.307643 6.327808 -0.68 0.496 -16.70992 8.094633 L3. | 1.062937 5.73743 0.19 0.853 -10.18222 12.30809 L4. | -.9715112 4.319932 -0.22 0.822 -9.438422 7.4954 | lmacrowage_ipd | L1. | 36.22995 18.42004 1.97 0.049 .1273409 72.33256 L2. | 2.568049 26.49226 0.10 0.923 -49.35583 54.49193 L3. | -.5699114 25.70381 -0.02 0.982 -50.94845 49.80863 L4. | 2.269851 19.25308 0.12 0.906 -35.4655 40.0052 | lprod | L1. | -78.5941 21.99813 -3.57 0.000 -121.7096 -35.47855 L2. | 9.704208 33.37169 0.29 0.771 -55.70311 75.11153 L3. | 1.572762 33.20542 0.05 0.962 -63.50866 66.65419 L4. | 6.430859 21.81269 0.29 0.768 -36.32123 49.18294 | fedfunds | L1. | .8143955 .102361 7.96 0.000 .6137717 1.015019 L2. | -.4520027 .1263838 -3.58 0.000 -.6997103 -.204295 L3. | .406553 .1295232 3.14 0.002 .1526922 .6604139 L4. | .0942629 .1110871 0.85 0.396 -.1234638 .3119897 | lcp | L1. | 4.36764 2.120987 2.06 0.039 .210582 8.524699 L2. | -4.854279 3.215108 -1.51 0.131 -11.15577 1.447216 L3. | -.1743964 3.176514 -0.05 0.956 -6.40025 6.051457 L4. | 3.615622 2.355871 1.53 0.125 -1.0018 8.233043 | gm2 | L1. | 41.13485 15.09286 2.73 0.006 11.55339 70.71632 L2. | -13.30364 16.82923 -0.79 0.429 -46.28833 19.68105 L3. | 37.27047 16.47052 2.26 0.024 4.988833 69.5521 L4. | -4.523679 15.33704 -0.29 0.768 -34.58373 25.53637 | mywage | L1. | -6.16e-14 4.80e-14 -1.28 0.200 -1.56e-13 3.26e-14 L2. | 2.75e-13 1.55e-13 1.78 0.076 -2.85e-14 5.79e-13 L3. | -2.98e-13 1.71e-13 -1.74 0.082 -6.33e-13 3.76e-14 L4. | 1.34e-13 7.86e-14 1.70 0.089 -2.02e-14 2.88e-13 | _cons | 125.2165 49.08631 2.55 0.011 29.00911 221.4239 ---------------+---------------------------------------------------------------- lcp | loutput | L1. | .3339707 1.315554 0.25 0.800 -2.244467 2.912408 L2. | 1.427427 1.737508 0.82 0.411 -1.978026 4.832879 L3. | -2.743628 1.686987 -1.63 0.104 -6.050062 .5628071 L4. | .3255441 1.248549 0.26 0.794 -2.121566 2.772654 | lconsumption | L1. | -.3424329 1.093123 -0.31 0.754 -2.484914 1.800048 L2. | -1.020164 1.407416 -0.72 0.469 -3.778648 1.73832 L3. | 2.06398 1.535685 1.34 0.179 -.9459068 5.073867 L4. | -.0843148 1.198006 -0.07 0.944 -2.432363 2.263733 | linfl | L1. | .7871345 1.423265 0.55 0.580 -2.002413 3.576682 L2. | -1.738328 2.200458 -0.79 0.430 -6.051147 2.574491 L3. | -.1605171 2.122971 -0.08 0.940 -4.321464 4.00043 L4. | 1.141458 1.356291 0.84 0.400 -1.516824 3.79974 | linv | L1. | -.3724292 .2571666 -1.45 0.148 -.8764665 .1316081 L2. | -.1241407 .3214748 -0.39 0.699 -.7542197 .5059382 L3. | .467026 .2914815 1.60 0.109 -.1042672 1.038319 L4. | -.0381351 .2194676 -0.17 0.862 -.4682837 .3920136 | lmacrowage_ipd | L1. | -.4668178 .9358022 -0.50 0.618 -2.300956 1.367321 L2. | .1254472 1.3459 0.09 0.926 -2.512467 2.763362 L3. | .4327835 1.305843 0.33 0.740 -2.126622 2.992189 L4. | .3464251 .9781239 0.35 0.723 -1.570662 2.263513 | lprod | L1. | -.5736511 1.117582 -0.51 0.608 -2.764071 1.616769 L2. | -.3274343 1.695399 -0.19 0.847 -3.650354 2.995486 L3. | 1.964684 1.686951 1.16 0.244 -1.341679 5.271048 L4. | -1.267408 1.108161 -1.14 0.253 -3.439363 .9045471 | fedfunds | L1. | .0055202 .0052003 1.06 0.288 -.0046722 .0157126 L2. | -.0136953 .0064207 -2.13 0.033 -.0262797 -.0011108 L3. | .0055892 .0065802 0.85 0.396 -.0073078 .0184862 L4. | -.0047881 .0056436 -0.85 0.396 -.0158493 .0062732 | lcp | L1. | 1.108051 .1077536 10.28 0.000 .8968575 1.319244 L2. | -.1476327 .1633387 -0.90 0.366 -.4677706 .1725053 L3. | -.0318787 .161378 -0.20 0.843 -.3481738 .2844164 L4. | .0608209 .1196865 0.51 0.611 -.1737602 .2954021 | gm2 | L1. | 1.814128 .7667701 2.37 0.018 .3112865 3.31697 L2. | .5436845 .8549837 0.64 0.525 -1.132053 2.219422 L3. | -.1808666 .8367602 -0.22 0.829 -1.820886 1.459153 L4. | -.2574976 .7791753 -0.33 0.741 -1.784653 1.269658 | mywage | L1. | -5.50e-15 2.29e-15 -2.41 0.016 -9.98e-15 -1.02e-15 L2. | 1.18e-14 5.29e-15 2.23 0.026 1.41e-15 2.22e-14 L3. | -2.30e-14 1.29e-14 -1.78 0.075 -4.83e-14 2.31e-15 L4. | 7.22e-15 3.52e-15 2.05 0.040 3.18e-16 1.41e-14 | _cons | -3.176155 2.493756 -1.27 0.203 -8.063827 1.711517 ---------------+---------------------------------------------------------------- gm2 | loutput | L1. | -.3982073 .158189 -2.52 0.012 -.7082521 -.0881626 L2. | .1212237 .208927 0.58 0.562 -.2882656 .5307131 L3. | .0515007 .2028522 0.25 0.800 -.3460822 .4490836 L4. | -.0903561 .150132 -0.60 0.547 -.3846094 .2038972 | lconsumption | L1. | .291956 .1314428 2.22 0.026 .0343328 .5495791 L2. | -.0485233 .169235 -0.29 0.774 -.3802178 .2831711 L3. | -.3307266 .1846587 -1.79 0.073 -.6926511 .0311978 L4. | .3476654 .1440544 2.41 0.016 .0653239 .630007 | linfl | L1. | -.1190461 .1711408 -0.70 0.487 -.4544759 .2163836 L2. | .2882658 .2645946 1.09 0.276 -.23033 .8068616 L3. | -.3191349 .2552771 -1.25 0.211 -.8194689 .181199 L4. | .1527394 .1630875 0.94 0.349 -.1669062 .4723851 | linv | L1. | .0285118 .0309231 0.92 0.357 -.0320962 .0891199 L2. | .0258734 .0386558 0.67 0.503 -.0498906 .1016374 L3. | -.0492741 .0350493 -1.41 0.160 -.1179693 .0194212 L4. | .0431793 .0263899 1.64 0.102 -.008544 .0949026 | lmacrowage_ipd | L1. | -.2554241 .1125257 -2.27 0.023 -.4759705 -.0348777 L2. | .2193815 .161838 1.36 0.175 -.0978151 .5365781 L3. | -.1770265 .1570214 -1.13 0.260 -.4847828 .1307298 L4. | .0890963 .1176147 0.76 0.449 -.1414243 .3196169 | lprod | L1. | .4241301 .1343839 3.16 0.002 .1607426 .6875176 L2. | -.2947005 .2038636 -1.45 0.148 -.6942658 .1048647 L3. | .2455808 .2028478 1.21 0.226 -.1519936 .6431551 L4. | -.2782425 .133251 -2.09 0.037 -.5394097 -.0170753 | fedfunds | L1. | -.0009722 .0006253 -1.55 0.120 -.0021978 .0002534 L2. | .0017317 .0007721 2.24 0.025 .0002184 .0032449 L3. | .0001392 .0007912 0.18 0.860 -.0014116 .00169 L4. | -.0003014 .0006786 -0.44 0.657 -.0016315 .0010287 | lcp | L1. | -.0291712 .0129568 -2.25 0.024 -.0545661 -.0037762 L2. | .0329493 .0196407 1.68 0.093 -.0055458 .0714444 L3. | .0219381 .0194049 1.13 0.258 -.0160949 .0599711 L4. | -.0221258 .0143917 -1.54 0.124 -.0503331 .0060814 | gm2 | L1. | .4300754 .0922004 4.66 0.000 .2493659 .6107849 L2. | -.0151551 .1028077 -0.15 0.883 -.2166545 .1863443 L3. | .0780489 .1006164 0.78 0.438 -.1191556 .2752534 L4. | -.1116425 .0936921 -1.19 0.233 -.2952757 .0719906 | mywage | L1. | 1.04e-16 1.69e-16 0.61 0.539 -2.27e-16 4.35e-16 L2. | 8.88e-16 3.18e-16 2.79 0.005 2.64e-16 1.51e-15 L3. | -7.79e-16 2.97e-16 -2.62 0.009 -1.36e-15 -1.97e-16 L4. | -2.83e-17 2.44e-16 -0.12 0.908 -5.07e-16 4.51e-16 | _cons | -1.21487 .2998622 -4.05 0.000 -1.802589 -.6271507 ---------------+---------------------------------------------------------------- mywage | loutput | L1. | -.5128209 .5871028 -0.87 0.382 -1.663521 .6378795 L2. | -.1126063 .8017228 -0.14 0.888 -1.683954 1.458742 L3. | -.3519465 .7668295 -0.46 0.646 -1.854905 1.151012 L4. | .5987261 .5501989 1.09 0.277 -.4796439 1.677096 | lconsumption | L1. | -.106114 .4728394 -0.22 0.822 -1.032862 .8206342 L2. | 1.502685 .6104054 2.46 0.014 .3063126 2.699058 L3. | -.908445 .6665867 -1.36 0.173 -2.214931 .398041 L4. | .1075861 .5213125 0.21 0.836 -.9141675 1.12934 | linfl | L1. | .2285604 .657647 0.35 0.728 -1.060404 1.517525 L2. | -.663262 .9683213 -0.68 0.493 -2.561137 1.234613 L3. | .9979863 .9273961 1.08 0.282 -.8196767 2.815649 L4. | -.4695256 .594545 -0.79 0.430 -1.634812 .6957612 | linv | L1. | -.0346139 .1113847 -0.31 0.756 -.2529239 .183696 L2. | .177084 .1385147 1.28 0.201 -.0943998 .4485677 L3. | -.1249541 .1262294 -0.99 0.322 -.3723592 .122451 L4. | .0109487 .0956606 0.11 0.909 -.1765427 .1984402 | lmacrowage_ipd | L1. | .142217 .4138257 0.34 0.731 -.6688664 .9533005 L2. | -.1391548 .5904857 -0.24 0.814 -1.296485 1.018176 L3. | .2086307 .5741069 0.36 0.716 -.9165981 1.33386 L4. | .1004231 .426944 0.24 0.814 -.7363718 .9372179 | lprod | L1. | -.579824 .4892559 -1.19 0.236 -1.538748 .3791 L2. | -.8484885 .7385044 -1.15 0.251 -2.29593 .5989535 L3. | 1.951817 .7318519 2.67 0.008 .5174133 3.38622 L4. | -1.284058 .486005 -2.64 0.008 -2.236611 -.331506 | fedfunds | L1. | .0010415 .0022878 0.46 0.649 -.0034425 .0055255 L2. | -.0065725 .0028367 -2.32 0.021 -.0121324 -.0010127 L3. | .0076247 .0028577 2.67 0.008 .0020236 .0132258 L4. | -.0068844 .0024446 -2.82 0.005 -.0116757 -.0020931 | lcp | L1. | -.0114264 .0476083 -0.24 0.810 -.1047369 .081884 L2. | .0068513 .0713546 0.10 0.924 -.1330012 .1467038 L3. | .0535471 .0705983 0.76 0.448 -.084823 .1919172 L4. | -.0206977 .0518052 -0.40 0.690 -.1222341 .0808387 | gm2 | L1. | .0914959 .3482572 0.26 0.793 -.5910756 .7740674 L2. | .4079241 .3882747 1.05 0.293 -.3530804 1.168929 L3. | -.1466998 .3753293 -0.39 0.696 -.8823317 .588932 L4. | -.0242831 .3465979 -0.07 0.944 -.7036025 .6550362 | mywage | L1. | 1.454105 .0867453 16.76 0.000 1.284087 1.624123 L2. | -.3455323 .1585437 -2.18 0.029 -.6562723 -.0347924 L3. | -.3699136 .1640318 -2.26 0.024 -.69141 -.0484172 L4. | .1510701 .108565 1.39 0.164 -.0617135 .3638536 | _cons | -2.210176 1.156393 -1.91 0.056 -4.476666 .056313 -------------------------------------------------------------------------------- irf file has been cleared (file myirf.irf created) (file myirf.irf now active) irfname lnh_ipd_cumtght not found in myirf.irf (file myirf.irf updated) variable response was str14 now str15 (310 real changes made) variable impulse was str14 now str15 (310 real changes made) (2,790 observations deleted) variable response was str15 now str16 (310 real changes made) (note: j = _fedfunds _gm2 _lconsumption _lcp _linfl _linv _lmacrowage_ipd _lnh_ipd_cumtght _loutput _lprod) Data long -> wide ----------------------------------------------------------------------------- Number of obs. 310 -> 31 Number of variables 10 -> 45 j variable (10 values) response -> (dropped) xij variables: oirf -> oirf_fedfunds oirf_gm2 ... oirf_lprod coirf -> coirf_fedfunds coirf_gm2 ... coirf_lprod stdoirf -> stdoirf_fedfunds stdoirf_gm2 ... stdoirf_lprod stdcoirf -> stdcoirf_fedfunds stdcoirf_gm2 ... stdcoirf_lprod ----------------------------------------------------------------------------- file ../output/user_cost_var_1965q3_1995q3_lnh_ipd_cumtght.xlsx saved file ../output/user_cost_var_1965q3_1995q3_lnh_ipd_cumtght.xlsx saved file ../input/user_cost_var_1965q3_1995q3_lnh_ipd_cumtght.dta saved . erase `tempdata'`prg'_TEMP.dta; . log close; name: log: C:\Users\chouse\Dropbox\basu-house\analysis\code\../temp/user_cost_var.log log type: text closed on: 18 Jan 2017, 15:11:15 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