The files mentioned in this note and included in the zipped archive are intended to help reproduce the figures and main calculations in our 2009 QJE paper. All Matlab calculations were done in Matlab 7.6.0.324 (R2008A).

Please let me know if you have any difficulties running these programs.

Chris Edmond


%%%%% OUR PROGRAMS

* data.xls	

Monthly data 1959:1 to 2006:12. The variables are (i) the fed funds rate, (ii) the 3-month t-bill rate, (iii) the M1 money stock, (iv) 	the M2 money stock, (v) personal consumption expenditure (PCE), (vi) PCE on nondurables, (vii) PCE price index, (viii) PCE on services. See page 955 notes to Table A.1 in the published paper for further details.

* figure1.m
* figure2.m
* figure3.m
* figures4and5.m

Matlab files for producing rough versions of figures 1-5 in the published paper. See the notes to those figures in the published paper for further details. The program for figure 1 also calculates the alternative measures of the short run fluctuations in velocity reported in Table A.1 of the published paper. The program for figure 3 also estimates the Vector Autoregression used a law of motion for the shocks facing households as described in the notes to that figure. 

These figure files call various functions. In particular,

* money_exogenous.m
* steady_state.m
* resolve_kinks.m
* matrices_money.m
* matrices_money_var.m
* impulse_response.m
* matrices_interest.m
* interest_simulations.m
* deterministic_dynamics.m
* harald.m
 
Most of these are described in the Technical Appendix that accompanied the FRB Minneapolis Staff Report version of our paper (November 2008). A PDF copy of the technical appendix is included in the accompanying zip file. 

Our programs call various utilities written by other researchers as listed below. For completeness copies of these utilities are included in the zip file.
 
%%%%% PROGRAMS WRITTEN BY OTHER RESEARCHERS

%%%%% Ellen McGrattan

hptrend.m

%%%%% Harald Uhlig's Toolkit

options.m
solve.m

%%%%% James LeSage's Econometrics Toolbox. 

BETACFJ.M
BETAI.M
FDIS_PRB.M
GAMMLNJ.M
MLAG.M
MPRINT.M
OLS.M
PRT_VAR.M
TDIS_PRB.M
TRIMR.M
VAR.M