cd c:\data\im

/*Program uses gmz (based on M2 or MQM) and runs pooled OLS and panel fixed and time effects regressions with restrictions on growth rate of money (gmz) and on ending year/decade/half-decade and on percent of decade, half-decade, or sample for which the decadal, half-decadal, or country averages were computed.

Iraq (IRQ) and Mauritania (MRT) were dropped because of large gaps in the years for which data is available, e.g. Iraq had data from 1971-76 and 2005-2008

Countries must have at least 10 ANNUAL obs of FULL DATA (joint availability of inf, gmz, and gry8na) for inclusion in any regressions.  

The decade and half-decade averages used are constructed from decade or half-decades with at least 80% of the within decade (half-dec) observations.

*/

set more off

local d MS15-487
local v 6

*Excludes Ecuador
*Drops Countries with fewer than 20 annual observations
*USES a CUT-OFF of 15% for gmzave!!

log using `d'regressionsGMZ`v'.txt, text replace


**********Regressions on Annual Data************

use `d'AnnualData

capture drop idc

sort isocode year
encode iso, gen(idc)

xtset idc year

drop if iso == "ECU"
drop if obs < 20

xtreg inf gmz gry8na i.year, fe cluster(idc)
xtreg inf gmz gry8na i.year if gmzave < 0.15, fe cluster(idc) 
xtreg inf gmz gry8na i.year if gmzave > = 0.15, fe cluster(idc)

clear


**********Regressions on Half-Decadal Averages************

use`d'HalfdecadeData

sort iso halfdec
encode iso, gen(idc)

xtset idc halfdec

drop if iso == "ECU"
drop if obs < 20

xtreg inf gmz gry8na i.halfdec, fe cluster(idc)
xtreg inf gmz gry8na i.halfdec if gmzave < 0.15, fe cluster(idc)
xtreg inf gmz gry8na i.halfdec if gmzave > = 0.15, fe cluster(idc)

clear

**********Regressions on Decadal Averages************

use `d'DecadeData

sort iso decade
encode iso, gen(idc)

xtset idc decade

drop if iso == "ECU"
drop if obs < 20

xtreg inf gmz gry8na i.decade, fe cluster(idc)
xtreg inf gmz gry8na i.decade if gmzave < 0.15, fe cluster(idc)
xtreg inf gmz gry8na i.decade if gmzave > = 0.15, fe cluster(idc)

clear


**********Regressions on Country Averages************

use `d'CountryAveragedData

sort iso

drop if iso == "ECU"
drop if obs < 20

reg inf gmz gry8na, robust
reg inf gmz gry8na if gmzave < 0.15, robust
reg inf gmz gry8na if gmzave > = 0.15, robust

clear

log close


