// Code for "Saving Behavior and Housing Wealth - Evidence from German Micro Data" by S. Gröbel and D. Ihle

// Regressionsanalyse - START

cd "H:\...\Datensaetze" //Enter preferred path here
use hmaster_hwpanel_bearbeitet96, clear
set more off


/* sample bereinigen: Mieter mit Immobilienvermögen droppen */
gen hw=prop+otherprop
drop if hw!=0 & hw!=. & dho==0 

/* alle Beobachtungen droppen, bei denen eine (Regressions)Variable ein missing hat */
drop if D_lnysavings==.
drop if old2==.
drop if dho==.
drop if p_exp==.
drop if p_unexp==.
drop if y_exp==.
drop if y_unexp==.
drop if educ==.
drop if rmort==.
drop if numberkids==. // 56.556 Beobachtungen 


/* Baseline Regression */
xtreg D_lnysavings c.p_exp##old2##dho c.y_exp##old2##dho c.p_unexp##old2##dho c.y_unexp##old2##dho i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12, pa vce(robust) 
*Wald tests (1)
test (1.old2#c.p_unexp+p_unexp)=0 
test (1.dho#c.p_unexp+p_unexp)=0  
test (1.old2#1.dho#c.p_unexp+1.dho#c.p_unexp+1.old2#c.p_unexp+p_unexp)=0 
*Wald tests (2)
test (1.old2#c.p_unexp-c.p_unexp)=0
test (1.old2#1.dho#c.p_unexp-1.dho#c.p_unexp)=0 
test (1.dho#c.p_unexp-c.p_unexp)=0 
test (1.old2#1.dho#c.p_unexp-1.old2#c.p_unexp)=0  
test (1.old2#1.dho#c.p_unexp-1.dho#c.p_unexp)-(1.old2#c.p_unexp-p_unexp)=0 

/* Liquidity constraints */
xtreg D_lnysavings c.p_exp##old2##dho c.y_exp##old2##dho c.p_unexp##old2##dho c.y_unexp##old2##dho i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12 if dlowliquidity==1, pa vce(robust) 
xtreg D_lnysavings c.p_exp##old2##dho c.y_exp##old2##dho c.p_unexp##old2##dho c.y_unexp##old2##dho i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12 if dlowliquidity==0, pa vce(robust) 

/* Asmmetric effects */
*Dummy generieren für negativen Schock 
gen punexp_neg=1 if p_unexp<0 & p_unexp!=.
replace punexp_neg=0 if p_unexp>=0 & p_unexp!=.
*Dummy generieren für negatives Vermögen
gen nw_neg=1 if netwealth<0 & netwealth!=.
replace nw_neg=0 if netwealth>=0 & netwealth!=.
*1)Baseline regression (nicht differenziert nach Alter und WE Status); zusätzlich: Unterscheidung zwischen positiven und negativen Schocks
xtreg D_lnysavings p_exp y_exp p_unexp punexp_neg y_unexp dho old2 i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12, pa vce(robust) 
*2)Baseline regression siehe 1) + Interaktion negativer Schock
xtreg D_lnysavings p_exp y_exp c.p_unexp##nw_neg c.punexp_neg##nw_neg y_unexp dho old2 i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12, pa vce(robust) 
*3)Baseline regression siehe 1) differenziert nach Alter und WE Status
xtreg D_lnysavings c.p_exp##old2##dho c.y_exp##old2##dho c.p_unexp##old2##dho punexp_neg##old2##dho c.y_unexp##old2##dho i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12, pa vce(robust) 

/* Robustness checks */
*nur Eigentümer
xtreg D_lnysavings c.p_exp##old2 c.y_exp##old2 c.p_unexp##old2 c.y_unexp##old2 i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12 if dho==1, pa vce(robust) 
*nur Mieter
xtreg D_lnysavings c.p_exp##old2 c.y_exp##old2 c.p_unexp##old2 c.y_unexp##old2 i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12 if dho==0, pa vce(robust) 
*45 Jahre
xtreg D_lnysavings c.p_exp##old3##dho c.y_exp##old3##dho c.p_unexp##old3##dho c.y_unexp##old3##dho i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12, pa vce(robust) 
*50 Jahre
xtreg D_lnysavings c.p_exp##old4##dho c.y_exp##old4##dho c.p_unexp##old4##dho c.y_unexp##old4##dho i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12, pa vce(robust) 
*mit "perception dummy"
xtreg D_lnysavings c.p_exp##old2##dho c.y_exp##old2##dho c.p_unexp##old2##dho c.y_unexp##old2##dho d_propchange i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12 if dho==1, pa vce(robust) 
*abhängige Variable: imputierte Ausgaben 
xtreg D_lnyexp2 c.p_exp##old2##dho c.y_exp##old2##dho c.p_unexp##old2##dho c.y_unexp##old2##dho i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12, pa vce(robust) 
*fixed effects
xtreg D_lnysavings c.p_exp##old2##dho c.y_exp##old2##dho c.p_unexp##old2##dho c.y_unexp##old2##dho i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12, fe vce(robust) 

/* Basic regressions */
*(1) p_act
xtreg D_lnysavings p_act, pa vce(robust) 
*(2) p_act & income 
xtreg D_lnysavings p_act y_act, pa vce(robust) 
*(3) p_exp & p_unexp
xtreg D_lnysavings p_exp p_unexp, pa vce(robust)
*(4) p_act & age interagiert
*interactions p_act age2
gen p_young2=p_act*young2
gen p_old2=p_act*old2
gen y_young2=y_act*young2
gen y_old2=y_act*old2
xtreg D_lnysavings p_act y_act p_old2 p_young2 y_old2 y_young2 old2 rmort i.educ i.numberkids, pa vce(robust) 
*(5) p_act & dho interagiert
xtreg D_lnysavings c.p_act##dho c.y_act##dho rmort i.educ i.numberkids, pa vce(robust) 
*(6) p_act, age and HO status interagiert
*interactions p_act age2 and HO status
gen p_young2_ho=p_act*young2*dho
gen p_old2_ho=p_act*old2*dho
gen p_young2_rent=p_act*young2*drenter
gen p_old2_rent=p_act*old2*drenter
gen y_young2_ho=y_act*young2*dho
gen y_old2_ho=y_act*old2*dho
gen y_young2_rent=y_act*young2*drenter
gen y_old2_rent=y_act*old2*drenter
xtreg D_lnysavings c.p_act##old2##dho c.y_act##old2##dho rmort i.educ i.numberkids, pa vce(robust) 

/* Baseline regression with 3 age categories */
gen y3=(age<=40)
gen m3=(age>40 & age<=65)
gen o3=(age>65 & age !=.)
gen ageKat3=.
replace ageKat3=1 if y3==1
replace ageKat3=2 if m3==1
replace ageKat3=3 if o3==1
label define agekat3 1 "young" 2 "middle" 3 "old"
label values ageKat3 agekat3
xtreg D_lnysavings c.p_exp##ageKat3##dho c.y_exp##ageKat3##dho c.p_unexp##ageKat3##dho c.y_unexp##ageKat3##dho i.educ rmort i.numberkids dror1 dror3 dror4 dror6 dror7 dror8 dror11 dror12 dror13 dror16 dror18 dror22 dror27 dror28 dror29 dror30 dror32 dror34 dror35 dror36 dror39 dror40 dror41 dror42 dror43 dror44 dror46 dror48 dror51 dror52 dror54 dror55 dror56 dror57 dror58 dror60 dror62 dror63 dror64 dror65 dror66 dror68 dror69 dror70 dror71 dror72 dror74 dror77 dror80 dror81 dror82 dror83 dror84 dror86 dror88 dror89 dror90 dror91 dror92 dror93 dror95 dror97 d97 d96 d98 d99 d00 d01 d02 d03 d04 d05 d06 d07 d08 d09 d10 d11 d12, pa vce(robust) 

// Regressionsanalyse - ENDE