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DistributionOfWealthMPC Mostly Supercedes This Repo

The cstwMPC Repo aims to replicate all the results of the original cstwMPC paper, with minimal updates to the original code to make it work in updated versions of HARK.

DistributionOfWealthMPC is a much more thoroughgoing rewrite that brings everything up to date with the many improvements to HARK that have been made since the cstwMPC paper was published.

DistributionOfWealthMPC should therefore be the starting point for most projects that aim to build on cstwMPC.

cstwMPC Replication Made using the ARK

To replicate estimates and output like those in the paper:

  1. Install Anaconda for Python 3
  2. In the Anaconda terminal (Windows) or Unix-like terminal (other OS):
    • Navigate to ./Code/
    • run "pip install -r requirements.txt"
  3. Run Spyder, and open ./do_min, ./do_mid.py, ./do_all.py, or ./do_custom.py
  4. Run the code by clicking the green arrow button.

Alternatively, you can execute any of the files from the command line, e.g.

`ipython do_min.py`

Running do_min.py will estimate two simple specifications of the model, with no aggregate shocks.

This takes a few minutes to run-- approximately 10-15 minutes on a typical computer.

Running do_mid.py will estimate the two main specifications reported in the paper

This takes several hours to run.

Running do_custom.py will let you choose exactly which model to estimate

Progress will be printed to screen when these files are run.