Description of replication files for
Disentangling the Channels of the 2007-2009 Recession
(April 27, 2012, Corrected July 5, 2013)
James H. Stock and Mark W. Watson

Data:  Data for the series used for the factor model are in BPEA_FAC_1.XLSX in the DATA subdirectory
       Data for the instruments are in BPEA_INST_1_CORRECTED.XLSX

Note:  The Ramey-Vine Gasoline Price series used in the published version of the paper contained errors. (These were caused by an Excel error as I copied the data across spreadsheets.) The original/uncorrected data are in BPEA_INST_1_ORIGINAL.XLSX. The corrected data are in BPEA_INST_1_CORRECTED.XLSX. 

Table 1:  Results computed in Crisis_fac_reducedform.gss
Table 2:  Results computed in Crisis_fac_reducedform.gss
Table 3:  Results computed in Crisis_fac_reducedform.gss
Table 4:  Results computed in Crisis_fac_reducedform.gss
Table 5:  Results computed in big_shocks.gss
Table 6:  Results computed in sfactor_1.gss
Table 7:  Results computed in sfactor_1.gss
Table 8:  Results computed in sfactor_1.gss
Table 9:  Results computed in trough_fcst.gss
Table 10: Results computed in Trend_Decomp.gss

Note: The program sfactor_1.gss uses the dataset BPEA_INST_1_CORRECTED.XLSX and thus contains the corrected versions of Tables 6-8 that are shown in the Erratum.  The table in the published version of the paper can be reproduced by running sfactor_1.gss using the BPEA_INST_1_ORIGINAL.XLSX by removing the comment marks "\* and */" in lines 11 and 16.

Fig 1:  Results computed in local_mean_summary.gss
Fig 2:  Results computed in Crisis_fac_reducedform.gss
Fig 3:  Results computed in sfactor_1.gss
Fig 4:  Results computed in trough_fcst.gss
Fig 5:  Results computed in Trend_Decomp.gss 
Fig 6:  Results computed in Trend_Decomp.gss


@ Results Shown in Supplement @
Table S3: Results computed in Crisis_fac_reducedform_supplement.gss
Table s4: Results computed in Crisis_fac_reducedform_supplement.gss
Table s5: Results computed in Crisis_fac_reducedform_5factors.gss
Table s6: Results computed in Crisis_fac_reducedform_5factors.gss
Table s7: Results computed in Crisis_fac_reducedform_5factors.gss
Table s8: Results computed in big_shock_5factors.gss
Table s9: Results computed in trough_fcst_5factors.gss
Table s10: Results computed in Crisis_fac_reducedform_7factors.gss
Table s11: Results computed in Crisis_fac_reducedform_7factors.gss
Table s12: Results computed in Crisis_fac_reducedform_7factors.gss
Table s13: Results computed in big_shock_7factors.gss
Table s14: Results computed in trough_fcst_7factors.gss
Table s15: Results computed in Trend_Decomp.gss

Figures:
xxxxx_rffit_fs.emf: Results computed in Crisis_fac_reducedform_supplement.gss
xxxxx_rffit_ps.emf: Results computed in Crisis_fac_reducedform_supplement.gss
xxxxx_rffit4_fs.emf: Results computed in Crisis_fac_reducedform_supplement.gss
xxxxx_rffit4_ps.emf: Results computed in Crisis_fac_reducedform_supplement.gss
