This note provides information for replicating the tables and figures included in Jason Furman's comment on "Understanding US Inflation During the COVID Era" by Laurence Ball, Daniel Leigh, and Prachi Mishra. 

The tables and figures included in the comment are located in the main folder of this replication package. 

For all Stata do files, set the working directory to your main directory path. 

Figures 1 and 2 and Tables 1, 2, and 3 can all be created by running prog/main.do. 

Figures 3-5 are constructed in Excel using publicly available data downloaded from Macrobond

Figure 6 is an alternate depiction of the data contained in Figure 8 of Ball, Leigh, and Mishra

Contents:

	../
		readme.txt
		Figures 1-6 and Tables 1-3
		
	prog/
		main.do: Runs all code needed to construct Figures 1 and 2 and Tables 1, 2, and 3
		simdata.do: Constructs simdata.dta from data_monthly following the Ball, Leigh, and Mishra code for Figure 17 in the main paper
		blm_simulations.ado: Defines a Stata command, blmsim, that replicates and extends the simulations conducted by Ball, Leigh, and Mishra for Figures 17 and 19 in the main paper
		furman_simulations.do: Runs the simulations necessary for Figures 1 and 2 and Tables 2 and 3. Optionally allows user to verify that the command blmsim replicates the information contained in Figures 17 and 19 of the main paper.
		furman_fig1.do: Draws Figure 1
		furman_fig2.do: Draws Figure 2
		furman_tab1.do: Runs the Phillips Curve regressions underlying Table 1
		furman_tab2_tab3.do: Performs calculations using the simulation results needed to generate Tables 2 and 3
		replicate/
			Figure 17 - SEP.do: Replicates Ball, Leigh, and Mishra Figure 17 (uses different directory for input and output files)
			Figure 19 - IMF.do: Replicates Ball, Leigh, and Mishra Figure 19a (uses different directory for input and output files)
			Figure 19 - HigherU.do: Replicates Ball, Leigh, and Mishra Figure 19b (uses different directory for input and output files)

	rawdata/
		data_monthly.dta: From Ball, Leigh, and Mishra replication package
		phillips_curve_inflation_data.xlsx: Publicly available data, downloaded from Macrobond, needed to calculate Phillips Curve regressions
		
	workdata/
		Holds intermediate files, including simdata.dta
		
	output/
		Holds the results of different simulations

