capt log close
log using UDCL7B09-2-9210.smcl,replace
* read monthly series, fit GARCH(1,1)
use dlead,clear
merge ym using infl,unique
drop _merge
tsset ym
// try fitting to d.dlead rather than detrended dlead
arch D.dlead LD.dlead, ma(1) arch(1) garch(1 2) 
predict double leadinc_v, variance
arch infl L.infl, arch(1) garch(1) dist(t)
predict double infl_v, variance
replace infl_v=infl_v*1000
saveold udcl_irrc_garch, replace
tscollap leadinc_v infl_v, to(y)
rename y_y yeara
tsset yeara
keep if tin(1989,)
saveold udcl_irrc_macrovar, replace
use UDCL_IRRC_2_9210,clear
sort yeara
merge yeara using udcl_irrc_macrovar, uniqusing
tab _merge
drop _merge
encode cnum, gen(firmid)
tsset firmid yeara
drop if yeara == 1989
tab yeara
tabstat data1 data6 data12, by(yeara) stat(N mean)
saveold UDCL_IRRC_3_9210,replace
log close
log2html UDCL7B09-2-9210.smcl,replace