Replication codes for 
Fumitaka Nakamura, Household Income, Portfolio Choice and Heterogeneous Consumption Responses to Monetary Policy Shocks.

# Contents and Documentation
Empricial folder contains code for the empirical analysis. The Matlab code for the regression analysis is stored in main folder.
Stata folder in Emprical folder contains Stata files for the data cleaning of microdata on households and produce semi-aggregate data series. 
Because STATA does not have X11/X12 seasonal adjustment, data series constructed from micro-level data are exported to Eviews for seasonal adjustment and then imported back to STATA.
Computation folder contains Matlab code for the theoretical simulation.

# Data 
The micro data on the U.S. Consumer Expenditure survey (CEX) is obtained from the Inter-University Consortium for Political and Social Research (ICPSR) at the University of Michigan, and from the Bureau of Labor Statistics (BLS). 
This paper uses only the data from the Interview Survey.
