Reproducibility package for Crisis Credit, Employment Protection, Indebtedness, And Risk

The replication package is designed to run in three environments (Outside, BCCh (Central Bank of Chile), and CMF (Financial Market Commission of Chile)), selected automatically in Codes/0.Master do file from the computer's username. The BCCh and CMF environments run only inside the secure servers of the Central Bank of Chile and Chile's Financial Market Commission, respectively, where the confidential firm-level microdata reside and cannot be exported. The Outside environment is the one any reviewer can run on their own machine: it builds all public data from scratch and substitutes simulated placeholder data — generated with the same variable names, types, and structure as the confidential microdata — wherever the real data cannot leave the government servers. This lets the entire code base execute end to end and be checked for correctness outside the bank, even though outputs that depend on the confidential microdata will not numerically match the published results. Table 10 and Appendix Figure 6, which depend only on the calibrated quantitative model and no confidential data, are fully reproducible in the Outside environment.

Steps:

1. Set the local ${maindir} path in Codes/0.Master to the reviewer's local package location.
2. Run Codes/0.Master in Stata (installs all Stata package dependencies, creates the Data/ and Output/ directory structure, and runs the Stata pipeline for the Outside environment on public and simulated data).
3. Add Model/Tools/ to the MATLAB path — required for runcalibrate_TFP_v2.m.
4. In MATLAB, run:
   • Model/runcalibrate_TFP_v2.m (calibration)
   • revision_aggregateimplications3_new_LABOR_w_choice_260609.m (policy counterfactuals)
   • revision_runme4_graphs_joe_fixedgrid_260609.m (Appendix Figure 6)
5. Run Codes/2.Tables_Quantitative_Model.do in Stata to produce Table 10.

Note: Since most of the data is restricted, the outputs created by the replicators and by the authors are included in the package. Portions of the data are stored only within the secure environments of the Chilean government (BCCh and CMF servers) and could not be run by the replicators. Logs provided by the authors were used to verify the corresponding exhibits. Please see the README for further details.