These are the Stata commands used to generate Tables 1 and 2 in the article "U.S. Regional
Business Cycles and the Natural Rate of Unemployment" by Howard J. Wall and Gylfi Zoega for 
the Jan/Feb 2004 Vol. 86(1) issue of the Federal Reserve Bank of St. Louis Review.

Variable descriptions can be found in the excel data sheet: Review-Wall-Zoega-cycles.xls
This used Intercooled Stata 7.0


State Panel (Table 1)


generate dlemp2=dlemp^2;
generate unemp2=unemp^2;

xtgls dlearn dlemp dlemp2 unemp unemp2 dlcpi1
     s2-s50,
     i(stateid) t(time) p(c) c(p);
display e(ll);





Phillips curve estimation (Table 2)


generate lnunemp = ln(unemp);
generate netearn= (earngrw0 + earngrw1 - prod0 - prod1)/2;
generate inflat12 = (inflat1 + inflat2)/2;
generate ucoeffvar = (uvar^2)/umean;

reg netearn lnunemp inflat12 
    ucoeffvar
    hsdrop collgrad white femshare sh2554    
    , robust;
display e(ll);

reg netearn lnunemp inflat12 
    hsdrop collgrad white femshare sh2554    
    , robust;
display e(ll);