******************************************************************************** This is the program file for "Changes in the Distribution of Wealth: Increasing Inequality" by John C. Weicher in the January/February 1995 Review. ******************************************************************************** ********************* *Data Manipulations:* ********************* Every fifth observation taken for only certain 1989 programs. All obs used for calculating the ginis. Every fifth used for analyzing high wealth categories and business holdings. It was also used for looking at the asset holdings of the entire sample. The 1989 regressions also used every fifth observation. 1983 entire sample was where B3001 NE 3 (not equal to the area probability sample excluded observations). Weights for the body of the paper: 1983 -- B3016 1989 -- X40125 High wealth in specific high wealth and business programs where: cum. value for weight >= [total of weights - (total of weights*.9)] 1983 total of b3016 = 83,917,975 1989 total of x40125 = 93,102,344.74 To use adjusted or unadjusted data: High wealth used unadjusted Analyzing business holdings used both(should use unadjusted to be comparable to the high net worth analysis) Variables Indexed (1983/1989): Checking (99.6/124) CPI Savings (99.6/124) CPI Municipal Bonds (51.4/66.1) S&P Municipal Corporate Bonds (77.8/94.2) Dow Jones Yearly High Federal Bonds (77.8/94.2) Dow Jones Yearly High Stocks (160.4/323.1) S&P 500 Farms (788/661) USDA nominal average value per acre Businesses (112.27/168.31) Russell 2000 Home Value (84.6/107.5) Price Index of New Homes Other Real Estate (105.1/110.3) Price Index for Commercial Real Estate Mortgage on home and other real estate debt calculated using: value=payment*((1-1/(1+interest/12)**payleft)/(interest/12)) +balloon/((1+interest)**payleft) Variables Adjusted: 1983: Checking .41 Savings .44 MMA .44 IRA and Keogh accounts .44 CDs .44 US Bonds .52 Federal Bonds .52 Municipal Bonds .52 Corporate Bonds .52 Stocks .79 Money Market Funds .79 Whole Life Insurance .48 Call Accounts .79 Thrift type Pension Accounts .66 No debt adjusted Other real estate and land contracts and house value not adjusted Miscellaneous assets never adjusted and no adjustment listed for trusts 1989: Checking .73 Savings .90 MMA and call accounts .90 CDs .90 IRA and thrift type pension accounts .90 Savings Bonds .56 Non taxable Bonds .56 Other Bonds .56 Trusts .56 Stocks .56 No debt adjusted Miscellaneous assets never adjusted life insurance not adjusted ***************************** *How to Calculate Net Worth:* ***************************** 1983 Checking = b3401 Savings = B3434 MMA = b3422+b3425+b3428 IRA and Keogh = b3446 Thrift type Pensions = b3306 CDs = b3453 US Bonds = b3457 Municipal(nontaxable) Bonds = b3460 Corporate Bond = b3461 --other bonds Federal Bonds = b3459 --other bonds Stock - b3465+b3466+b3467 Money Market Funds = b3463+b3464 Call Accounts = b3431 Trusts = b3470 Cash Value of Whole Life Insurance = b3475 Miscellaneous Assets = b3483+b3485+b3487 Vehicle = b3906+b3915+b3924 Vehicle Loan = b4205 Business and Farms = b3501+b3503+b3516 Investment Real Estate: Other Real Estate = B3801- b3802 Land Contracts = b3603 Home Net Equity = B3708-(b4002+b4024) Closed end consumer debt minus car loan =b4201-b4205 Total Revolving Charge Debt = b4101 (includes total credit card debt plus debt owed against lines of credit) 1989 Variables needed to create 1989 Net Worth (comparable to 1992 Bulletin article) Checking: 3506, 3510, 3514, 3518, 3522, 3526 if 3507, 3511, 3515, 3519, 3523, 3527 are not money market type accounts 3529 for remaining checking accounts Saving: 3804, 3807, 3810, 3813, 3816 3818 for remaining savings accounts CD: 3721 Life Insurance: 4006 Savings Bonds: 3902 Trusts: 3942 IRA and Thrift Type Pension Accounts (able to make withdrawals): 3610, 3620, 3630 Individual Retirement Accounts (IRA or KEOGH) 4436 5036 Head and spouse other pension or savings plans 4226 4326 4426 4826 4926 5026 (head and spouse thrift or savings plans, 401ks, profit sharing or stock purchase plan) if 4231 4331 4431 4831 4931 5031 indicate that these plans can be withdrawn from Money Market Accounts: 3506, 3510, 3514, 3518, 3522, 3522, 3526 if 3507, 3511, 3515, 3519, 3523, 3527 indicate money market type checking accounts (ne 5) 3706, 3711, 3716 money market accounts 3718 remaining money market accounts 3930 cash or call money accounts Stocks: 3915 publicly trade stock 3822 3830 mutual funds of stock funds or combo(other)funds Non Taxable Bonds: 3910 State or municipal bonds or other taxfree bonds 3824 mutual funds of tax free bonds Other Bonds: 3906 mortgage backed bonds 3908 US Government Bonds or Treasury Bills 3912 Corporate or foreign bonds 3826 mutual funds of government or government-backed bonds 3828 other bond mutual funds Vehicles: 8166, 8167, 8168 value of vehicles not owned by a business 2422 value of other vehicles 2506 2606 value of recreational vehicles 2623 value of other recreational vehicles House: 513 value of farm 526 value of farm where family owns part of it 604 value of mobile home site 614 present value of mobile home only 623 value of mobile home and site 716 value of home and land/apartment/property Real Estate: 1405, 1409, 1505, 1509, 1605, 1609 amount owed to family on mortgage, land contract or note for real estate sales 1619 amount owed to family on remaining mortgages/land contracts/notes 1706 1806 1906 value of other real estate owned by family (multiplied by family's share in 1705 1805 1905 (/10000) 2002 value of family's share of vacation homes or recreational property 2012 value of other recreational property Subtract the following from real estate 1417 1517 1617 money owed on property sold under land contract/mortgage/note 1621 other money owed on property resold under land contract Business: 3129 3229 3329 family's share of business (active management) 3335 value of other businesses with active management 3408 3412 3416 3420 3424 3428 family's share of businesses (no active management) 3121 3221 3321 (personal assets used for collateral for the business)if 3122 3222 3322 show recorded earlier (=1) 3124 3224 3324 money owed to the family by the business Other Assets: 4018 money owed by friends, relatives, business, or others 4022 4026 4030 value of other substantial assets Mortgages: 805 905 1005 amount still owed on home loan Other Real Estate Debt: 1715 1815 1915 amount still owed on other real estate owned by family multiplied by family's share 1705 1805 1905 (divided by 10000) 2006 amount still owed on vacation homes or recreational property 2016 amount still owed on other vacation home or recreational property Line of Credit secured by equity in home: 1108 1119 1130 (amount owed) if 1103 1114 1125 show that line of credit is secured by equity in home (=1) Total Lines of Credit: 1108 1119 1130 1136 remaining lines of credit Other Lines of Credit: Total Lines of Credit - Lines of Credit Secured by Equity in Home Credit Card Debt: 413 421 424 427 430 amount owed on credit cards Car Loans: 2218 2318 2418 2424 2519 2619 2625 money still owed on vehicles Other Debt: 4229 4329 4429 4829 4929 5029 (loan against pension account) if 4231 4331 4431 4831 4931 5031 show that the pension account can be withdrawn from (=1) 3932 amount owed on stock market margin loans 4010 amount borrowed against whole life-insurance 4032 any other amount owed 3126 3226 3326 money owed to the family's business if 3127 3227 3327 show that this was not recorded earlier (=5) 1044 2723 2740 2823 2840 2923 2940 1215 1219 consumer loans, other loans for the purchase of the principal residence, home improvement loans (1219 should be included; Fries didn't) ********************************************************************** *THE FOLLOWING CODE CALCULATES THE NET WORTH AND VARIOUS GINIS FOR * * 1983. THIS IS SURVEY.CNTL(GINIS83). THIS CREATES THE MEAN * * HOUSEHOLD WEALTH(1983) IN TABLE 1 AND GINI COEFFICIENTS(1983) IN * * TABLE 2 AND DEMOGRAPHIC NET WORTH MEANS IN TABLE 5. * *ADJUSTMENTS ARE MADE TO CERTAIN ASSETS AND LIABILITIES BASED ON * * EDWARD WOLFF'S 1987 PAPER ON WEALTH INEQUALITY. THE ADJUSTMENTS * * ARE EXPLAINED IN HIS TEXT AND ARE ALSO IN TABLE A.7. * *VARIABLE NAMES ENDING IN 83 ARE ADJUSTED VALUES; * *THE DIFFERENT CALCULATIONS OF NET WORTH ARE INFLATED USING THE CPI * * (99.6/124). * **********************************************************************; libname out 'H1TAP00.AZLIB2.DATA',DISP=SHR; libname out2 'H1TAP00.AZLIBJNK.DATA',DISP=SHR; FILENAME IN 'H1HLB00.SURVEY.CNTL'; FILENAME NW 'H1HLB00.SURVEY.CNTL'; DATA A; SET OUT.SCF83B (KEEP=B3001 B3019 B4002 B4024 B4001 B3708 B3476 B3479 B3480 B3016 B3906 B3915 B3924 B3112 B3126 B3305 B3401 B3418 B3434 B3446 B3453 B3457 B3460 B3461 B3459 B3465 B3483 B3485 B3487 B3503 B3516 B3317 B3466 B3467 B3463 B3464 B3470 B3475 B3477 B3601 B3306 B3804 B3821 B3838 B3855 B3902 B3316 B3602 B3802 B4201 B4101 B3117 B4010 B4032 B4015 B4037 B4011 B4013 B4033 B4035 B4014 B3324 B3710 B4503 B3857 B3803 B3603 B3801 B3907 B3916 B3925 B3504 B3517 B4532 B4205 B3422 B3425 B3428 B3402 B3431 B3814 B3831 B3848 B3819 B3836 B3853 B3818 B3835 B3852 B3815 B3832 B3849 B3817 B3834 B3851 B3806 B3823 B3840 B4511 B4611 B3110 B3111 B3113 B3104 B3112 B3126 B3323 B4036 B3201 B3502 B3501); IF B3001 NE 3; *ASSET AND LIABILITY CATEGORIES OF NET WORTH; *CHECKING ACCOUNTS; CHECKING=B3401; CHECK83=CHECKING/.41; *SAVINGS ACCOUNTS, MONEY MARKET ACCOUNT, IRAS, KEOGHS, CDS; SAVINGS=B3434; SAVE83=SAVINGS/.44; MMA=B3422+B3425+B3428; MMA83=MMA/.44; IRA=B3446; IRA83=IRA/.44; CD=B3453; CD83=CD/.44; *SAVINGS BONDS, MUNICIPAL BONDS, FEDERAL BONDS, CORPORATE BONDS; USBOND=B3457; USBND83=USBOND/.52; MUNBOND=B3460; MUNBND83=MUNBOND/.52; CORPBOND=B3461; COBND83=CORPBOND/.52; FEDBOND=B3459; FEDBND83=FEDBOND/.52; *STOCKS, MUTUAL FUNDS, CALL ACCOUNTS; STOCKS=B3465+B3466+B3467; STOCK83=STOCKS/.79; MMMF=B3463+B3464; MMMF83=MMMF/.79; CALL= B3431; CALL83=CALL/.79; *TRUST ACCOUNTS; TRUST=B3470; *CASH VALUE OF WHOLE LIFE INSURANCE; IF B3475>0 THEN INSURE=B3475; ELSE INSURE=0; INS83=INSURE/.48; *THRIFT TYPE PENSION ACCOUNTS; IF B3306>0 THEN PENSION=B3306; ELSE PENSION=0; PENS83=PENSION/.66; *NET PRESENT VALUE OF PENSIONS FROM PAST AND CURRENT JOBS, SOCIAL SECURITY, CURRENT JOV THRIFT ACCOUNTS, AND PENSIONS CURRENTLY RECEIVED BY HOUSEHOLD MEMBERS OTHER THAN HEAD OR SPOUSE; IF B3317>0 THEN PRIVPENS=B3317; ELSE PRIVPENS=0; *MISCELLANEOUS ASSETS; OTHER=B3483+B3485+B3487; *GROSS CURRENT MARKET VALUE OF VEHICLE AND LOAN ON IT; VEHICLE=B3906+B3915+B3924; VEHLOAN=B4205; VEHLOAN3=VEHLOAN/.29; *FARMS AND UNINCORPORATED BUSINESS; IF (B3504=1) THEN FARM1=B3503; ELSE FARM1=0; IF (B3517=1) THEN FARM2=B3516; ELSE FARM2=0; FARM=FARM1+FARM2; IF FARM1=0 THEN BUS1A=B3503; ELSE BUS1A=0; IF FARM2=0 THEN BUS1B=B3516; ELSE BUS1B=0; IF B3501= -6 THEN BUS2=0; ELSE BUS2=B3501; BUSI=BUS1A+BUS1B+BUS2; *OTHER PROPERTY--GROSS VALUE AND DEBT OWED ON IT; OTHPRP=B3803; REEST=B3801; REDEBT=B3802; *LAND CONTRACTS AND NOTES; LAND=B3603; LAND83=B3601-(B3602/.63); *OWNER OCCUPIED HOUSING; HOUSE=B3710; MORTGAGE=B4002+B4024; MORT83=MORTGAGE/.63; HNW83=B3708-MORT83; *CLOSED END CONSUMER DEBT, CREDIT CARD DEBT, AMOUNT OWED AGAINST LINES OF CREDIT; CONSDEBT=B4201-B4205; CDBT83=CONSDEBT/.29; CHGDEBT=B4101; CHGDT83=CHGDEBT/.29; *CALCULATING NET WORTH AND ADJUST FOR 1989 DOLLARS USING CPI; *UNADJUSTED, INCLUDE CAR; W3CU=(CHECKING+CALL+SAVINGS+IRA+CD+USBOND+MUNBOND+CORPBOND+FEDBOND+ STOCKS+MMMF+TRUST+MMA+INSURE+OTHER+PENSION+OTHPRP+LAND+VEHICLE+ BUSI+FARM+HOUSE-CONSDEBT-CHGDEBT-VEHLOAN)/(99.6/124); *UNADJUSTED, EXCLUDING VEHICLES; W3U=(CHECKING+CALL+SAVINGS+IRA+CD+USBOND+MUNBOND+CORPBOND+FEDBOND+ STOCKS+MMMF+TRUST+MMA+INSURE+OTHER+PENSION+OTHPRP+LAND+ BUSI+FARM+HOUSE-CONSDEBT-CHGDEBT-VEHLOAN)/(99.6/124); *UNADJUSTED, EXCLUDING CARS AND HOME EQUITY; W3NHU=(CHECKING+CALL+SAVINGS+IRA+CD+USBOND+MUNBOND+CORPBOND+FEDBOND+ STOCKS+MMMF+TRUST+MMA+INSURE+OTHER+PENSION+OTHPRP+LAND+VEHICLE+ BUSI+FARM-CONSDEBT-CHGDEBT-VEHLOAN-VEHICLE)/(99.6/124); *UNADJUSTED, VEHICLES AND HOME EQITY AND PRIV.PENS. INCLUDED; W3PPU=(CHECKING+CALL+SAVINGS+IRA+CD+USBOND+MUNBOND+CORPBOND+FEDBOND+ STOCKS+MMMF+TRUST+MMA+INSURE+OTHER+PENSION+OTHPRP+LAND+VEHICLE+ BUSI+FARM+HOUSE-CONSDEBT-CHGDEBT-VEHLOAN+PRIVPENS)/ (99.6/124); *ADJUSTED ASSETS AND LIABILITIES, INCLUDE CAR; W3C=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT/.63+LAND83+ BUSI+FARM+HNW83-CDBT83-CHGDT83+INS83+VEHICLE-VEHLOAN3 +MMA83)/(99.6/124); *ADJUSTED ASSETS AND LIABILITIES, EXCLUDE CAR; W3=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT/.63+LAND83+ BUSI+FARM+HNW83-CDBT83-CHGDT83+INS83-VEHLOAN3 +MMA83)/(99.6/124); *ADJUSTED ASSETS AND LIABILITIES, EXCLUDE VEHICLE AND HOME EQUITY; W3NH=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT/.63+LAND83+ BUSI+FARM-CDBT83-CHGDT83+INS83-VEHLOAN3 +MMA83)/(99.6/124); *ADJUSTED ASSETS AND LIABS., INCLUDE VEHICLE, HOME, AND PRIV. PENS.; W3PP=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT/.63+LAND83+ BUSI+FARM+HNW83-CDBT83-CHGDT83+INS83+VEHICLE-VEHLOAN3 +PRIVPENS +MMA83)/(99.6/124); *ADJUSTED, INCLUDE CAR, ONLY ADJ ASSETS; W3CA=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND+ BUSI+FARM+HOUSE-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83)/(99.6/124); *ADJUSTED, EXCLUDE VEHICLE ONLY ADJ ASSETS; W3A=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND+ BUSI+FARM+HOUSE-CONSDEBT-CHGDEBT+INS83-VEHLOAN +MMA83)/(99.6/124); *ADJUSTED, EXCLUDE VEHICLE AND HOME EQUITY ADJ ASSETS ONLY; W3NHA=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND+ BUSI+FARM-CONSDEBT-CHGDEBT+INS83-VEHLOAN +MMA83)/(99.6/124); *ADJUSTED, INCLUDE CAR ADJUST ASSETS AND NONMORTGAGE DEBT; W3COD=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI+FARM+HOUSE-CDBT83-CHGDT83+INS83+VEHICLE-VEHLOAN3 +MMA83)/(99.6/124); *ADJUSTED, EXCLUDE VEHICLE ADJ ASSETS AND NONMORTGAGE DEBT; W3OD=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI+FARM+HOUSE-CDBT83-CHGDT83+INS83-VEHLOAN3 +MMA83)/(99.6/124); *ADJUSTED, EXCLUDE VEHICLE AND HOME EQUITY; W3NHD=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI+FARM-CDBT83-CHGDT83+INS83-VEHLOAN3 +MMA83)/(99.6/124); *INCOME; W3Y=B3201/(99.6/124); FILE NW(NW83); PUT W3CU; *MEANS OF DIFFERENT VARIATIONS OF NET WORTH WITH DIFFERENT WEIGHTS; PROC MEANS DATA=A; VAR W3CU W3U W3NHU W3PPU W3C W3 W3NH W3PP W3CA W3A W3NHA W3Y ; WEIGHT B3019; TITLE 'WEIGHT=B3019'; PROC MEANS DATA=A; VAR W3CU W3U W3NHU W3PPU W3C W3 W3NH W3PP W3CA W3A W3NHA W3Y; WEIGHT B3016; TITLE 'WEIGHT=B3016'; *CALCULATING THE GINI USING B3016 AND B3019 AS WEIGHTS; %MACRO GINI(RUN=,TITLE=,WEIGHT=); %DO I=1 %TO 15; %LET R=%SCAN(&RUN,&I); PROC SORT DATA=A; BY W&R; %DO J = 1 %TO 2; %LET W = %SCAN(&WEIGHT,&J); DATA GINI&R; SET A; YEAR = 83; W&R=W&R*&W; DATA B; SET GINI&R; T+1; PROC MEANS NOPRINT; VAR W&R &W; ID YEAR; OUTPUT OUT=B1 SUM=W&R.SUM WSUM; DATA C; MERGE B B1; BY YEAR; OBSPER=&W/WSUM; **WEIGHT/SUM(WEIGHT); W&R.PER=W&R/W&R.SUM; **VAR/SUM(VAR); RETAIN CUWP&R 0; **CREATES CUMULATIVE VARIABLE; CUWP&R=W&R.PER+CUWP&R; BMINA=OBSPER; CPLUSD=CUWP&R+LAG(CUWP&R); IF T=1 THEN CPLUSD=CUWP&R; PRODUCT=(BMINA)*(CPLUSD); PROC MEANS NOPRINT; OUTPUT OUT=C1 SUM(PRODUCT)=PRODUCT; DATA D; SET C1; GINI&R = 1-PRODUCT; %LET TITL=%SCAN(&TITLE,&I,"~"); %LET TITL2=%SCAN(&WEIGHT, &J); PROC PRINT; VAR GINI&R; TITLE "VARIATION: &TITL "; TITLE2 "WEIGHT: &TITL2"; %END; %END; %MEND; %GINI(RUN=3CU 3U 3NHU 3PPU 3C 3 3NH 3PP 3CA 3A 3NHA 3COD 3OD 3NHD 3Y , TITLE=UNADJUSTED WITH CAR AND LOAN~ UNADJUSTED WITHOUT CAR WITH LOAN~ UNADJUSTED WITHOUT CAR AND HOME EQUITY AND WITH CAR LOAN~ UNADJUSTED WITH CAR AND LOAN AND PRIVATE PENSIONS~ADJUSTED WITH CAR AND LOAN~ ADJUSTED WITHOUT CAR AND WITH LOAN~ ADJUSTED WITHOUT CAR AND HOME EQUITY AND WITH LOAN~ ADJUSTED WITH CAR AND LOAN AND PRIVATE PENSIONS~ ADJUSTED WITH CAR AND LOAN ADJUST ONLY ASSETS~ ADJUSTED WITHOUT CAR AND WITH LOAN ADJUST ONLY ASSETS~ ADJUSTED WITHOUT CAR AND HOME EQUITY AND WITH LOAN ADJUST ONLY ASSETS~ ADJUSTED WITH CAR AND CAR LOAN ADJUST ASSETS AND NONMORTGAGE DEBT~ ADJUSTED WITHOUT CAR AND WITH LOAN ADJUST ASSETS AND NONMORTGAGE DEBT~ ADJ W/O CAR AND HOME EQUITY AND WITH LOAN ADJUST ASSETS AND NONMORT DEBT~ INCOME~ , WEIGHT=B3016 B3019); *CREATING DEMOGRAPHIC CATEGORIES FOR 1983; DATA DEMO83; SET A(KEEP=W3CU B3001 B3019 B3016 B3401 B3110 B3111 B3112 B3113 B3104 B3126); NW=W3CU; *USING NW UNADJUSTED, INCLUDING CARS; AGE=0; RACE=0; ED=0; HH=0; IF B3110=1 THEN AGE=1; *UNDER 25; ELSE IF B3110=2 THEN AGE=2; *25-34; ELSE IF B3110=3 THEN AGE=3; *35-44; ELSE IF B3110=4 THEN AGE=4; *45-54; ELSE IF B3110=5 THEN AGE=5; *55-64; ELSE IF B3110=6 THEN AGE=6; *65-74; ELSE IF B3110=7 THEN AGE=7; *75 AND OVER; IF B3111=1 THEN RACE=1; *WHITE; ELSE IF B3111=2 THEN RACE=2; *BLACK; ELSE IF B3111=3 THEN RACE=3; *HISPANIC; ELSE RACE=4; *NATIVE AND ASIAN; IF B3113=1 THEN ED=1; *GRADE SCHOOL; ELSE IF B3113=2 THEN ED=2; *SOME HIGH SCHOOL; ELSE IF B3113=4 THEN ED=4; *SOME COLLEGE; ELSE IF B3113=3 THEN ED=3; *HIGH SCHOOL DIPLOMA; ELSE IF B3113=5 THEN ED=5; *COLLEGE DEGREE; IF B3104=0 AND B3112=1 THEN HH=1; ELSE IF B3104>0 AND B3112=1 THEN HH=2; ELSE IF B3104=0 AND B3112>1 AND B3126=1 THEN HH=3; ELSE IF B3104>0 AND B3112>1 AND B3126=1 THEN HH=4; ELSE IF B3104=0 AND B3112>1 AND B3126=2 THEN HH=5; ELSE IF B3104>0 AND B3112>1 AND B3126=2 THEN HH=6; *HH=1 MARRIED NO KIDS HH=2 MARRIED WITH KIDS HH=3 NOT MARRIED NO KIDS MALE HH=4 MOT MARRIED WITH KIDS MALE HH=5 NOT MARRIED NO KIDS FEMALE HH=6 NOT MARRIED WITH KIDS FEMALE; *CALCULATING MEANS AND FREQUENCIES FOR DEMOGRAPHIC VARIABLES; %MACRO DEMO (WEIGHT=); %DO J = 1 %TO 2; %LET W=%SCAN(&WEIGHT,&J); PROC SORT DATA=DEMO83; BY AGE; PROC MEANS DATA=DEMO83; VAR NW; CLASS AGE ; WEIGHT &W; TITLE "&W"; TITLE2 "NW MEAN BY AGE FOR 1983"; PROC SORT DATA=DEMO83; BY HH; PROC MEANS DATA=DEMO83; VAR NW; CLASS HH ; WEIGHT &W; TITLE "&W"; TITLE2 "NW MEAN BY HOUSEHLD COMPOSITION FOR 1983"; PROC SORT DATA=DEMO83; BY ED; PROC MEANS DATA=DEMO83; VAR NW; CLASS ED ; WEIGHT &W; TITLE "&W"; TITLE2 "NW MEAN BY EDUCATION FOR 1983"; PROC SORT DATA=DEMO83; BY RACE; PROC MEANS DATA=DEMO83; VAR NW; CLASS RACE; WEIGHT &W; TITLE "&W"; TITLE2 "NW MEAN BY RACE FOR 1983"; PROC FREQ ; TABLES AGE /LIST SPARSE; TABLES HH /LIST SPARSE; TABLES ED /LIST SPARSE; TABLES RACE/LIST SPARSE; WEIGHT &W; TITLE "&W"; TITLE2 "DEMOGRAPHIC FREQUENCIES FOR 1983"; %END; %MEND; %DEMO(WEIGHT=B3016 B3019); ********************************************************************** *THE FOLLOWING CODE CALCULATES THE NET WORTH AND VARIOUS MEANS FOR * * 1989 USING FRIES' DEFINITION OF NET WORTH AND WOLFF'S ADJUSTMENTS. * * THIS IS SURVEY.CNTL(GINIS89). THIS CREATES MEAN HOUSEHOLD WEALTH * * (1989) IN TABLE 1 AND GINI COEFFICIENTS(1989) IN TABLE 2 AND * * DEMOGRAPHIC NET WORTH MEANS(1989) IN TABLE 5. * *WOLFF'S ADJUSTMENTS ARE LISTED IN TABLE 1 AND THROUGHOUT THE TEXT OF* * HIS 1994 ARTICLE ON TRENDS IN HOUSEHOLD WEALTH. * *CERTAIN ASSETS ARE ADJUSTED, NO DEBT IS ADJUSTED. * **********************************************************************; DATA A; SET OUT2.SCF89 (KEEP=X3506 X3507 X3510 X3511 X3514 X3515 X3518 X3519 X40125 X40131 X8021 X8022 X5909 X5901 X8023 X5910 X102 X104 X108 X110 X114 X116 X120 X122 X126 X128 X132 X134 X202 X204 X208 X210 X214 X216 X220 X222 X226 X228 X4100 X4700 X3522 X3523 X3526 X3527 X3529 X3610 X3620 X3630 X5729 X4226 X4231 X4326 X4331 X4426 X4431 X4826 X4831 X4926 X4931 X5026 X5031 X4436 X5036 X3721 X3804 X3807 X3810 X3813 X3816 X3818 X3506 X3507 X3510 X3511 X3514 X3515 X3518 X3519 X3522 X3523 X3526 X3527 X3706 X3711 X3716 X3718 X3930 X3902 X4006 X3915 X3822 X3830 X3910 X3824 X3906 X3908 X3912 X3826 X3828 X3942 X2422 X2506 X2606 X2623 X513 X526 X604 X614 X623 X716 X1405 X1409 X1505 X1509 X1605 X1609 X1619 X1706 X1705 X1806 X1805 X1906 X1905 X2002 X2012 X1417 X1517 X1617 X1621 X3129 X3229 X3335 X3408 X3412 X3416 X3420 X3424 X3428 X3122 X3121 X3222 X3221 X3322 X3321 X3124 X3224 X3324 X4018 X4022 X4026 X4030 X805 X905 X1005 X1715 X1705 X1815 X1805 X1915 X1905 X2006 X2016 X1108 X1103 X1119 X1114 X1130 X1125 X1136 X413 X421 X424 X427 X430 X2218 X2318 X2418 X2424 X2519 X2619 X2625 X1044 X2723 X2740 X2823 X2840 X2923 X2940 X3126 X3127 X3226 X3227 X3326 X3327 X3932 X4010 X4032 X4229 X4231 X4329 X4331 X4429 X4431 X4829 X4831 X4929 X4931 X5029 X5031 X1215 X1219 X3329); DATA B; INFILE IN(CARS) FIRSTOBS=8; INPUT OBS X8166 X8167 X8168; DATA A; MERGE A B; AVG=(X40125+X40131)/2; ****ASSETS VARIABLES****; C1=0; C2=0; C3=0; C4=0; C5=0; C6=0; IF X3507=5 THEN C1=X3506; IF X3511=5 THEN C2=X3510; IF X3515=5 THEN C3=X3514; IF X3519=5 THEN C4=X3518; IF X3523=5 THEN C5=X3522; IF X3527=5 THEN C6=X3526; CHECKING=(C1+C2+C3+C4+C5+C6+X3529)/.73; SAVINGS=(X3804+X3807+X3810+X3813+X3816+X3818)/.90; CD=X3721/.90; TRUSTS=X3942/.56; M1=0; M2=0; M3=0; M4=0; M5=0; M6=0; IF X3507ª=5 THEN M1=X3506; IF X3511ª=5 THEN M2=X3510; IF X3515ª=5 THEN M3=X3514; IF X3519ª=5 THEN M4=X3518; IF X3523ª=5 THEN M5=X3522; IF X3527ª=5 THEN M6=X3526; *MONEY MARKET ACCOUNTS; MMA=(M1+M2+M3+M4+M5+M6+X3706+X3711+X3716+X3718+X3930)/.90; *IRAS AND THRIFT TYPE PENSIONS(ABLE TO MAKE WITHDRAWALS); P1=0; P2=0; P3=0; P4=0; P5=0; P6=0; IF X4231=1 THEN P1=X4226; IF X4331=1 THEN P2=X4326; IF X4431=1 THEN P3=X4426; IF X4831=1 THEN P4=X4826; IF X4931=1 THEN P5=X4926; IF X5031=1 THEN P6=X5026; IRA=(MAX(0,X3610)+MAX(0,X3620)+MAX(0,X3630)+ MAX(0,P1)+MAX(0,P2)+MAX(0,P3)+MAX(0,P4)+MAX(0,P5)+MAX(0,P6)+ MAX(0,X4436)+MAX(0,X5036))/.9; SAVBOND=(X3902)/.56; *PUBLICLY TRADE STOCK AND MUTUAL FUNDS OF STOCK FUNDS OR COMBOS; STOCKS=(X3915+X3822+X3830)/.56; *NONTAXABLE BONDS AND MUTUAL FUNDS OF TAX FREE BONDS; NOTAXBND=(X3910+X3824)/.56; *MORTGAGE BACKED, GOVERNMENT, TREASURY, CORPORATE, FOREIGN BONDS AND MUTUAL FUNDS OF THESE BONDS; OTHBOND=(X3906+X3908+X3912+X3826+X3828)/.56; *WHOLE LIFE INSURANCE; LIFEINS=X4006; ****NONFINANCIAL ASSETS****; HOUSE=X513+X526+X604+X614+X623+X716; *AMOUNT OWED TO FAMILY ON MORTGAGE, LAND CONTRACT OR NOTE VALU EOF OTHER REAL ESTATE, VACATION, RECREATIONAL PROPERTY; REALEST=MAX(X1405,X1409)+MAX(X1505,X1509)+MAX(X1605,X1609)+ X1619+ (X1706*(X1705/10000))+(X1806*(X1805/10000))+(X1906*(X1905/10000))+ X2002+X2012 -X1417-X1517-X1617-X1621; *VEHICLES NOT OWNED BY A BUSINES OR RECREATIONAL VEHICLES; VEHICLE=X8166+X8167+X8168+ X2422 +X2506+X2606+ X2623; B1=0; B2=0; B3=0; IF X3122=5 THEN B1=X3121; IF X3222=5 THEN B2=X3221; IF X3322=5 THEN B3=X3321; BUSINESS=X3129+X3229+X3329+X3335+X3408+X3412+X3416+X3420+X3424+X3428+ B1+B2+B3+ X3124+X3224+X3324;; *VALUE OF OTHER SUBSTANTIAL ASSETS AND MONEY OWED TO FRIENDS, RELATIVES BUSINESS OR OTHERS; OTHERNFA=(X4018+X4022+X4026+X4030); ****DEBT****; MORTGAGE=X805+X905+X1005; *AMOUNT OWED ON REAL ESTATE AND RECREATIONAL PROP OWNED BY FAMILY; REALESTD=(X1715*(X1705/10000))+(X1815*(X1805/10000))+(X1915*(X1905/ 10000))+ X2006+X2016; CD1=0; CD2=0; CD3=0; IF X1103=1 THEN CD1=X1108; IF X1114=1 THEN CD2=X1119; IF X1125=1 THEN CD3=X1130; *HOME EQUITY LINE OF CREDIT; HEQULOC=CD1+CD2+CD3; *TOTAL LINES OF CREDIT; TOTLOC=X1108+X1119+X1130+ X1136; *OTHER LINES OF CREDIT; OTHERLOC=TOTLOC-HEQULOC; CREDCARD=MAX(0,X413)+MAX(0,X421)+MAX(0,X424)+MAX(0,X427)+MAX(0,X430); CARLOAN=X2218+X2318+X2418+X2424+X2519+X2619+X2625; *MONEY OWED TO FAMILY'S BUSINESS; BL1=0; BL2=0; BL3=0; IF X3127=5 THEN BL1=X3126; IF X3227=5 THEN BL2=X3226; IF X3327=5 THEN BL3=X3326; BUSDEBT=BL1+BL2+BL3; *OTHER DEBT -- LOANS AGAINST PENSION ACCOUNTS OWED ON STOCK MARKET LOANS BORROWED AGAINST WHOLE LIFE INSURANCE CONSUMER LOANS; PL1=0; PL2=0; PL3=0; PL4=0; PL5=0; PL6=0; IF X4231=1 THEN PL1=X4229; IF X4331=1 THEN PL2=X4329; IF X4431=1 THEN PL3=X4429; IF X4831=1 THEN PL4=X4829; IF X4931=1 THEN PL5=X4929; IF X5031=1 THEN PL6=X5029; OTHDEBT=PL1+PL2+PL3+PL4+PL5+PL6+ X1044+X2723+X2740+X2823+X2840+X2923+X2940+X1215+X1219+ X3932+X4010+X4032; ****NET WORTH****; *UNADJUSTED, VEHICLES INCLUDED; W9CU=(CHECKING*.73)+(SAVINGS*.9)+(MMA*.90)+(CD*.90)+(IRA*.9)+ (SAVBOND*.56)+(NOTAXBND*.56)+(OTHBOND*.56)+(TRUSTS*.56)+ LIFEINS+VEHICLE+BUSINESS+HOUSE+(OTHERNFA)+REALEST- MORTGAGE-REALESTD-HEQULOC-OTHERLOC-CREDCARD-CARLOAN-OTHDEBT- BUSDEBT+(STOCKS*.56); *UNADJUSTED, VEHICLE VALUE NOT INCLUDED; W9U=(CHECKING*.73)+(SAVINGS*.9)+(MMA*.90)+(CD*.90)+(IRA*.9)+ (SAVBOND*.56)+(NOTAXBND*.56)+(OTHBOND*.56)+(TRUSTS*.56)+ LIFEINS+BUSINESS+HOUSE+(OTHERNFA)+REALEST- MORTGAGE-REALESTD-HEQULOC-OTHERLOC-CREDCARD-CARLOAN-OTHDEBT- BUSDEBT+(STOCKS*.56); *UNADJUSTED, VEHICLE VALUE NOT INCLUDED AND HOME EQUITY EXCLUDED; W9NHU=(CHECKING*.73)+(SAVINGS*.9)+(MMA*.90)+(CD*.90)+(IRA*.9)+ (SAVBOND*.56)+(NOTAXBND*.56)+(OTHBOND*.56)+(TRUSTS*.56)+ LIFEINS+BUSINESS+(OTHERNFA)+REALEST- REALESTD-HEQULOC-OTHERLOC-CREDCARD-CARLOAN-OTHDEBT- BUSDEBT+(STOCKS*.56); *ADJUSTED, VEHICLES AND LOAN INCLUDED; W9C=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCKS; *ADJUSTED, VEHICLES EXCLUDED; W9=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCKS; *ADJUSTED, NO VEHICLE OR HOUSE OR MORTGAGE VALUE; W9NH=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+BUSINESS+(OTHERNFA)+REALEST- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCKS; *ADJUSTED, VEHICLES INCLUDED, ADJ. ASSETS AND NONMORTGAGE DEBT; W9COD=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-(HEQULOC/.5)-(OTHERLOC/.5)-(CREDCARD/.5)-(CARLOAN/.5)- (OTHDEBT/.5)-BUSDEBT +STOCKS; *ADJUSTED, VEHICLES EXCLUDED ADJ. ASSETS AND NONMORTGAGE DEBT; W9OD=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-(HEQULOC/.5)-(OTHERLOC/.5)-(CREDCARD/.5)-(CARLOAN/.5)- (OTHDEBT/.5)-BUSDEBT +STOCKS; *ADJUSTED, NO CAR OR HOUSE VALUE, ADJ ASSETS AND NONMORTGAGE DEBT; W9NHD=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+BUSINESS+(OTHERNFA)+REALEST- REALESTD-(HEQULOC/.5)-(OTHERLOC/.5)-(CREDCARD/.5)-(CARLOAN/.5)- (OTHDEBT/.5)-BUSDEBT +STOCKS; *INCOME; W9Y=X5729; FILE IN(NW89); PUT W9CU; *CALCULATING MEANS FOR DIFFERENT DEFINITIONS OF NET WORTH THEN CALCULATING THE GINI; *USING TWO DIFFERENT WEIGHTS; %MACRO GINI(RUN=,TITLE=,WEIGHT=); %DO J = 1 %TO 2; %LET W=%SCAN(&WEIGHT,&J); PROC MEANS DATA=A; VAR W9CU W9U W9NHU W9C W9 W9NH W9COD W9OD W9NHD W9Y ; WEIGHT &W; TITLE "&W"; %DO I=1 %TO 10; %LET R=%SCAN(&RUN,&I); PROC SORT DATA=A; BY W&R; DATA GINI&R; SET A; YEAR = 89; W&R=W&R*&W; DATA B; SET GINI&R; T+1; PROC MEANS NOPRINT; VAR W&R &W; ID YEAR; OUTPUT OUT=B1 SUM=W&R.SUM WSUM; DATA C; MERGE B B1; BY YEAR; OBSPER=&W/WSUM; **WEIGHT/SUM(WEIGHT); W&R.PER=W&R/W&R.SUM; **VAR/SUM(VAR); RETAIN CUWP&R 0; **CREATES CUMULATIVE VARIABLE; CUWP&R=W&R.PER+CUWP&R; BMINA=OBSPER; CPLUSD=CUWP&R+LAG(CUWP&R); IF T=1 THEN CPLUSD=CUWP&R; PRODUCT=(BMINA)*(CPLUSD); PROC MEANS NOPRINT; OUTPUT OUT=C1 SUM(PRODUCT)=PRODUCT; DATA D; SET C1; GINI&R = 1-PRODUCT; %LET TITL=%SCAN(&TITLE,&I,"~"); PROC PRINT; VAR GINI&R; TITLE "1989"; TITLE2 "VARIATION: &TITL "; TITLE3 "WEIGHT = &W"; %END; %END; %MEND; %GINI(RUN=9CU 9U 9NHU 9C 9 9NH 9COD 9OD 9NHD 9Y, TITLE=UNADJUSTED WITH CAR AND LOAN~ UNADJUSTED WITHOUT CAR WITH LOAN~ UNADJUSTED WITHOUT CAR AND HOME EQUITY AND WITH CAR LOAN~ ADJUSTED WITH CAR AND LOAN~ ADJUSTED WITHOUT CAR AND WITH LOAN~ ADJUSTED WITHOUT CAR AND HOME EQUITY AND WITH LOAN~ ADJUSTED WITH CAR AND CAR LOAN ADJUST ASSETS AND NONMORTGAGE DEBT~ ADJUSTED WITHOUT CAR AND WITH LOAN ADJUST ASSETS AND NONMORTGAGE DEBT~ ADJUSTED W/O CAR/HOME EQUITY AND W/ LOAN ADJUST ASSETS AND NONMORT DEBT~ INCOME~, WEIGHT=X40125 X40131 AVG ); %MACRO DEMO(WEIGHT=); %DO I =1 %TO 2; %LET W=%SCAN(&WEIGHT,&I); DATA DEMO89; SET A; NW=W9CU; *UNADJUSTED NET WORTH INCLUDING CARS; AGE=0; RACE=0; ED=0; HH=0; IF 15<=X8022<=24 THEN AGE=1; *UNDER 25; ELSE IF 25<=X8022<=34 THEN AGE=2; *25-34; ELSE IF 35<=X8022<=44 THEN AGE=3; *35-44; ELSE IF 45<=X8022<=54 THEN AGE=4; *45-54; ELSE IF 55<=X8022<=64 THEN AGE=5; *55-64; ELSE IF 65<=X8022<=74 THEN AGE=6; *65-74; ELSE IF 75<=X8022 THEN AGE=7; *75 AND OVER; IF X5909=5 THEN RACE=1; *WHITE; ELSE IF X5909=4 THEN RACE=2; *BLACK; ELSE IF X5909=3 THEN RACE=3; *HISPANIC; ELSE RACE=4; *NATIVE AND ASIAN; IF X5901<=8 THEN ED=1; *GRADE SCHOOL; ELSE IF 80 THEN INS83=B3475; ELSE INS83=0; IF B3306>0 THEN PENS83=B3306; ELSE PENS83=0; IF B3317>0 THEN PRIVPENS=B3317; ELSE PRIVPENS=0; OTHER=B3483+B3485+B3487; VEHIC83=B3906+B3915+B3924; VEHICLE=B3906+B3915+B3924; VEHLOAN=B4205; VEHIC89=VEHIC83/(99.6/124); VEHLOAN9=VEHLOAN/(99.6/124); IF (B3504=1) THEN FARM189=B3503/(788/661); ELSE FARM189=0; IF (B3517=1) THEN FARM289=B3516/(788/661); ELSE FARM289=0; FARM89=FARM189+FARM289; IF FARM189=0 THEN BUS1A89=B3503/(112.27/168.31); ELSE BUS1A89=0; IF FARM289=0 THEN BUS1B89=B3516/(112.27/168.31); ELSE BUS1B89=0; IF B3501= -6 THEN BUS289=0; ELSE BUS289=B3501/(112.27/168.31); BUSI89=BUS1A89+BUS1B89+BUS289; IF (B3504=1) THEN FARM183=B3503; ELSE FARM183=0; IF (B3517=1) THEN FARM283=B3516; ELSE FARM283=0; FARM83=FARM183+FARM283; IF FARM183=0 THEN BUS1A83=B3503; ELSE BUS1A83=0; IF FARM283=0 THEN BUS1B83=B3516; ELSE BUS1B83=0; IF B3501= -6 THEN BUS283=0; ELSE BUS283=B3501; BUSI83=BUS1A83+BUS1B83+BUS283; OTHPRP=B3803; REEST=B3801; REDEBT=B3802; *CALCULATING OUTSTANDING MORTGAGE ON OTHER PROPERTY; IF B3814 > 0 THEN PAYMENT1=B3814; ELSE PAYMENT1=0; IF B3831 > 0 THEN PAYMENT2=B3831; ELSE PAYMENT2=0; IF B3848 > 0 THEN PAYMENT3=B3848; ELSE PAYMENT3=0; IF B3819 > 0 THEN INTER1=B3819/1000; ELSE INTER1=0; IF B3836 >0 THEN INTER2=B3836/1000; ELSE INTER2=0; IF B3853 >0 THEN INTER3=B3853/1000; ELSE INTER3=0; BALLOO1=B3815; BALLOO2=B3835; BALLOO3=B3852; IF B3815=5 THEN PAYLEFT1=B3817-72; ELSE IF B3815=6 THEN PAYLEFT1=B3817-6; ELSE PAYLEFT1=0; IF B3832=5 THEN PAYLEFT2=B3834-72; ELSE IF B3832=6 THEN PAYLEFT2=B3834-6; ELSE PAYLEFT2=0; IF B3849=5 THEN PAYLEFT3=B3851-72; ELSE IF B3849=6 THEN PAYLEFT3=B3851-6; ELSE PAYLEFT3=0; IF B3815=8 THEN VALUE1=B3806; IF B3815=0 OR PAYLEFT1 <= 0 THEN VALUE1=0; IF PAYLEFT1 > 0 AND B3815=5 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1/12)**PAYLEFT1)/(INTER1/12))+ BALLOO1/((1+INTER1)**PAYLEFT1); IF PAYLEFT1 > 0 AND B3815=6 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1)**PAYLEFT1)/(INTER1))+ BALLOO1/((1+INTER1)**PAYLEFT1); IF B3832=8 THEN VALUE2=B3823; IF B3832=0 OR PAYLEFT2<= 0 THEN VALUE2=0; IF B3832=5 AND PAYLEFT2>0 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2/12)**PAYLEFT2)/(INTER2/12))+ BALLOO2/((1+INTER2)**PAYLEFT2); IF B3832=6 AND PAYLEFT2>0 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2)**PAYLEFT2)/(INTER2))+ BALLOO2/((1+INTER2)**PAYLEFT2); IF B3849=8 THEN VALUE3=B3840; IF B3849=0 OR PAYLEFT3<= 0 THEN VALUE3=0; IF B3849=5 AND PAYLEFT3>0 THEN VALUE3=PAYMENT3*((1-1/(1+INTER3/12)**PAYLEFT3)/(INTER3/12))+ BALLOO3/((1+INTER3)**PAYLEFT3); IF B3849=6 AND PAYLEFT2>0 THEN VALUE3=PAYMENT3*((1-1/(1+INTER3)**PAYLEFT3)/(INTER3))+ BALLOO3/((1+INTER3)**PAYLEFT3); VALUE4=B3857; OWEDPROP=VALUE1+VALUE2+VALUE3+VALUE4; *CALCULATING THE NEW VALUE OF OTHER PROPERTY; IF B3804ª=10 OR B3821ª=10 OR B3838ª=10 OR B3855ª=10 OR B3804ª=32 OR B3821ª=32 OR B3838ª=32 OR B3855ª=32 THEN OTHPRP89=((B3801)/(105.1/110.3))-(OWEDPROP); ELSE OTHPRP89=0; LAND83=B3601-(B3602); HOUSE=B3710; MORTGAGE=B4002+B4024; MORT83=MORTGAGE/.63; *CALCULATING OUTSTANDING MORTGAGE; IF B4010 > 0 THEN PAYMENT1=B4010; ELSE PAYMENT1=0; IF B4032 > 0 THEN PAYMENT2=B4032; ELSE PAYMENT2=0; IF B4015 > 0 THEN INTER1=B4015/1000; ELSE INTER1=0; IF B4037 >0 THEN INTER2=B4037/1000; ELSE INTER2=0; BALLOO1=B4014; BALLOO2=B4036; IF B4011=5 THEN PAYLEFT1=B4013-72; ELSE IF B4011=6 THEN PAYLEFT1=B4013-6; ELSE PAYLEFT1=0; IF B4033=5 THEN PAYLEFT2=B4035-72; ELSE IF B4033=6 THEN PAYLEFT2=B4035-6; ELSE PAYLEFT2=0; IF B4011=8 THEN VALUE1=B4002; IF B4011=0 OR PAYLEFT1 <= 0 THEN VALUE1=0; IF PAYLEFT1 > 0 AND B4011=5 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1/12)**PAYLEFT1)/(INTER1/12))+ BALLOO1/((1+INTER1)**PAYLEFT1); IF PAYLEFT1 > 0 AND B4011=6 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1)**PAYLEFT1)/(INTER1))+ BALLOO1/((1+INTER1)**PAYLEFT1); IF B4033=8 THEN VALUE2=B4024; IF B4033=0 OR PAYLEFT2<= 0 THEN VALUE2=0; IF B4033=5 AND PAYLEFT2>0 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2/12)**PAYLEFT2)/(INTER2/12))+ BALLOO2/((1+INTER2)**PAYLEFT2); IF B4033=6 AND PAYLEFT2>0 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2)**PAYLEFT2)/(INTER2))+ BALLOO2/((1+INTER2)**PAYLEFT2); NEWMORT=(VALUE1+VALUE2); **NEW HOME; *CALCULATING HOME NET EQUITY; HNW89=(B3708/(84.6/107.5))-(NEWMORT); HNW83=B3708-MORTGAGE; CONSDEBT=B4201-B4205; CHGDEBT=B4101; *CALCULATING NET WORTH; *UNADJ., INCLUDE CAR, ONLY ADJ ASSETS, NONE INDEXED; NW83=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI83+FARM83+HOUSE-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ., ALL VARIABLES INDEXED; NW89=(CHECK89+CALL83+SAVE89+IRA83+CD83+USBND83+MUNBND89+COBND89+ FEDBND89+STOCK89+MMMF83+TRUST+OTHER+PENS83+OTHPRP89+LAND83+ BUSI89+FARM89+HNW89-CONSDEBT-CHGDEBT+INS83+VEHIC89-VEHLOAN9 +MMA83); *UNADJ., ALL BUT BUSINESS INDEXED; NW83B=(CHECK89+CALL83+SAVE89+IRA83+CD83+USBND83+MUNBND89+COBND89+ FEDBND89+STOCK89+MMMF83+TRUST+OTHER+PENS83+OTHPRP89+LAND83+ BUSI83+FARM89+HNW89-CONSDEBT-CHGDEBT+INS83+VEHIC89-VEHLOAN9 +MMA83); *UNADJ., ALL BUT BUSINESS,CHECKING, AND SAVINGS INDEXED; NW3SB=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND89+COBND89+ FEDBND89+STOCK89+MMMF83+TRUST+OTHER+PENS83+OTHPRP89+LAND83+ BUSI83+FARM89+HNW89-CONSDEBT-CHGDEBT+INS83+VEHIC89-VEHLOAN9 +MMA83); *UNADJ., CHANGE TO 1989 CHECKING VARIABLE; NW89C=(CHECK89+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI83+FARM83+HNW83-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ., CHANGE TO 1989 SAVINGS VARIABLE; NW89S=(CHECK83+CALL83+SAVE89+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI83+FARM83+HNW83-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ., CHANGE TO 1989 BONDS VARIABLE; NW89B=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND89+COBND89+ FEDBND89+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI83+FARM83+HNW83-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ., CHANGE TO 1989 STOCK VARIABLE; NW89D=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK89+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI83+FARM83+HNW83-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ., CHANGE TO 1989 OTHER PROPERTY VARIABLE; NW89P=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+OTHPRP89+LAND83+ BUSI83+FARM83+HNW83-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ., CHANGE TO 1989 VEHICLE VARIABLE; NW89V=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI83+FARM83+HNW83-CONSDEBT-CHGDEBT+INS83+VEHIC89-VEHLOAN9 +MMA83); *UNADJ., CHANGE TO 1989 BUSINESS VARIABLE; NW89M=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI89+FARM83+HNW83-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ., CHANGE TO 1989 FARM VARIABLE; NW89F=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI83+FARM89+HNW83-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ., CHANGE TO 1989 BUSINESS AND FARM VARIABLE; NW9MF=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI89+FARM89+HNW83-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ., CHANGE TO 1989 HOME VARIABLE; NW89H=(CHECK83+CALL83+SAVE83+IRA83+CD83+USBND83+MUNBND83+COBND83+ FEDBND83+STOCK83+MMMF83+TRUST+OTHER+PENS83+REEST-REDEBT+LAND83+ BUSI83+FARM83+HNW89-CONSDEBT-CHGDEBT+INS83+VEHICLE-VEHLOAN +MMA83); *UNADJ. AND INDEXED BONDS, STOCKS, AND HOME EQUITY ONLY; NW9G=USBND83+MUNBND89+COBND89+FEDBND89+STOCK89+HNW89; *INCOME; NW3Y=B3201; *CALCULATING THE GINI; %MACRO GINI(RUN=,TITLE=,WEIGHT=); %DO I=1 %TO 16; %LET R=%SCAN(&RUN,&I); PROC SORT DATA=A; BY NW&R; %DO J = 1 %TO 2; %LET W=%SCAN(&WEIGHT,&J); DATA GINI&R; SET A; YEAR = 83; NW&R=NW&R*&W; DATA B; SET GINI&R; T+1; PROC MEANS NOPRINT; VAR NW&R &W; ID YEAR; OUTPUT OUT=B1 SUM=NW&R.SUM WSUM; DATA C; MERGE B B1; BY YEAR; OBSPER=&W/WSUM; **WEIGHT/SUM(WEIGHT); NW&R.PER=NW&R/NW&R.SUM; **VAR/SUM(VAR); RETAIN CUNWP&R 0; **CREATES CUMULATIVE VARIABLE; CUNWP&R=NW&R.PER+CUNWP&R; BMINA=OBSPER; CPLUSD=CUNWP&R+LAG(CUNWP&R); IF T=1 THEN CPLUSD=CUNWP&R; PRODUCT=(BMINA)*(CPLUSD); PROC MEANS NOPRINT; OUTPUT OUT=C1 SUM(PRODUCT)=PRODUCT; DATA D; SET C1; GINI&R = 1-PRODUCT; %LET TITL=%SCAN(&TITLE,&I,"~"); %LET TITL2=%SCAN(&WEIGHT,&J); PROC PRINT; VAR GINI&R; TITLE "VARIABLES CHANGED: &TITL "; TITLE2 "WEIGHT: &W"; %END; %END; %MEND; %GINI(RUN=83 89 83B 3SB 89C 89S 89B 89D 89P 89V 89F 89M 9MF 89H 9G 3Y, TITLE=NONE~ALL~ALLXBUSINESS~ALLXBUSANDBANKACCTS~CHECKING~SAVINGS~ BONDS~STOCKS~PROPERTY~VEHICLES~FARMS~BUSINESS~FARMANDBUS~ HOME~STOCK BONDS HOME EQUITY~INCOME,WEIGHT=B3016 B3019); DATA DEMO83; SET A(KEEP=NW83 B3001 B3019 B3016 B3401 B3110 B3111 B3113 B3104 B3016 B3112 B3126 B3323 B4511 B4611 ); NW=NW83; *CREATING 1983 DEMOGRAPHIC VARIABLES; AGE=0; RACE=0; ED=0; HH=0; IF B3110=1 THEN AGE=1; ELSE IF B3110=2 THEN AGE=2; ELSE IF B3110=3 THEN AGE=3; ELSE IF B3110=4 THEN AGE=4; ELSE IF B3110=5 THEN AGE=5; ELSE IF B3110=6 THEN AGE=6; ELSE IF B3110=7 THEN AGE=7; IF B3111=1 THEN RACE=1; ELSE IF B3111=2 THEN RACE=2; ELSE IF B3111=3 THEN RACE=3; ELSE RACE=4; IF B3113=1 THEN ED=1; ELSE IF B3113=2 THEN ED=2; ELSE IF B3113=4 THEN ED=4; ELSE IF B3113=3 THEN ED=3; ELSE IF B3113=5 THEN ED=5; IF B3104=0 AND B3112=1 THEN HH=1; ELSE IF B3104>0 AND B3112=1 THEN HH=2; ELSE IF B3104=0 AND B3112>1 AND B3126=1 THEN HH=3; ELSE IF B3104>0 AND B3112>1 AND B3126=1 THEN HH=4; ELSE IF B3104=0 AND B3112>1 AND B3126=2 THEN HH=5; ELSE IF B3104>0 AND B3112>1 AND B3126=2 THEN HH=6; %MACRO GINI (DATA=,RUN=,TITLE=,WEIGHT=); %DO J = 1 %TO 2; %LET W=%SCAN(&WEIGHT,&J); PROC FREQ DATA=DEMO83 NOPRINT; TABLES AGE / LIST SPARSE OUT=PROP1; TABLES HH / LIST SPARSE OUT=PROP2; TABLES ED / LIST SPARSE OUT=PROP3; TABLES RACE/ LIST SPARSE OUT=PROP4; TABLES AGE*HH/LIST SPARSE OUT=PROPAA; TABLES AGE*HH*RACE/LIST SPARSE OUT=PROPBB; WEIGHT &W; TITLE '1983 FREQUENCIES'; DATA DEMO89; SET OUT2.SCF89 (KEEP=X40125 X8022 X5909 X5901 X8023 X5910 X102 X104 X108 X110 X114 X116 X120 X122 X126 X128 X132 X134 X202 X204 X208 X210 X214 X216 X220 X222 X226 X228 X4100 X4700 X8021); *CREATING 1989 DEMOGRAPHIC VARIABLES; AGE=0; RACE=0; ED=0; HH=0; IF 15<=X8022<=24 THEN AGE=1; ELSE IF 25<=X8022<=34 THEN AGE=2; ELSE IF 35<=X8022<=44 THEN AGE=3; ELSE IF 45<=X8022<=54 THEN AGE=4; ELSE IF 55<=X8022<=64 THEN AGE=5; ELSE IF 65<=X8022<=74 THEN AGE=6; ELSE IF 75<=X8022 THEN AGE=7; IF X5909=5 THEN RACE=1; ELSE IF X5909=4 THEN RACE=2; ELSE IF X5909=3 THEN RACE=3; ELSE RACE=4; IF X5901<=8 THEN ED=1; ELSE IF 80 THEN PAYMENT1=X808; ELSE PAYMENT1=0; IF X908>0 THEN PAYMENT2=X908; ELSE PAYMENT2=0; IF X1008>0 THEN PAYMENT3=X1008; ELSE PAYMENT3=0; IF X816>0 THEN INTER1=X816/10000; ELSE INTER1=0; IF X916>0 THEN INTER2=X916/10000; ELSE INTER2=0; IF X1016>0 THEN INTER3=X1016/10000; ELSE INTER3=0; IF X811=2 THEN BALLOO1=X812; ELSE BALLOO1=0; IF X911=2 THEN BALLOO2=X912; ELSE BALLOO2=0; IF X1011=2 THEN BALLOO3=X1012; ELSE BALLOO3=0; IF X809=4 THEN PAYLEFT1=(PAYLEFT1-6)+72; ELSE IF X809=5 THEN PAYLEFT1=(PAYLEFT1-2)+24; ELSE IF X809=6 THEN PAYLEFT1=PAYLEFT1+6; ELSE IF X809=2 OR X809=3 OR X809=-7 THEN PAYLEFT1=-1; ELSE IF X809=0 THEN PAYLEFT1=0; IF X909=4 THEN PAYLEFT2=(PAYLEFT2-6)+72; ELSE IF X909=5 THEN PAYLEFT2=(PAYLEFT2-2)+24; ELSE IF X909=6 THEN PAYLEFT2=PAYLEFT2+6; ELSE IF X909=2 OR X909=3 OR X909=-7 THEN PAYLEFT2=-1; ELSE IF X909=0 THEN PAYLEFT2=0; IF X1009=4 THEN PAYLEFT3=(PAYLEFT3-6)+72; ELSE IF X1009=5 THEN PAYLEFT3=(PAYLEFT3-2)+24; ELSE IF X1009=6 THEN PAYLEFT3=PAYLEFT3+6; ELSE IF X1009=2 OR X1009=3 OR X1009=-7 THEN PAYLEFT3=-1; ELSE IF X1009=0 THEN PAYLEFT3=0; IF PAYLEFT1=-1 OR INTER1=0 THEN VALUE1=X805; ELSE IF X809=0 OR PAYLEFT1=0 OR PAYLEFT1<-1 THEN VALUE1=0; ELSE IF PAYLEFT1>0 AND X809=4 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1/12)**PAYLEFT1)/(INTER1/12))+ BALLOO1/((1+INTER1)**PAYLEFT1); ELSE IF PAYLEFT1>0 AND X809=5 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1/4)**PAYLEFT1)/(INTER1/4))+ BALLOO1/((1+INTER1)**PAYLEFT1); ELSE IF PAYLEFT1>0 AND X809=6 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1)**PAYLEFT1)/(INTER1))+ BALLOO1/((1+INTER1)**PAYLEFT1); IF PAYLEFT2=-1 OR INTER2=0 THEN VALUE2=X905; ELSE IF X909=0 OR PAYLEFT2=0 OR PAYLEFT2<-1 THEN VALUE2=0; ELSE IF PAYLEFT2>0 AND X909=4 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2/12)**PAYLEFT2)/(INTER2/12))+ BALLOO2/((1+INTER2)**PAYLEFT2); ELSE IF PAYLEFT2>0 AND X909=5 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2/4)**PAYLEFT2)/(INTER2/4))+ BALLOO2/((1+INTER2)**PAYLEFT2); ELSE IF PAYLEFT2>0 AND X909=6 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2)**PAYLEFT2)/(INTER2))+ BALLOO2/((1+INTER2)**PAYLEFT2); IF PAYLEFT3=-1 OR INTER3=0 THEN VALUE3=X1005; ELSE IF X1009=0 OR PAYLEFT3=0 OR PAYLEFT3<-1 THEN VALUE3=0; ELSE IF PAYLEFT3>0 AND X1009=4 THEN VALUE3=PAYMENT3*((1-1/(1+INTER3/12)**PAYLEFT3)/(INTER3/12))+ BALLOO3/((1+INTER3)**PAYLEFT3); ELSE IF PAYLEFT3>0 AND X1009=5 THEN VALUE3=PAYMENT3*((1-1/(1+INTER3/4)**PAYLEFT3)/(INTER3/4))+ BALLOO3/((1+INTER3)**PAYLEFT3); ELSE IF PAYLEFT3>0 AND X1009=6 THEN VALUE3=PAYMENT3*((1-1/(1+INTER3)**PAYLEFT3)/(INTER3))+ BALLOO3/((1+INTER3)**PAYLEFT3); MORT83=VALUE1+VALUE2+VALUE3; **CALCULATING OUTSTANDING REALESTATE DEBT IN 1983; IF X1719=4 THEN FREQ1=12; ELSE IF X1719=5 THEN FREQ1=4; ELSE IF X1719=6 THEN FREQ1=1; ELSE FREQ1=0; PAYS1=(1989-X1713)*FREQ1; PAYLEFT1=(X1716*FREQ1)-(PAYS1); IF X1819=4 THEN FREQ2=12; ELSE IF X1819=5 THEN FREQ2=4; ELSE IF X1819=6 THEN FREQ2=1; ELSE FREQ2=0; PAYS2=(1989-X1813)*FREQ2; PAYLEFT2=(X1816*FREQ2)-PAYS2; IF X1919=4 THEN FREQ3=12; ELSE IF X1919=5 THEN FREQ3=4; ELSE IF X1919=6 THEN FREQ3=1; ELSE FREQ3=0; PAYS3=(1989-X1913)*FREQ3; PAYLEFT3=(X1916*FREQ3)-PAYS3; IF X1718>0 THEN PAYMENT1=X1718; ELSE PAYMENT1=0; IF X1818>0 THEN PAYMENT2=X1818; ELSE PAYMENT2=0; IF X1918>0 THEN PAYMENT3=X1918; ELSE PAYMENT3=0; IF X1726>0 THEN INTER1=X1726/10000; ELSE INTER1=0; IF X1826>0 THEN INTER2=X1826/10000; ELSE INTER2=0; IF X1926>0 THEN INTER3=X1926/10000; ELSE INTER3=0; IF X1721=5 THEN BALLOO1=X1722; ELSE BALLOO1=0; IF X1821=5 THEN BALLOO2=X1822; ELSE BALLOO2=0; IF X1921=5 THEN BALLOO3=X1922; ELSE BALLOO3=0; IF X1719=4 THEN PAYLEFT1=(PAYLEFT1-6)+72; ELSE IF X1719=5 THEN PAYLEFT1=(PAYLEFT1-2)+24; ELSE IF X1719=6 THEN PAYLEFT1=PAYLEFT1+6; ELSE IF X1719=2 OR X1719=3 OR X1719=-7 THEN PAYLEFT1=-1; ELSE IF X1719=0 THEN PAYLEFT1=0; IF X1819=4 THEN PAYLEFT2=(PAYLEFT2-6)+72; ELSE IF X1819=5 THEN PAYLEFT2=(PAYLEFT2-2)+24; ELSE IF X1819=6 THEN PAYLEFT2=PAYLEFT2+6; ELSE IF X1819=2 OR X1819=3 OR X1819=-7 THEN PAYLEFT2=-1; ELSE IF X1819=0 THEN PAYLEFT2=0; IF X1919=4 THEN PAYLEFT3=(PAYLEFT3-6)+72; ELSE IF X1919=5 THEN PAYLEFT3=(PAYLEFT3-2)+24; ELSE IF X1919=6 THEN PAYLEFT3=PAYLEFT3+6; ELSE IF X1919=2 OR X1919=3 OR X1919=-7 THEN PAYLEFT3=-1; ELSE IF X1919=0 THEN PAYLEFT3=0; IF PAYLEFT1=-1 OR INTER1=0 THEN VALUE1=X1715; ELSE IF X1719=0 OR PAYLEFT1=0 OR PAYLEFT1<-1 THEN VALUE1=0; ELSE IF PAYLEFT1>0 AND X1719=4 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1/12)**PAYLEFT1)/(INTER1/12))+ BALLOO1/((1+INTER1)**PAYLEFT1); ELSE IF PAYLEFT1>0 AND X1719=5 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1/4)**PAYLEFT1)/(INTER1/4))+ BALLOO1/((1+INTER1)**PAYLEFT1); ELSE IF PAYLEFT1>0 AND X1719=6 THEN VALUE1=PAYMENT1*((1-1/(1+INTER1)**PAYLEFT1)/(INTER1))+ BALLOO1/((1+INTER1)**PAYLEFT1); IF PAYLEFT2=-1 OR INTER2=0 THEN VALUE2=X1815; ELSE IF X1819=0 OR PAYLEFT2=0 OR PAYLEFT2<-1 THEN VALUE2=0; ELSE IF PAYLEFT2>0 AND X1819=4 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2/12)**PAYLEFT2)/(INTER2/12))+ BALLOO2/((1+INTER2)**PAYLEFT2); ELSE IF PAYLEFT2>0 AND X1819=5 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2/4)**PAYLEFT2)/(INTER2/4))+ BALLOO2/((1+INTER2)**PAYLEFT2); ELSE IF PAYLEFT2>0 AND X1819=6 THEN VALUE2=PAYMENT2*((1-1/(1+INTER2)**PAYLEFT2)/(INTER2))+ BALLOO2/((1+INTER2)**PAYLEFT2); IF PAYLEFT3=-1 OR INTER3=0 THEN VALUE3=X1915; ELSE IF X1919=0 OR PAYLEFT3=0 OR PAYLEFT3<-1 THEN VALUE3=0; ELSE IF PAYLEFT3>0 AND X1919=4 THEN VALUE3=PAYMENT3*((1-1/(1+INTER3/12)**PAYLEFT3)/(INTER3/12))+ BALLOO3/((1+INTER3)**PAYLEFT3); ELSE IF PAYLEFT3>0 AND X1919=5 THEN VALUE3=PAYMENT3*((1-1/(1+INTER3/4)**PAYLEFT3)/(INTER3/4))+ BALLOO3/((1+INTER3)**PAYLEFT3); ELSE IF PAYLEFT3>0 AND X1919=6 THEN VALUE3=PAYMENT3*((1-1/(1+INTER3)**PAYLEFT3)/(INTER3))+ BALLOO3/((1+INTER3)**PAYLEFT3); REDBT83=(VALUE1*(X1705/10000))+(VALUE2*(X1805/10000))+(VALUE3* (X1905/10000))+X2006+X2016; IF X3107=1 THEN FARM183=(X3129-X3126)/(661/788); ELSE FARM183=0; IF X3207=1 THEN FARM283=(X3229-X3226)/(661/788); ELSE FARM283=0; IF X3307=1 THEN FARM383=(X3329-X3326)/(661/788); ELSE FARM383=0; FARM83=FARM183+FARM283+FARM383; IF X3107=1 THEN FARM1=X3129-X3126; ELSE FARM1=0; IF X3207=1 THEN FARM2=X3229-X3226; ELSE FARM2=0; IF X3307=1 THEN FARM3=X3329-X3326; ELSE FARM3=0; FARM=FARM1+FARM2+FARM3; IF FARM183=0 THEN BUS183=(X3129-X3126)/(168.31/112.27); ELSE BUS183=0; IF FARM283=0 THEN BUS283=(X3229-X3226)/(168.31/112.27); ELSE BUS283=0; IF FARM383=0 THEN BUS383=(X3329-X3326)/(168.31/112.27); ELSE BUS383=0; BUS83=(BUS183+BUS283+BUS383)+((X3335+X3408+X3412+X3416+X3420+X3424 +X3428+B1+B2+B3+X3124+X3224+X3324)/(168.31/112.27)); IF FARM1=0 THEN BUS1=X3129-X3126; ELSE BUS1=0; IF FARM2=0 THEN BUS2=X3229-X3226; ELSE BUS2=0; IF FARM3=0 THEN BUS3=X3329-X3326; ELSE BUS3=0; BUS=(BUS1+BUS2+BUS3+X3335+X3408+X3412+X3416+X3420+X3424 +X3428+B1+B2+B3+X3124+X3224+X3324); ****NET WORTH****; *UNADJUSTED, VEHICLES INCLUDED; W9=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCKS; *UNADJUSTED, ALL INDEXED; W3=CHECK83+SAVE83+MMA+CD+IRA+SAVBOND+MUNBND83+OTHBND83+TRUSTS+ LIFEINS+VEHIC83+BUS83+FARM83+HOUSE83+(OTHERNFA)+REALST83-MORT83- REDBT83-HEQULOC-OTHERLOC-CREDCARD-OTHDEBT +STOCK83+OTHSTK83+FEDBND83+COBND83; *UNADJUSTED, ALL BUT BUSINESS AND FARMINDEXED; W9B=CHECK83+SAVE83+MMA+CD+IRA+SAVBOND+MUNBND83+OTHBND83+TRUSTS+ LIFEINS+VEHIC83+BUSINESS+HOUSE83+(OTHERNFA)+REALST83-MORT83- REDBT83-HEQULOC-OTHERLOC-CREDCARD-OTHDEBT-BUSDEBT +STOCK83+OTHSTK83+FEDBND83+COBND83; *UNADJUSTED, ALL BUT BUSINESS,CHECKING AND SAVINGS INDEXED; W9SB=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+MUNBND83+OTHBND83+TRUSTS+ LIFEINS+VEHIC83+BUSINESS+HOUSE83+(OTHERNFA)+REALST83-MORT83- REDBT83-HEQULOC-OTHERLOC-CREDCARD-OTHDEBT-BUSDEBT +STOCK83+OTHSTK83+FEDBND83+COBND83; *UNADJUSTED, VEHICLES INCLUDED CHECKING ACCOUNTS INDEXED; W3C=CHECK83+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCKS; *UNADJUSTED, VEHICLES INCLUDED SAVINGS ACCOUNTS INDEXED; W3S=CHECKING+SAVE83+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCKS; *UNADJUSTED, VEHICLES INCLUDED BONDS INDEXED; W3B=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+MUNBND83+OTHBND83+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCKS+FEDBND83+COBND83; *UNADJUSTED, VEHICLES INCLUDED STOCK INDEXED; W3D=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCK83+OTHSTK83 ; *UNADJUSTED, VEHICLES INCLUDED OTHER PROPERTY INDEXED; W3P=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE+(OTHERNFA)+REALST83-MORTGAGE- REDBT83-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCKS; *UNADJUSTED, VEHICLES INCLUDED VEHICLE INDEXED; W3V=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHIC83+BUSINESS+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-OTHDEBT-BUSDEBT +STOCKS; *UNADJUSTED, VEHICLES INCLUDED BUSINESS AND FARM INDEXED; W3M=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUS83+FARM83+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT +STOCKS; *UNADJUSTED, VEHICLES INCLUDED BUSINESS INDEXED; W3BU=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUS83+FARM+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT +STOCKS; *UNADJUSTED, VEHICLES INCLUDED FARM INDEXED; W3FA=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUS+FARM83+HOUSE+(OTHERNFA)+REALEST-MORTGAGE- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT +STOCKS; *UNADJUSTED, VEHICLES INCLUDED HOME INDEXED; W3H=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+NOTAXBND+OTHBOND+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE83+(OTHERNFA)+REALEST-MORT83- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCKS; *UNADJUSTED, VEHICLES INCLUDED HOME INDEXED; W33=CHECKING+SAVINGS+MMA+CD+IRA+SAVBOND+MUNBND83+OTHBND83+TRUSTS+ LIFEINS+VEHICLE+BUSINESS+HOUSE83+(OTHERNFA)+REALEST-MORT83- REALESTD-HEQULOC-OTHERLOC-CREDCARD-(CARLOAN)-OTHDEBT-BUSDEBT +STOCK83+OTHSTK83+FEDBND83+COBND83; W9Y=X5729; *CALCULATING MEANS FOR DIFFERENT DEFINITIONS OF NET WORTH THEN CALCULATING THE GINI; *USING TWO DIFFERENT WEIGHTS; %MACRO GINI(RUN=,TITLE=,WEIGHT=); %DO J = 1 %TO 2; %LET W=%SCAN(&WEIGHT,&J); %DO I=1 %TO 15; %LET R=%SCAN(&RUN,&I); PROC SORT DATA=A; BY W&R; DATA GINI&R; SET A; YEAR = 89; W&R=W&R*&W; DATA B; SET GINI&R; T+1; PROC MEANS NOPRINT; VAR W&R &W; ID YEAR; OUTPUT OUT=B1 SUM=W&R.SUM WSUM; DATA C; MERGE B B1; BY YEAR; OBSPER=&W/WSUM; **WEIGHT/SUM(WEIGHT); W&R.PER=W&R/W&R.SUM; **VAR/SUM(VAR); RETAIN CUWP&R 0; **CREATES CUMULATIVE VARIABLE; CUWP&R=W&R.PER+CUWP&R; BMINA=OBSPER; CPLUSD=CUWP&R+LAG(CUWP&R); IF T=1 THEN CPLUSD=CUWP&R; PRODUCT=(BMINA)*(CPLUSD); PROC MEANS NOPRINT; OUTPUT OUT=C1 SUM(PRODUCT)=PRODUCT; DATA D; SET C1; GINI&R = 1-PRODUCT; %LET TITL=%SCAN(&TITLE,&I,"~"); PROC PRINT; VAR GINI&R; TITLE "1989"; TITLE2 "VARIATION: &TITL "; TITLE3 "WEIGHT = &W"; %END; %END; %MEND; %GINI(RUN=9 3 9B 9SB 3C 3S 3B 3D 3P 3V 3M 3H 3BU 3FA 33, TITLE=UNADJUSTED WITH CAR AND LOAN~ UNADJUSTED WITH CAR AND LOAN AND ALL VARS INDEXED~ UNADJUSTED ALL BUT BUSINESS INDEXED~ UNADJUSTED ALL BUT BUSINESS CHECKING AND SAVINGS INDEXED~ UNADJUSTED CHECKING INDEXED~ UNADJUSTED SAVINGS INDEXED~ UNADJUSTED BONDS INDEXED~ UNADJUSTED STOCKS INDEXED~ UNADJUSTED OTHER PROPERTY INDEXED AND DEFLATED~ UNADJUSTED VEHICLES INDEXED~ UNADJUSTED BUSINESS AND FARMS INDEXED~ UNADJUSTED HOME EQUITY INDEXED AND DEFLATED~ UNADJUSTED BUSINESS INDEXED~ UNADJUSTED FARM INDEXED~ UNADJUSTED STOCKS BONDS AND HOUSING INDEXED~ , WEIGHT=X40125 X40131); DATA DEMO89; SET A(KEEP=W9 X40125 X5729 X8022 X5909 X5901 X8023 X5910 X102 X104 X108 X110 X114 X116 X120 X122 X126 X128 X132 X134 X202 X204 X208 X210 X214 X216 X220 X222 X226 X228 X4100 X4700 X8021); NW=W9; *CREATING 1989 DEMOGRAPHIC VARIABLES; AGE=0; RACE=0; ED=0; HH=0; IF 15<=X8022<=24 THEN AGE=1; ELSE IF 25<=X8022<=34 THEN AGE=2; ELSE IF 35<=X8022<=44 THEN AGE=3; ELSE IF 45<=X8022<=54 THEN AGE=4; ELSE IF 55<=X8022<=64 THEN AGE=5; ELSE IF 65<=X8022<=74 THEN AGE=6; ELSE IF 75<=X8022 THEN AGE=7; IF X5909=5 THEN RACE=1; ELSE IF X5909=4 THEN RACE=2; ELSE IF X5909=3 THEN RACE=3; ELSE RACE=4; IF X5901<=8 THEN ED=1; ELSE IF 80 AND B3112=1 THEN HH=2; ELSE IF B3104=0 AND B3112>1 AND B3126=1 THEN HH=3; ELSE IF B3104>0 AND B3112>1 AND B3126=1 THEN HH=4; ELSE IF B3104=0 AND B3112>1 AND B3126=2 THEN HH=5; ELSE IF B3104>0 AND B3112>1 AND B3126=2 THEN HH=6; PROC FREQ DATA=DEMO83 NOPRINT; TABLES AGE / LIST SPARSE OUT=PROP1; TABLES HH / LIST SPARSE OUT=PROP2; TABLES ED / LIST SPARSE OUT=PROP3; TABLES RACE/ LIST SPARSE OUT=PROP4; TABLES AGE*HH/LIST SPARSE OUT=PROPAA; TABLES AGE*HH*RACE/LIST SPARSE OUT=PROPBB; WEIGHT B3016; TITLE '1983 FREQUENCIES'; *COMBINING 1983 AND 1989 FREQUENCIES INTO RATIOS OF 89 TO 83; DATA PROPS1A; MERGE PROP1 (RENAME=(PERCENT=AP3 COUNT=AC3)) PROP5 (RENAME=(PERCENT=AP9 COUNT=AC9)); IF AP9=0 THEN AWEIGHT=0; ELSE AWEIGHT=AP3/AP9; DATA PROPS1C; MERGE PROP2 (RENAME=(PERCENT=HP3 COUNT=HC3)) PROP6 (RENAME=(PERCENT=HP9 COUNT=HC9)); IF HP9=0 THEN HWEIGHT=0; ELSE HWEIGHT=HP3/HP9; DATA PROPS1D; MERGE PROP3 (RENAME=(PERCENT=EP3 COUNT=EC3)) PROP7 (RENAME=(PERCENT=EP9 COUNT=EC9)); IF EP9=0 THEN EWEIGHT=0; ELSE EWEIGHT=EP3/EP9; DATA PROPS1E; MERGE PROP4 (RENAME=(PERCENT=RP3 COUNT=RC3)) PROP8 (RENAME=(PERCENT=RP9 COUNT=RC9)); IF RP9=0 THEN RWEIGHT=0; ELSE RWEIGHT=RP3/RP9; PROC SORT DATA=PROPS1A; BY AGE; PROC SORT DATA=DEMO89; BY AGE; DATA AGE; MERGE DEMO89 (KEEP=X40125 NW AGE) PROPS1A (KEEP=AWEIGHT AGE); BY AGE; PROC SORT DATA=PROPS1C; BY HH; PROC SORT DATA=DEMO89; BY HH; DATA HH; MERGE DEMO89 (KEEP=X40125 NW HH) PROPS1C(KEEP=HWEIGHT HH); BY HH; PROC SORT DATA=PROPS1D; BY ED; PROC SORT DATA=DEMO89; BY ED; DATA ED; MERGE DEMO89 (KEEP=X40125 NW ED) PROPS1D(KEEP=EWEIGHT ED); BY ED; PROC SORT DATA=PROPS1E; BY RACE; PROC SORT DATA=DEMO89; BY RACE; DATA RACE; MERGE DEMO89 (KEEP=X40125 NW RACE) PROPS1E(KEEP=RWEIGHT RACE); BY RACE; *COMBINING DEMOGRAPHIC WEIGHTS (AGE AND HH AND AGE HH AND RACE); DATA PROPS2A; MERGE PROPAA (RENAME=(PERCENT=P3 COUNT=C3)) PROPCC (RENAME=(PERCENT=P9 COUNT=C9)); IF P9=0 THEN AHWEIGHT=0; ELSE AHWEIGHT=P3/P9; DATA PROPS2B; MERGE PROPBB (RENAME=(PERCENT=EP3 COUNT=EC3)) PROPDD (RENAME=(PERCENT=EP9 COUNT=EC9)); IF EP9=0 THEN ARWEIGHT=0; ELSE ARWEIGHT=EP3/EP9; **RATIOS FOR AGE AND HH COMBINED WEIGHT; PROC SORT DATA=DEMO89; BY AGE HH; PROC SORT DATA=PROPS2A; BY AGE HH; DATA RATIO2A; MERGE DEMO89(KEEP=AGE HH NW X40125) PROPS2A(KEEP=AHWEIGHT AGE HH ); BY AGE HH; IF NW = '.' THEN DELETE; **RATIOS FOR AGE, RACE, AND HH COMBINED WEIGHT; PROC SORT DATA=DEMO89; BY AGE HH RACE; PROC SORT DATA=PROPS2B; BY AGE HH RACE; DATA RATIO2B; MERGE DEMO89(KEEP=AGE HH RACE NW X40125) PROPS2B(KEEP=ARWEIGHT AGE HH RACE); BY AGE HH RACE; IF NW= '.' THEN DELETE; *DATA SETS FOR AGE AND HH COMBINED AND FOR AGE HH AND RACE COMBINED; PROC SORT DATA=RATIO2A;BY NW; PROC SORT DATA=RATIO2B; BY NW; PROC SORT DATA=DEMO89; BY NW; DATA AH; MERGE DEMO89 RATIO2A; BY NW; DATA AR; MERGE DEMO89 RATIO2B; BY NW; *GINIS ADJUSTED WEIGHTS FOR AGE AND HH COMBINED AND AGE, RACE, AND HH COMP COMBINED AND FOR AGE HH ED RACE SEPARATELY; %MACRO GINI (DATA=,RUN=,TITLE=,WEIGHT=); %DO J = 1 %TO 2; %LET W=%SCAN(&WEIGHT,&J); %DO I=1 %TO 6; %LET DEM=%SCAN(&DATA,&I); %LET D=%SCAN(&RUN,&I); PROC SORT DATA=&DEM; BY NW; DATA F; SET &DEM; YEAR = 89; &D.W=&D.WEIGHT*&W; NW&D=NW*&D.W; DATA F1; SET F; T+1; PROC MEANS NOPRINT; VAR NW&D T &D.W; ID YEAR; OUTPUT OUT=RESULTS SUM=NW&D.SUM TSUM &D.WSUM; DATA G; MERGE F1 RESULTS; BY YEAR; OBS&D.PER=&D.W/&D.WSUM; RETAIN CMOBSP&D 0; CMOBSP&D=OBS&D.PER+CMOBSP&D; NW&D.PER=NW&D/NW&D.SUM; RETAIN CUMNWP&D 0 ; CUMNWP&D=NW&D.PER+CUMNWP&D; BMINA=OBS&D.PER; CPLUSD=CUMNWP&D+LAG(CUMNWP&D); IF T=1 THEN CPLUSD=CUMNWP&D; PRODUCT=(BMINA)*(CPLUSD); PROC MEANS NOPRINT; OUTPUT OUT=TEMP SUM(PRODUCT)=PRODUCT; DATA GINI; SET TEMP; GINI&D=1-PRODUCT; %LET TITL=%SCAN(&TITLE,&I,"~"); PROC PRINT; VAR GINI&D; TITLE "UNADJUSTED INCLUDING CAR"; TITLE2 "WEIGHT: &TITL &W"; %END; %END; %MEND; %GINI(DATA=AGE HH AH RACE AR ED, RUN=A H AH R AR E, TITLE=AGE~HH~AGE AND HH~RACE~AGE HH AND RACE~EDUCATION~, WEIGHT=X40125 X40131); *************************************************************************** *THIS IS SURVEY.CNTL(HIGHNW); *THIS CREATES THE DATA FOR TABLE 8 --DEMOGRAPHIC CHARACTERISTICS OF TOP 1%; *THIS LOOKS AT THE DEMOGRAPHIC CHARACTERISTICS, VARIOUS FINANCIAL ASSETS, AND NET WORTH OF THE TOP 1% OF THE SAMPLE; *THIS USES UNADJUSTED DATA WHICH INCLUDES VEHICLES; ***************************************************************************; ************ * 1983 * ************; ***SUM OF B3016=83917975; DATA A1; SET OUT.SCF83B (KEEP= B3001 B3016 B3019 B4511 B3601 B3301 B3110 B3111 B3113 B3509 B3522 B3504 B3517 B4532 B4503 B4205 B3425 B3422 B3428 B3431 B3505 B3501 B3503 B3516 B3902 B3601 B3801 B3710 B3482 B3484 B3486 B3702 B3108 B3112 B3104 B3303 B3302 B3487 B3401 B3434 B3418 B3453 B3446 B3462 B4205 B4272 B4292 B4312 B4503 B3306 B3477 B3485 B3459 B3461 B3460 B4204 B3483 B3323 B3126 B3319 B3316 B3457 B3475 B3907 B3916 B3925 B3603 B3803 B3915 B3906 B3924 B4101 B4201 B4503 B3470); IF B3001 NE 3; DATA A2; INFILE FILE(NW83) FIRSTOBS=1; INPUT NWU NWA; NW=NWU; DATA A83; MERGE A1 A2; *CREATE DEMOGRAPHIC VARIABLES; IF B3110=1 THEN AGE=1; ELSE IF B3110=2 THEN AGE=2; ELSE IF B3110=3 THEN AGE=3; ELSE IF B3110=4 THEN AGE=4; ELSE IF B3110=5 THEN AGE=5; ELSE IF B3110=6 THEN AGE=6; ELSE IF B3110=7 THEN AGE=7; *AGE=1 UNDER 25 AGE=2 25-34 AGE=3 35-44 AGE=4 45-54 AGE=5 55-64 AGE=6 65-74 AGE=7 75 AND OVER; IF B3111=1 THEN RACE=1; ELSE IF B3111=2 THEN RACE=2; ELSE IF B3111=3 THEN RACE=3; ELSE RACE=4; *AGE=1 UNDER 25 AGE=2 25-34 AGE=3 35-44 AGE=4 45-54 AGE=5 55-64 AGE=6 65-74 AGE=7 75 AND OVER; *RACE=1 WHITE RACE=2 BLACK RACE=3 HISPANIC RACE=4 ASIAN AND NATIVE; IF B3113=1 THEN ED=1; ELSE IF B3113=2 THEN ED=2; ELSE IF B3113=3 THEN ED=3; ELSE IF B3113=4 THEN ED=4; ELSE IF B3113=5 THEN ED=5; *AGE=1 UNDER 25 AGE=2 25-34 AGE=3 35-44 AGE=4 45-54 AGE=5 55-64 AGE=6 65-74 AGE=7 75 AND OVER; *RACE=1 WHITE RACE=2 BLACK RACE=3 HISPANIC RACE=4 ASIAN AND NATIVE; *ED=1 GRADE SCHOOL ED=2 SOME HIGH SCHOOL ED=3 HIGH SCHOOL DIPLOMA ED=4 SOME COLLEGE ED=5 COLLEGE DEGREE; IF B3104=0 AND B3112=1 THEN HH=1; ELSE IF B3104>0 AND B3112=1 THEN HH=2; ELSE IF B3104=0 AND B3112>1 AND B3126=1 THEN HH=3; ELSE IF B3104>0 AND B3112>1 AND B3126=1 THEN HH=4; ELSE IF B3104=0 AND B3112>1 AND B3126=2 THEN HH=5; ELSE IF B3104>0 AND B3112>1 AND B3126=2 THEN HH=6; *AGE=1 UNDER 25 AGE=2 25-34 AGE=3 35-44 AGE=4 45-54 AGE=5 55-64 AGE=6 65-74 AGE=7 75 AND OVER; *RACE=1 WHITE RACE=2 BLACK RACE=3 HISPANIC RACE=4 ASIAN AND NATIVE; *ED=1 GRADE SCHOOL ED=2 SOME HIGH SCHOOL ED=3 HIGH SCHOOL DIPLOMA ED=4 SOME COLLEGE ED=5 COLLEGE DEGREE; *HH=1 MARRIED NO KIDS HH=2 MARRIED WITH KIDS HH=3 NOT MARRIED NO KIDS MALE HH=4 NOT MARRIED WITH KIDS MALE HH=5 NOT MARRIED NO KIDS FEMALE HH=6 NOT MARRIED WITH KIDS FEMALE; *CUT SAMPLE TO INCLUDE ONLY THE TOP 1% OF THE SORTED UNADJUSTED HIGH WEALTH; PROC SORT DATA=A83; BY NWU; DATA ONE; SET A83; RETAIN CUMCT 0; CUMCT=B3016+CUMCT; IF CUMCT>=(83917975-(83917975*.01)); *HIGH WEALTH DEMOGRPAHIC FREQUENCIES; PROC FREQ DATA=ONE; TABLES AGE; TABLES RACE; TABLES ED; TABLES HH; WEIGHT B3016; TITLE '1983 HIGH WEALTH FREQUENCIES'; ************ * 1989 * ************; **SUM OF X40125 FOR EVERY FIFTH OBSERVATION=93102344.74; DATA B1; SET OUT2.SCF89 (KEEP= X701 X702 X708 X714 X715 X716 X723 X703 X805 X905 X1005 X3107 X3207 X3307 X1108 X1119 X1130 X8021 X8023 X8022 X102 X104 X202 X204 X208 X210 X214 X216 X220 X222 X226 X228 X108 X114 X120 X126 X132 X110 X116 X122 X128 X134 X4100 X4700 X4110 X4710 X7401 X7411 X5909 X5901 X6101 X8000 X40125 X40131 X5729 X3506 X3507 X3510 X3511 X3514 X3515 X3518 X3519 X3522 X3523 X3526 X3527 X3529 X3610 X3620 X3630 X4226 X4231 X4326 X4331 X4426 X4431 X4826 X4831 X4926 X4931 X5026 X5031 X4436 X5036 X3721 X3804 X3807 X3810 X3813 X3816 X3818 X3506 X3507 X3510 X3511 X3514 X3515 X3518 X3519 X3522 X3523 X3526 X3527 X3706 X3711 X3716 X3718 X3930 X3902 X4006 X3915 X3822 X3830 X3910 X3824 X3906 X3908 X3912 X3826 X3828 X3942 X2422 X2506 X2606 X2623 X513 X526 X604 X614 X623 X716 X1405 X1409 X1505 X1509 X1605 X1609 X1619 X1706 X1705 X1806 X1805 X1906 X1905 X2002 X2012 X1417 X1517 X1617 X1621 X3129 X3229 X3335 X3408 X3412 X3416 X3420 X3424 X3428 X3122 X3121 X3222 X3221 X3322 X3321 X3124 X3224 X3324 X4018 X4022 X4026 X4030 X805 X905 X1005 X1715 X1705 X1815 X1805 X1915 X1905 X2006 X2016 X1108 X1103 X1119 X1114 X1130 X1125 X1136 X413 X421 X424 X427 X430 X2218 X2318 X2418 X2424 X2519 X2619 X2625 X1044 X2723 X2740 X2823 X2840 X2923 X2940 X3126 X3127 X3226 X3227 X3326 X3327 X3932 X4010 X4032 X4229 X4231 X4329 X4331 X4429 X4431 X4829 X4831 X4929 X4931 X5029 X5031 X1215 X1219 X3329); DATA B2; INFILE FILE(CARS) FIRSTOBS=8; INPUT OBS X8166 X8167 X8168; DATA A89; MERGE B1 B2; IF INT(_N_/5)=_N_/5; *DEMOGRAPHIC CHARACTERISTICS; KID=0; KIDU18=0; IF X102=4 AND X104<=15 THEN KID=1; IF X108=4 AND X110<=15 THEN KID=2; IF X114=4 AND X116<=15 THEN KID=3; IF X120=4 AND X122<=15 THEN KID=4; IF X126=4 AND X128<=15 THEN KID=5; IF X132=4 AND X134<=15 THEN KID=6; IF X102=13 AND X104<=15 THEN KID=7; IF X108=13 AND X110<=15 THEN KID=8; IF X114=13 AND X116<=15 THEN KID=9; IF X120=13 AND X122<=15 THEN KID=10; IF X126=13 AND X128<=15 THEN KID=11; IF X132=13 AND X134<=15 THEN KID=12; IF X202=4 AND X204<=15 THEN KID=13; IF X208=4 AND X210<=15 THEN KID=14; IF X214=4 AND X216<=15 THEN KID=15; IF X220=4 AND X222<=15 THEN KID=16; IF X226=4 AND X228<=15 THEN KID=17; IF X202=13 AND X204<=15 THEN KID=18; IF X208=13 AND X210<=15 THEN KID=19; IF X214=13 AND X216<=15 THEN KID=20; IF X220=13 AND X222<=15 THEN KID=21; IF X226=13 AND X228<=15 THEN KID=22; IF X102=36 AND X104<=15 THEN KID=23; IF X108=36 AND X110<=15 THEN KID=24; IF X114=36 AND X116<=15 THEN KID=25; IF X120=36 AND X122<=15 THEN KID=26; IF X126=36 AND X128<=15 THEN KID=27; IF X132=36 AND X134<=15 THEN KID=28; IF X202=36 AND X204<=15 THEN KID=29; IF X208=36 AND X210<=15 THEN KID=30; IF X214=36 AND X216<=15 THEN KID=31; IF X220=36 AND X222<=15 THEN KID=32; IF X226=36 AND X228<=15 THEN KID=33; IF KID=1 OR KID=2 OR KID=3 OR KID=4 OR KID=5 OR KID=6 OR KID=7 OR KID=8 OR KID=9 OR KID=10 OR KID=11 OR KID=12 OR KID=13 OR KID=14 OR KID=15 OR KID=16 OR KID=17 OR KID=18 OR KID=19 OR KID=20 OR KID=21 OR KID=22 OR KID=23 OR KID=24 OR KID=25 OR KID=26 OR KID=27 OR KID=28 OR KID=29 OR KID=30 OR KID=31 OR KID=32 OR KID=33 THEN KIDU18=1; HH=0; IF X8023=1 AND KIDU18=0 THEN HH=1; IF X8023=1 AND KIDU18=1 THEN HH=2; IF X8023 NE 1 AND X8021=1 AND KIDU18=0 THEN HH=3; IF X8023 NE 1 AND X8021=1 AND KIDU18=1 THEN HH=4; IF X8023 NE 1 AND X8021=2 AND KIDU18=0 THEN HH=5; IF X8023 NE 1 AND X8021=2 AND KIDU18=1 THEN HH=6; *HH=1 MARRIED NO KIDS HH=2 MARRIED WITH KIDS HH=3 NOT MARRIED NO KIDS MALE HH=4 NOT MARRIED WITH KIDS MALE HH=5 NOT MARRIED NO KIDS FEMALE HH=6 NOT MARRIED WITH KIDS FEMALE; RACE=0; IF X5909=5 THEN RACE=1; ELSE IF X5909=4 THEN RACE=2; ELSE IF X5909=3 THEN RACE=3; ELSE RACE=4; *RACE=1 WHITE RACE=2 BLACK RACE=3 HISPANIC RACE=4 ASIAN AND NATIVE; ED=0; IF X5901<=8 THEN ED=1; IF 9<=X5901<12 THEN ED=2; IF X5901=12 THEN ED=3; IF 13<=X5901<=15 THEN ED=4; IF X5901>=16 THEN ED=5; *ED=1 GRADE SCHOOL ED=2 SOME HIGH SCHOOL ED=3 HIGH SCHOOL DIPLOMA ED=4 SOME COLLEGE ED=5 4 OR MORE YEAR OF COLLEGE; AGE=0; IF X8022<25 THEN AGE=1; IF 25<=X8022<35 THEN AGE=2; IF 35<=X8022<45 THEN AGE=3; IF 45<=X8022<55 THEN AGE=4; IF 55<=X8022<65 THEN AGE=5; IF 65<=X8022<75 THEN AGE=6; IF 75<= X8022 THEN AGE=7; *AGE=1 UNDER 25 AGE=2 25-34 AGE=3 35-44 AGE=4 45-54 AGE=5 55-64 AGE=6 65-74 AGE=7 75 AND OVER; ****ASSETS VARIABLES****; C1=0; C2=0; C3=0; C4=0; C5=0; C6=0; IF X3507=5 THEN C1=X3506; IF X3511=5 THEN C2=X3510; IF X3515=5 THEN C3=X3514; IF X3519=5 THEN C4=X3518; IF X3523=5 THEN C5=X3522; IF X3527=5 THEN C6=X3526; CHECKING=(C1+C2+C3+C4+C5+C6+X3529); SAVINGS=(X3804+X3807+X3810+X3813+X3816+X3818); CD=X3721; TRUST=X3942; M1=0; M2=0; M3=0; M4=0; M5=0; M6=0; IF X3507ª=5 THEN M1=X3506; IF X3511ª=5 THEN M2=X3510; IF X3515ª=5 THEN M3=X3514; IF X3519ª=5 THEN M4=X3518; IF X3523ª=5 THEN M5=X3522; IF X3527ª=5 THEN M6=X3526; MMA=(M1+M2+M3+M4+M5+M6+X3706+X3711+X3716+X3718+X3930); *CALL AND MMA; *IRAS AND THRIFT TYPE PENSIONS(ABLE TO MAKE WITHDRAWALS); P1=0; P2=0; P3=0; P4=0; P5=0; P6=0; IF X4231=1 THEN P1=X4226; IF X4331=1 THEN P2=X4326; IF X4431=1 THEN P3=X4426; IF X4831=1 THEN P4=X4826; IF X4931=1 THEN P5=X4926; IF X5031=1 THEN P6=X5026; RETIRE=(MAX(0,X3610)+MAX(0,X3620)+MAX(0,X3630)+ MAX(0,P1)+MAX(0,P2)+MAX(0,P3)+MAX(0,P4)+MAX(0,P5)+MAX(0,P6)+ MAX(0,X4436)+MAX(0,X5036)); SAVBOND=X3902; STOCK=(X3915+X3822+X3824+X3826+X3828+X3830); *STOCK AND MMMF; NOTAXBND=(X3910); OTHBOND=(X3906+X3908+X3912); INSURE=(X4006); ***SUMMARY ASSET VARIABLES****; FA=CHECKING+SAVINGS+MMA+CD+RETIRE+SAVBOND+STOCK+NOTAXBND+OTHBOND+TRUST+ INSURE; ****NONFINANCIAL ASSETS****; ***NET VALUES*** BUSINESS IS A NET VALUE; HOUSE=(X513+X526+X604+X614+X623+X716)- (X805+X905+X1005); INVESTRE=((MAX(X1405,X1409)+MAX(X1505,X1509)+MAX(X1605,X1609)+ X1619+ (X1706*(X1705/10000))+(X1806*(X1805/10000))+(X1906*(X1905/10000))+ X2002+X2012 -X1417-X1517-X1617-X1621))- ((X1715*(X1705/10000))+(X1815*(X1805/10000))+(X1915*(X1905/ 10000))+ X2006+X2016); VEHICLE=(X8166+X8167+X8168+ X2422+ +X2506+X2606+ X2623)- (X2218+X2318+X2418+X2424+X2519+X2619+X2625); B1=0; B2=0; B3=0; IF X3122=5 THEN B1=X3121; IF X3222=5 THEN B2=X3221; IF X3322=5 THEN B3=X3321; BL1=0; BL2=0; BL3=0; IF X3127=5 THEN BL1=X3126; IF X3227=5 THEN BL2=X3226; IF X3327=5 THEN BL3=X3326; BUSA=X3129+B1+X3124-BL1; BUSB=X3229+B2+X3224-BL2; BUSC=X3329+B3+X3324-BL3; BUSD=X3335; BUSE=X3408+X3412+X3416+X3420+X3424+X3428; IF X3107=1 THEN FARM1=BUSA; ELSE FARM1=0; *AND X7401=6; IF X3207=1 THEN FARM2=BUSB; ELSE FARM2=0; IF X3307=1 THEN FARM3=BUSC; ELSE FARM3=0; IF FARM1=0 THEN BUS1=BUSA; ELSE BUS1=0; IF FARM2=0 THEN BUS2=BUSB; ELSE BUS2=0; IF FARM3=0 THEN BUS3=BUSC; ELSE BUS3=0; FARM=FARM1+FARM2+FARM3; BUSI=BUS1+BUS2+BUS3+BUSD+BUSE; OTHERNFA=(X4018+X4022+X4026+X4030); ****NONFINANCIAL SUMMARY VARIABLE****; NFA=VEHICLE+BUSI+HOUSE+OTHERNFA+INVESTRE+FARM; ASSETS=FA+NFA; ****DEBT****; CD1=0; CD2=0; CD3=0; IF X1103=1 THEN CD1=X1108; IF X1114=1 THEN CD2=X1119; IF X1125=1 THEN CD3=X1130; PL1=0; PL2=0; PL3=0; PL4=0; PL5=0; PL6=0; IF X4231=1 THEN PL1=X4226; IF X4331=1 THEN PL2=X4326; IF X4431=1 THEN PL3=X4426; IF X4831=1 THEN PL4=X4826; IF X4931=1 THEN PL5=X4926; IF X5031=1 THEN PL6=X5026; MISCDEBT= (X1108+X1119+X1130+ X1136)+ (MAX(0,X413)+MAX(0,X421)+MAX(0,X424)+MAX(0,X427)+MAX(0,X430))+ (PL1+PL2+PL3+PL4+PL5+PL6+ X1044+X2723+X2740+X2823+X2840+X2923+X2940+X1215+X1219+ X3932+X4010+X4032); ****NET WORTH****; NW=ASSETS-MISCDEBT; IF NW=0 THEN NW=.0000000000001;ELSE NW=NW; *PICKING OFF THE TOP 1% USING NET WORTH (UNADJUSTED); PROC SORT DATA=A89; BY NW; DATA TWO; SET A89; RETAIN CUMCT 0; CUMCT=X40125+CUMCT; IF CUMCT>=(93102344.74-(93102344.74*.01)); *FINDING DEMOGRAPHIC FREQUENCIES; PROC FREQ DATA=TWO; TABLES AGE; TABLES RACE; TABLES ED; TABLES HH; WEIGHT X40125; TITLE '1989 HIGH WEALTH FREQUENCIES'; ********************************************************************* *THIS IS SURVEY.CNTL(BUSINESS). * *THIS CREATES THE DATA IN TABLE 9. * *THIS FINDS THE TOTAL/AVERAGE VALUE OF UNINCORPORATED BUSINESSES * * AND ALSO THE TOTAL/AVERAGE IN EACH INDUSTRY CLASSIFICATION FOR * * BUSINESSES WITH ACTIVE MANAGEMENT INTEREST FOR ALL BUSINESS * * OWNERS AND HIGH WEALTH BUSINESS OWNERS. * *USING UNADJUSTED DATA WHICH INCLUDES VEHICLE VALUE AND LOAN. * *********************************************************************; *ALL BUSINESS OWNERS, 1983; DATA A1; INFILE NW(NW83) FIRSTOBS=1; INPUT NWU; DATA A2; SET OUT.SCF83B(KEEP=B3016 B3001 B3501 B3502 B3503 B3516 B3323 B4532 B3504 B3517); DATA A83ALL; MERGE A1 A2; IF B3001 NE 3; *CREATING FARM AND UNINCORPORATED BUSINESS VARIABLES; IF B3504=1 THEN FARM1=B3503; *AND B4532=7 OR 4535=9; ELSE FARM1=0; IF B3517=1 THEN FARM2=B3516; *AND B4532=7 OR 4535=9; ELSE FARM2=0; IF FARM1=0 THEN BUS1A=B3503; ELSE BUS1A=0; IF FARM2=0 THEN BUS1B=B3516; ELSE BUS1B=0; BUS2=B3501; FARM=FARM1+FARM2; BUSINESS=BUS1A+BUS1B+BUS2; *SELECTING OBSERVATIONS THAT OWN EITHER A FARM OR A BUSINESS; IF BUSINESS>0 OR FARM>0; *ASSOCIATES TYPE OF BUSINESS WITH EACH BUSINESS WITH A MANAGEMENT INTEREST OWNED; %MACRO TYPE(NOI=,NOJ=,NO=,TYPVAR=,TYPNAM=,TYPVAL=); %DO I = 1 %TO &NOI; %LET V=%SCAN(&TYPVAR,&I); %LET N=%SCAN(&TYPNAM,&I); %DO J = 1 %TO &NOJ; %LET VAL=%SCAN(&TYPVAL,&J,"~"); %LET NUM=%SCAN(&NO,&J,"~"); LENGTH &N $ 25; IF &V=&NUM THEN &N = "&VAL"; %END; %END; %MEND; %TYPE(NOI=2,NOJ=20,NO=1~2~3~4~5~6~7~8~9~10~11~12~13~14~15~16~17~18~19~ 20~, TYPVAR=B3504 B3517, TYPNAM=TYPE1 TYPE2, TYPVAL=FARM~RESTAURANT~AUTO REPAIR~DIRECT SALES~CONTRACTING~ REAL ESTATE/INSURANCE~PRO. PRACTICE~BEAUTY SHOP~ MANUFACTURING~GAS STATION~FOOD/LIQUOR STORE~OTHER OUTLETS~ TRUCKING~REPAIR SERVICE~PERSONAL SERV~ENTERTAINMENT~ BUS. MNGMT & CONSULTING~OTHER BUS. SERVICE~BANKS/BROKER~ OTHER~); *FINDS THE MEAN AND SUM OF ANY BUSINESS (NONFARM) OWNED; PROC MEANS NOPRINT; VAR BUSINESS; WEIGHT B3016; OUTPUT OUT=B83 SUM=BUSISUM MEAN=BUSIAVG ; *FIND MEAN AND SUM OF 1ST BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A83ALL; BY TYPE1; DATA TYPE831; SET A83ALL; IF B3503>0; PROC MEANS DATA=TYPE831 NOPRINT; VAR B3503; BY TYPE1; WEIGHT B3016; OUTPUT OUT=T831 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG; *FIND MEAN AND SUM OF 2ND BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A83ALL; BY TYPE2; DATA TYPE832; SET A83ALL; IF B3516>0; PROC MEANS DATA=TYPE832 NOPRINT; VAR B3516; BY TYPE2; WEIGHT B3016; OUTPUT OUT=T832 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG; *PRINTOUT OF RESULTS; PROC PRINT DATA=B83; TITLE 'SUM AND AVERAGE OF UNINCORPORATED BUSINESS W/O FARMS'; TITLE2 ; TITLE3 ' 1983 '; PROC PRINT DATA=T831; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF B3503>0---SHOWS FIRST BUSINESS WITH ACTIVE MANAGEMENT INTEREST'; TITLE3 ' 1983 '; PROC PRINT DATA=T832; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF B3516>0---SHOWS 2ND BUSINESS WITH ACTIVE MANAGEMENT INTER EST'; TITLE3 ' 1983 '; **ALL BUSINESS OWNERS, 1989; DATA A89; SET OUT2.SCF89(KEEP=X40125 X3107 X3207 X3307 X3122 X3222 X3322 X3121 X3221 X3321 X3129 X3229 X3329 X3335 X3408 X3126 X3226 X3326 X3127 X3227 X3327 X7401 X3412 X3416 X3420 X3424 X3428 X3124 X3224 X3324); IF INT(_N_/5)=_N_/5; *CREATING BUSINESS AND FARM VARIABLES; B1=0; B2=0; B3=0; IF X3122=5 THEN B1=X3121; IF X3222=5 THEN B2=X3221; IF X3322=5 THEN B3=X3321; BL1=0; BL2=0; BL3=0; IF X3127=5 THEN BL1=X3126; IF X3227=5 THEN BL2=X3226; IF X3327=5 THEN BL3=X3326; BUS=(X3129+X3229+X3329+X3335+X3408+X3412+X3416+X3420+X3424+X3428+ B1+B2+B3+ X3124+X3224+X3324 -BL1-BL2-BL3); BUSA=X3129+B1+X3124-BL1; BUSB=X3229+B2+X3224-BL2; BUSC=X3329+B3+X3324-BL3; BUSD=X3335; BUSE=X3408+X3412+X3416+X3420+X3424+X3428; IF X3107=1 THEN FARM1=BUSA; ELSE FARM1=0; *AND X7401=6; IF X3207=1 THEN FARM2=BUSB; ELSE FARM2=0; IF X3307=1 THEN FARM3=BUSC; ELSE FARM3=0; IF FARM1=0 THEN BUS1=BUSA; ELSE BUS1=0; IF FARM2=0 THEN BUS2=BUSB; ELSE BUS2=0; IF FARM3=0 THEN BUS3=BUSC; ELSE BUS3=0; FARM=FARM1+FARM2+FARM3; BUSINESS=BUS1+BUS2+BUS3+BUSD+BUSE; *SELECTING ONLY OBSERVATIONS THAT OWN A BUSINESS OR A FARM; IF BUSINESS>0 OR FARM>0; *ASSOCIATING TYPE OF BUSINESS WITH A MANAGEMENT INTEREST WITH EACH BUSINESS OWNED; %TYPE(NOI=3,NOJ=21,NO=-7~1~2~3~4~5~6~7~8~9~10~11~12~13~14~15~16~17~18~ 19~20~, TYPVAR=X3107 X3207 X3307, TYPNAM=TYPE1 TYPE2 TYPE3, TYPVAL=OTHER~FARM~RESTAURANT~AUTO REPAIR~DIRECT SALES~CONTRACTING~ REAL ESTATE/INSURANCE~PRO. PRACTICE~BEAUTY SHOP~ MANUFACTURING~GAS STATION~FOOD/LIQUOR STORE~OTHER OUTLETS~ TRUCKING~REPAIR SERVICE~PERSONAL SERV~ENTERTAINMENT~ BUS. MNGMT & CONSULTING~OTHER BUS. SERVICE~BANKS/BROKER~ COMMUNICATION~); *FIND MEAN AND SUM OF ALL BUSINESSES (NON FARM) OWNED; PROC MEANS NOPRINT; VAR BUSINESS; WEIGHT X40125; OUTPUT OUT=B89 SUM=BUSISUM MEAN=BUSIAVG; *FIND MEAN AND SUM OF 1ST BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A89; BY TYPE1; DATA TYPE891; SET A89; IF BUSA>0; PROC MEANS DATA=TYPE891 NOPRINT; VAR BUSA; BY TYPE1; WEIGHT X40125; OUTPUT OUT=T891 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG; *FIND MEAN AND SUM OF 2ND BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A89; BY TYPE2; DATA TYPE892; SET A89; IF BUSB>0; PROC MEANS DATA=TYPE892 NOPRINT; VAR BUSB; BY TYPE2; WEIGHT X40125; OUTPUT OUT=T892 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG; *FIND MEAN AND SUM OF THIRD BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A89; BY TYPE3; DATA TYPE893; SET A89; IF BUSC>0; PROC MEANS DATA=TYPE893 NOPRINT; VAR BUSC; BY TYPE3; WEIGHT X40125; OUTPUT OUT=T893 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG; *PRINTOUT OF RESULTS; PROC PRINT DATA=B89; TITLE 'SUM AND AVERAGE OF UNINCORPORATED BUSINESS W/O FARMS'; TITLE2 'BUSINESS OWNER IF SUM OF SHARE OF BUSINESS W/ AND W/O ACTIVE MANAGEMENT AND MONEY OWED TO FAM. BY BUS. MINUS AMOUNT OWED TO BUS.'; TITLE3 ' 1989 '; PROC PRINT DATA=T891; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF X3129>0---SHOWS FIRST BUSINESS WITH ACTIVE MANAGEMENT INTEREST'; TITLE3 ' 1989 '; PROC PRINT DATA=T892; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF X3229>0---SHOWS 2ND BUSINESS WITH ACTIVE MANAGEMENT INTEREST'; TITLE3 ' 1989 '; PROC PRINT DATA=T893; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF X3329>0---SHOWS 3RD BUSINESS WITH ACTIVE MANAGEMENT INTEREST'; TITLE3 ' 1989 '; *THIRD BUSINESSES THAT ARE WORTH OVER 1 MILLION; DATA THIRD; SET A89; IF BUS3>1000000; PROC PRINT DATA=THIRD; VAR BUS1 BUS2 BUS3 BUSD BUSE BUSINESS; TITLE '1989 THIRD BUSINESS IS OVER $1 MILLION'; **HIGH WEALTH OWNERS, 1983; DATA RAW; SET A83ALL (KEEP=NWU B3016 B3001 B3501 B3502 B3503 B3516 B3323 B4532 B3504 B3517); *SELECTING TOP 1% OF SAMPLE BY USING SORTED NET WORTH (UNADJUSTED); PROC SORT DATA=RAW; BY NWU; DATA A83; SET RAW; RETAIN CUMCT 0; CUMCT=B3016+CUMCT; IF CUMCT>=(83917975-(83917975*.01)); *CREATING FARM AND BUSINESS VARIABLES; IF B3504=1 THEN FARM1=B3503; ELSE FARM1=0; IF B3517=1 THEN FARM2=B3516; ELSE FARM2=0; IF FARM1=0 THEN BUS1A=B3503; ELSE BUS1A=0; IF FARM2=0 THEN BUS1B=B3516; ELSE BUS1B=0; BUS2=B3501; FARM=FARM1+FARM2; BUSINESS=BUS1A+BUS1B+BUS2; *SELECTING ONLY OBSERVATIONS THAT OWN A FARM OR UNINCORPORATED BUSINESS; IF BUSINESS>0 OR FARM>0; *ASSOCIATING TYPE OF BUSINESS WITH EACH BUSINESS WITH A MANAGEMENT INTEREST THAT THE HOUSEHOLD OWNS; %TYPE(NOI=2,NOJ=20,NO=1~2~3~4~5~6~7~8~9~10~11~12~13~14~15~16~17~18~19~ 20~, TYPVAR=B3504 B3517, TYPNAM=TYPE1 TYPE2, TYPVAL=FARM~RESTAURANT~AUTO REPAIR~DIRECT SALES~CONTRACTING~ REAL ESTATE/INSURANCE~PRO. PRACTICE~BEAUTY SHOP~ MANUFACTURING~GAS STATION~FOOD/LIQUOR STORE~OTHER OUTLETS~ TRUCKING~REPAIR SERVICE~PERSONAL SERV~ENTERTAINMENT~ BUS. MNGMT & CONSULTING~OTHER BUS. SERVICE~BANKS/BROKER~ OTHER~); *FIND MEAN AND SUM OF ALL BUSINESSES OWNED; PROC MEANS NOPRINT; VAR BUSINESS; WEIGHT B3016; OUTPUT OUT=B83 SUM=BUSISUM MEAN=BUSIAVG ; *FIND MEAN AND SUM OF FIRST BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A83; BY TYPE1; DATA TYPE831; SET A83; IF B3503>0; PROC MEANS DATA=TYPE831 NOPRINT; VAR B3503; BY TYPE1; WEIGHT B3016; OUTPUT OUT=T831 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG; *FIND MEAN AND SUM OF 2ND BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A83; BY TYPE2; DATA TYPE832; SET A83; IF B3516>0; PROC MEANS DATA=TYPE832 NOPRINT; VAR B3516; BY TYPE2; WEIGHT B3016; OUTPUT OUT=T832 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG; *PRINTOUT OF RESULTS; PROC PRINT DATA=B83; TITLE 'SUM AND AVERAGE OF UNINCORPORATED BUSINESS OWNERS W/O FARMS'; TITLE2 ; TITLE3 ' 1983 '; TITLE4 'HIGH WEALTH'; PROC PRINT DATA=T831; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF B3503>0---SHOWS FIRST BUSINESS WITH ACTIVE MANAGEMENT INTEREST'; TITLE3 ' 1983 '; TITLE4 'HIGH WEALTH'; PROC PRINT DATA=T832; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF B3516>0---SHOWS 2ND BUSINESS WITH ACTIVE MANAGEMENT INTER EST'; TITLE3 ' 1983 '; TITLE4 'HIGH WEALTH'; ***HIGH WEALTH OWNERS 1989; DATA A1;INFILE NW(NW89) FIRSTOBS=1; INPUT NWU; DATA A2; SET OUT2.SCF89(KEEP=X40125 X3107 X3207 X3307 X3122 X3222 X3322 X3121 X3221 X3321 X3129 X3229 X3329 X3335 X3408 X3126 X3226 X3326 X3127 X3227 X3327 X7401 X3412 X3416 X3420 X3424 X3428 X3124 X3224 X3324); DATA A89; MERGE A1 A2; IF INT(_N_/5)=_N_/5; *SELECT THE TOP 1% OF THE SAMPLE USING UNADJUSTED NET WORTH; PROC SORT DATA=A89; BY NWU; DATA A89; SET A89; RETAIN CUMCT 0; CUMCT=X40125+CUMCT; IF CUMCT>=(93102344.74-(93102344.74*.01)); *CREATE BUSINESS AND FARM VARIABLES; B1=0; B2=0; B3=0; IF X3122=5 THEN B1=X3121; IF X3222=5 THEN B2=X3221; IF X3322=5 THEN B3=X3321; BL1=0; BL2=0; BL3=0; IF X3127=5 THEN BL1=X3126; IF X3227=5 THEN BL2=X3226; IF X3327=5 THEN BL3=X3326; BUS=(X3129+X3229+X3329+X3335+X3408+X3412+X3416+X3420+X3424+X3428+ B1+B2+B3+ X3124+X3224+X3324 -BL1-BL2-BL3); BUSA=X3129+B1+X3124-BL1; BUSB=X3229+B2+X3224-BL2; BUSC=X3329+B3+X3324-BL3; BUSD=X3335; BUSE=X3408+X3412+X3416+X3420+X3424+X3428; IF X3107=1 THEN FARM1=BUSA; ELSE FARM1=0; IF X3207=1 THEN FARM2=BUSB; ELSE FARM2=0; IF X3307=1 THEN FARM3=BUSC; ELSE FARM3=0; IF FARM1=0 THEN BUS1=BUSA; ELSE BUS1=0; IF FARM2=0 THEN BUS2=BUSB; ELSE BUS2=0; IF FARM3=0 THEN BUS3=BUSC; ELSE BUS3=0; FARM=FARM1+FARM2+FARM3; BUSINESS=BUS1+BUS2+BUS3+BUSD+BUSE; *SELECT ONLY THE HOUSEHOLDS THAT OWN A BUSINESS OR FARM; IF BUSINESS>0 OR FARM>0; *ASSOCIATE TYPE OF BUSINESS WITH EACH BUSINESS WITH A MANAGEMENT INTEREST; %TYPE(NOI=3,NOJ=21,NO=-7~1~2~3~4~5~6~7~8~9~10~11~12~13~14~15~16~17~18~ 19~20~, TYPVAR=X3107 X3207 X3307, TYPNAM=TYPE1 TYPE2 TYPE3, TYPVAL=OTHER~FARM~RESTAURANT~AUTO REPAIR~DIRECT SALES~CONTRACTING~ REAL ESTATE/INSURANCE~PRO. PRACTICE~BEAUTY SHOP~ MANUFACTURING~GAS STATION~FOOD/LIQUOR STORE~OTHER OUTLETS~ TRUCKING~REPAIR SERVICE~PERSONAL SERV~ENTERTAINMENT~ BUS. MNGMT & CONSULTING~OTHER BUS. SERVICE~BANKS/BROKER~ COMMUNICATION~); *FIND SUM AND MEAN OF ALL BUSINESSES(NONFARM) OWNED; PROC MEANS NOPRINT; VAR BUSINESS; WEIGHT X40125; OUTPUT OUT=B89 SUM=BUSISUM MEAN=BUSIAVG ; *FIND MEAN AND SUM OF 1ST BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A89; BY TYPE1; DATA TYPE891; SET A89; IF X3129>0; PROC MEANS DATA=TYPE891 NOPRINT; VAR X3129; BY TYPE1; WEIGHT X40125; OUTPUT OUT=T891 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG; *FIND MEAN AND SUM OF 2ND BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A89; BY TYPE2; DATA TYPE892; SET A89; IF X3229>0; PROC MEANS DATA=TYPE892 NOPRINT; VAR X3229; BY TYPE2; WEIGHT X40125; OUTPUT OUT=T892 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG; *FIND MEAN AND SUM OF 3RD BUSINESS WITH A MANAGEMENT INTEREST BY TYPE OF BUSINESS; PROC SORT DATA=A89; BY TYPE3; DATA TYPE893; SET A89; IF X3329>0; PROC MEANS DATA=TYPE893 NOPRINT; VAR X3329; BY TYPE3; WEIGHT X40125; OUTPUT OUT=T893 SUMWGT=WGTOBS SUM=TYPESUM MEAN=TYPEAVG ; *PRINTOUT OF RESULTS; PROC PRINT DATA=B89; TITLE 'SUM AND AVERAGE OF UNINCORPORATED BUSINESS OWNERS'; TITLE2 'BUSINESS OWNER IF SUM OF SHARE OF BUSINESS W/ AND W/O ACTIVE MANAGEMENT AND MONEY OWED TO FAM. BY BUS.'; TITLE3 ' 1989 '; TITLE4 'HIGH WEALTH'; PROC PRINT DATA=T891; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF X3129>0---SHOWS FIRST BUSINESS WITH ACTIVE MANAGEMENT INTEREST'; TITLE3 ' 1989 '; TITLE4 'HIGH WEALTH'; PROC PRINT DATA=T892; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF X3229>0---SHOWS 2ND BUSINESS WITH ACTIVE MANAGEMENT INTEREST'; TITLE3 ' 1989 '; TITLE4 'HIGH WEALTH'; PROC PRINT DATA=T893; TITLE 'SUM AND AVERAGE OF UNINC. BUSINESS OWNERS BY TYPE OF BUSINESS'; TITLE2 'IF X3329>0---SHOWS 3RD BUSINESS WITH ACTIVE MANAGEMENT INTEREST'; TITLE3 ' 1989 '; TITLE4 'HIGH WEALTH'; *SELECTING HOUSEHOLDS WHOSE THIRD BUSINESS IS WORTH MORE THAN 1 MILLION; DATA THIRD; SET A89; IF BUS3>1000000; PROC PRINT DATA=THIRD; VAR BUS1 BUS2 BUS3 BUSINESS; TITLE '1989 THIRD BUSINESS IS OVER $1 MILLION'; TITLE2 'HIGH WEALTH';