# ------------------------------------------------------------------------------
#  US_nw_gdp_Oct10.R  
#  Plots US HH net worth and consumption over time 
#  Reads in FOF data directly from Fed website and NIPA data from BEA website 
#  Written by Espen Henriksen, September 2010 
#  Adapted (poorly) by Dave Backus 
# ------------------------------------------------------------------------------
setwd("c:/Documents and Settings/dbackus/My Documents/Userdata/Papers/BCH/data")

# 1. BEA data 
# ------------------------------------------------------------------------------
# Download Table 1.1.5 Gross Domestic Product from BEA and assign it to a data frame called "beatbl115"
beatbl115 <- read.csv("http://www.bea.gov/national/nipaweb/csv/NIPATable.csv?FirstYear=1947&TableName=5&LastYear=2010&ViewSeries=NO&freq=Qtr&3Place=N&Request3Place=N",skip=5,sep=",")

# Assign row names to the data set. 
dimnames(beatbl115)[[1]] <- paste("L", beatbl115[,1],": ", sub("^ +", "", beatbl115[,2]), sep = "")

# Delete redudant columns 1 and 2
beatbl115[,2] <- NULL
beatbl115[,1] <- NULL

# Transpose data
beatbl115 <- t(beatbl115)

# Format the data set as a time-series data set with quarterly data starting in 1947
beatbl115 <- ts(beatbl115, start=1947, frequency=4)

# 2. FOF data 
# ------------------------------------------------------------------------------
# Download "Table B.100 Balance Sheet of Households and Nonprofit Organizations" from the Federal Reserve Flow of Funds webpage
download.file(url="http://www.federalreserve.gov/releases/z1/current/Disk/btabs.zip",destfile="btabs.zip",method="auto",quiet=TRUE)
btab100d <- read.csv(unzip(zipfile="btabs.zip",files="btab100d.prn",list=FALSE),header=TRUE,sep=" ")
btab100d <- ts(btab100d,start=1952, frequency=4)

# FL152090005.Q is Line 42 "Net worth"
# FL155035005.Q is Line 3  "Real estate assets"
# FL155012605.Q is Line 43 "Replacement-cost value of structures: Residential"
# FL155012605.Q is Line 46 "Replacement-cost value of structures: Nonresidential (nonprofit)"
# FL153064105.Q is Line 24 "Financial assets: Corporate equities"
# FL153064105.Q is Line 25 "Financial assets: Mutual fund shares"

cy   <-  beatbl115[,2]/beatbl115[,1]
nwy  <-  btab100d[,"FL152090005.Q"]/beatbl115[,1]
hmvy <-  btab100d[,"FL155035005.Q"]/beatbl115[,1]
hrcy <- (btab100d[,"FL155012605.Q"]+btab100d[,"FL165013665.Q"])/beatbl115[,1]
eqy  <- (btab100d[,"FL153064105.Q"]+btab100d[,"FL153064205.Q"])/beatbl115[,1]

nwplot <- cbind(nwy,hmvy,hrcy,eqy)
dimnames(nwplot)[[2]] <- c("net worth","real estate at market","real estate at cost","equity")
#rm(list=c("eqy","hmvy","hrcy","nwy"))

ts.plot(nwplot,ylim=c(0,4.8),gpars=list(xlab="Year",ylab="Ratio to GDP",lwd=2.0,lty=c(1:4),col=c(1:4)))
legend("topleft",legend=colnames(nwplot),cex=0.75,lwd=2.0,lty=c(1:4),col=c(1:4))
dev.print(device=postscript,"nwgdpratio.eps",onefile=FALSE,horizontal=FALSE)
#dev.print(device=pdf,"nwgdpratio.pdf")

#rm(nwplot)

cyplot <- cbind(cy)
dimnames(nwplot)[[2]] <- c("consumption")

ts.plot(cyplot,ylim=c(0.5,0.8),gpars=list(xlab="Year",ylab="Ratio to GDP",lwd=2.0,lty=c(1:1),col=c(1:1)))
legend("topleft",legend = colnames(cyplot),cex=0.75,lwd=2.0,lty=c(1:1),col=c(1:1))
dev.print(device=postscript, "cyratio.eps",onefile=FALSE, horizontal=FALSE)
#dev.print(device=pdf, "cyratio.pdf")