%RICARDO    replicate pictures used by the discussant, Ricardo Caballero.  
%           His first series for intangible (shown in his Figure 1 and 
%           our Figure 5) assumes that corporate and noncorporate capital 
%           shares vary the same way over the cycle. His second series
%           for intangible (our Figure 1) holds the corporate capital 
%           share fixed.   His third series for intangible (which he calls 
%           `alternative') does not really have an economic interpretation 
%           or motivation. He has multiplied a term and divided another
%           term by something he calls "1".    

%           Ellen McGrattan, 5-12-05


%
% US Data
%   CVA   = p1*y1-x1u (corporate value added)
%   NVA   = p2*y2     (noncorporate value added)
%   CCOMP = w*n1      (corporate compensation)
%   NCOMP = w*n2      (noncorporate compensation)
%
%   Year     CVA       NVA      CCOMP     NCOMP
usdat=[ ...
    1990    0.5405    0.5069    0.3805    0.2525
    1991    0.5187    0.4975    0.3650    0.2481
    1992    0.5172    0.5010    0.3662    0.2563
    1993    0.5150    0.5006    0.3643    0.2594
    1994    0.5247    0.4987    0.3659    0.2560
    1995    0.5318    0.4888    0.3672    0.2474
    1996    0.5399    0.4879    0.3679    0.2463
    1997    0.5549    0.4822    0.3751    0.2419
    1998    0.5682    0.4794    0.3912    0.2362
    1999    0.5775    0.4815    0.4004    0.2369
    2000    0.5776    0.4717    0.4067    0.2273
    2001    0.5514    0.4729    0.3906    0.2287
    2002    0.5389    0.4767    0.3698    0.2331
    2003    0.5362    0.4744    0.3615    0.2395];

alpha = 0.4960;
theta = 0.3298;
cva   = usdat(:,2);
nva   = usdat(:,3);
ccomp = usdat(:,4);
ncomp = usdat(:,5);

mp1   = (1-alpha)/(1-theta)*(ccomp./ncomp).*nva-cva;
mp2   = 1/(1-theta)*ccomp-cva;
no1   = (1-alpha)*nva./ncomp;
alt   = 1/(1-theta)*(ccomp./no1)-no1.*cva;


figure(1)
  plot(1990:2003,mp1*100)
  title('Intangible investment')
  axis([1990,2003,0,6])
figure(2)
  plot(1990:2003,[mp1,mp2,alt]*100)
  title('Intangible Estimates for Different "1" Operations')
  legend('M&P','No "1"','Alternative')
  axis([1990,2003,-4,10])
figure(3)
plot(1990:2003,no1);
  title(' "1" ')
  axis([1990,2003,.9,1.1])



