--------------Were inflation expectations well anchored in 2021-24?----------------
--------------Ricardo Reis------------------

3 - Dove:

## Data

| File | Role |
|------|------|
| `Data/Timeseries_SPF_new.xlsx` | Raw input — Survey of Professional Forecasters (inflation & unemployment expectations, quarterly) |
| `Data/Timeseries_SEP_new.xlsx` | Raw input — Fed Summary of Economic Projections (same variables) |
| `Data/Timeseries_SPF.dta` | Processed SPF data |
| `Data/Timeseries_SEP.dta` | Processed SEP data |
| `Data/Timeseries.dta` | Final merged dataset with all expectation gap variables |

---

## Scripts (run in order)

1. **`Creating_dtas.do`** — Imports Excel files, assigns quarterly dates, labels variables, saves `.dta` files.
2. **`Creating_full_data.do`** — Merges SPF and SEP on `qdate`; creates ~28 gap variables (e.g., inflation expectation minus 2%, unemployment expectation minus NROU/lagged level).
3. **`Graphing_Scatter_VFdynamicplotting.do`** — Produces 16 scatter PDFs (inflation gap on X, unemployment gap on Y). Pre-COVID (2007Q1–2019Q4) in navy, post-COVID (2021Q1–2025Q2) in orange; separate regression lines for each period.
4. **`Graphing_Scatter_VFdynamicplotting_VNTFINAL.do`** — Same as (3) but axes swapped.

Output: 16 PDFs in `Output/` and duplicated in `Output/Scatter/`.

