%FIGURE2   `Stock Market Value to GNP'
%

%         Ellen McGrattan, 6-21-00


load /usr/people/erm/work/equity/data/final2/nipa.dat
load /usr/people/erm/work/equity/data/crsp/wrds/totmkt.dat
load fofdiv.dat

mrvw     = zeros(12,74);
mrvw(:)  = totmkt(2:889,2);
mrvwx    = zeros(12,74);
mrvwx(:) = totmkt(2:889,3);
mdvw     = mrvw-mrvwx;
crspdp   = sum( ( mdvw'./(1+mrvwx') .*cumprod(1+mrvwx)')' )';
crspv    = totmkt(13:12:889,6)/ 10^6;
crspd    = crspdp.*totmkt(2:12:889,6)/ 10^6;
fofd     = [NaN*ones(19,1);fofdiv(:,3)];
fofv     = [NaN*ones(19,1);fofdiv(:,8)-fofdiv(:,9)];
fofvlag  = [NaN;fofv(1:73)];
net      = [NaN*ones(19,1);fofdiv(:,6)+fofdiv(:,7)];
gnp      = [97.2;95.8;97.7;nipa(:,2)];


figure(1)
plot(1926:1999,crspv./gnp,1926:1999,fofv./gnp)
text(1950,.18,'Stocks on NYSE/AMEX/NASDAQ')
text(1969,1.07,'Corporate Equities')
text(1969,0.99,'held by U.S. Residents')
title('Stock Market Value Relative to GNP')

figure(2)
plot(1926:1999,crspdp,1926:1999,fofd./fofvlag)
text(1962,.014,'Stocks on NYSE/AMEX/NASDAQ')
text(1980,.063,'Corporate Equities')
text(1980,0.06,'held by U.S. Residents')
title('Dividend Yield, d_t/p_{s,t-1}')

figure(3)
plot(1926:1999,crspd./gnp,1926:1999,fofd./gnp)
text(1950,.012,'Stocks on NYSE/AMEX/NASDAQ')
text(1967,.0295,'Corporate Equities')
text(1967,0.028,'held by U.S. Residents')
title('Dividends to GNP')

figure(4)
plot(1926:1999,fofd./fofvlag,1926:1999,(fofd-net)./fofvlag)
text(1952,.075,'Unadjusted')
text(1990,.09,'Adjusted')
title(['Unadjusted and Adjusted Dividend Yields for ', ...
       'Corporate Equities held by U.S. Residents'])
axis([1940,2000,0,.11])
