Replication Files for "Heterogeneity and Aggregate Fluctuations"
by Minsu Chang, Xiaohong Chen, and Frank Schorfheide
For questions, please email Frank Schorfheide at schorf@upenn.edu

/KS_Solution/ this directory contains code to simulate the KS model
/KS_Estimation_v2/ this directory contains code to estimate the functional model on KS data (Section 4)

/Empirics_Data/ this directory contains code to prepare the data set used in the empirical analysis.
/Empirics_Estimation_v2/ this directory contains code to estimate the functional model on empirical data (Section 5)