LICENSE for the replication package of
"Inflation and Real Activity over the Business Cycle"
by Francesco Bianchi, Giovanni Nicolo', and Dongho Song
Review of Economic Studies

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1. CODE (all .m files)  --  BSD 3-Clause License
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Copyright (c) 2026, Francesco Bianchi, Giovanni Nicolo', and Dongho Song
All rights reserved.

Redistribution and use in source and binary forms, with or without
modification, are permitted provided that the following conditions are met:

1. Redistributions of source code must retain the above copyright notice,
   this list of conditions and the following disclaimer.

2. Redistributions in binary form must reproduce the above copyright notice,
   this list of conditions and the following disclaimer in the documentation
   and/or other materials provided with the distribution.

3. Neither the name of the copyright holder nor the names of its
   contributors may be used to endorse or promote products derived from
   this software without specific prior written permission.

THIS SOFTWARE IS PROVIDED BY THE COPYRIGHT HOLDERS AND CONTRIBUTORS "AS IS"
AND ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE
ARE DISCLAIMED. IN NO EVENT SHALL THE COPYRIGHT HOLDER OR CONTRIBUTORS BE
LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR
CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF
SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATA, OR PROFITS; OR BUSINESS
INTERRUPTION) HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN
CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE)
ARISING IN ANY WAY OUT OF THE USE OF THIS SOFTWARE, EVEN IF ADVISED OF THE
POSSIBILITY OF SUCH DAMAGE.

Third-party routines included in the package retain their original
attribution in the file headers (in particular the optimization routines
csminwel, csminit, numgrad and bfgsi by Christopher A. Sims, which are in
the public domain, and shadedplot.m, distributed under the BSD license).

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2. DATA FILES
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Data assembled from public sources (Data_*.xlsx, *.mat, and the tables
and figures in the results, figure, figures and estimates folders) are
provided under the Creative Commons Attribution 4.0 International License
(CC BY 4.0), https://creativecommons.org/licenses/by/4.0/, where permitted;
the underlying series remain subject to the terms of use of their original
sources, listed in the ReadMe.

