2011-12-09 18:08:12 +01:00
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var Capital, Output, Labour, Consumption, Efficiency, efficiency;
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varexo EfficiencyInnovation;
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parameters beta, theta, tau, alpha, psi, delta, rho, effstar, sigma2;
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/*
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** Calibration
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*/
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beta = 0.990;
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theta = 0.357;
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tau = 2.000;
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alpha = 0.450;
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psi = -0.500;
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delta = 0.020;
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rho = 0.950;
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effstar = 1.000;
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2011-12-12 14:18:16 +01:00
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sigma2 = 0.0001;
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2011-12-09 18:08:12 +01:00
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external_function(name=mean_preserving_spread);
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model(block,bytecode);
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// Eq. n°1:
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efficiency = rho*efficiency(-1) + EfficiencyInnovation;
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// Eq. n°2:
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Efficiency = effstar*exp(efficiency-mean_preserving_spread(rho));
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// Eq. n°3:
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Output = Efficiency*(alpha*(Capital(-1)^psi)+(1-alpha)*(Labour^psi))^(1/psi);
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// Eq. n°4:
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Consumption + Capital - Output - (1-delta)*Capital(-1);
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// Eq. n°5:
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((1-theta)/theta)*(Consumption/(1-Labour)) - (1-alpha)*(Output/Labour)^(1-psi);
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// Eq. n°6:
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(((Consumption^theta)*((1-Labour)^(1-theta)))^(1-tau))/Consumption - beta*((((Consumption(1)^theta)*((1-Labour(1))^(1-theta)))^(1-tau))/Consumption(1))*(alpha*((Output(1)/Capital)^(1-psi))+1-delta);
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end;
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shocks;
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var EfficiencyInnovation = sigma2;
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end;
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steady;
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2011-12-12 14:18:16 +01:00
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options_.ep.verbosity = 0;
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options_.console_mode = 1;
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ts = extended_path([],1000);
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