2013-03-26 16:46:18 +01:00
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/*
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* This file is a modified version of 'fs2000.mod'.
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*
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* The difference is that, here, the equations are written in non-stationary form,
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* all variables are taken in logs, and Dynare automatically does the detrending.
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*
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* Also note that "m" and "dA" in 'fs2000.mod' are here called "gM" and "gA"
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*/
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/*
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2022-04-13 13:15:19 +02:00
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* Copyright © 2004-2013 Dynare Team
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2013-03-26 16:46:18 +01:00
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*
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* This file is part of Dynare.
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*
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* Dynare is free software: you can redistribute it and/or modify
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* it under the terms of the GNU General Public License as published by
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* the Free Software Foundation, either version 3 of the License, or
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* (at your option) any later version.
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*
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* Dynare is distributed in the hope that it will be useful,
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* but WITHOUT ANY WARRANTY; without even the implied warranty of
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* MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
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* GNU General Public License for more details.
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*
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* You should have received a copy of the GNU General Public License
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2021-06-09 17:33:48 +02:00
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* along with Dynare. If not, see <https://www.gnu.org/licenses/>.
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2013-03-26 16:46:18 +01:00
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*/
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var gM gA;
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2013-03-26 17:10:37 +01:00
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log_trend_var(log_growth_factor=gA) A;
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log_trend_var(log_growth_factor=gM) M;
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2013-03-26 16:46:18 +01:00
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var(log_deflator=A) k c y;
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var(log_deflator=M(-1)-A) P;
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var(log_deflator=M(-1)) W l d;
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var R n;
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varexo e_a e_m;
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parameters alp bet gam mst rho psi del;
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alp = 0.33;
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bet = 0.99;
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gam = 0.003;
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mst = 1.011;
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rho = 0.7;
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psi = 0.787;
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del = 0.02;
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model;
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gA = gam+e_a;
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gM = (1-rho)*log(mst) + rho*gM(-1)+e_m;
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exp(c)+exp(k) = exp(k(-1))^alp*(exp(A)*exp(n))^(1-alp)+(1-del)*exp(k(-1));
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P+c = M;
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P-(c(+1)+P(+1))=log(bet)+P(+1)+log(alp*exp(k)^(alp-1)*(exp(A(+1)+n(+1)))^(1-alp)+(1-del))-(c(+2)+P(+2));
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log(psi/(1-psi))+(c+P-log(1-exp(n)))=W;
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R = P+log(1-alp)+alp*k(-1)+(1-alp)*A+(-alp)*n-W;
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W = l-n;
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exp(M)-exp(M(-1))+exp(d) = exp(l);
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-(c+P)=log(bet)+R-(c(+1)+P(+1));
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y = alp*k(-1)+(1-alp)*(A+n);
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end;
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initval;
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k = log(6);
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gM = log(mst);
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P = log(2.25);
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c = log(0.45);
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W = log(4);
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R = log(1.02);
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d = log(0.85);
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n = log(0.19);
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l = log(0.86);
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y = log(0.6);
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gA = gam;
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end;
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shocks;
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var e_a; stderr 0.014;
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var e_m; stderr 0.005;
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end;
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steady;
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check;
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stoch_simul;
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