61 lines
1.5 KiB
Modula-2
61 lines
1.5 KiB
Modula-2
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/*
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* Copyright (C) 2021 Dynare Team
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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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* along with Dynare. If not, see <http://www.gnu.org/licenses/>.
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*/
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/*
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* This file computes a second-order approximation of the neo-classical growth model.
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* It is called by neo_growth_ramsey.mod to compare by-hand calculations of unconditional
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* and conditional welfares and the output of the evaluate_planner_objective function.
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*/
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var U k z c W;
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varexo e;
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parameters beta gamma alpha delta rho s;
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beta = 0.987;
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gamma = 1;
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delta = 0.012;
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alpha = 0.4;
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rho = 0.95;
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s = 0.007;
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model;
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c^(-gamma)=beta*c(+1)^(-gamma)*(alpha*exp(z(+1))*k^(alpha-1)+1-delta);
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W = U + beta*W(+1);
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k=exp(z)*k(-1)^(alpha)-c+(1-delta)*k(-1);
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z=rho*z(-1)+s*e;
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U=ln(c);
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end;
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steady_state_model;
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k = ((1/beta-(1-delta))/alpha)^(1/(alpha-1));
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c = k^alpha-delta*k;
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z = 0;
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U = ln(c);
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W = U/(1-beta);
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end;
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shocks;
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var e;
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stderr 1;
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end;
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steady;
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resid;
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stoch_simul(order=2, irf=0);
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