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Ramsey_Example.mod: add welfare measure for Taylor rule

bgp-dev
Johannes Pfeifer 2022-09-14 15:44:37 +02:00
parent 9b787d8417
commit ce4da25a5c
1 changed files with 12 additions and 1 deletions
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13
examples/Ramsey_Example.mod
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@ -95,6 +95,9 @@ var C $C$ (long_name='Consumption')
r_real ${r^{ann,real}}$ (long_name='Annualized net real interest rate')
y_nat ${y^{nat}}$ (long_name='Natural (flex price) output')
y_gap ${r^{gap}}$ (long_name='Output gap')
@#if Optimal_policy==0
Welfare ${W}$ (long_name='Welfare')
@#endif
;
varexo epsilon ${\varepsilon}$ (long_name='TFP shock')
@ -154,6 +157,10 @@ model;
y_nat=exp(Z)*sqrt((theta-1)/theta*(1+tau)/chi);
[name='output gap']
y_gap=log_C-log(y_nat);
@#if Optimal_policy==0
[name='Definition Welfare']
Welfare=log(C)-chi/2*h^2+beta*Welfare(+1);
@#endif
end;
steady_state_model;
@ -171,6 +178,10 @@ steady_state_model;
r_real=4*log((1+R)/pi);
y_nat=sqrt((theta-1)/theta*(1+tau)/chi);
y_gap=log_C-log(y_nat);
@#if Optimal_policy==0
Welfare=1/(1-beta)*(log(C)-chi/2*h^2);
@#endif
end;
@# if defined(Ramsey) && Ramsey==1
@ -186,7 +197,7 @@ end;
@#if Optimal_policy==0
//use Taylor rule
stoch_simul(order=2) pi_ann log_h R_ann log_C Z r_real y_nat;
stoch_simul(order=2) pi_ann log_h R_ann log_C Z r_real y_nat Welfare;
@#else
@# if !defined(Ramsey) || Ramsey==0
//use OSR Taylor rule