Ramsey_Example.mod: add welfare measure for Taylor rule
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9b787d8417
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ce4da25a5c
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@ -95,6 +95,9 @@ var C $C$ (long_name='Consumption')
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r_real ${r^{ann,real}}$ (long_name='Annualized net real interest rate')
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r_real ${r^{ann,real}}$ (long_name='Annualized net real interest rate')
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y_nat ${y^{nat}}$ (long_name='Natural (flex price) output')
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y_nat ${y^{nat}}$ (long_name='Natural (flex price) output')
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y_gap ${r^{gap}}$ (long_name='Output gap')
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y_gap ${r^{gap}}$ (long_name='Output gap')
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@#if Optimal_policy==0
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Welfare ${W}$ (long_name='Welfare')
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@#endif
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;
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;
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varexo epsilon ${\varepsilon}$ (long_name='TFP shock')
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varexo epsilon ${\varepsilon}$ (long_name='TFP shock')
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@ -154,6 +157,10 @@ model;
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y_nat=exp(Z)*sqrt((theta-1)/theta*(1+tau)/chi);
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y_nat=exp(Z)*sqrt((theta-1)/theta*(1+tau)/chi);
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[name='output gap']
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[name='output gap']
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y_gap=log_C-log(y_nat);
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y_gap=log_C-log(y_nat);
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@#if Optimal_policy==0
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[name='Definition Welfare']
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Welfare=log(C)-chi/2*h^2+beta*Welfare(+1);
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@#endif
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end;
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end;
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steady_state_model;
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steady_state_model;
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@ -171,6 +178,10 @@ steady_state_model;
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r_real=4*log((1+R)/pi);
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r_real=4*log((1+R)/pi);
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y_nat=sqrt((theta-1)/theta*(1+tau)/chi);
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y_nat=sqrt((theta-1)/theta*(1+tau)/chi);
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y_gap=log_C-log(y_nat);
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y_gap=log_C-log(y_nat);
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@#if Optimal_policy==0
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Welfare=1/(1-beta)*(log(C)-chi/2*h^2);
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@#endif
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end;
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end;
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@# if defined(Ramsey) && Ramsey==1
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@# if defined(Ramsey) && Ramsey==1
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@ -186,7 +197,7 @@ end;
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@#if Optimal_policy==0
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@#if Optimal_policy==0
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//use Taylor rule
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//use Taylor rule
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stoch_simul(order=2) pi_ann log_h R_ann log_C Z r_real y_nat;
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stoch_simul(order=2) pi_ann log_h R_ann log_C Z r_real y_nat Welfare;
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@#else
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@#else
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@# if !defined(Ramsey) || Ramsey==0
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@# if !defined(Ramsey) || Ramsey==0
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//use OSR Taylor rule
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//use OSR Taylor rule
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