81 lines
2.4 KiB
Modula-2
81 lines
2.4 KiB
Modula-2
var Capital, Output, Labour, Consumption, Efficiency, efficiency, ExpectedTerm;
|
|
|
|
varexo EfficiencyInnovation;
|
|
|
|
parameters beta, theta, tau, alpha, psi, delta, rho, effstar, sigma2;
|
|
|
|
beta = 0.9900;
|
|
theta = 0.3570;
|
|
tau = 2.0000;
|
|
alpha = 0.4500;
|
|
psi = -0.1000;
|
|
delta = 0.0200;
|
|
rho = 0.8000;
|
|
effstar = 1.0000;
|
|
sigma2 = 0;
|
|
|
|
model(block,bytecode,cutoff=0);
|
|
|
|
// Eq. n°1:
|
|
efficiency = rho*efficiency(-1) + EfficiencyInnovation;
|
|
|
|
// Eq. n°2:
|
|
Efficiency = effstar*exp(efficiency);
|
|
|
|
// Eq. n°3:
|
|
Output = Efficiency*(alpha*(Capital(-1)^psi)+(1-alpha)*(Labour^psi))^(1/psi);
|
|
|
|
// Eq. n°4:
|
|
Capital = Output-Consumption + (1-delta)*Capital(-1);
|
|
|
|
// Eq. n°5:
|
|
((1-theta)/theta)*(Consumption/(1-Labour)) - (1-alpha)*(Output/Labour)^(1-psi);
|
|
|
|
// Eq. n°6:
|
|
(((Consumption^theta)*((1-Labour)^(1-theta)))^(1-tau))/Consumption = ExpectedTerm(1);
|
|
|
|
// Eq. n°7:
|
|
ExpectedTerm = beta*((((Consumption^theta)*((1-Labour)^(1-theta)))^(1-tau))/Consumption)*(alpha*((Output/Capital(-1))^(1-psi))+(1-delta));
|
|
|
|
end;
|
|
|
|
steady_state_model;
|
|
efficiency = EfficiencyInnovation/(1-rho);
|
|
Efficiency = effstar*exp(efficiency);
|
|
Output_per_unit_of_Capital=((1/beta-1+delta)/alpha)^(1/(1-psi));
|
|
Consumption_per_unit_of_Capital=Output_per_unit_of_Capital-delta;
|
|
Labour_per_unit_of_Capital=(((Output_per_unit_of_Capital/Efficiency)^psi-alpha)/(1-alpha))^(1/psi);
|
|
Output_per_unit_of_Labour=Output_per_unit_of_Capital/Labour_per_unit_of_Capital;
|
|
Consumption_per_unit_of_Labour=Consumption_per_unit_of_Capital/Labour_per_unit_of_Capital;
|
|
|
|
% Compute steady state share of capital.
|
|
ShareOfCapital=alpha/(alpha+(1-alpha)*Labour_per_unit_of_Capital^psi);
|
|
|
|
% Compute steady state of the endogenous variables.
|
|
Labour=1/(1+Consumption_per_unit_of_Labour/((1-alpha)*theta/(1-theta)*Output_per_unit_of_Labour^(1-psi)));
|
|
Consumption=Consumption_per_unit_of_Labour*Labour;
|
|
Capital=Labour/Labour_per_unit_of_Capital;
|
|
Output=Output_per_unit_of_Capital*Capital;
|
|
ExpectedTerm=beta*((((Consumption^theta)*((1-Labour)^(1-theta)))^(1-tau))/Consumption)
|
|
*(alpha*((Output/Capital)^(1-psi))+1-delta);
|
|
end;
|
|
|
|
steady;
|
|
|
|
ik = varlist_indices('Capital',M_.endo_names);
|
|
CapitalSS = oo_.steady_state(ik);
|
|
|
|
histval;
|
|
Capital(0) = CapitalSS/2;
|
|
end;
|
|
|
|
perfect_foresight_setup(periods=20);
|
|
perfect_foresight_solver;
|
|
|
|
if ~oo_.deterministic_simulation.status
|
|
error('Perfect foresight simulation failed')
|
|
end
|
|
|
|
rplot Consumption;
|
|
rplot Capital;
|