29 lines
512 B
PHP
29 lines
512 B
PHP
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 = 0.07; % increased by a factor of 10 from 0.007 to increase risk correction
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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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