81 lines
1.6 KiB
Modula-2
81 lines
1.6 KiB
Modula-2
% check for correct error message if token cannot be interpreted
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// variables
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var a, c, i, k, lambdak;
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// innovations to shock processes
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varexo erra;
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// parameters
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parameters ALPHA, DELTAK, BETA, GAMMAC, RHOA, PHI, PSI, PSINEG, INEG, IRR;
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model(occbin);
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# zkss = ((1/BETA-1+DELTAK)/ALPHA)^(1/(ALPHA-1));
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# zcss = -DELTAK*zkss + zkss^ALPHA;
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# ziss = DELTAK*zkss;
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# zuss = (zcss^(1-GAMMAC)-1)/(1-GAMMAC);
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# zvss = zuss/(1-BETA);
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/////////////////////////////////////////////////////////////////
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// 1.
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-exp(c)^(-GAMMAC)*(1+2*INEG*PSI*(exp(k)/exp(k(-1))-1)/exp(k(-1)))
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+ BETA*exp(c(1))^(-GAMMAC)*((1-DELTAK)-2*INEG*PSI*(exp(k(1))/exp(k)-1)*
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(-exp(k(1))/exp(k)^2)+ALPHA*exp(a(1))*exp(k)^(ALPHA-1))=
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-lambdak+BETA*(1-DELTAK)*lambdak(1);
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// 2.
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exp(c)+exp(k)-(1-DELTAK)*exp(k(-1))+
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INEG*PSI*(exp(k)/exp(k(-1))-1)^2=exp(a)*exp(k(-1))^(ALPHA);
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// 3.
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[pswitch = 'INEG',
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// bind = 'exp(i+i_ss)<-0.000001',
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// relax = 'exp(i+i_ss)>-0.000001' ]
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bind = 'i<-b',
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relax = 'i>-0.000001' ]
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exp(i) = exp(k)-(1-DELTAK)*exp(k(-1));
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// 4.
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[pswitch = 'IRR',
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bind = 'i<PHI-1',
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relax = 'lambdak<0' ]
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lambdak*(1-IRR) + IRR*(i - log(PHI*ziss)) = 0;
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// 5.
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a = RHOA*a(-1)+erra;
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end;
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steady_state_model;
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kss = ((1/BETA-1+DELTAK)/ALPHA)^(1/(ALPHA-1));
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css = -DELTAK*kss +kss^ALPHA;
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iss = DELTAK*kss;
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k = log(kss);
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c = log(css);
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i = log(iss);
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lambdak = 0;
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a=0;
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end;
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BETA=0.96;
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ALPHA=0.33;
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DELTAK=0.10;
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GAMMAC=2;
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RHOA = 0.9;
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PHI = 0.975;
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PSI = 5; % adjustment cost for capital if investment is negative
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INEG = 0;
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IRR = 0;
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shocks;
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var erra; stderr 0.015;
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end;
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steady;
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stoch_simul(order=1,nocorr,nomoments,irf=0,noprint);
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