54 lines
1.3 KiB
Modula-2
54 lines
1.3 KiB
Modula-2
// --+ options: nostrict +--
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//Test Occbin with 1 constraint and redundant shocks; also checks whether defaults for error_* are correct
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var b ${b}$ (long_name='borrowing')
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c ${c}$ (long_name='vonsumption')
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ec ${E(c_t)}$ (long_name='expected consumption')
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lb ${\lambda}$ (long_name='Lagrange multiplier')
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y ${y}$ (long_name='Output')
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c_hat ${\hat c}$
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b_hat ${\hat c}$
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y_hat ${\hat y}$
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;
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varexo u $u$;
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parameters RHO ${\rho}$, BETA ${\beta}$, M $M$, R $R$, SIGMA ${\sigma}$, GAMMAC $\gamma_c$, relax_borrcon ;
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model;
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ec = c(1);
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c = y + b - R*b(-1) ;
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(1-relax_borrcon)*(b - M*y) + relax_borrcon*lb = 0;
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lb = 1/c^GAMMAC - BETA*R/c(+1)^GAMMAC ;
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log(y) = RHO*log(y(-1)) + u ;
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c_hat = log(c) - log(steady_state(c));
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b_hat = log(b) - log(steady_state(b));
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y_hat = log(y) - log(steady_state(y));
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end;
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occbin_constraints;
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name 'relax_borrcon'; bind lb<-STEADY_STATE(lb); relax b>M*y; error_bind abs(lb+STEADY_STATE(lb)); error_relax abs(b-M*y);
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%name 'relax_borrcon'; bind lb<-STEADY_STATE(lb); relax b>M*y;
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end;
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steady_state_model;
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b=M;
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c=1+M-R*M;
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ec=c;
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lb=(1-BETA*R)/c^GAMMAC;
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y=1;
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end;
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R = 1.05;
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BETA = 0.945;
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RHO = 0.9;
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SIGMA = 0.05;
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M = 1;
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GAMMAC = 1;
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relax_borrcon = 0;
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shocks;
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var u; stderr SIGMA;
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end;
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@#include "borrcon_common.inc"
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