93 lines
2.9 KiB
Matlab
93 lines
2.9 KiB
Matlab
function info = ramsey_policy(var_list)
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% Copyright (C) 2007-2008 Dynare Team
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%
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% This file is part of Dynare.
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%
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% Dynare is free software: you can redistribute it and/or modify
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% it under the terms of the GNU General Public License as published by
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% the Free Software Foundation, either version 3 of the License, or
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% (at your option) any later version.
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%
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% Dynare is distributed in the hope that it will be useful,
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% but WITHOUT ANY WARRANTY; without even the implied warranty of
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% MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
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% GNU General Public License for more details.
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%
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% You should have received a copy of the GNU General Public License
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% along with Dynare. If not, see <http://www.gnu.org/licenses/>.
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global options_ oo_ M_
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oldoptions = options_;
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options_.ramsey_policy = 1;
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options_.order = 1;
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info = stoch_simul(var_list);
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return
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if info
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return
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end
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options_.ramsey_policy = 2;
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info = stoch_simul(var_list);
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dr = oo_.dr;
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orig_model = M_.orig_model;
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endo_nbr1 = orig_model.endo_nbr;
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exo_nbr1 = M_.exo_nbr;
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npred = dr.npred;
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nspred = dr.nspred;
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inv_order_var1 = dr.inv_order_var(1:endo_nbr1);
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nstatic = dr.nstatic;
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ghx = dr.ghx;
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ghx1 = ghx(inv_order_var1,:);
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[ghx2,ghu2] = transition_matrix(dr);
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ghu = dr.ghu;
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ghu1 = ghu(inv_order_var1,:);
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ghxx = dr.ghxx;
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ghxx1 = ghxx(inv_order_var1,:);
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ghxx2 = [ghxx(nstatic+(1:npred),:); zeros(nspred-npred,size(ghxx,2))];
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ghxu = dr.ghxu;
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ghxu1 = ghxu(inv_order_var1,:);
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ghxu2 = [ghxu(nstatic+(1:npred),:); zeros(nspred-npred,size(ghxu,2))];
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ghuu = dr.ghuu;
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ghuu1 = ghuu(inv_order_var1,:);
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ghuu2 = [ghuu(nstatic+(1:npred),:); zeros(nspred-npred,size(ghuu,2))];
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ghs2 = dr.ghs2;
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ghs21 = ghs2(inv_order_var1,:);
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ghs22 = [ghs2(nstatic+(1:npred),:); zeros(nspred-npred,size(ghs2,2))];
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fname = [M_.fname '_objective_static'];
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[ubar,uj,uh] = feval(fname,dr.ys(1:endo_nbr1),zeros(exo_nbr1,1), M_.params);
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bet = options_.planner_discount;
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wbar = ubar/(1-bet);
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% wx = ux*gx + bet*wx*hx
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% wx*(I-bet*hx) = ux*gx
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wx = uj*ghx1/(eye(nspred)-bet*ghx2);
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% wu = ux*gu + bet*wx*hu
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wu = uj*ghu1 + bet*wx*ghu2;
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% wxx = uxx*kron(gx,gx)+ux*ghxx + bet(wxx*kron(hx,hx) +
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% wx*hxx)
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wxx = (uh*kron(ghx1,ghx1) + uj*ghxx1 + bet*wx*ghxx2)/(eye(nspred^2)-bet*kron(ghx2,ghx2));
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wxu = uh*kron(ghx1,ghu1) + uj*ghxu1 + bet*(wx*ghxu2+wxx*kron(ghx2,ghu2));
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wuu = uh*kron(ghu1,ghu1) + uj*ghuu1 + bet*(wx*ghuu2+wxx*kron(ghu2,ghu2));
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% ws2 = ux*ghs2 + bet*(ws2+wx*hs2+wuu*Sigma_u)
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ws2 = (uj*ghs21 + bet*(wx*ghs22+wuu*M_.Sigma_e(:)))/(1-bet);
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oo_.welfare.wbar = wbar;
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oo_.welfare.wx = wx;
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oo_.welfare.wu = wu;
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oo_.welfare.wxx = wxx;
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oo_.welfare.wxu = wxu;
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oo_.welfare.wuu = wuu;
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oo_.welfare.ws2 = ws2;
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disp(' ')
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disp(' ')
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disp(['Welfare at the deterministic steady state is ' num2str(wbar+0.5* ...
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ws2)]);
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options_ = oldoptions; |