76 lines
2.0 KiB
Modula-2
76 lines
2.0 KiB
Modula-2
@#define extended_path_version = 1
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var Capital, Output, Labour, Consumption, Investment, Efficiency, efficiency, residual, marginal_utility;
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varexo EfficiencyInnovation;
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parameters beta, theta, tau, alpha, psi, delta, rho, effstar, sigma;
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/*
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** Calibration
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*/
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beta = 0.990;
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theta = 0.357;
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tau = 2.000;
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alpha = 0.450;
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psi = -0.200;
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delta = 0.020;
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rho = 0.800;
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effstar = 1.000;
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sigma = 0.100;
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model;
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efficiency = rho*efficiency(-1) + sigma*EfficiencyInnovation;
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Efficiency = effstar*exp(efficiency);
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(((Consumption^theta)*((1-Labour)^(1-theta)))^(1-tau))/Consumption - beta*((((Consumption(+1)^theta)*((1-Labour(+1))^(1-theta)))^(1-tau))/Consumption(+1))*(alpha*((Output(+1)/Capital)^(1-psi))+1-delta);
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residual = (((Consumption^theta)*((1-Labour)^(1-theta)))^(1-tau))/Consumption - beta*((((Consumption(+1)^theta)*((1-Labour(+1))^(1-theta)))^(1-tau))/Consumption(+1))*(alpha*((Output(+1)/Capital)^(1-psi))+1-delta);
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((1-theta)/theta)*(Consumption/(1-Labour)) - (1-alpha)*(Output/Labour)^(1-psi);
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Output = Efficiency*(alpha*(Capital(-1)^psi)+(1-alpha)*(Labour^psi))^(1/psi);
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Output = Consumption + Investment;
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Investment = Capital - (1-delta)*Capital(-1);
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marginal_utility = (((Consumption^theta)*((1-Labour)^(1-theta)))^(1-tau))/Consumption;
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end;
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steady_state_model;
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Efficiency = effstar;
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y_k = (Efficiency^(-psi)*(1/beta-1+delta)/alpha)^(1/(1-psi));
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c_k = y_k - delta;
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n_k = (((y_k/Efficiency)^psi-alpha)/(1-alpha))^(1/psi);
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y_n = y_k/n_k;
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c_n = c_k/n_k;
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Labour = y_k*(1-alpha)/(((1-theta)/theta)*c_k*(alpha*n_k^(-psi)+1-alpha)+y_k*(1-alpha));
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Capital = Labour/n_k;
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Consumption = c_n*Labour;
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Output = Efficiency*(alpha*Capital^psi+(1-alpha)*Labour^psi)^(1/psi);
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Investment = delta*Capital;
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residual = 0;
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marginal_utility = (((Consumption^theta)*((1-Labour)^(1-theta)))^(1-tau))/Consumption;
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end;
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steady;
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shocks;
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var EfficiencyInnovation;
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periods 1;
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values -4;
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end;
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perfect_foresight_setup(periods=100);
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perfect_foresight_solver(lmmcp);
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rplot Investment;
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rplot residual;
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