43 lines
952 B
Modula-2
43 lines
952 B
Modula-2
/* Mod file tests whether the Ramsey command correctly filters out an incorrect steady state
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* The example is taken from Juillard, Michel (2011): User manual for optimal policy package,
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* MONFISPOL FP7 project SSH-225149, Deliverable 1.1.2
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*/
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var pai, c, n, r, a;
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varexo u;
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parameters beta, rho, epsilon, omega, phi, gamma;
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beta=0.99;
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gamma=3;
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omega=17;
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epsilon=8;
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phi=1;
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rho=0.95;
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model;
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a = rho*a(-1)+u;
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1/c = beta*r/(c(+1)*pai(+1));
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pai*(pai-1)/c = beta*pai(+1)*(pai(+1)-1)/c(+1)+epsilon*phi*n^(gamma+1)/omega -exp(a)*n*(epsilon-1)/(omega*c);
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exp(a)*n = c+(omega/2)*(pai-1)^2;
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end;
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initval;
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r=1;
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end;
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steady_state_model;
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a = 1;
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pai = beta*r;
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c = find_c(0.96,pai,beta,epsilon,phi,gamma,omega);
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n = c+(omega/2)*(pai-1)^2;
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end;
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shocks;
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var u; stderr 0.008;
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end;
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planner_objective(ln(c)-phi*((n^(1+gamma))/(1+gamma)));
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ramsey_model(planner_discount=0.99,order=1,instruments=(r));
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stoch_simul(order=1,periods=500);
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evaluate_planner_objective; |