79 lines
2.1 KiB
Modula-2
Executable File
79 lines
2.1 KiB
Modula-2
Executable File
// A growthless growth model with efficiency (CES production function)
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// stephane [DOT] adjemian [AT] ens [DOT] fr [11-02-2008]
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// Declare the endogenous variables:
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var c k eff;
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// Declare the deep parameters:
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parameters teta A alfa epsil betta delta PSI rho effstar;
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// Calibration of the deep paramaters:
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teta = 3.000;
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alfa = 0.300;
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epsil = 0.100;
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betta = 0.980;
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delta = 0.020;
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A = (1/betta+delta-1)/alfa ; // A is such that the steady state level of physical capital is one.
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PSI = (epsil-1)/epsil ;
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rho = .95;
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effstar = 1;
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// Declaration of the model.
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model;
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(c(1)/c)^teta - betta*(alfa*A*eff(1)*( alfa*k^PSI + 1-alfa )^(1/PSI-1)*k^(PSI-1)+1-delta);//*(1/c(1))^teta ;
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c + k - A*eff*( alfa*k(-1)^PSI + 1-alfa)^(1/PSI) - (1-delta)*k(-1);
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eff = (eff(-1)^rho)*(effstar^(1-rho));
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end;
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// Here we set the initial value for efficiency and physical capital stock. Note that
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// we do not need to specify an initial value for consumption because this is a jumping
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// variable. In this example we do not start the simulation from the steady state.
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initval;
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eff = 0.8;
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k = 1.2;
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end;
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// Here we impose that the terminal level is the steady state.
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// First we provide some terminal values for the endogenous variables in the endval block.
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endval;
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eff = 0.95;
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k = 1.05;
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c = 2;
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end;
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// Second, using the values defined in the previous block as an initial guess we compute the steady state :
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steady;
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// => The steady state will be the terminal level of the path simulation.
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// Note that in this example we do provide in the same directory a file called dog_steadystate.m. Dynare will first
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// check that the steady state defined in this file is correct. If this is not the case, Dynare will use a Newton
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// like algorithm to compute the steady state, starting with the initial guess defined in the endval block.
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// Trigger the deterministic simulation:
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simul(periods = 200);
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// Plot the solution paths:
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figure('Name','Consumption path')
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plot(c(2:131));
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axis tight;
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figure('Name','Physical capital path')
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plot(k(1:130));
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axis tight;
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figure('Name','Efficiency path')
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plot(eff(1:130));
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axis tight; |