1 //$ stephane [DOT] adjemian [AT] ens [DOT] fr
   2 //$ 07-31-2008
   3 
   4 var a g mc mrs n pie r rw winf y;
   5 varexo e_a e_g e_lam e_ms;
   6 
   7 parameters invsig delta gam rho gampie gamy rhoa rhog bet 
   8     	   thetabig omega eps;
   9 
  10 eps=6;
  11 thetabig=2;
  12 bet=0.99;
  13 invsig=2.5;
  14 gampie=1.5;
  15 gamy=0.125;
  16 gam=1;
  17 delta=0.36;
  18 omega=0.54;
  19 rhoa=0.5;
  20 rhog=0.5;
  21 rho=0.5;
  22 
  23 
  24 model(linear);
  25 	y=y(+1)-(1/invsig)*(r-pie(+1)+g(+1)-g);
  26 	y=a+(1-delta)*n;
  27 	mc=rw+n-y;
  28 	mrs=invsig*y+gam*n-g;
  29 	r=rho*r(-1)+(1-rho)*(gampie*pie+gamy*y)+e_ms;
  30 	rw=rw(-1)+winf-pie;
  31 	a=rhoa*a(-1)+e_a;
  32 	g=rhog*g(-1)+e_g;
  33 	rw=mrs;
  34 
  35 	// HYBRID PHILLIPS CURVED USED FOR THE SUMULATIONS:
  36 	pie = (omega/(1+omega*bet))*pie(-1)+(bet/(1+omega*bet))*pie(1)+(1-delta)*
  37       	(1-(1-1/thetabig)*bet)*(1-(1-1/thetabig))/((1-1/thetabig)*(1+delta*(eps-1)))/(1+omega*bet)*(mc+e_lam);
  38 
  39 	// FORWARD LOOKING PHILLIPS CURVE:
  40 	// pie=bet*pie(+1)+(1-delta)*(1-(1-1/thetabig)*bet)*(1-(1-1/thetabig))/((1-1/thetabig)*(1+delta*(eps-1)))*(mc+e_lam);
  41 end;
  42 
  43 shocks;
  44 var e_a; stderr 1;
  45 var e_g; stderr 1;
  46 var e_ms; stderr 1;
  47 var e_lam; stderr 1;
  48 end;
  49 
  50 steady;
  51 check;
  52 
  53 stoch_simul(periods=500,irf=0,simul_seed=3);
  54 datatomfile('datarabanal_hybrid',[]);