//************************************************************************** // A New Comparative Approach to Macroeconomic Modeling and Policy Analysis // // Volker Wieland, Tobias Cwik, Gernot J. Mueller, Sebastian Schmidt and // Maik Wolters // // Working Paper, 2009 //************************************************************************** // Model: CA_ToTEM - The Bank of Canada New Quarterly Projection and Policy Analysis Model // Further references: // Murchison, S. and A. Rennison. 2006. ToTEM: The Bank of Canada’s New Canadian Projection // Model. Bank of Canada Technical Report // This file simulates the dynamic response of Bank of Canada's ToTEM model // to specific shocks. //This code is an adoption of the code provided by the authors. var cbal,cbal_cor,defn_yn,defn_yn_ss,den_w,deprk,dr1rown,gbn_cor,gbn_yn,gbn_yn_ss, gn_yn_cor,gn_yn_ss,inff,infprow,infq,infq2,infq_pg,infq_row,infrow,infrow2,infrow_ss, la,la0_cor,la5_cor,la9_cor,ladotrow,la_inv,la_tot,lc,lc0_cor,lc995_cor,lcfl,lchm,lckl, lcklc,lcklcm,lcm,lcom,lcomc,lcomd,lcomdc,lcomdg,lcomdinv,lcomdx,lcomx,lcomy,lcshare, lcshare_add,lcshare_sreq,lcx8,lc_cor,lc_cor_tot,leec,leeg,leeinv,leex,lforex,lforexn0_cor, lforexn_cor,lforexn_cor_tot,lg,lgbn_r,lgkl,lgklc,lgklcm,lgm,lhaw,lhawc,lhawcom,lhawcom_sreq, lhawc_sreq,lhawg,lhawg_sreq,lhawinv,lhawinv_sreq,lhawx,lhawx_sreq,lhaw_sreq,lindex_w,linv, linvc,linvcom,linvg,linvinv,linvkl,linvklc,linvklcm,linvm,linvx,linv_add,linv_cor,linv_cor1, lk,lkcom,lkg,lkinv,lktotal,lkx,lk_cor,ll,llabshare,llabshare_add,llabshare_sreq,llagrlpc,llc, llcom,llg,llinv,llx,lm,lm0_cor,lmanx,lmcg_r,lmcinv_r,lmcm_r,lmcsum_r,lmcx_r,lmc_r,lmpk,lmpkcom, lmpkg,lmpkinv,lmpkx,lmpl,lm_cor,lm_cor_tot,lpcomdsum_r,lpcomd_r,lpcomrow_prow,lpcom_r,lpcrow_r, lpc_cor,lpc_r,lpfx_r,lpg_r,lpinvsum_r,lpinv_r,lpmanx_r,lpm_fitsum_r,lpm_fit_r,lpm_r,lprow2_cor, lprow2_r,lprow_cor,lpxrow_prow,lpxrow_r,lpx_r,lp_r,lqcom_r,lqg_r,lqinv_r,lqx_r,lq_r,ltdnr_r,ltincr_r, ltransf_r,lw,lwn_r,lwsum_r,lx,lxdc0_cor,lxdc_cor,lxdc_cor_tot,lxdg_cor,lxdinv_cor,lxdx_cor,lxf_cor,lxkl, lxklc,lxklcm,lxm,lxw0_cor,lxw_cor,lxw_cor_tot,lxw_r,lx_cor,ly,lykl,lyrow,lyrow_cor,lyrow_gap,lyrow_sreq, ly_gap,nfa,nfa_ss,num_w,pcomrow_prow_ss,pertarget,pertran,profit,r1,r1n,r1n_ss,r1n_tran,r1row,r1rown, r1rown_des,r1row_ss,rfn,rf_prem,rgb,rgbn,rgbn_cor,rgbn_ss,rgb_ss,rhn,rh_prem,risk,risk_cor,risk_dyn,risk_ss, rkn,target,tdn,tdn_cor,tdn_ss,tinc,tincr_yn_ss,tinc_cor,tinc_ss,transf_r_cor,transf_yn,transf_yn_ss,u,ucom, ug,uinv,usact,usum,utotal,ux,w_inf, //************************************************************************** // Modelbase Variables //* interest, inflation, inflationq, outputgap, fispol; //* //************************************************************************** varexo lyrow_shk,lpcomrow_shk,lxdc_shk,lforexn_shk,lc_shk,gn_yn_shk,la_shk, //************************************************************************** // Modelbase Shocks //* interest_, //* fiscal_; //* //************************************************************************** parameters alpha_c,alpha_c2,alpha_com,alpha_g,alpha_hawc,alpha_hawcom,alpha_hawg,alpha_hawinv,alpha_hawx, alpha_inv,alpha_x,a_cbal,a_gbn,a_k,a_ladotus,a_lc,a_lc2,a_lforexn,a_lg,a_linv,a_lm,a_lpcomrow,a_lprow, a_lyrow,a_pc,a_r1n,a_rf_prem,a_rgbn,a_rh_prem,a_tdn,a_tinc,a_transf_r,a_xdc,a_xdg,a_xdinv,a_xdx,a_xf,a_xw, b,beta,beta_hawc,beta_hawcom,beta_hawg,beta_hawinv,beta_hawx,bqy,calvo_pcomd,calvo_pcpix,calvo_pcrow, calvo_pfx,calvo_pg,calvo_pinv,calvo_pm,calvo_px,calvo_w,chi,chi2,chi3,chi_k,delta,delta_c,deprk_shk, dyn_pcomd,dyn_pcpix,dyn_pcrow,dyn_pfx,dyn_pg,dyn_pinv,dyn_pm,dyn_px,dyn_w,exog_lpcomrow_prow1_shk,e_w, fiscal1,fiscal2,fiscal3,fiscal4,gbn_shk,gbn_yn_ss_shk,gf,gf2,gn_yn_ss_shk,habit,habitrow,hmshar,h_alpha, infrow_shk,la0_shk,la5_shk,la9_shk,ladot,land,la_c,la_g,la_inv_shk,la_x,lc0_shk,lc995_shk,lforexn0_shk, lm0_shk,lpcomrow_prow_shk,lprow2_shk,lprow_shk,lpxrow_prow_shk,lrelc_a,lrelc_gbn_yn_ss,lrelc_lk,lrelc_lyres, lrelc_nfa,lrelc_nfa_ss,lrelc_pcom,lrelc_yrow,lrellab_a,lrellab_gbn_yn_ss,lrellab_lk,lrellab_lyres,lrellab_nfa, lrellab_nfa_ss,lrellab_pcom,lrellab_yrow,lxcom_shk,lxdc0_shk,lxw0_shk,lyrow_sreq_shk,nfa_ss_shk,omega, pcomrowshare,psi,psicom,psig,psiinv,psix,r1rown_shk,r1_ss,r1_ss_shk,rho,risk_shk,rk_prem,sigma,sigma_com,smooth1, sreqswitch,sub,sub2,sub3,subrow,tau,tau2,theta,theta_c2,theta_com,tinc_ss_shk,totvarpi,transf_r_ss_shk,usact_shk, xi,z_lag, r1n_ss_ss, infq_ss ly_gap_ss,ly_ss,pertran_shk,pertarget_shk,target_shk,lp_res_shk,lpc_shk,lxdinv_shk,lxdg_shk, lxdx_shk,lxf_shk,lxw_shk,ly_res_shk,linv_shk,lx_shk,lm_shk,r1n_tran_shk,rh_prem_shk, rf_prem_shk,lk_shk,transf_r_shk,tdn_shk,rgbn_shk,tinc_shk,cbal_shk,nfa_shk, //************************************************************************** // Modelbase Parameters //* cofintintb1 cofintintb2 cofintintb3 cofintintb4 //* cofintinf0 cofintinfb1 cofintinfb2 cofintinfb3 cofintinfb4 //* cofintinff1 cofintinff2 cofintinff3 cofintinff4 //* cofintout cofintoutb1 cofintoutb2 cofintoutb3 cofintoutb4 //* cofintoutf1 cofintoutf2 cofintoutf3 cofintoutf4 //* std_r_ std_r_quart coffispol; //* //* //************************************************************************** /////// // Parameters for monetary policy rule r1n_ss_ss = 1.25599099e-02; infq_ss = 4.95065682e-03; ly_gap_ss = 0.00000000; ly_ss = 4.71663730e-01; ////// alpha_c = 7.76262151e-01; alpha_c2 = 9.56185291e-01; alpha_com = 2.60000000e-01; alpha_g = 9.09840353e-01; alpha_hawc = 8.00000000e-01; alpha_hawcom = 8.00000000e-01; alpha_hawg = 8.00000000e-01; alpha_hawinv = 8.00000000e-01; alpha_hawx = 8.00000000e-01; alpha_inv = 5.80161502e-01; alpha_x = 6.08246440e-01; a_cbal = 9.00000000e-01; a_gbn = 9.00000000e-01; a_k = 0.00000000e+00; a_ladotus = 0.00000000e+00; a_lc = 6.70000000e-01; a_lc2 = -2.50000000e-01; a_lforexn = 6.57033000e-01; a_lg = 0.00000000e+00; a_linv = 9.00000000e-01; a_lm = 8.49927000e-01; a_lpcomrow = 0.00000000e+00; a_lprow = -1.00000000e-01; a_lyrow = 7.00000000e-01; a_pc = 8.50000000e-01; a_r1n = 0.00000000e+00; a_rf_prem = 0.00000000e+00; a_rgbn = 6.00000000e-01; a_rh_prem = 0.00000000e+00; a_tdn = 8.00000000e-01; a_tinc = 9.50000000e-01; a_transf_r = 9.50000000e-01; a_xdc = 7.29816000e-01; a_xdg = 5.00000000e-01; a_xdinv = 2.75003000e-01; a_xdx = -1.30854000e-01; a_xf = 8.00000000e-01; a_xw = 0.00000000e+00; b = 2.50000000e+00; beta = 9.92497256e-01; beta_hawc = 1.00000000e-01; beta_hawcom = 1.00000000e-01; beta_hawg = 1.00000000e-01; beta_hawinv = 1.00000000e-01; beta_hawx = 1.00000000e-01; bqy = 0.00000000e+00; calvo_pcomd = 7.89856000e-01; calvo_pcpix = 7.00000000e-01; calvo_pcrow = 7.00000000e-01; calvo_pfx = 8.50000000e-01; calvo_pg = 7.00000000e-01; calvo_pinv = 7.00000000e-01; calvo_pm = 9.20000000e-01; calvo_px = 7.00000000e-01; calvo_w = 8.50000000e-01; chi = 3.00000000e+01; chi2 = 5.00373300e+00; chi3 = 0.00000000e+00; chi_k = 1.00000000e+01; delta = 5.00000000e-01; delta_c = 9.18332451e-01; deprk_shk = 0.00000000e+00; dyn_pcomd = 2.03979000e-01; dyn_pcpix = 1.80000000e-01; dyn_pcrow = 6.00000000e-01; dyn_pfx = 9.00000000e-01; dyn_pg = 1.80000000e-01; dyn_pinv = 1.80000000e-01; dyn_pm = 9.00000000e-01; dyn_px = 1.80000000e-01; dyn_w = 1.80000000e-01; exog_lpcomrow_prow1_shk = 0.00000000e+00; e_w = 4.00000000e+01; fiscal1 = 6.99999990e-01; fiscal2 = 1.00000000e+00; fiscal3 = 0.00000000e+00; fiscal4 = 9.40000000e-01; gbn_shk = 0.00000000e+00; gbn_yn_ss_shk = 0.00000000e+00; gf = 1.20000000e+00; gf2 = 5.00000000e-01; gn_yn_ss_shk = 0.00000000e+00; habit = 7.50000000e-01; habitrow = 7.00000000e-01; hmshar = 2.00000000e-01; h_alpha = 5.00000000e-01; infrow_shk = 0.00000000e+00; la0_shk = 0.00000000e+00; la5_shk = 0.00000000e+00; la9_shk = 0.00000000e+00; ladot = 0.00000000e+00; land = 1.90589716e-01; la_c = -1.60155516e-01; la_g = -1.66835398e-01; la_inv_shk = 0.00000000e+00; la_x = -2.36117826e-01; lc0_shk = 0.00000000e+00; lc995_shk = 0.00000000e+00; lforexn0_shk = 0.00000000e+00; lm0_shk = 0.00000000e+00; lpcomrow_prow_shk = 0.00000000e+00; lprow2_shk = 0.00000000e+00; lprow_shk = 0.00000000e+00; lpxrow_prow_shk = 0.00000000e+00; lrelc_a = 2.06587440e-03; lrelc_gbn_yn_ss = 1.56537880e-03; lrelc_lk = 5.27127110e-08; lrelc_lyres = -0.00000000e+00; lrelc_nfa = 3.94573480e-08; lrelc_nfa_ss = 3.27733850e-01; lrelc_pcom = 3.31821890e-02; lrelc_yrow = -2.58232400e-03; lrellab_a = -1.13717560e-01; lrellab_gbn_yn_ss = 1.26247010e-02; lrellab_lk = 4.84368800e-09; lrellab_lyres = 0.00000000e+00; lrellab_nfa = 1.04659200e-09; lrellab_nfa_ss = 2.27663420e-01; lrellab_pcom = -1.95730590e-02; lrellab_yrow = 1.42146930e-01; lxcom_shk = 0.00000000e+00; lxdc0_shk = 0.00000000e+00; lxw0_shk = 0.00000000e+00; lyrow_sreq_shk = 0.00000000e+00; nfa_ss_shk = 0.00000000e+00; omega = 4.70368217e-01; pertran_shk=0.00000000e+00; pertarget_shk=0.00000000e+00; pcomrowshare = 1.00000000e-02; psi = -5.44250407e-02; psicom = -5.44250407e-02; psig = -5.44250407e-02; psiinv = -5.44250407e-02; psix = -5.44250407e-02; r1rown_shk = 0.00000000e+00; r1_ss = 7.55946120e-03; r1_ss_shk = 0.00000000e+00; rho = 5.00000000e+00; risk_shk = 0.00000000e+00; rk_prem = 2.31324936e-01; sigma = 5.00000000e-01; sigma_com = 4.00000000e-01; smooth1 = 8.00000000e-01; sreqswitch = 1.00000000e+00; sub = 9.00000000e-01; sub2 = 6.00000000e-01; sub3 = 6.41258730e+00; subrow = 1.80000000e+00; tau = 8.26484240e-03; tau2 = 8.26484240e-03; theta = 5.00000000e-01; theta_c2 = 4.00000000e-01; theta_com = 2.04262000e-01; tinc_ss_shk = 0.00000000e+00; totvarpi = 7.50000000e-01; transf_r_ss_shk = 0.00000000e+00; usact_shk = 0.00000000e+00; xi = 2.30000000e-01; z_lag = 4.75000000e-01; target_shk=0.00000000e+00; lp_res_shk=0.00000000e+00; lpc_shk=0.00000000e+00; lxdinv_shk=0.00000000e+00; lxdg_shk=0.00000000e+00; lxdx_shk=0.00000000e+00; lxf_shk=0.00000000e+00; lxw_shk=0.00000000e+00; ly_res_shk=0.00000000e+00; linv_shk=0.00000000e+00; lx_shk=0.00000000e+00; lm_shk=0.00000000e+00; r1n_tran_shk=0.00000000e+00; rh_prem_shk=0.00000000e+00; rf_prem_shk=0.00000000e+00; lk_shk=0.00000000e+00; transf_r_shk=0.00000000e+00; tdn_shk=0.00000000e+00; rgbn_shk=0.00000000e+00; tinc_shk=0.00000000e+00; cbal_shk=0.00000000e+00; nfa_shk=0.00000000e+00; cofintintb1 = 0.8103; cofintintb2 = 0; cofintintb3 = 0; cofintintb4 = 0; cofintinf0 = (1-0.8103)*2.0443; cofintinfb1 = 0; cofintinfb2 = 0; cofintinfb3 = 0; cofintinfb4 = 0; cofintinff1 = 0; cofintinff2 = 0; cofintinff3 = 0; cofintinff4 = 0; cofintout = ((1-0.8103)*0.0882+0.2247)*4; cofintoutb1 = -0.2247*4; cofintoutb2 = 0; cofintoutb3 = 0; cofintoutb4 = 0; cofintoutf1 = 0; cofintoutf2 = 0; cofintoutf3 = 0; cofintoutf4 = 0; std_r_ = 1; std_r_quart = 0.25; //************************************************************************** // Specification of Modelbase Parameters //* //* // Load Modelbase Monetary Policy Parameters //* thispath = cd; //* cd('..'); //* // load policy_param.mat; //* cd(thispath); //* std_r_=100; //* // Definition of Discretionary Fiscal Policy Parameter //* coffispol = 1; //* //************************************************************************** model; //************************************************************************** // Definition of Modelbase Variables in Terms of Original Model Variables //* interest = 400*(r1n - r1n_ss_ss); //* inflationq = 400*(infq - infq_ss); //* inflation = 100*(infq+infq(-1)+infq(-2)+infq(-3) - 4*infq_ss); //* outputgap = 100*(ly_gap -ly_gap_ss); //* //output = (ly - ly_ss); fispol = gn_yn_cor ; //* //************************************************************************** //************************************************************************** // Policy Rule //* //* // Monetary Policy //* //* interest = cofintintb1*interest(-1) //* + cofintintb2*interest(-2) //* + cofintintb3*interest(-3) //* + cofintintb4*interest(-4) //* + cofintinf0*inflationq //* + cofintinfb1*inflationq(-1) //* + cofintinfb2*inflationq(-2) //* + cofintinfb3*inflationq(-3) //* + cofintinfb4*inflationq(-4) //* + cofintinff1*inflationq(+1) //* + cofintinff2*inflationq(+2) //* + cofintinff3*inflationq(+3) //* + cofintinff4*inflationq(+4) //* + cofintout*outputgap //* + cofintoutb1*outputgap(-1) //* + cofintoutb2*outputgap(-2) //* + cofintoutb3*outputgap(-3) //* + cofintoutb4*outputgap(-4) //* + cofintoutf1*outputgap(+1) //* + cofintoutf2*outputgap(+2) //* + cofintoutf3*outputgap(+3) //* + cofintoutf4*outputgap(+4) //* + std_r_ *interest_; //* // Foreign Country: //* //rstar = cofintintb1*rstar(-1) //* // + cofintintb2*rstar(-2) //* // + cofintintb3*rstar(-3) //* // + cofintintb4*rstar(-4) //* // + cofintinf0*infstar //* // + cofintinfb1*infstar(-1) //* // + cofintinfb2*infstar(-2) //* // + cofintinfb3*infstar(-3) //* // + cofintinfb4*infstar(-4) //* // + cofintinff1*infstar(+1) //* // + cofintinff2*infstar(+2) //* // + cofintinff3*infstar(+3) //* // + cofintinff4*infstar(+4) //* // + cofintout*ytildestar //* // + cofintoutb1*ytildestar(-1) //* // + cofintoutb2*ytildestar(-2) //* // + cofintoutb3*ytildestar(-3) //* // + cofintoutb4*ytildestar(-4) //* // + cofintoutf1*ytildestar(+1) //* // + cofintoutf2*ytildestar(+2) //* // + cofintoutf3*ytildestar(+3) //* // + cofintoutf4*ytildestar(+4) //* // + std_r_ * rstar_; //* // Discretionary Government Spending //* //* fispol = coffispol*fiscal_; //* //************************************************************************** // Original Model Code: //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% //% Consumption goods production sector % //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% // Equation (2.1) exp(lckl) = (delta^(1/sigma)*(exp(la_tot)*exp(llc))^((sigma-1)/sigma)+(1-delta)^(1/sigma)*(u*exp(lk))^((sigma-1)/sigma))^(sigma/(sigma-1)) ; // Equation (2.4) exp(lcklc) = (delta_c^(1/sigma_com)*exp(lckl)^((sigma_com-1)/sigma_com)+(1-delta_c)^(1/sigma_com)*exp(lcomdc)^((sigma_com-1)/sigma_com))^(sigma_com/(sigma_com-1)) ; // Equation (2.5) exp(lcklcm) = (alpha_c^(1/theta)*exp(la_c+lcklc)^((theta-1)/theta)+(1-alpha_c)^(1/theta)*exp(lcm-lm_cor_tot)^((theta-1)/theta))^(theta/(theta-1)) ; exp(lcx8) = exp(lcklcm)-chi/2*(exp(linvc-linvc(-1))-exp(ladot))^2*exp(linvc)-psi*(1-exp(rho*(u-1)))*exp(lk)*exp(lpinv_r)-totvarpi/2*(exp(lhawc)/exp(lhawc(-1))-1)^2*exp(la_tot)-chi_k/2*(exp(linvc-lk)-4*(exp(ladot)+deprk-1))^2*exp(lk) ; lpcomd_r = lmc_r+1/sigma_com*(log(1-delta_c)+lcklc-lcomdc)+1/theta*(log(alpha_c)+lcklcm-lcklc)+(theta-1)/theta*la_c ; lpm_fit_r = lmc_r+1/theta*(log(1-alpha_c)+lcklcm-lcm+lm_cor_tot) ; lmpl = 1/theta*(log(alpha_c)+lcklcm-lcklc)+(theta-1)/theta*la_c+1/sigma*(log(delta)+lckl-llc)+(sigma-1)/sigma*la_tot+1/sigma_com*(log(delta_c)+lcklc-lckl) ; lmc_r = lwn_r-lmpl ; llc = leec+lhawc ; exp(lmc_r)*(exp(log(alpha_c)+lcklcm-lcklc)^(1/theta)*exp(la_c)^((theta-1)/theta)*(delta_c*exp(lcklc-lckl))^(1/sigma_com)*(exp(lckl+log(delta))/(exp(la_tot)*exp(llc)))^(1/sigma)*exp(la_tot+leec)-totvarpi/exp(lhawc)*exp(la_tot)*(exp(h_alpha*(lhawc-lhawc(-1))+(1-h_alpha)*(lhawc(-1)-lhawc(-2)))-1)*exp(h_alpha*(lhawc-lhawc(-1))+(1-h_alpha)*(lhawc(-1)-lhawc(-2)))*h_alpha)-totvarpi/exp(lhawc)*exp(lmc_r(1)+infq(1))/(1+rfn(1))*exp(la_tot(1))*(exp(h_alpha*(lhawc(1)-lhawc)+(1-h_alpha)*(lhawc-lhawc(-1)))-1)*exp(h_alpha*(lhawc(1)-lhawc)+(1-h_alpha)*(lhawc-lhawc(-1)))*(1-2*h_alpha)-totvarpi/exp(lhawc)*exp(lmc_r(2)+infq(2)+infq(1))/((1+rfn(1))*(1+rfn))*exp(la_tot(2))*(exp(h_alpha*(lhawc(2)-lhawc(1))+(1-h_alpha)*(lhawc(1)-lhawc))-1)*exp(h_alpha*(lhawc(2)-lhawc(1))+(1-h_alpha)*(lhawc(1)-lhawc))*(h_alpha-1) = exp(lwn_r) ; lmpk = log(-psi*rho)+rho*(u-1)+lpinv_r ; exp(lk) = ((1-deprk(-1))*exp(lk(-1))+exp(linvc(-1))/4)*(1+lk_cor) ; exp(lq_r) = (exp(lmc_r(1)+infq(1))*(u(1)*exp(lmpk(1))+chi_k/2*(exp(linvc-lk)^2-(4*(exp(ladot)+deprk-1))^2)-psi*(1-exp(rho*(u(1)-1)))*exp(lpinv_r(1)))+(1-deprk(1))*exp(lq_r(1)+infq(1)))/(1+rkn) ; lmpk = 1/theta*(log(alpha_c)+lcklcm-lcklc)+(theta-1)/theta*la_c+1/sigma*(log(1-delta)+lckl-lk-log(u))+1/sigma_com*(log(delta_c)+lcklc-lckl) ; exp(lq_r)-exp(lpinv_r) = exp(lmc_r)*(chi_k*(exp(linvc-lk)-4*(exp(ladot)+deprk-1))+chi/2*(exp(linvc-linv_cor-linvc(-1))-exp(ladot))^2+exp(linvc-linv_cor-linvc(-1))*chi*(exp(linvc-linv_cor-linvc(-1))-exp(ladot)))-1/(1+rkn)*exp(lmc_r(1)+infq(1))*exp(linvc(1)-linvc-linv_cor)^2*chi*(exp(linvc(1)-linvc-linv_cor)-exp(ladot)) ; infq = dyn_pcpix/(1+beta*dyn_pcpix)*infq(-1)+beta/(1+beta*dyn_pcpix)*infq(1)+(1-dyn_pcpix)*(1-beta)/(1+beta*dyn_pcpix)*pertarget+xi*(1-calvo_pcpix)*(1-beta*calvo_pcpix)/((1+beta*dyn_pcpix)*calvo_pcpix)*lmc_r+lxdc_cor_tot ; //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% //% Investment goods production sector % //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% exp(linvkl) = (delta^(1/sigma)*(exp(la_tot)*exp(llinv))^((sigma-1)/sigma)+(1-delta)^(1/sigma)*(uinv*exp(lkinv))^((sigma-1)/sigma))^(sigma/(sigma-1)) ; exp(linvklc) = (delta_c^(1/sigma_com)*exp(linvkl)^((sigma_com-1)/sigma_com)+(1-delta_c)^(1/sigma_com)*exp(lcomdinv)^((sigma_com-1)/sigma_com))^(sigma_com/(sigma_com-1)) ; exp(linvklcm) = (alpha_inv^(1/theta)*exp(la_inv+linvklc)^((theta-1)/theta)+(1-alpha_inv)^(1/theta)*exp(linvm-lm_cor_tot)^((theta-1)/theta))^(theta/(theta-1)) ; exp(linv) = exp(linvklcm)-chi/2*(exp(linvinv-linvinv(-1))-exp(ladot))^2*exp(linvinv)-psiinv*(1-exp(rho*(uinv-1)))*exp(lkinv)-totvarpi/2*(exp(lhawinv)/exp(lhawinv(-1))-1)^2*exp(la_tot)-chi_k/2*(exp(linvinv-lkinv)-4*(exp(ladot)+deprk-1))^2*exp(lkinv) ; lpcomd_r = lmcinv_r+1/sigma_com*(log(1-delta_c)+linvklc-lcomdinv)+1/theta*(log(alpha_inv)+linvklcm-linvklc)+(theta-1)/theta*la_inv ; lpm_fit_r = lmcinv_r+1/theta*(log(1-alpha_inv)+linvklcm-linvm+lm_cor_tot) ; lmcinv_r = lwn_r-(1/theta*(log(alpha_inv)+linvklcm-linvklc)+(theta-1)/theta*la_inv+1/sigma*(log(delta)+linvkl-llinv)+(sigma-1)/sigma*la_tot+1/sigma_com*(log(delta_c)+linvklc-linvkl)) ; llinv = leeinv+lhawinv ; exp(lmcinv_r)*(exp(log(alpha_inv)+linvklcm-linvklc)^(1/theta)*exp(la_inv)^((theta-1)/theta)*(delta_c*exp(linvklc-linvkl))^(1/sigma_com)*(exp(linvkl+log(delta))/(exp(la_tot)*exp(llinv)))^(1/sigma)*exp(la_tot+leeinv)-totvarpi/exp(lhawinv)*exp(la_tot)*(exp(h_alpha*(lhawinv-lhawinv(-1))+(1-h_alpha)*(lhawinv(-1)-lhawinv(-2)))-1)*exp(h_alpha*(lhawinv-lhawinv(-1))+(1-h_alpha)*(lhawinv(-1)-lhawinv(-2)))*h_alpha)-totvarpi/exp(lhawinv)*exp(lmcinv_r(1)+infq(1))/(1+rfn(1))*exp(la_tot(1))*(exp(h_alpha*(lhawinv(1)-lhawinv)+(1-h_alpha)*(lhawinv-lhawinv(-1)))-1)*exp(h_alpha*(lhawinv(1)-lhawinv)+(1-h_alpha)*(lhawinv-lhawinv(-1)))*(1-2*h_alpha)-totvarpi/exp(lhawinv)*exp(lmcinv_r(2)+infq(2)+infq(1))/((1+rfn(1))*(1+rfn))*exp(la_tot(2))*(exp(h_alpha*(lhawinv(2)-lhawinv(1))+(1-h_alpha)*(lhawinv(1)-lhawinv))-1)*exp(h_alpha*(lhawinv(2)-lhawinv(1))+(1-h_alpha)*(lhawinv(1)-lhawinv))*(h_alpha-1) = exp(lwn_r) ; lmpkinv = log(-psiinv*rho)+rho*(uinv-1) ; exp(lkinv) = ((1-deprk(-1))*exp(lkinv(-1))+exp(linvinv(-1))/4)*(1+lk_cor) ; exp(lqinv_r) = (exp(lmcinv_r(1)+infq(1))*(uinv(1)*exp(lmpkinv(1))+chi_k/2*(exp(linvinv-lkinv)^2-(4*(exp(ladot)+deprk-1))^2)-psiinv*(1-exp(rho*(uinv(1)-1))))+(1-deprk(1))*exp(lqinv_r(1)+infq(1)))/(1+rkn) ; lmpkinv = 1/theta*(log(alpha_inv)+linvklcm-linvklc)+(theta-1)/theta*la_inv+1/sigma*(log(1-delta)+linvkl-lkinv-log(uinv))+1/sigma_com*(log(delta_c)+linvklc-linvkl) ; exp(lqinv_r)-exp(lpinv_r) = exp(lmcinv_r)*(chi_k*(exp(linvinv-lkinv)-4*(exp(ladot)+deprk-1))+chi/2*(exp(linvinv-linv_cor-linvinv(-1))-exp(ladot))^2+exp(linvinv-linv_cor-linvinv(-1))*chi*(exp(linvinv-linv_cor-linvinv(-1))-exp(ladot)))-1/(1+rkn)*exp(lmcinv_r(1)+infq(1))*exp(linvinv(1)-linvinv-linv_cor)^2*chi*(exp(linvinv(1)-linvinv-linv_cor)-exp(ladot)) ; lpinv_r-lpinv_r(-1)+infq = dyn_pinv/(1+beta*dyn_pinv)*(lpinv_r(-1)+infq(-1)-lpinv_r(-2))+beta/(1+beta*dyn_pinv)*(lpinv_r(1)+infq(1)-lpinv_r)+(1-dyn_pinv)*(1-beta)/(1+beta*dyn_pinv)*pertarget+xi*(1-calvo_pinv)*(1-beta*calvo_pinv)/((1+beta*dyn_pinv)*calvo_pinv)*(lmcinv_r-lpinv_r)+lxdinv_cor ; //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% //% Government goods production sector % //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% exp(lgkl) = (delta^(1/sigma)*(exp(la_tot)*exp(llg))^((sigma-1)/sigma)+(1-delta)^(1/sigma)*(ug*exp(lkg))^((sigma-1)/sigma))^(sigma/(sigma-1)) ; exp(lgklc) = (delta_c^(1/sigma_com)*exp(lgkl)^((sigma_com-1)/sigma_com)+(1-delta_c)^(1/sigma_com)*exp(lcomdg)^((sigma_com-1)/sigma_com))^(sigma_com/(sigma_com-1)) ; exp(lgklcm) = (alpha_g^(1/theta)*exp(la_g+lgklc)^((theta-1)/theta)+(1-alpha_g)^(1/theta)*exp(lgm-lm_cor_tot)^((theta-1)/theta))^(theta/(theta-1)) ; exp(lg) = exp(lgklcm)-chi/2*(exp(linvg-linvg(-1))-exp(ladot))^2*exp(linvg)-psig*(1-exp(rho*(ug-1)))*exp(lkg)*exp(lpinv_r-lpg_r)-totvarpi/2*(exp(lhawg)/exp(lhawg(-1))-1)^2*exp(la_tot)-chi_k/2*(exp(linvg-lkg)-4*(exp(ladot)+deprk-1))^2*exp(lkg) ; lpcomd_r = lmcg_r+1/sigma_com*(log(1-delta_c)+lgklc-lcomdg)+1/theta*(log(alpha_g)+lgklcm-lgklc)+(theta-1)/theta*la_g ; lpm_fit_r = lmcg_r+1/theta*(log(1-alpha_g)+lgklcm-lgm+lm_cor_tot) ; lmcg_r = lwn_r-(1/theta*(log(alpha_g)+lgklcm-lgklc)+(theta-1)/theta*la_g+1/sigma*(log(delta)+lgkl-llg)+(sigma-1)/sigma*la_tot+1/sigma_com*(log(delta_c)+lgklc-lgkl)) ; llg = leeg+lhawg ; exp(lmcg_r)*(exp(log(alpha_g)+lgklcm-lgklc)^(1/theta)*exp(la_g)^((theta-1)/theta)*(delta_c*exp(lgklc-lgkl))^(1/sigma_com)*(exp(lgkl+log(delta))/(exp(la_tot)*exp(llg)))^(1/sigma)*exp(la_tot+leeg)-totvarpi/exp(lhawg)*exp(la_tot)*(exp(h_alpha*(lhawg-lhawg(-1))+(1-h_alpha)*(lhawg(-1)-lhawg(-2)))-1)*exp(h_alpha*(lhawg-lhawg(-1))+(1-h_alpha)*(lhawg(-1)-lhawg(-2)))*h_alpha)-totvarpi/exp(lhawg)*exp(lmcg_r(1)+infq(1))/(1+rfn(1))*exp(la_tot(1))*(exp(h_alpha*(lhawg(1)-lhawg)+(1-h_alpha)*(lhawg-lhawg(-1)))-1)*exp(h_alpha*(lhawg(1)-lhawg)+(1-h_alpha)*(lhawg-lhawg(-1)))*(1-2*h_alpha)-totvarpi/exp(lhawg)*exp(lmcg_r(2)+infq(2)+infq(1))/((1+rfn(1))*(1+rfn))*exp(la_tot(2))*(exp(h_alpha*(lhawg(2)-lhawg(1))+(1-h_alpha)*(lhawg(1)-lhawg))-1)*exp(h_alpha*(lhawg(2)-lhawg(1))+(1-h_alpha)*(lhawg(1)-lhawg))*(h_alpha-1) = exp(lwn_r) ; lmpkg = log(-psig*rho)+rho*(ug-1)-lpg_r+lpinv_r ; exp(lkg) = ((1-deprk(-1))*exp(lkg(-1))+exp(linvg(-1))/4)*(1+lk_cor) ; exp(lqg_r) = (exp(lmcg_r(1)+infq(1))*(ug(1)*exp(lmpkg(1))+chi_k/2*(exp(linvg-lkg)^2-(4*(exp(ladot)+deprk-1))^2)-psig*(1-exp(rho*(ug(1)-1)))*exp(lpinv_r(1)-lpg_r(1)))+(1-deprk(1))*exp(lqg_r(1)+infq(1)))/(1+rkn) ; lmpkg = 1/theta*(log(alpha_g)+lgklcm-lgklc)+(theta-1)/theta*la_g+1/sigma*(log(1-delta)+lgkl-lkg-log(ug))+1/sigma_com*(log(delta_c)+lgklc-lgkl) ; exp(lqg_r)-exp(lpinv_r) = exp(lmcg_r)*(chi_k*(exp(linvg-lkg)-4*(exp(ladot)+deprk-1))+chi/2*(exp(linvg-linv_cor-linvg(-1))-exp(ladot))^2+exp(linvg-linv_cor-linvg(-1))*chi*(exp(linvg-linv_cor-linvg(-1))-exp(ladot)))-1/(1+rkn)*exp(lmcg_r(1)+infq(1))*exp(linvg(1)-linvg-linv_cor)^2*chi*(exp(linvg(1)-linvg-linv_cor)-exp(ladot)) ; infq_pg = dyn_pg/(1+beta*dyn_pg)*infq_pg(-1)+beta/(1+beta*dyn_pg)*infq_pg(1)+(1-dyn_pg)*(1-beta)/(1+beta*dyn_pg)*pertarget+xi*(1-calvo_pg)*(1-beta*calvo_pg)/((1+beta*dyn_pg)*calvo_pg)*(lmcg_r-lpg_r)+lxdg_cor ; //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% //% Export goods production sector % //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% exp(lxkl) = (delta^(1/sigma)*(exp(la_tot)*exp(llx))^((sigma-1)/sigma)+(1-delta)^(1/sigma)*(ux*exp(lkx))^((sigma-1)/sigma))^(sigma/(sigma-1)) ; exp(lxklc) = (delta_c^(1/sigma_com)*exp(lxkl)^((sigma_com-1)/sigma_com)+(1-delta_c)^(1/sigma_com)*exp(lcomdx)^((sigma_com-1)/sigma_com))^(sigma_com/(sigma_com-1)) ; exp(lxklcm) = (alpha_x^(1/theta)*exp(la_x+lxklc)^((theta-1)/theta)+(1-alpha_x)^(1/theta)*exp(lxm-lm_cor_tot)^((theta-1)/theta))^(theta/(theta-1)) ; exp(lmanx) = exp(lxklcm)-chi/2*(exp(linvx-linvx(-1))-exp(ladot))^2*exp(linvx)-psix*(1-exp(rho*(ux-1)))*exp(lkx)*exp(lpinv_r-lpmanx_r)-totvarpi/2*(exp(lhawx)/exp(lhawx(-1))-1)^2*exp(la_tot)-chi_k/2*(exp(linvx-lkx)-4*(exp(ladot)+deprk-1))^2*exp(lkx) ; lpcomd_r = lmcx_r+1/sigma_com*(log(1-delta_c)+lxklc-lcomdx)+1/theta*(log(alpha_x)+lxklcm-lxklc)+(theta-1)/theta*la_x ; lpm_fit_r = lmcx_r+1/theta*(log(1-alpha_x)+lxklcm-lxm+lm_cor_tot) ; lmcx_r = lwn_r-(1/theta*(log(alpha_x)+lxklcm-lxklc)+(theta-1)/theta*la_x+1/sigma*(log(delta)+lxkl-llx)+(sigma-1)/sigma*la_tot+1/sigma_com*(log(delta_c)+lxklc-lxkl)) ; llx = leex+lhawx ; exp(lmcx_r)*(exp(log(alpha_x)+lxklcm-lxklc)^(1/theta)*exp(la_x)^((theta-1)/theta)*(delta_c*exp(lxklc-lxkl))^(1/sigma_com)*(exp(lxkl+log(delta))/(exp(la_tot)*exp(llx)))^(1/sigma)*exp(la_tot+leex)-totvarpi/exp(lhawx)*exp(la_tot)*(exp(h_alpha*(lhawx-lhawx(-1))+(1-h_alpha)*(lhawx(-1)-lhawx(-2)))-1)*exp(h_alpha*(lhawx-lhawx(-1))+(1-h_alpha)*(lhawx(-1)-lhawx(-2)))*h_alpha)-totvarpi/exp(lhawx)*exp(lmcx_r(1)+infq(1))/(1+rfn(1))*exp(la_tot(1))*(exp(h_alpha*(lhawx(1)-lhawx)+(1-h_alpha)*(lhawx-lhawx(-1)))-1)*exp(h_alpha*(lhawx(1)-lhawx)+(1-h_alpha)*(lhawx-lhawx(-1)))*(1-2*h_alpha)-totvarpi/exp(lhawx)*exp(lmcx_r(2)+infq(2)+infq(1))/((1+rfn(1))*(1+rfn))*exp(la_tot(2))*(exp(h_alpha*(lhawx(2)-lhawx(1))+(1-h_alpha)*(lhawx(1)-lhawx))-1)*exp(h_alpha*(lhawx(2)-lhawx(1))+(1-h_alpha)*(lhawx(1)-lhawx))*(h_alpha-1) = exp(lwn_r) ; lmpkx = log(-psix*rho)+rho*(ux-1)-lpmanx_r+lpinv_r ; exp(lkx) = ((1-deprk(-1))*exp(lkx(-1))+exp(linvx(-1))/4)*(1+lk_cor) ; exp(lqx_r) = (exp(lmcx_r(1)+infq(1))*(ux(1)*exp(lmpkx(1))+chi_k/2*(exp(linvx-lkx)^2-(4*(exp(ladot)+deprk-1))^2)-psix*(1-exp(rho*(ux(1)-1)))*exp(lpinv_r(1)-lpmanx_r(1)))+(1-deprk(1))*exp(lqx_r(1)+infq(1)))/(1+rkn) ; lmpkx = 1/theta*(log(alpha_x)+lxklcm-lxklc)+(theta-1)/theta*la_x+1/sigma*(log(1-delta)+lxkl-lkx-log(ux))+1/sigma_com*(log(delta_c)+lxklc-lxkl) ; exp(lqx_r)-exp(lpinv_r) = exp(lmcx_r)*(chi_k*(exp(linvx-lkx)-4*(exp(ladot)+deprk-1))+chi/2*(exp(linvx-linv_cor-linvx(-1))-exp(ladot))^2+exp(linvx-linv_cor-linvx(-1))*chi*(exp(linvx-linv_cor-linvx(-1))-exp(ladot)))-1/(1+rkn)*exp(lmcx_r(1)+infq(1))*exp(linvx(1)-linvx-linv_cor)^2*chi*(exp(linvx(1)-linvx-linv_cor)-exp(ladot)) ; lpmanx_r+infq-lpmanx_r(-1) = dyn_px/(1+beta*dyn_px)*(lpmanx_r(-1)+infq(-1)-lpmanx_r(-2))+beta/(1+beta*dyn_px)*(lpmanx_r(1)+infq(1)-lpmanx_r)+(1-dyn_px)*(1-beta)/(1+beta*dyn_px)*pertarget+xi*(1-calvo_px)*(1-beta*calvo_px)/((1+beta*dyn_px)*calvo_px)*(lmcx_r-lpmanx_r)+lxdx_cor ; lmanx = log(omega)+gf*(lprow2_r-lpfx_r)+lyrow+gf2*lyrow_gap+lx_cor ; //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% //% Commodity goods production sector % //%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% exp(lykl) = (delta^(1/sigma)*(exp(la_tot)*exp(llcom))^((sigma-1)/sigma)+(1-delta)^(1/sigma)*exp(log(ucom)+lkcom)^((sigma-1)/sigma))^(sigma/(sigma-1)) ; exp(lcomy)^((theta_com-1)/theta_com) = alpha_com^(1/theta_com)*exp(lykl)^((theta_com-1)/theta_com)+(1-alpha_com)^(1/theta_com)*(exp(la_tot)*land)^((theta_com-1)/theta_com) ; exp(lcom) = exp(lcomy)-chi/2*(exp(linvcom-linvcom(-1))-exp(ladot))^2*exp(linvcom)-chi2/2*(exp(llcom-llcom(-1))-1)^2*exp(la_tot)-psicom*(1-exp(rho*(ucom-1)))*exp(lkcom)*exp(lpinv_r-lpcom_r)-chi_k/2*(exp(linvcom-lkcom)-4*(exp(ladot)+deprk-1))^2*exp(lkcom) ; lpcom_r = lp_r+lpcomrow_prow+lforex ; exp(lwn_r) = exp(lpcom_r)*exp(log(alpha_com)+lcomy-lykl)^(1/theta_com)*exp(log(delta)+lykl-llcom)^(1/sigma)*exp(la_tot)^(1-1/sigma)-exp(lpcom_r)*chi2*(exp(llcom-llcom(-1))-1)/exp(la_tot+llcom(-1))+exp(lpcom_r(1)+infq(1))/(1+rfn)*chi2/2*(exp(llcom(1)-llcom)-1)*exp(llcom(1)-llcom)/exp(llcom)*exp(la_tot(1)) ; exp(llcom) = exp(lhawcom) ; lmpkcom = log(-psicom*rho)+rho*(ucom-1)-lpcom_r+lpinv_r ; exp(lkcom) = ((1-deprk(-1))*exp(lkcom(-1))+exp(linvcom(-1))/4)*(1+lk_cor) ; exp(lqcom_r) = (exp(lpcom_r(1)+infq(1))*(exp(log(ucom(1))+lmpkcom(1))+chi_k/2*(exp(linvcom-lkcom)^2-(4*(exp(ladot)+deprk-1))^2)-exp(lpinv_r(1)-lpcom_r(1))*psicom*(1-exp(rho*(ucom(1)-1))))+(1-deprk(1))*exp(lqcom_r(1)+infq(1)))/(1+rkn) ; exp(lmpkcom) = exp(log(alpha_com)+lcomy-lykl)^(1/theta_com)*exp(log(1-delta)+lykl-lkcom-log(ucom))^(1/sigma) ; exp(lqcom_r)-exp(lpinv_r) = exp(lpcom_r)*(chi_k*(exp(linvcom-lkcom)-4*(exp(ladot)+deprk-1))+chi/2*(exp(linvcom-linv_cor-linvcom(-1))-exp(ladot))^2+exp(linvcom-linv_cor-linvcom(-1))*chi*(exp(linvcom-linv_cor-linvcom(-1))-exp(ladot)))-1/(1+rkn)*exp(lpcom_r(1)+infq(1))*exp(linvcom(1)-linvcom-linv_cor)*chi*(exp(linvcom(1)-linvcom-linv_cor)-exp(ladot)) ; lpcomd_r+infq-lpcomd_r(-1) = dyn_pcomd/(1+beta*dyn_pcomd)*(lpcomd_r(-1)+infq(-1)-lpcomd_r(-2))+beta/(1+beta*dyn_pcomd)*(lpcomd_r(1)+infq(1)-lpcomd_r)+(1-dyn_pcomd)*(1-beta)/(1+beta*dyn_pcomd)*pertarget+(1-calvo_pcomd)*(1-beta*calvo_pcomd)/((1+beta*dyn_pcomd)*calvo_pcomd)*(lpcom_r-lpcomd_r) ; //%%%%%%%%%%%%%%%%% //% Import sector % //%%%%%%%%%%%%%%%%% lpm_fit_r+infq-lpm_fit_r(-1) = dyn_pm/(1+beta*dyn_pm)*(lpm_fit_r(-1)+infq(-1)-lpm_fit_r(-2))+beta/(1+beta*dyn_pm)*(lpm_fit_r(1)-lpm_fit_r+infq(1))+(1-dyn_pm)*(1-beta)/(1+beta*dyn_pm)*pertarget+(1-calvo_pm)*(1-beta*calvo_pm)/((1+beta*dyn_pm)*calvo_pm)*(lmcm_r-lpm_fit_r) ; exp(lmcm_r) = exp(lpm_r) ; lpm_r = lpxrow_r+lp_r+lforex+lxf_cor ; //%%%%%%%%%%%%%%%%%%%%%%%% //% Foreign import price % //%%%%%%%%%%%%%%%%%%%%%%%% lpfx_r+infq_row-lpfx_r(-1) = dyn_pfx/(1+beta*dyn_pfx)*(lpfx_r(-1)+infq_row(-1)-lpfx_r(-2))+beta/(1+beta*dyn_pfx)*(lpfx_r(1)+infq_row(1)-lpfx_r)+(1-calvo_pfx)*(1-beta*calvo_pfx)/((1+beta*dyn_pfx)*calvo_pfx)*(lpmanx_r-lforex-lp_r-lpfx_r) ; //%%%%%%% //% UIP % //%%%%%%% lforex = z_lag*(lforex(-1)+infq_row+lp_r(-1)-lp_r-infq+2*(pertarget-infrow_ss))+(1-z_lag)*(lforex(1)-infq_row(1)+lp_r(1)-lp_r+infq(1))+log(1+r1rown)+log(1+risk)-log(1+r1n)-log(1+r1row_ss)-log(1+risk_ss)+log(1+r1_ss) ; //%%%%%%%%%%%%%% //% Households % //%%%%%%%%%%%%%% lxw_r-lwn_r = sub2/(e_w+sub2)*(log(sub3*e_w/(e_w-1))+num_w-den_w) ; exp(lwn_r) = ((1-calvo_w)*exp(lxw_r)^(1-e_w)+calvo_w*exp(lwn_r(-1)-infq+lindex_w)^(1-e_w))^(1/(1-e_w))*exp(lxw_cor_tot) ; lindex_w = dyn_w*(lwn_r(-1)+infq(-1)-lwn_r(-2))+(1-dyn_w)*(ladot+pertarget) ; exp(num_w) = exp(ll)^(1+1/sub2)*exp(lpc_r)*(exp(lcfl)-habit*exp(lcfl(-1)))*(1+tinc)/exp(lwn_r)+1/(beta*exp(lc_cor_tot))*calvo_w*exp(lwn_r(1)+infq(1)-lwn_r-lindex_w)^(e_w*(1+1/sub2))*exp(lwn_r(1)+infq(1)-lwn_r)*exp(llagrlpc(1)-lpc_r(1)-infq(1)-llagrlpc+lpc_r)*exp(num_w(1)) ; exp(den_w) = exp(lhaw)*(1-tdn)*(1-hmshar)+1/(beta*exp(lc_cor_tot))*calvo_w*exp(lwn_r(1)+infq(1)-lwn_r-lindex_w)*exp(lindex_w)*exp(llagrlpc(1)-llagrlpc-infq(1)-lpc_r(1)+lpc_r)*exp(den_w(1)) ; llagrlpc+log(1+tinc) = -1/sub*log(exp(lcfl)-habit*exp(lcfl(-1)))+(1/sub-1)/(1+1/sub2)*sub3*exp(ll)^(1+1/sub2) ; log(beta*exp(lc_cor_tot)*(1+rhn)) = llagrlpc-lpc_r-llagrlpc(1)+lpc_r(1)+infq(1) ; lcx8 = log(alpha_c2)-theta_c2*(-lpc_r)+lc+(1-theta_c2)*lpc_cor ; lcomc = log(1-alpha_c2)-theta_c2*(lpcomd_r-lpc_r)+lc ; exp(lpc_r) = (alpha_c2*exp(lpc_cor)^(1-theta_c2)+(1-alpha_c2)*exp(lpcomd_r)^(1-theta_c2))^(1/(1-theta_c2)) ; //%%%%%%%%%%%%%%%%%%% //% Current Account % //%%%%%%%%%%%%%%%%%%% cbal = exp(lforex(1)-infq_row(1)+lp_r(1)+infq(1)-lforex-lp_r)*(1+risk)*(r1rown*nfa(-1)*4*exp(lp_r(-1)-infq+ly(-1))/exp(lp_r+ly)+(1+r1rown)*(exp(lpx_r+lx)-exp(lpm_r+lm))/exp(lp_r+ly))+cbal_cor ; nfa = exp(lforex(1)-infq_row(1)+infq(1)+lp_r(1)-lforex-lp_r)*(1+risk)*nfa(-1)*exp(lp_r(-1)-infq+ly(-1))/exp(lp_r+ly)+0.25*cbal+nfa_shk ; risk = risk_ss+risk_dyn ; risk_dyn = tau2*(exp(-(nfa-nfa_ss))-1)+lforexn_cor_tot+risk_cor ; risk_ss = tau*(exp(-nfa_ss)-1) ; //%%%%%%%%%%%%%% //% Government % //%%%%%%%%%%%%%% lg = fiscal4*(ladot+lg(-1))+(1-fiscal4)*(log(gn_yn_ss)-lpg_r+lp_r+ly)+gn_yn_cor ; lgbn_r = log((1+rgbn)^0.25*exp(lgbn_r(-1)-infq)+(exp(lg+lpg_r)+exp(ltransf_r)-exp(ltdnr_r)-exp(ltincr_r))/4)+gbn_cor ; gbn_yn = exp(lgbn_r)/exp(ly+lp_r) ; defn_yn = (exp(lg+lpg_r)+exp(ltransf_r)-exp(ltdnr_r)-exp(ltincr_r))/exp(ly+lp_r) ; defn_yn_ss = 4*(1-(1+rgbn_ss)^0.25/exp(ladot+pertarget))*gbn_yn_ss ; transf_yn = transf_yn_ss+transf_r_cor+fiscal3*ly_gap ; exp(ltransf_r) = transf_yn*exp(ly+lp_r) ; tdn = fiscal1*tdn(-1)+(1-fiscal1)*(tdn_ss+fiscal2*(gbn_yn(1)-gbn_yn_ss(1)))+tdn_cor ; tdn_ss = (defn_yn_ss-gn_yn_ss-transf_yn_ss+tincr_yn_ss)*(-1)/llabshare_sreq ; exp(ltdnr_r) = tdn*exp(lwn_r+lhaw) ; tinc = tinc_ss+tinc_cor ; tinc_ss = tincr_yn_ss/lcshare_sreq ; exp(ltincr_r) = tinc*exp(lpc_r+lc) ; //%%%%%%%%%%%%%%% //% Definitions % //%%%%%%%%%%%%%%% lcshare = exp(lc+lpc_r)/exp(ly+lp_r) ; lcshare_sreq = lcshare_sreq(-1)+lcshare_add ; lcshare_add = lrelc_pcom*lpcomrow_prow_shk+lrelc_a*la_shk+lrelc_yrow*lyrow_sreq_shk+lrelc_lyres*ly_res_shk+lrelc_lk*lk_shk+lrelc_nfa*nfa_shk+lrelc_nfa_ss*nfa_ss_shk+lrelc_gbn_yn_ss*gbn_yn_ss_shk ; llabshare = exp(lhaw+lwn_r)/exp(ly+lp_r) ; llabshare_sreq = llabshare_sreq(-1)+llabshare_add ; llabshare_add = lrellab_pcom*lpcomrow_prow_shk+lrellab_a*la_shk+lrellab_yrow*lyrow_sreq_shk+lrellab_lyres*ly_res_shk+lrellab_lk*lk_shk+lrellab_nfa*nfa_shk+lrellab_nfa_ss*nfa_ss_shk+lrellab_gbn_yn_ss*gbn_yn_ss_shk ; exp(lchm) = hmshar*(exp(lwn_r+lhaw)-exp(ltdnr_r)+exp(ltransf_r))/((1+tinc)*exp(lpc_r)) ; //r1n = smooth1*r1n(-1)+(1-smooth1)*r1n_ss+(1-smooth1)*b*(infq2-pertarget-pertran)+(1-smooth1)*bqy*ly_gap ; infq2 = infq(2) ; ly_gap = 0.126*log(u)+0.017*log(uinv)+0.06*log(ug)+0.04*log(ux)+0.3*(llc-lhawc_sreq)+0.04*(llinv-lhawinv_sreq)+0.14*(llg-lhawg_sreq)+0.09*(llx-lhawx_sreq)+0.01*(llcom-lhawcom_sreq) ; lhawc_sreq = alpha_hawc*lhawc_sreq(-1)+beta_hawc*lhawc_sreq(+1)+(1-alpha_hawc-beta_hawc)*lhawc ; lhawinv_sreq = alpha_hawinv*lhawinv_sreq(-1)+beta_hawinv*lhawinv_sreq(+1)+(1-alpha_hawinv-beta_hawinv)*lhawinv ; lhawg_sreq = alpha_hawg*lhawg_sreq(-1)+beta_hawg*lhawg_sreq(+1)+(1-alpha_hawg-beta_hawg)*lhawg ; lhawx_sreq = alpha_hawx*lhawx_sreq(-1)+beta_hawx*lhawx_sreq(+1)+(1-alpha_hawx-beta_hawx)*lhawx ; lhawcom_sreq = alpha_hawcom*lhawcom_sreq(-1)+beta_hawcom*lhawcom_sreq(+1)+(1-alpha_hawcom-beta_hawcom)*lhawcom ; lmcsum_r = lmc_r+beta*lmcsum_r(+1) ; lpm_fitsum_r = lpm_fit_r+beta*lpm_fitsum_r(+1) ; lpinvsum_r = lpinv_r+beta*lpinvsum_r(+1) ; lpcomdsum_r = lpcomd_r+beta*lpcomdsum_r(+1) ; lwsum_r = lwn_r-la+beta*lwsum_r(+1) ; usum = u+beta*usum(+1) ; log(1+r1n) = log(1+r1)+lpc_r(1)+infq(1)-lpc_r ; 1+r1n_ss = (1+r1_ss)*exp(pertarget) ; 1+rkn = (1+rfn)*(1+rk_prem) ; 1+rhn = (1+r1n)*(1+rh_prem) ; 1+rfn = (1+r1n)*(1+rf_prem) ; 1+rgb = (1+rgbn)/exp(pertarget)^4 ; 1+rgbn = (1+r1n+0.01)^4+rgbn_cor ; 1+rgb_ss = (1+rgbn_ss)/exp(pertarget)^4 ; 1+rgbn_ss = (1+r1n_ss+0.01)^4 ; inff = 4*infq ; infq_pg = lpg_r+infq-lpg_r(-1) ; w_inf = 4*(lwn_r+infq-lwn_r(-1)) ; lw = lwn_r-lp_r ; profit = 1-exp(lwn_r+lhaw-lp_r-ly) ; //%%%%%%%%%%%%%%%%%%% //% Market clearing % //%%%%%%%%%%%%%%%%%%% exp(ly+lp_r) = exp(lpc_r+lc)+exp(lpinv_r+linv)+exp(lpx_r+lx)-exp(lpm_r+lm)+exp(lpg_r+lg)-lp_res_shk ; exp(ly) = exp(ly(-1))*((exp(lpc_r(-1))*exp(lc)+exp(lpinv_r(-1))*exp(linv)+exp(lpx_r(-1))*exp(lx)-exp(lpm_r(-1))*exp(lm)+exp(lpg_r(-1))*exp(lg))/(exp(lpc_r(-1))*exp(lc(-1))+exp(lpinv_r(-1))*exp(linv(-1))+exp(lpx_r(-1))*exp(lx(-1))-exp(lpm_r(-1))*exp(lm(-1))+exp(lpg_r(-1))*exp(lg(-1)))*(exp(lpc_r)*exp(lc)+exp(lpinv_r)*exp(linv)+exp(lpx_r)*exp(lx)-exp(lpm_r)*exp(lm)+exp(lpg_r)*exp(lg))/(exp(lpc_r)*exp(lc(-1))+exp(lpinv_r)*exp(linv(-1))+exp(lpx_r)*exp(lx(-1))-exp(lpm_r)*exp(lm(-1))+exp(lpg_r)*exp(lg(-1))))^0.5*exp(ly_res_shk) ; exp(lc) = exp(lcfl)+exp(lchm) ; exp(linv) = exp(linvc)+exp(linvcom)+exp(linvx)+exp(linvg)+exp(linvinv) ; exp(lpx_r+lx) = exp(lpmanx_r+lmanx)+exp(lcomx+lpcom_r) ; exp(lx) = exp(lcomx)+exp(lmanx) ; exp(lm) = exp(lcm)+exp(lxm)+exp(lgm)+exp(linvm) ; exp(lcom) = exp(lcomd)+exp(lcomx) ; exp(lcomd) = exp(lcomdc)+exp(lcomc)+exp(lcomdx)+exp(lcomdg)+exp(lcomdinv) ; exp(ll) = exp(llcom)+exp(llc)+exp(llx)+exp(llg)+exp(llinv) ; exp(lhaw) = exp(lhawc)+exp(lhawcom)+exp(lhawx)+exp(lhawg)+exp(lhawinv) ; exp(lhaw_sreq) = exp(lhawc_sreq)+exp(lhawcom_sreq)+exp(lhawx_sreq)+exp(lhawg_sreq)+exp(lhawinv_sreq) ; exp(lktotal+log(utotal)) = exp(lk+log(u))+exp(lkinv+log(uinv))+exp(lkg+log(ug))+exp(lkx+log(ux))+exp(lkcom+log(ucom)) ; exp(lktotal) = exp(lk)+exp(lkinv)+exp(lkg)+exp(lkx)+exp(lkcom) ; //%%%%%%%%%%%%%%%%%%%%%%% //% Exogenous Processes % //%%%%%%%%%%%%%%%%%%%%%%% la = la(-1)+ladot+la_shk+a_ladotus*lyrow_sreq_shk ; la_tot = la+la0_cor+la5_cor+la9_cor ; la0_cor = la0_shk ; la5_cor = 0.5*la5_cor(-1)+la5_shk ; la9_cor = 0.9*la9_cor(-1)+la9_shk ; la_inv = la_inv(-1)+la_inv_shk ; lpc_cor = a_pc*lpc_cor(-1)+lpc_shk ; lxdc_cor_tot = lxdc_cor+lxdc0_cor ; lxdc_cor = a_xdc*lxdc_cor(-1)+lxdc_shk ; lxdc0_cor = lxdc0_shk ; lxdinv_cor = a_xdinv*lxdinv_cor(-1)+lxdinv_shk ; lxdx_cor = a_xdx*lxdx_cor(-1)+lxdx_shk ; lxdg_cor = a_xdg*lxdg_cor(-1)+lxdg_shk ; lxf_cor = a_xf*lxf_cor(-1)+lxf_shk ; lxw_cor_tot = lxw_cor+lxw0_cor ; lxw_cor = a_xw*lxw_cor(-1)+lxw_shk ; lxw0_cor = lxw0_shk ; pertarget = pertarget(-1) - pertarget_shk ; target = target(-1)+target_shk ; pertran = a_r1n*pertran(-1)+pertran_shk ; r1n_tran = a_r1n*r1n_tran(-1)+r1n_tran_shk ; rh_prem = a_rh_prem*rh_prem(-1)+rh_prem_shk ; rf_prem = a_rf_prem*rf_prem(-1)+rf_prem_shk ; lc_cor_tot = lc_cor+lc0_cor+lc995_cor ; lc_cor = a_lc*lc_cor(-1)-lc_shk+a_lc2*(lyrow_gap-a_lc*lyrow_gap(-1)) ; lc0_cor = lc0_shk ; lc995_cor = 0.995*lc995_cor(-1)+lc995_shk ; linv_cor = linv_cor1+linv_add ; linv_add = chi3*lmc_r ; linv_cor1 = a_linv*linv_cor1(-1)+linv_shk ; //gn_yn_cor = a_lg*gn_yn_cor(-1)+gn_yn_shk ; gn_yn_ss = 1*gn_yn_ss(-1)+gn_yn_ss_shk ; lx_cor = 0.89*lx_cor(-1)+lx_shk ; lm_cor_tot = lm_cor+lm0_cor ; lm_cor = a_lm*lm_cor(-1)+lm_shk ; lm0_cor = lm0_cor(-1)+lm0_shk ; lforexn_cor_tot = lforexn_cor+lforexn0_cor ; lforexn_cor = a_lforexn*lforexn_cor(-1)+lforexn_shk ; lforexn0_cor = lforexn0_shk ; cbal_cor = a_cbal*cbal_cor(-1)+cbal_shk ; nfa_ss = 1.8*nfa_ss(-1)-0.8*nfa_ss(-2)+nfa_ss_shk ; risk_cor = 1.925*risk_cor(-1)-0.925*risk_cor(-2)+risk_shk ; gbn_cor = a_gbn*gbn_cor(-1)+gbn_shk ; gbn_yn_ss = 1*gbn_yn_ss(-1)+gbn_yn_ss_shk ; rgbn_cor = a_rgbn*rgbn_cor(-1)+rgbn_shk ; transf_r_cor = a_transf_r*transf_r_cor(-1)+transf_r_shk ; transf_yn_ss = transf_yn_ss(-1)+transf_r_ss_shk ; tdn_cor = a_tdn*tdn_cor(-1)+tdn_shk ; tinc_cor = a_tinc*tinc_cor(-1)+tinc_shk ; tincr_yn_ss = tincr_yn_ss(-1)+tinc_ss_shk ; lk_cor = a_k*lk_cor(-1)+lk_shk ; deprk = deprk(-1)+deprk_shk ; usact = usact(-1)+usact_shk ; //%%%%%%%%%%%%%%%%% //% Foreign Block % //%%%%%%%%%%%%%%%%% lpcomrow_prow-log(pcomrow_prow_ss) = a_lpcomrow*(lpcomrow_prow(-1)-log(pcomrow_prow_ss))+lpcomrow_shk+exog_lpcomrow_prow1_shk ; log(pcomrow_prow_ss) = 1.29832*log(pcomrow_prow_ss(-1))-0.29832*log(pcomrow_prow_ss(-2))+lpcomrow_prow_shk ; lyrow = lyrow_sreq+lyrow_gap ; lyrow_sreq = ladotrow+1.2*lyrow_sreq(-1)-0.2*lyrow_sreq(-2)+lyrow_sreq_shk-0.006*sreqswitch*(lpcomrow_prow-lpcomrow_prow(-1)) ; ladotrow = ladot ; lyrow_gap = habitrow/(1+habitrow)*(lyrow_gap(-1)-(lyrow_sreq-lyrow_sreq(-1)))+1/(1+habitrow)*lyrow_gap(1)-(1-habitrow)/((1+habitrow)*subrow)*(r1row-r1row_ss)+lyrow_cor ; r1rown_des = (1+r1row_ss)^4*exp(infrow_ss)^4-1+0.7*lyrow_gap+4*(4*infrow(4)-4*infrow_ss(4)) ; dr1rown = (1-0.66)*(r1rown_des-r1rown_des(-1))+(1-0.66)*(1-0.67)*(r1rown_des(-1)-((1+r1rown(-1))^4-1))+0.66*0.67*dr1rown(-1)+r1rown_shk ; (1+r1rown)^4-1 = (1+r1rown(-1))^4-1+dr1rown ; r1rown = (1+r1row)*exp(infrow(1))-1 ; infq_row = infprow ; 4*infprow = (1-0.644)*4*infprow(-1)+0.644*4*infrow+0.114*lyrow_gap+0.021*(lpcomrow_prow-lpcomrow_prow(-1)) ; infrow = dyn_pcrow/(1+beta*dyn_pcrow)*infrow(-1)+beta/(1+beta*dyn_pcrow)*infrow(1)+(1-dyn_pcrow)*(1-beta)/(1+beta*dyn_pcrow)*infrow_ss+(1-calvo_pcrow)*(1-beta*calvo_pcrow)/((1+beta*dyn_pcrow)*calvo_pcrow)*0.06*(lyrow_gap+0*(pcomrowshare*lpcomrow_prow+(1-pcomrowshare)*0-lpcrow_r))+lprow_cor ; infrow2 = dyn_pcrow/(1+beta*dyn_pcrow)*infrow2(-1)+beta/(1+beta*dyn_pcrow)*infrow2(1)+(1-dyn_pcrow)*(1-beta)/(1+beta*dyn_pcrow)*infrow_ss+(1-calvo_pcrow)*(1-beta*calvo_pcrow)/((1+beta*dyn_pcrow)*calvo_pcrow)*0.06*lyrow_gap+lprow2_cor ; lpcrow_r = lpcrow_r(-1)-infq_row+infrow ; lprow2_r-lprow2_r(-1) = infrow2-infq_row ; lpxrow_prow = 0.85*lpxrow_prow(-1)+lpxrow_prow_shk ; lpxrow_r = lpxrow_prow ; lyrow_cor = a_lyrow*lyrow_cor(-1)+lyrow_shk ; lprow_cor = a_lprow*lprow_cor(-1)+lprow_shk ; lprow2_cor = a_lprow*lprow2_cor(-1)+lprow2_shk ; r1row_ss = r1row_ss(-1)+r1_ss_shk ; infrow_ss = infrow_ss(-1)+infrow_shk ; end; initval; cbal = -2.28057599e-02; cbal_cor = 0.00000000e+00; defn_yn = -1.75100770e-02; defn_yn_ss = -1.75100770e-02; den_w = 8.37549458e-01; deprk = 3.14921145e-02; dr1rown = 0.00000000e+00; gbn_cor = 0.00000000e+00; gbn_yn = 2.50000000e-01; gbn_yn_ss = 2.50000000e-01; gn_yn_cor = 0.00000000e+00; gn_yn_ss = 2.38346847e-01; inff = 1.98026273e-02; infprow = 1.79918070e-02; infq = 4.95065682e-03; infq2 = 4.95065682e-03; infq_pg = 4.95065682e-03; infq_row = 1.79918070e-02; infrow = 1.79918070e-02; infrow2 = 1.79918070e-02; infrow_ss = 1.79918070e-02; la = 3.99003300e-02; la0_cor = 0.00000000e+00; la5_cor = 0.00000000e+00; la9_cor = 0.00000000e+00; ladotrow = 0.00000000e+00; la_inv = -4.61468359e-01; la_tot = 3.99003300e-02; lc = 2.95406258e-02; lc0_cor = 0.00000000e+00; lc995_cor = 0.00000000e+00; lcfl = -1.00620495e-01; lchm = -2.07381633e+00; lckl = -1.66265294e-01; lcklc = -9.75373544e-02; lcklcm = -1.09364543e-02; lcm = -1.53047540e+00; lcom = -1.29103867e+00; lcomc = -3.18628068e+00; lcomd = -1.80648964e+00; lcomdc = -2.76426707e+00; lcomdg = -3.50604489e+00; lcomdinv = -4.56717553e+00; lcomdx = -3.93839677e+00; lcomx = -2.20043126e+00; lcomy = -1.29103867e+00; lcshare = 6.20029014e-01; lcshare_add = 0.00000000e+00; lcshare_sreq = 6.20029014e-01; lcx8 = -1.09364543e-02; lc_cor = 0.00000000e+00; lc_cor_tot = 0.00000000e+00; leec = 0.00000000e+00; leeg = 0.00000000e+00; leeinv = 0.00000000e+00; leex = 0.00000000e+00; lforex = -2.38973246e-01; lforexn0_cor = 0.00000000e+00; lforexn_cor = 0.00000000e+00; lforexn_cor_tot = 0.00000000e+00; lg = -9.13983659e-01; lgbn_r = -8.67948516e-01; lgkl = -9.08043107e-01; lgklc = -8.39315168e-01; lgklcm = -9.13983659e-01; lgm = -3.34326510e+00; lhaw = -4.93736730e-01; lhawc = -1.20798005e+00; lhawcom = -3.58887991e+00; lhawcom_sreq = -3.58887991e+00; lhawc_sreq = -1.20798005e+00; lhawg = -1.94975786e+00; lhawg_sreq = -1.94975786e+00; lhawinv = -3.01088850e+00; lhawinv_sreq = -3.01088850e+00; lhawx = -2.38210975e+00; lhawx_sreq = -2.38210975e+00; lhaw_sreq = -4.93736730e-01; lindex_w = 4.95065682e-03; linv = -1.76808824e+00; linvc = -2.48233155e+00; linvcom = -4.86323142e+00; linvg = -3.22410937e+00; linvinv = -4.28524001e+00; linvkl = -1.96917375e+00; linvklc = -1.90044581e+00; linvklcm = -1.76808824e+00; linvm = -2.56346144e+00; linvx = -3.65646125e+00; linv_add = 0.00000000e+00; linv_cor = 0.00000000e+00; linv_cor1 = 0.00000000e+00; lk = -4.10607815e-01; lkcom = -2.79150768e+00; lkg = -1.15238563e+00; lkinv = -2.21351627e+00; lktotal = 3.03635502e-01; lkx = -1.58473752e+00; lk_cor = 0.00000000e+00; ll = -4.93736730e-01; llabshare = 5.65983645e-01; llabshare_add = 0.00000000e+00; llabshare_sreq = 5.65983645e-01; llagrlpc = 1.47505494e+00; llc = -1.20798005e+00; llcom = -3.58887991e+00; llg = -1.94975786e+00; llinv = -3.01088850e+00; llx = -2.38210975e+00; lm = -7.49275592e-01; lm0_cor = 0.00000000e+00; lmanx = -1.00701027e+00; lmcg_r = -1.69882147e-03; lmcinv_r = 1.89541355e-01; lmcm_r = 4.45174199e-02; lmcsum_r = 0.00000000e+00; lmcx_r = 5.57462418e-02; lmc_r = 0.00000000e+00; lmpk = -1.11195166e+00; lmpkcom = -1.34285690e+00; lmpkg = -1.11025283e+00; lmpkinv = -1.30149301e+00; lmpkx = -1.16769790e+00; lmpl = 4.42892479e-01; lm_cor = 0.00000000e+00; lm_cor_tot = 0.00000000e+00; lpcomdsum_r = 3.07761041e+01; lpcomd_r = 2.30905246e-01; lpcomrow_prow = 4.23196376e-01; lpcom_r = 2.30905246e-01; lpcrow_r = 4.23196376e-03; lpc_cor = 0.00000000e+00; lpc_r = 1.08162142e-02; lpfx_r = 2.48037373e-01; lpg_r = -1.69882147e-03; lpinvsum_r = 2.52629362e+01; lpinv_r = 1.89541355e-01; lpmanx_r = 5.57462418e-02; lpm_fitsum_r = 5.93348474e+00; lpm_fit_r = 4.45174199e-02; lpm_r = 4.45174199e-02; lprow2_cor = 0.00000000e+00; lprow2_r = -1.15367822e-05; lprow_cor = 0.00000000e+00; lpxrow_prow = 2.36808551e-01; lpxrow_r = 2.36808551e-01; lpx_r = 9.93200180e-02; lp_r = 4.66821148e-02; lqcom_r = 1.89541355e-01; lqg_r = 1.89541355e-01; lqinv_r = 1.89541355e-01; lqx_r = 1.89541355e-01; lq_r = 1.89541355e-01; ltdnr_r = -1.18856097e+00; ltincr_r = -1.22427195e+00; ltransf_r = -1.77795195e+00; lw = 3.96210364e-01; lwn_r = 4.42892479e-01; lwsum_r = 5.37126313e+01; lx = -7.42201072e-01; lxdc0_cor = 0.00000000e+00; lxdc_cor = 0.00000000e+00; lxdc_cor_tot = 0.00000000e+00; lxdg_cor = 0.00000000e+00; lxdinv_cor = 0.00000000e+00; lxdx_cor = 0.00000000e+00; lxf_cor = 0.00000000e+00; lxkl = -1.34039499e+00; lxklc = -1.27166706e+00; lxklcm = -1.00701027e+00; lxm = -1.93851817e+00; lxw0_cor = 0.00000000e+00; lxw_cor = 0.00000000e+00; lxw_cor_tot = 0.00000000e+00; lxw_r = 4.42892479e-01; lx_cor = 0.00000000e+00; ly = 4.71663730e-01; lykl = -2.54716516e+00; lyrow = 4.48878700e-02; lyrow_cor = 0.00000000e+00; lyrow_gap = 0.00000000e+00; lyrow_sreq = 4.48878700e-02; ly_gap = 0.00000000e+00; nfa = -4.19049428e-01; nfa_ss = -4.19049428e-01; num_w = -1.04603117e+00; pcomrow_prow_ss = 1.52683410e+00; pertarget = 4.95065682e-03; pertran = 0.00000000e+00; profit = 4.34016355e-01; r1 = 7.55946120e-03; r1n = 1.25599099e-02; r1n_ss = 1.25599099e-02; r1n_tran = 0.00000000e+00; r1row = 7.05946120e-03; r1rown = 2.53422577e-02; r1rown_des = 1.05287926e-01; r1row_ss = 7.05946120e-03; rfn = 1.25599099e-02; rf_prem = 0.00000000e+00; rgb = 7.19014932e-02; rgbn = 9.33395231e-02; rgbn_cor = 0.00000000e+00; rgbn_ss = 9.33395231e-02; rgb_ss = 7.19014932e-02; rhn = 1.25599099e-02; rh_prem = 0.00000000e+00; risk = 4.30197865e-03; risk_cor = 0.00000000e+00; risk_dyn = 0.00000000e+00; risk_ss = 4.30197865e-03; rkn = 2.46790266e-01; target = 4.95065682e-03; tdn = 3.20550092e-01; tdn_cor = 0.00000000e+00; tdn_ss = 3.20550092e-01; tinc = 2.82344084e-01; tincr_yn_ss = 1.75061524e-01; tinc_cor = 0.00000000e+00; tinc_ss = 2.82344084e-01; transf_r_cor = 0.00000000e+00; transf_yn = 1.00630710e-01; transf_yn_ss = 1.00630710e-01; u = 1.00000000e+00; ucom = 1.00000000e+00; ug = 1.00000000e+00; uinv = 1.00000000e+00; usact = 0.00000000e+00; usum = 1.33284560e+02; utotal = 1.00000000e+00; ux = 1.00000000e+00; w_inf = 1.98026273e-02; interest = 0.00000000e+00; inflation = 0.00000000e+00; inflationq = 0.00000000e+00; outputgap = 0.00000000e+00; fispol = 0.00000000e+00; end; //steady; shocks; var lc_shk; stderr 0.0125; var lforexn_shk; stderr 0.012; var lpcomrow_shk; stderr 0.6; var la_shk; stderr 0.01; var lyrow_shk; stderr 0.002; var lxdc_shk; stderr 0.002; var gn_yn_shk; stderr 0.02; end; stoch_simul(periods=2100);