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- // RBC log
- var y c i n r w k A;
- varexo e;
- // params
- parameters alpha beta sigma phi delta rhoa;
- alpha = 0.63;
- beta = 0.985;
- sigma = 2;
- phi = 1.5;
- delta = 0.025;
- rhoa = 0.95;
- // model block
- model(linear);
- #Rss = (1/beta)-(1-delta);
- #Wss = (1-alpha)*((alpha/Rss)^(alpha/(1-alpha)));
- #Yss = ((Rss/(Rss-delta*alpha))^(sigma/(sigma+phi))) *(((1-alpha)^(-phi))*((Wss)^(1+phi)))^(1/(sigma+phi));
- #Kss = alpha*(Yss/Rss);
- #Iss = delta*Kss;
- #Css = Yss - Iss;
- #Lss = (1-alpha)*(Yss/Wss);
- //1-Consumption-labor supply
- sigma*c + phi*n = w;
- //2-Euler equation
- (sigma/beta)*(c(+1)-c) = Rss*r(+1);
- //3-Law of motion of capital
- k = (1-delta)*k(-1) + delta*i;
- //4-production function
- y = A + alpha*k(-1) + (1-alpha)*n;
- //5-demand for capital
- r = y - k(-1);
- //6-demand for labor
- w = y - n;
- //7-Equilibrium condition
- Yss*y = Css*c + Iss*i;
- //8-Productivity shock
- A = rhoa*A(-1) + e;
- end;
- steady(maxit=1000);
- check;
- model_diagnostics;
- model_info;
- shocks;
- var e;
- stderr 0.01;
- end;
- stoch_simul(order=1, irf=80, tex) y c n w r i k A;
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