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% Basic RBC Model with Monopolistic Competion.
%
% Jesus Fernandez-Villaverde
% Philadelphia, March 3, 2005
%----------------------------------------------------------------
% 0. Housekeeping
%----------------------------------------------------------------
close all
%----------------------------------------------------------------
% 1. Defining variables
%----------------------------------------------------------------
var y c k i l y_l w r z;
varexo e;
parameters beta psi delta alpha rho gamma sigma epsilon;
%----------------------------------------------------------------
% 2. Calibration
%----------------------------------------------------------------
alpha = 0.33;
beta = 0.99;
delta = 0.023;
psi = 1.75;
rho = 0.95;
sigma = (0.007/(1-alpha));
epsilon = 10;
%----------------------------------------------------------------
% 3. Model
%----------------------------------------------------------------
model;
(1/c) = beta*(1/c(+1))*(1+r(+1)-delta);
psi*c/(1-l) = w;
c+i = y;
y = (k(-1)^alpha)*(exp(z)*l)^(1-alpha);
w = y*((epsilon-1)/epsilon)*(1-alpha)/l;
r = y*((epsilon-1)/epsilon)*alpha/k;
i = k-(1-delta)*k(-1);
y_l = y/l;
z = rho*z(-1)+e;
end;
%----------------------------------------------------------------
% 4. Computation
%----------------------------------------------------------------
initval;
k = 9;
c = 0.76;
l = 0.3;
w = 2.07;
r = 0.03;
z = 0;
e = 0;
end;
shocks;
var e = sigma^2;
end;
steady;
stoch_simul(periods=1000,irf=0);
datatomfile('simuldataRBC',[]);
return;
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