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var y, c, k, a, h, b;
varexo e,u;
parameters beta, rho, alpha, delta, theta, psi, tau, phi;
alpha = 0.36;
rho = 0.95;
tau = 0.025;
beta = 0.99;
delta = 0.025;
psi = 0;
theta = 2.95;
phi = 0.1;
model;
c*theta*h^(1+psi)=(1-alpha)*y;
k = beta*(((exp(b)*c)/(exp(b(+1))*c(+1)))*(exp(b(+1))*alpha*y(+1)+(1-delta)*k));
y = exp(a)*(k(-1)^alpha)*(h^(1-alpha));
k = exp(b)*(y-c)+(1-delta)*k(-1);
a = rho*a(-1)+tau*b(-1) - rho*a(-2) - tau*b(-3) + e;
b = tau*a(-1)+rho*b(-1) - rho*b(-2) - tau*a(-3) + u;
end;
initval;
y = 1.08;
c = 0.8;
h = 0.29;
k = 11.08;
a = 0;
b = 0;
e = 0;
u = 0;
end;
vcov = [ 0.01 0.005; 0.005 0.01];
order = 1;
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