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var A, Disp, G, Int, L,
LStar, pi, Welf, WelfStar, x0,
Y, YGap, YStar, z1, z2, Cbar, Cequiv;
varexo eps1 eps2 eps3;
parameters alpha beta gamma rhoa rhog rho phi chi chi0 theta xi
ABar GBar KBar ZBar piBar Istar;
alpha = 0.3;
beta = 0.99;
gamma = 15;
rhoa = 0.8;
rhog = 0.7;
phi = 1.5;
chi = 1.5;
chi0 = 1;
theta = 0.333333333333;
xi = 0.75;
ABar = 4.0266;
GBar = 0.3163;
KBar = 9.489;
ZBar = .03;
piBar = 1;
rho=.8;
Istar=1.01010101010101;
model;
z1 - ((Y-G)^(1-phi) + beta *xi *piBar *pi(+1)^(1/theta) *z1(+1));
z2 - (Y *chi0 *(1-L-ZBar)^(-chi) / ((1-alpha) *A *KBar^alpha
*L^(-alpha)) + beta *xi *pi(+1)^((1+theta)/theta) *z2(+1));
x0 - (1+theta)*z2 /z1;
pi^(-1/theta) - ((1-xi) *(x0*pi)^(-1/theta) + xi *piBar^(-1/theta));
Y - (Disp^(-1) *A *KBar^alpha *L^(1-alpha));
Disp - ((1-xi) *x0^(-(1+theta)/theta)
+ xi *(piBar/pi)^(-(1+theta)/theta) *Disp(-1));
log(A/ABar) - (rhoa *log(A(-1)/ABar) + eps1);
log(G/GBar) - (rhog *log(G(-1)/GBar) + eps2);
(Y-G)^(-phi) - (beta *(Int/pi(+1)) *(Y(+1)-G(+1))^(-phi));
Welf - ((Y-G)^(1-phi) /(1-phi)
+ chi0*(1-L-ZBar)^(1-chi) /(1-chi) + beta *Welf(+1));
Cequiv = (((1-beta)*Welf-chi0*(1-LStar-ZBar)^(1-chi) /(1-chi))*(1-phi))^(1/(1-phi));
(1-alpha) *A *KBar^alpha *LStar^(-alpha)
- (1+theta) *YStar *(YStar-G)^(phi-1) *chi0
*(1-LStar-ZBar)^(-chi);
YStar - A *KBar^alpha *LStar^(1-alpha);
YGap - (log(Y/YStar));
WelfStar - ((YStar-G)^(1-phi) /(1-phi)
+ chi0*(1-LStar-ZBar)^(1-chi) /(1-chi) + beta *WelfStar(+1));
Int = (Int(-1)^rho)*((Istar*(pi/piBar)^gamma)^(1-rho))*exp(eps3);
Cbar=(1/100)*((1-phi)*((1-beta)*WelfStar-chi0*(1-LStar-ZBar)^(1-chi)/(1-chi)))^(1/(1-phi));
end;
initval;
A= 4.022;
Disp= 1;
G= 0.3;
Int= 1.0101;
L= 0.22;
LStar= 0.22;
pi= 1;
Welf= -359;
WelfStar= -359;
x0= 1;
Y= 2.8;
YGap= 0;
YStar= 2.8;
z1= 2.5;
z2= 1.8;
Cbar= 0.024;
Cequiv = 0.024;
end;
vcov = [0.001 0 0 ; 0 0.001 0; 0 0 0.001];
order=4;
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