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Country models: Canada
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The Canada Model

410: Consumer price index (CA_CPI)
DEL(1: LOG(CA_CPI)) =
CA_CPI1 * DEL(1: LOG(CA_PIM)) + CA_CPI2 * DEL(1: LOG(CA_PGNP)) + (1 - CA_CPI1 - CA_CPI2) * LOG(CA_CPI(-1) / CA_CPI(-2)) + RES_CA_CPI

410: Consumer price index : Steady State Version (SS_CA_CPI)
DEL(1: LOG(CA_CPI)) =
DEL(1: LOG(CA_PGNP))+0 * (CA_CPI1 + CA_CPI2) + RES_CA_CPI

411: Unemployment rate (CA_UNR_A)
CA_UNR_A =
CA_UNR_FE + CA_UNR_1 * 100 * LOG(CA_GDP / CA_GDP_FE) + CA_UNR_2 * (CA_UNR(-1) - CA_UNR_FE(-1)) + RES_CA_UNR_A

411: Unemployment rate : Steady State Version (SS_CA_UNR_A)
CA_UNR_A =
CA_UNR_FE - 100 * LOG(CA_GDP / CA_GDP_FE) + RES_CA_UNR_A + CA_UNR_1 * CA_UNR_2 * 0

412: Unemployment rate (restricting the value to be above zero) (CA_UNR)
CA_UNR =
MAX(CA_UNR_A,0.1)

412: Unemployment rate (restricting the value to be above zero) : Steady State Version (SS_CA_UNR)
CA_UNR =
CA_UNR_A

413: Price level (GNP deflator) (CA_PGNP)
DEL(1: LOG(CA_PGNPNO)) =
CA_LAMBDA * (CA_DELTA_PI * DEL(1: LOG(CA_PGNPNO(1))) + (1 - CA_DELTA_PI) * DEL(1: LOG(CA_PGNPNO(-1)))) + (1 - CA_LAMBDA) * DEL(1: LOG(CA_PGNPNO(-1))) + CA_GAMMA / 100 * (CA_NLIN - CA_UNR) / (CA_UNR - CA_PHI) + RES_CA_PGNP

413: Price level (GNP deflator) : Steady State Version (SS_CA_PGNP)
0 * LOG(CA_PGNPNO) =
CA_GAMMA / 100 * (CA_NLIN - CA_UNR) / (CA_UNR - CA_PHI)+0 * CA_LAMBDA * CA_DELTA_PI + RES_CA_PGNP

414: Inflation (CA_INFL)
CA_INFL =
CA_MGROW / GREAL

414: Inflation : Steady State Version (SS_CA_INFL)
CA_INFL =
CA_MGROW / GREAL

415: Labor force growth (CA_DLLF)
CA_DLLF =
LOG(CA_LF / CA_LF(-1))

415: Labor force growth : Steady State Version (SS_CA_DLLF)
CA_DLLF =
LOG(CA_LF / CA_LF(-1))

416: Real GDP growth (CA_DLGDP)
CA_DLGDP =
LOG(CA_GDP / CA_GDP(-1))

416: Real GDP growth : Steady State Version (SS_CA_DLGDP)
CA_DLGDP =
LOG(CA_GDP / CA_GDP(-1))

417: Personal household expenditure (CA_C)
CA_C =
CA_C_DI + CA_C_PI

417: Personal household expenditure : Steady State Version (SS_CA_C)
CA_C =
CA_C_DI + CA_C_PI

418: Marginal propensity to consume (CA_MPC)
CA_MPC =
1 / CA_MPCINV

418: Marginal propensity to consume : Steady State Version (SS_CA_MPC)
CA_MPC =
CA_RSR * (1-1 / CA_SIGMA) + RES_CA_MPC / CA_SIGMA + CA_PROB

419: Marginal propensity to consume - inverse (CA_MPCINV)
CA_MPCINV(1) =
CA_MPCINV - 1 - ((1 - CA_SIGMA) * (CA_RSR + CA_PROB) - (RES_CA_MPC + CA_PROB)) * CA_MPCINV / CA_SIGMA

419: Marginal propensity to consume - inverse : Steady State Version (SS_CA_MPCINV)
CA_MPCINV =
1 / CA_MPC

420: Real human wealth - young (CA_WH1)
CA_WH1(1) =
CA_WH1 * (1 + CA_RSR + CA_ALPHA1 + RES_CA_WH1 + CA_PROB + EXP(CA_DLLF_SS)-1) - (((1 - CA_BETA) * CA_GDP * CA_PGNP - CA_TAXH) / CA_P + RES_CA_WK * CA_WK)

420: Real human wealth - young : Steady State Version (SS_CA_WH1)
CA_WH1 * GREAL_SS =
CA_WH1 * (1 + CA_RSR + CA_ALPHA1 + RES_CA_WH1 + CA_PROB + EXP(CA_DLLF_SS)-1) - (((1 - CA_BETA) * CA_GDP * CA_PGNP - CA_TAXH) / CA_P + RES_CA_WK * CA_WK)

421: Real human wealth - adult (CA_WH2)
CA_WH2(1) =
CA_WH2 * (1 + CA_RSR + CA_ALPHA2 + RES_CA_WH2 + CA_PROB + EXP(CA_DLLF_SS)-1) - (((1 - CA_BETA) * CA_GDP * CA_PGNP - CA_TAXH) / CA_P + RES_CA_WK * CA_WK)

421: Real human wealth - adult : Steady State Version (SS_CA_WH2)
CA_WH2 * GREAL_SS =
CA_WH2 * (1 + CA_RSR + CA_ALPHA2 + RES_CA_WH2 + CA_PROB + EXP(CA_DLLF_SS)-1) - (((1 - CA_BETA) * CA_GDP * CA_PGNP - CA_TAXH) / CA_P + RES_CA_WK * CA_WK)

422: Real human wealth - old (CA_WH3)
CA_WH3(1) =
CA_WH3 * (1 + CA_RSR + CA_ALPHA3 + RES_CA_WH3 + CA_PROB + EXP(CA_DLLF_SS)-1) - (((1 - CA_BETA) * CA_GDP * CA_PGNP - CA_TAXH) / CA_P + RES_CA_WK * CA_WK)

422: Real human wealth - old : Steady State Version (SS_CA_WH3)
CA_WH3 * GREAL_SS =
CA_WH3 * (1 + CA_RSR + CA_ALPHA3 + RES_CA_WH3 + CA_PROB + EXP(CA_DLLF_SS)-1) - (((1 - CA_BETA) * CA_GDP * CA_PGNP - CA_TAXH) / CA_P + RES_CA_WK * CA_WK)

423: Consumption - current income (CA_C_DI)
CA_C_DI =
(CA_LAMBDA1 * CA_BCHI1 + CA_LAMBDA2 * CA_BCHI2 + CA_LAMBDA3 * (1 - CA_BCHI1 - CA_BCHI2)) * ((1 - CA_BETA) * CA_GDP * CA_PGNP - CA_TAXH) / CA_P + RES_CA_C_DI * GREAL**TME

423: Consumption - current income : Steady State Version (SS_CA_C_DI)
CA_C_DI =
(CA_LAMBDA1 * CA_BCHI1 + CA_LAMBDA2 * CA_BCHI2 + CA_LAMBDA3 * (1 - CA_BCHI1 - CA_BCHI2)) * ((1 - CA_BETA) * CA_GDP * CA_PGNP - CA_TAXH) / CA_P + RES_CA_C_DI * GREAL**TME

424: Consumption - permanent income (CA_C_PI)
CA_C_PI =
CA_MPC * (CA_WK + (CA_M + CA_B + CA_NFA / CA_ER) / CA_P + CA_BCHI1 * (1 - CA_LAMBDA1) * CA_WH1 + CA_BCHI2 * (1 - CA_LAMBDA2) * CA_WH2 + (1 - CA_BCHI1 - CA_BCHI2) * (1 - CA_LAMBDA3) * CA_WH3)

424: Consumption - permanent income : Steady State Version (SS_CA_C_PI)
CA_C_PI =
CA_MPC * (CA_WK + (CA_M + CA_B + CA_NFA / CA_ER) / CA_P + CA_BCHI1 * (1 - CA_LAMBDA1) * CA_WH1 + CA_BCHI2 * (1 - CA_LAMBDA2) * CA_WH2 + (1 - CA_BCHI1 - CA_BCHI2) * (1 - CA_LAMBDA3) * CA_WH3)

425: Real human wealth (CA_WH)
CA_WH =
CA_BCHI1 * CA_WH1 + CA_BCHI2 * CA_WH2 + (1 - CA_BCHI1 - CA_BCHI2) * CA_WH3

425: Real human wealth : Steady State Version (SS_CA_WH)
CA_WH =
CA_BCHI1 * CA_WH1 + CA_BCHI2 * CA_WH2 + (1 - CA_BCHI1 - CA_BCHI2) * CA_WH3

426: Consumption of oil (CA_COIL)
DEL(1: LOG(CA_COIL)) =
CA_COIL0 + CA_COIL1 * DEL(1: LOG(CA_GDP)) + CA_COIL2 * DEL(1: LOG(POIL / CA_ER / CA_PGNP)) + CA_COIL3 * LOG(POIL(-1) / CA_ER(-1) / CA_PGNP(-1)) + CA_COIL4 * LOG(CA_GDP(-1) / CA_COIL(-1)) + RES_CA_COIL

426: Consumption of oil : Steady State Version (SS_CA_COIL)
LOG(GREAL) =
CA_COIL0 + CA_COIL1 * LOG(GREAL) + CA_COIL2 * 0 + CA_COIL3 * LOG(POIL / CA_ER / CA_PGNP) + CA_COIL4 * LOG(CA_GDP / CA_COIL) + RES_CA_COIL

427: Change in investment relative to the capital stock (CA_K)
CA_INVEST / CA_K(-1) - (CA_DELTA_SS + GREAL_SS - 1) =
CA_K1 * (CA_WK / CA_K(-1)-1) + CA_K2 * (CA_WK(-1) / CA_K(-2)-1) + RES_CA_K

427: Change in investment relative to the capital stock : Steady State Version (SS_CA_K)
GREAL * CA_INVEST / CA_K - (CA_DELTA_SS + GREAL_SS - 1) =
(CA_K1 + CA_K2) * (GREAL * CA_WK / CA_K - 1) + RES_CA_K

428: Marginal product of capital (CA_MPK)
CA_MPK =
CA_BETA * CA_GDP / CA_K

428: Marginal product of capital : Steady State Version (SS_CA_MPK)
CA_MPK =
CA_BETA * CA_GDP / CA_K

429: Tobin's Q (CA_Q)
CA_Q =
CA_CHI * (CA_INVEST / CA_K(-1) - (CA_DELTA_SS + GREAL_SS - 1))+1

429: Tobin's Q : Steady State Version (SS_CA_Q)
CA_Q =
1 + CA_CHI * 0

430: Real market value of the capital stock (CA_WK)
CA_WK(1) =
CA_WK * (1 + CA_RSR + CA_K / CA_K(-1)-1 + CA_DELTA + RES_CA_WK) - (CA_BETA * CA_GDP * CA_PGNP - CA_TAXK) / CA_P + (CA_CHI / 2 * ((CA_Q - 1) / CA_CHI)**2 + CA_INVEST / CA_K(-1) * (CA_Q - 1)) * CA_K(-1) * CA_PGNP / CA_P

430: Real market value of the capital stock : Steady State Version (SS_CA_WK)
CA_WK * GREAL =
CA_WK * (1 + CA_RSR + GREAL - 1 + CA_DELTA + RES_CA_WK) - (CA_BETA * CA_GDP * CA_PGNP - CA_TAXK) / CA_P

431: Real gross business investment (CA_INVEST)
CA_INVEST =
DEL(1: CA_K) + CA_DELTA * CA_K(-1)

431: Real gross business investment : Steady State Version (SS_CA_INVEST)
CA_INVEST =
(1 - (1 - CA_DELTA) / GREAL) * CA_K

432: Export volume - manufactured goods (CA_XM)
DEL(1: LOG(CA_XM)) =
CA_XM0 + DEL(1: LOG(CA_FACT)) + CA_XM1 * DEL(1: CA_RCI) + CA_XM2 * (CA_XM3 * CA_RCI(-1) + LOG(CA_FACT(-1)) - LOG(CA_XM(-1))) + RES_CA_XM

432: Export volume - manufactured goods : Steady State Version (SS_CA_XM)
LOG(GREAL) =
CA_XM0 + LOG(GREAL) + CA_XM1 * 0 + CA_XM2 * (CA_XM3 * CA_RCI + LOG(CA_FACT) - LOG(CA_XM)) + RES_CA_XM

433: Export volume - manufactured goods, adjusted for real world trade discrepancy (CA_XMA)
CA_XMA =
CA_XM + T07 * (WTRADER - TRDER * GREAL**TME) / CA_E96

433: Export volume - manufactured goods, adjusted for real world trade discrepancy : Steady State Version (SS_CA_XMA)
CA_XMA =
CA_XM + T07 * (WTRADER - TRDER * GREAL**TME) / CA_E96

434: Total exports volume (CA_XT)
CA_XT =
CA_XMA + CA_XOIL

434: Total exports volume : Steady State Version (SS_CA_XT)
CA_XT =
CA_XMA + CA_XOIL

435: Definition of real domestic economic activity (CA_ACT)
CA_ACT =
CA_C_MPROP * CA_C + CA_INVEST_MPROP * CA_INVEST + CA_G_MPROP * CA_G + CA_XT_MPROP * CA_XT

435: Definition of real domestic economic activity : Steady State Version (SS_CA_ACT)
CA_ACT =
CA_C_MPROP * CA_C + CA_INVEST_MPROP * CA_INVEST + CA_G_MPROP * CA_G + CA_XT_MPROP * CA_XT

436: Import volume - manufactured goods (CA_IM)
DEL(1: LOG(CA_IM)) =
CA_IM0 + DEL(1: LOG(CA_ACT)) + CA_IM1 * DEL(1: LOG(CA_PIMA / CA_PGNPNO)) + CA_IM2 * (CA_IM3 * LOG(CA_PIMA(-1) / CA_PGNPNO(-1)) + LOG(CA_ACT(-1)) - LOG(CA_IM(-1))) + RES_CA_IM

436: Import volume - manufactured goods : Steady State Version (SS_CA_IM)
LOG(GREAL) =
CA_IM0 + LOG(GREAL) + CA_IM1 * 0 + CA_IM2 * (CA_IM3 * LOG(CA_PIMA / CA_PGNPNO) + LOG(CA_ACT) - LOG(CA_IM)) + RES_CA_IM

437: Import volume - oil (CA_IOIL)
CA_IOIL =
CA_COIL + CA_XOIL - CA_PRODOIL + RES_CA_IOIL * GREAL**TME

437: Import volume - oil : Steady State Version (SS_CA_IOIL)
CA_IOIL =
CA_COIL + CA_XOIL - CA_PRODOIL + RES_CA_IOIL * GREAL**TME

438: Import volume - commodities (CA_ICOM)
DEL(1: LOG(CA_ICOM)) =
CA_IC0 + CA_IC2 * DEL(1: LOG(PCOM / CA_ER / CA_PGNP)) + CA_IC1 * DEL(1: LOG(CA_GDP)) + CA_IC3 * LOG(PCOM(-1) / CA_ER(-1) / CA_PGNP(-1)) + CA_IC4 * LOG(CA_GDP(-1)) + CA_IC5 * LOG(CA_ICOM(-1)) + RES_CA_ICOM - (CA_IC4 + CA_IC5) * LOG(GREAL**TME)

438: Import volume - commodities : Steady State Version (SS_CA_ICOM)
LOG(GREAL) =
CA_IC0 + CA_IC2 * 0 + CA_IC1 * LOG(GREAL) + CA_IC3 * LOG(PCOM / CA_ER / CA_PGNP) + CA_IC4 * LOG(CA_GDP / GREAL) + CA_IC5 * LOG(CA_ICOM / GREAL) + RES_CA_ICOM - (CA_IC4 + CA_IC5) * LOG(GREAL**TME)

439: Total imports volume (CA_IT)
CA_IT =
CA_IM + CA_IOIL + CA_ICOM

439: Total imports volume : Steady State Version (SS_CA_IT)
CA_IT =
CA_IM + CA_IOIL + CA_ICOM

440: Definition of real domestic absorption (CA_A)
CA_A =
CA_C + CA_INVEST + CA_G

440: Definition of real domestic absorption : Steady State Version (SS_CA_A)
CA_A =
CA_C + CA_INVEST + CA_G

441: Real GDP identity (CA_GDP)
CA_GDP =
CA_A + CA_XT - CA_IT

441: Real GDP identity : Steady State Version (SS_CA_GDP)
CA_GDP =
CA_A + CA_XT - CA_IT

442: Definition of real GNP (CA_GNP)
CA_GNP =
CA_GDP + (US_R + SUM(I =
-3 TO -1: CA_PREM(I)) / 3) * CA_NFA(-1) / CA_ER / CA_PGNP + RES_CA_GNP * GREAL**TME

442: Definition of real GNP : Steady State Version (SS_CA_GNP)
CA_GNP =
CA_GDP + (US_R + CA_PREM) * CA_NFA / (US_INFL * GREAL) / CA_ER / CA_PGNP + RES_CA_GNP * GREAL**TME

443: Real wealth (financial plus discounted future income) (CA_W)
CA_W =
CA_WH + CA_WK + (CA_M + CA_B + CA_NFA / CA_ER) / CA_P

443: Real wealth (financial plus discounted future income) : Steady State Version (SS_CA_W)
CA_W =
CA_WH + CA_WK + (CA_M + CA_B + CA_NFA / CA_ER) / CA_P

444: Real disposable income (CA_YD)
CA_YD =
(CA_GDP * CA_PGNP - CA_TAX) / CA_P - CA_DELTA * CA_K(-1)

444: Real disposable income : Steady State Version (SS_CA_YD)
CA_YD =
(CA_GDP * CA_PGNP - CA_TAX) / CA_P - CA_DELTA * CA_K / GREAL

445: Total government expenditures - nominal (CA_GE)
CA_GE =
CA_P * CA_G + CA_R * CA_B(-1) + CA_GEXOG

445: Total government expenditures - nominal : Steady State Version (SS_CA_GE)
CA_GE =
CA_P * CA_G + CA_R * CA_B / (GREAL * CA_INFL) + CA_GEXOG

446: Government tax receipts (CA_TAX)
CA_TAX =
CA_TRATE * CA_PGNP * CA_GNP

446: Government tax receipts : Steady State Version (SS_CA_TAX)
CA_TAX =
CA_TRATE * CA_PGNP * CA_GNP

447: Taxes on capital (CA_TAXK)
CA_TAXK =
CA_TAXK_ALPHA * CA_TAXK_SHAR * CA_TAX + (1 - CA_TAXK_ALPHA) * CA_TRATEK * CA_BETA * CA_GDP * CA_PGNP

447: Taxes on capital : Steady State Version (SS_CA_TAXK)
CA_TAXK =
CA_TAXK_ALPHA * CA_TAXK_SHAR * CA_TAX + (1 - CA_TAXK_ALPHA) * CA_TRATEK * CA_BETA * CA_GDP * CA_PGNP

448: Taxes on labor (CA_TAXH)
CA_TAXH =
CA_TAX - CA_TAXK

448: Taxes on labor : Steady State Version (SS_CA_TAXH)
CA_TAXH =
CA_TAX - CA_TAXK

449: Average tax rate (CA_TRATE)
CA_TRATE =
CA_TRATE_EXOG * (1 - CA_TRATE_ALPHA) + CA_TRATE_ALPHA * (SUM(I =
-2 TO 2: CA_TRATE(I) / 5) + TAU1 * (CA_B(1) / (CA_GNP(1) * CA_PGNP(1)) - CA_BT_GDP_RAT(1)) + RES_CA_TRATE)

449: Average tax rate : Steady State Version (SS_CA_TRATE)
0 =
TAU1 * (CA_B / (CA_GNP * CA_PGNP) - CA_BT_GDP_RAT) + RES_CA_TRATE

450: No equation Description (CA_BT)
CA_BT =
CA_BT_GDP_RAT * CA_GNP * CA_PGNP

450: No equation Description : Steady State Version (SS_CA_BT)
CA_BT =
CA_BT_GDP_RAT * CA_GNP * CA_PGNP

451: Government balance sheet (solves for nominal government debt) (CA_B)
DEL(1: CA_B) + DEL(1: CA_M) =
CA_R * CA_B(-1) + CA_P * CA_G - CA_TAX

451: Government balance sheet (solves for nominal government debt) : Steady State Version (SS_CA_B)
(CA_B + CA_M) * (1-1 / (CA_INFL * GREAL)) =
CA_R * CA_B / (CA_INFL * GREAL) + CA_P * CA_G - CA_TAX

452: Definition of nominal government deficit (CA_GDEF)
CA_GDEF =
DEL(1: CA_B + CA_M)

452: Definition of nominal government deficit : Steady State Version (SS_CA_GDEF)
CA_GDEF =
(CA_B + CA_M) * (1-1 / (CA_INFL * GREAL))

453: Money demand function (CA_M)
LOG(CA_M / CA_P) =
CA_M0 + (1 - CA_M4) * LOG(CA_A) + CA_M2 * CA_RS + CA_M4 * LOG(CA_M(-1) / CA_P(-1)) + RES_CA_M

453: Money demand function : Steady State Version (SS_CA_M)
LOG(CA_M / CA_P) =
CA_M0 + (1 - CA_M4) * LOG(CA_A) + CA_M2 * CA_RS + CA_M4 * LOG(CA_M / CA_P / GREAL) + RES_CA_M

454: Money supply reaction function - short-term interest rate (CA_RS)
CA_RS =
(1 - CA_X_RS1) * CA_RS_EXOG + CA_X_RS1 * (CA_RS(-1) + CA_RS1 * LOG(CA_MT / CA_M) / CA_M2 + CA_RS2 * LOG(GR_ER / CA_ER / CA_PAR) + CA_RSCON2 + RES_CA_RS) + CA_RS1PERM * 0

454: Money supply reaction function - short-term interest rate : Steady State Version (SS_CA_RS)
0 =
CA_RS1PERM * LOG(CA_MT / CA_M) / CA_M2 + CA_RS2 * LOG(GR_ER / CA_ER / CA_PAR) + RES_CA_RS + 0 * CA_RS1 * CA_RS_EXOG * CA_RSCON * CA_RSCON2

455: Term structure of interest rates (solves for long-term rate) (CA_RL)
CA_RL / 100 =
((1 + CA_RS / 100) * (1 + CA_RS(1) / 100) * (1 + CA_RS(2) / 100) * (1 + CA_RS(3) / 100) * (1 + CA_RS(4) / 100) * (1 + CA_RS(5) / 100) * (1 + CA_RS(6) / 100) * (1 + CA_RS(7) / 100) * (1 + CA_RS(8) / 100) * (1 + CA_RS(9) / 100))**0.1 * (1 + CA_TPREM)-1 + RES_CA_RL

455: Term structure of interest rates (solves for long-term rate) : Steady State Version (SS_CA_RL)
CA_RL / 100 =
(1 + CA_RS / 100) * (1 + CA_TPREM)-1 + RES_CA_RL

456: Interest rate on NFA faced by industrialized countries (CA_R)
CA_R =
0.5 * CA_RS(-1) / 100+0.5 * SUM(I =
-3 TO -1: CA_RL(I) / 100) / 3

456: Interest rate on NFA faced by industrialized countries : Steady State Version (SS_CA_R)
CA_R =
0.5 * CA_RS / 100+0.5 * CA_RL / 100

457: Real long-term interest rate (ex ante) (CA_RLR)
CA_RLR =
(1 + CA_RL / 100) / (CA_P(10) / CA_P)**0.1-1

457: Real long-term interest rate (ex ante) : Steady State Version (SS_CA_RLR)
CA_RLR =
(1 + CA_RL / 100) / CA_INFL - 1

458: Real short-term interest rate (ex ante) (CA_RSR)
CA_RSR =
(1 + CA_RS / 100) / (CA_P(1) / CA_P)-1

458: Real short-term interest rate (ex ante) : Steady State Version (SS_CA_RSR)
CA_RSR =
(1 + CA_RS / 100) / CA_INFL - 1

459: Non-oil GNP deflator (CA_PGNPNO)
CA_PGNPNO =
(CA_GDP * CA_PGNP - CA_PRODOIL * POIL / CA_ER * CA_E96) / (CA_GDP - CA_PRODOIL)

459: Non-oil GNP deflator : Steady State Version (SS_CA_PGNPNO)
CA_PGNPNO =
(CA_GDP * CA_PGNP - CA_PRODOIL * POIL / CA_ER * CA_E96) / (CA_GDP - CA_PRODOIL)

460: PGNP identity (with discrepancy) (CA_P)
CA_PGNP =
(CA_P * CA_A + CA_XT * CA_PXT - CA_IT * CA_PIT) / CA_GDP + RES_CA_P * CA_PGNP

460: PGNP identity (with discrepancy) : Steady State Version (SS_CA_P)
CA_PGNP =
(CA_P * CA_A + CA_XT * CA_PXT - CA_IT * CA_PIT) / CA_GDP + RES_CA_P * CA_PGNP

461: Manufactured goods export price (CA_PXM)
DEL(1: LOG(CA_PXM)) =
CA_PXM0 + CA_PXM1 * DEL(1: LOG(CA_PGNPNO)) + (1 - CA_PXM1) * DEL(1: LOG(CA_PFM)) + CA_PXM2 * LOG(CA_PGNPNO(-1) / CA_PXM(-1)) + RES_CA_PXM

461: Manufactured goods export price : Steady State Version (SS_CA_PXM)
CA_INFL =
CA_PXM0 + CA_PXM1 * CA_INFL + (1 - CA_PXM1) * CA_INFL + CA_PXM2 * LOG(CA_PGNPNO / CA_PXM) + RES_CA_PXM

462: Total export price (CA_PXT)
CA_PXT =
(CA_XMA * CA_PXM + POIL / CA_ER * CA_E96 * CA_XOIL) / CA_XT

462: Total export price : Steady State Version (SS_CA_PXT)
CA_PXT =
(CA_XMA * CA_PXM + POIL / CA_ER * CA_E96 * CA_XOIL) / CA_XT

463: Manufactured goods import price (CA_PIM)
CA_PIM =
(S0107 * US_PXM + S0207 * JA_PXM * JA_ER / JA_E96 + S0307 * GR_PXM * GR_ER / GR_E96 + S0407 * FR_PXM * FR_ER / FR_E96 + S0507 * IT_PXM * IT_ER / IT_E96 + S0607 * UK_PXM * UK_ER / UK_E96 + S0707 * CA_PXM * CA_ER / CA_E96 + S0807 * SI_PXM * SI_ER / SI_E96 + S0907 * RW_PXM * RW_ER / RW_E96) / (CA_ER / CA_E96) * (1 + RES_CA_PIM)

463: Manufactured goods import price : Steady State Version (SS_CA_PIM)
CA_PIM =
(S0107 * US_PXM + S0207 * JA_PXM * JA_ER / JA_E96 + S0307 * GR_PXM * GR_ER / GR_E96 + S0407 * FR_PXM * FR_ER / FR_E96 + S0507 * IT_PXM * IT_ER / IT_E96 + S0607 * UK_PXM * UK_ER / UK_E96 + S0707 * CA_PXM * CA_ER / CA_E96 + S0807 * SI_PXM * SI_ER / SI_E96 + S0907 * RW_PXM * RW_ER / RW_E96) / (CA_ER / CA_E96) * (1 + RES_CA_PIM)

464: Import price for manufactured goods - adjusted for world trade discrepancy (CA_PIMA)
CA_PIMA =
CA_PIM + T07 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / CA_ER / CA_IM

464: Import price for manufactured goods - adjusted for world trade discrepancy : Steady State Version (SS_CA_PIMA)
CA_PIMA =
CA_PIM + T07 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / CA_ER / CA_IM

465: Total import price (CA_PIT)
CA_PIT =
(CA_IM * CA_PIMA + CA_IOIL * POIL / CA_ER * CA_E96 + CA_ICOM * PCOM / CA_ER * CA_E96) / CA_IT

465: Total import price : Steady State Version (SS_CA_PIT)
CA_PIT =
(CA_IM * CA_PIMA + CA_IOIL * POIL / CA_ER * CA_E96 + CA_ICOM * PCOM / CA_ER * CA_E96) / CA_IT

466: No equation Description (CA_TFP_FE)
LOG(CA_TFP_FE) =
RES_CA_TFP_FE

466: No equation Description : Steady State Version (SS_CA_TFP_FE)
LOG(CA_TFP_FE) =
RES_CA_TFP_FE

467: Full-employment output production function (CA_GDP_FE)
CA_GDP_FE =
CA_TFP_FE * CA_K**CA_BETA * ((1 - CA_UNR_FE / 100) * CA_LF)**(1 - CA_BETA)

467: Full-employment output production function : Steady State Version (SS_CA_GDP_FE)
CA_GDP_FE =
CA_TFP_FE * CA_K**CA_BETA * ((1 - CA_UNR_FE / 100) * CA_LF)**(1 - CA_BETA)

468: Labor force (CA_LF)
CA_LF =
CA_POP * CA_PART / (1 + CA_DEM3)

468: Labor force : Steady State Version (SS_CA_LF)
CA_LF =
CA_POP * CA_PART / (1 + CA_DEM3)

469: Capacity utilization (CA_CU)
CA_CU =
100 * CA_GDP / CA_GDP_FE

469: Capacity utilization : Steady State Version (SS_CA_CU)
CA_CU =
100 * CA_GDP / CA_GDP_FE

470: Balance of payments (claims on foreigners), current U.S. dollars (CA_NFA)
DEL(1: CA_NFA) =
(CA_XT * CA_PXT - CA_IT * CA_PIT) * CA_ER + (US_R + SUM(I =
-3 TO -1: CA_PREM(I)) / 3) * CA_NFA(-1) + RES_CA_NFA * US_INFL**TME * GREAL**TME

470: Balance of payments (claims on foreigners), current U.S. dollars : Steady State Version (SS_CA_NFA)
CA_NFA * (1-1 / (US_INFL * GREAL)) =
(CA_XT * CA_PXT - CA_IT * CA_PIT) * CA_ER + (US_R + CA_PREM) * CA_NFA / (US_INFL * GREAL) + RES_CA_NFA * US_INFL**TME * GREAL**TME

471: Trade balance - local currency (CA_TB)
CA_TB =
CA_XT * CA_PXT - CA_IT * CA_PIT

471: Trade balance - local currency : Steady State Version (SS_CA_TB)
CA_TB =
CA_XT * CA_PXT - CA_IT * CA_PIT

472: Current account - current U.S. dollars (CA_CURBAL)
CA_CURBAL =
DEL(1: CA_NFA)

472: Current account - current U.S. dollars : Steady State Version (SS_CA_CURBAL)
CA_CURBAL =
CA_NFA * (1-1 / (US_INFL * GREAL))

473: Open interest parity condition (solves for exchange rate) (CA_ER)
1 + US_RS / 100 =
(1 + CA_RS / 100) * CA_ER(1) / CA_ER - CA_PREM + RES_CA_ER

473: Open interest parity condition (solves for exchange rate) : Steady State Version (SS_CA_ER)
1 + US_RS / 100 =
(1 + CA_RS / 100) * US_INFL / CA_INFL - CA_PREM + RES_CA_ER

474: Real effective exchange rate (relative export price) (CA_RCI)
CA_RCI =
LOG(CA_PXM) - LOG(CA_PFM)

474: Real effective exchange rate (relative export price) : Steady State Version (SS_CA_RCI)
CA_RCI =
LOG(CA_PXM) - LOG(CA_PFM)

475: Weighted average of foreign activity (CA_FACT)
CA_FACT =
(US_IM * US_E96 * S0701 + JA_IM * JA_E96 * S0702 + GR_IM * GR_E96 * S0703 + FR_IM * FR_E96 * S0704 + IT_IM * IT_E96 * S0705 + UK_IM * UK_E96 * S0706 + CA_IM * CA_E96 * S0707 + SI_IM * SI_E96 * S0708 + (HO_IM + DC_IM) * RW_E96 * S0709) / CA_E96

475: Weighted average of foreign activity : Steady State Version (SS_CA_FACT)
CA_FACT =
(US_IM * US_E96 * S0701 + JA_IM * JA_E96 * S0702 + GR_IM * GR_E96 * S0703 + FR_IM * FR_E96 * S0704 + IT_IM * IT_E96 * S0705 + UK_IM * UK_E96 * S0706 + CA_IM * CA_E96 * S0707 + SI_IM * SI_E96 * S0708 + (HO_IM + DC_IM) * RW_E96 * S0709) / CA_E96

476: Prices in foreign markets (CA_PFM)
LOG(CA_PFM) =
W0701 * LOG(US_PXM * US_ER / US_E96) + W0702 * LOG(JA_PXM * JA_ER / JA_E96) + W0703 * LOG(GR_PXM * GR_ER / GR_E96) + W0704 * LOG(FR_PXM * FR_ER / FR_E96) + W0705 * LOG(IT_PXM * IT_ER / IT_E96) + W0706 * LOG(UK_PXM * UK_ER / UK_E96) + W0707 * LOG(CA_ER / CA_E96) + W0708 * LOG(SI_PXM * SI_ER / SI_E96) + W0709 * LOG(RW_PXM * RW_ER / RW_E96)

476: Prices in foreign markets : Steady State Version (SS_CA_PFM)
LOG(CA_PFM) =
W0701 * LOG(US_PXM * US_ER / US_E96) + W0702 * LOG(JA_PXM * JA_ER / JA_E96) + W0703 * LOG(GR_PXM * GR_ER / GR_E96) + W0704 * LOG(FR_PXM * FR_ER / FR_E96) + W0705 * LOG(IT_PXM * IT_ER / IT_E96) + W0706 * LOG(UK_PXM * UK_ER / UK_E96) + W0707 * LOG(CA_ER / CA_E96) + W0708 * LOG(SI_PXM * SI_ER / SI_E96) + W0709 * LOG(RW_PXM * RW_ER / RW_E96)

477: Nominal effective exchange rate (CA_NEER)
CA_NEER =
EXP( - V0701 * LOG(US_ER / US_E96) - V0702 * LOG(JA_ER / JA_E96) - V0703 * LOG(GR_ER / GR_E96) - V0704 * LOG(FR_ER / FR_E96) - V0705 * LOG(IT_ER / IT_E96) - V0706 * LOG(UK_ER / UK_E96) + LOG(CA_ER / CA_E96) - V0708 * LOG(SI_ER / SI_E96))

477: Nominal effective exchange rate : Steady State Version (SS_CA_NEER)
CA_NEER =
EXP( - V0701 * LOG(US_ER / US_E96) - V0702 * LOG(JA_ER / JA_E96) - V0703 * LOG(GR_ER / GR_E96) - V0704 * LOG(FR_ER / FR_E96) - V0705 * LOG(IT_ER / IT_E96) - V0706 * LOG(UK_ER / UK_E96) + LOG(CA_ER / CA_E96) - V0708 * LOG(SI_ER / SI_E96))