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The France Model

206: Consumer price index (FR_CPI)
DEL(1: LOG(FR_CPI)) =
FR_CPI1 * DEL(1: LOG(FR_PIM)) + FR_CPI2 * DEL(1: LOG(FR_PGNP)) + (1 - FR_CPI1 - FR_CPI2) * LOG(FR_CPI(-1) / FR_CPI(-2)) + RES_FR_CPI

206: Consumer price index : Steady State Version (SS_FR_CPI)
DEL(1: LOG(FR_CPI)) =
DEL(1: LOG(FR_PGNP))+0 * (FR_CPI1 + FR_CPI2) + RES_FR_CPI

207: Unemployment rate (FR_UNR_A)
FR_UNR_A =
FR_UNR_FE + FR_UNR_1 * 100 * LOG(FR_GDP / FR_GDP_FE) + FR_UNR_2 * (FR_UNR(-1) - FR_UNR_FE(-1)) + RES_FR_UNR_A

207: Unemployment rate : Steady State Version (SS_FR_UNR_A)
FR_UNR_A =
FR_UNR_FE - 100 * LOG(FR_GDP / FR_GDP_FE) + RES_FR_UNR_A + FR_UNR_1 * FR_UNR_2 * 0

208: Unemployment rate (restricting the value to be above zero) (FR_UNR)
FR_UNR =
MAX(FR_UNR_A,0.1)

208: Unemployment rate (restricting the value to be above zero) : Steady State Version (SS_FR_UNR)
FR_UNR =
FR_UNR_A

209: Price level (GNP deflator) (FR_PGNP)
DEL(1: LOG(FR_PGNPNO)) =
FR_LAMBDA * (FR_DELTA_PI * DEL(1: LOG(FR_PGNPNO(1))) + (1 - FR_DELTA_PI) * DEL(1: LOG(FR_PGNPNO(-1)))) + (1 - FR_LAMBDA) * DEL(1: LOG(FR_PGNPNO(-1))) + FR_GAMMA / 100 * (FR_NLIN - FR_UNR) / (FR_UNR - FR_PHI) + RES_FR_PGNP

209: Price level (GNP deflator) : Steady State Version (SS_FR_PGNP)
0 * LOG(FR_PGNPNO) =
FR_GAMMA / 100 * (FR_NLIN - FR_UNR) / (FR_UNR - FR_PHI)+0 * FR_LAMBDA * FR_DELTA_PI + RES_FR_PGNP

210: Inflation (FR_INFL)
FR_INFL =
FR_MGROW / GREAL

210: Inflation : Steady State Version (SS_FR_INFL)
FR_INFL =
FR_MGROW / GREAL

211: Labor force growth (FR_DLLF)
FR_DLLF =
LOG(FR_LF / FR_LF(-1))

211: Labor force growth : Steady State Version (SS_FR_DLLF)
FR_DLLF =
LOG(FR_LF / FR_LF(-1))

212: Real GDP growth (FR_DLGDP)
FR_DLGDP =
LOG(FR_GDP / FR_GDP(-1))

212: Real GDP growth : Steady State Version (SS_FR_DLGDP)
FR_DLGDP =
LOG(FR_GDP / FR_GDP(-1))

213: Personal household expenditure (FR_C)
FR_C =
FR_C_DI + FR_C_PI

213: Personal household expenditure : Steady State Version (SS_FR_C)
FR_C =
FR_C_DI + FR_C_PI

214: Marginal propensity to consume (FR_MPC)
FR_MPC =
1 / FR_MPCINV

214: Marginal propensity to consume : Steady State Version (SS_FR_MPC)
FR_MPC =
FR_RSR * (1-1 / FR_SIGMA) + RES_FR_MPC / FR_SIGMA + FR_PROB

215: Marginal propensity to consume - inverse (FR_MPCINV)
FR_MPCINV(1) =
FR_MPCINV - 1 - ((1 - FR_SIGMA) * (FR_RSR + FR_PROB) - (RES_FR_MPC + FR_PROB)) * FR_MPCINV / FR_SIGMA

215: Marginal propensity to consume - inverse : Steady State Version (SS_FR_MPCINV)
FR_MPCINV =
1 / FR_MPC

216: Real human wealth - young (FR_WH1)
FR_WH1(1) =
FR_WH1 * (1 + FR_RSR + FR_ALPHA1 + RES_FR_WH1 + FR_PROB + EXP(FR_DLLF_SS)-1) - (((1 - FR_BETA) * FR_GDP * FR_PGNP - FR_TAXH) / FR_P + RES_FR_WK * FR_WK)

216: Real human wealth - young : Steady State Version (SS_FR_WH1)
FR_WH1 * GREAL_SS =
FR_WH1 * (1 + FR_RSR + FR_ALPHA1 + RES_FR_WH1 + FR_PROB + EXP(FR_DLLF_SS)-1) - (((1 - FR_BETA) * FR_GDP * FR_PGNP - FR_TAXH) / FR_P + RES_FR_WK * FR_WK)

217: Real human wealth - adult (FR_WH2)
FR_WH2(1) =
FR_WH2 * (1 + FR_RSR + FR_ALPHA2 + RES_FR_WH2 + FR_PROB + EXP(FR_DLLF_SS)-1) - (((1 - FR_BETA) * FR_GDP * FR_PGNP - FR_TAXH) / FR_P + RES_FR_WK * FR_WK)

217: Real human wealth - adult : Steady State Version (SS_FR_WH2)
FR_WH2 * GREAL_SS =
FR_WH2 * (1 + FR_RSR + FR_ALPHA2 + RES_FR_WH2 + FR_PROB + EXP(FR_DLLF_SS)-1) - (((1 - FR_BETA) * FR_GDP * FR_PGNP - FR_TAXH) / FR_P + RES_FR_WK * FR_WK)

218: Real human wealth - old (FR_WH3)
FR_WH3(1) =
FR_WH3 * (1 + FR_RSR + FR_ALPHA3 + RES_FR_WH3 + FR_PROB + EXP(FR_DLLF_SS)-1) - (((1 - FR_BETA) * FR_GDP * FR_PGNP - FR_TAXH) / FR_P + RES_FR_WK * FR_WK)

218: Real human wealth - old : Steady State Version (SS_FR_WH3)
FR_WH3 * GREAL_SS =
FR_WH3 * (1 + FR_RSR + FR_ALPHA3 + RES_FR_WH3 + FR_PROB + EXP(FR_DLLF_SS)-1) - (((1 - FR_BETA) * FR_GDP * FR_PGNP - FR_TAXH) / FR_P + RES_FR_WK * FR_WK)

219: Consumption - current income (FR_C_DI)
FR_C_DI =
(FR_LAMBDA1 * FR_BCHI1 + FR_LAMBDA2 * FR_BCHI2 + FR_LAMBDA3 * (1 - FR_BCHI1 - FR_BCHI2)) * ((1 - FR_BETA) * FR_GDP * FR_PGNP - FR_TAXH) / FR_P + RES_FR_C_DI * GREAL**TME

219: Consumption - current income : Steady State Version (SS_FR_C_DI)
FR_C_DI =
(FR_LAMBDA1 * FR_BCHI1 + FR_LAMBDA2 * FR_BCHI2 + FR_LAMBDA3 * (1 - FR_BCHI1 - FR_BCHI2)) * ((1 - FR_BETA) * FR_GDP * FR_PGNP - FR_TAXH) / FR_P + RES_FR_C_DI * GREAL**TME

220: Consumption - permanent income (FR_C_PI)
FR_C_PI =
FR_MPC * (FR_WK + (FR_M + FR_B + FR_NFA / FR_ER) / FR_P + FR_BCHI1 * (1 - FR_LAMBDA1) * FR_WH1 + FR_BCHI2 * (1 - FR_LAMBDA2) * FR_WH2 + (1 - FR_BCHI1 - FR_BCHI2) * (1 - FR_LAMBDA3) * FR_WH3)

220: Consumption - permanent income : Steady State Version (SS_FR_C_PI)
FR_C_PI =
FR_MPC * (FR_WK + (FR_M + FR_B + FR_NFA / FR_ER) / FR_P + FR_BCHI1 * (1 - FR_LAMBDA1) * FR_WH1 + FR_BCHI2 * (1 - FR_LAMBDA2) * FR_WH2 + (1 - FR_BCHI1 - FR_BCHI2) * (1 - FR_LAMBDA3) * FR_WH3)

221: Real human wealth (FR_WH)
FR_WH =
FR_BCHI1 * FR_WH1 + FR_BCHI2 * FR_WH2 + (1 - FR_BCHI1 - FR_BCHI2) * FR_WH3

221: Real human wealth : Steady State Version (SS_FR_WH)
FR_WH =
FR_BCHI1 * FR_WH1 + FR_BCHI2 * FR_WH2 + (1 - FR_BCHI1 - FR_BCHI2) * FR_WH3

222: Consumption of oil (FR_COIL)
DEL(1: LOG(FR_COIL)) =
FR_COIL0 + FR_COIL1 * DEL(1: LOG(FR_GDP)) + FR_COIL2 * DEL(1: LOG(POIL / FR_ER / FR_PGNP)) + FR_COIL3 * LOG(POIL(-1) / FR_ER(-1) / FR_PGNP(-1)) + FR_COIL4 * LOG(FR_GDP(-1) / FR_COIL(-1)) + RES_FR_COIL

222: Consumption of oil : Steady State Version (SS_FR_COIL)
LOG(GREAL) =
FR_COIL0 + FR_COIL1 * LOG(GREAL) + FR_COIL2 * 0 + FR_COIL3 * LOG(POIL / FR_ER / FR_PGNP) + FR_COIL4 * LOG(FR_GDP / FR_COIL) + RES_FR_COIL

223: Change in investment relative to the capital stock (FR_K)
FR_INVEST / FR_K(-1) - (FR_DELTA_SS + GREAL_SS - 1) =
FR_K1 * (FR_WK / FR_K(-1)-1) + FR_K2 * (FR_WK(-1) / FR_K(-2)-1) + RES_FR_K

223: Change in investment relative to the capital stock : Steady State Version (SS_FR_K)
GREAL * FR_INVEST / FR_K - (FR_DELTA_SS + GREAL_SS - 1) =
(FR_K1 + FR_K2) * (GREAL * FR_WK / FR_K - 1) + RES_FR_K

224: Marginal product of capital (FR_MPK)
FR_MPK =
FR_BETA * FR_GDP / FR_K

224: Marginal product of capital : Steady State Version (SS_FR_MPK)
FR_MPK =
FR_BETA * FR_GDP / FR_K

225: Tobin's Q (FR_Q)
FR_Q =
FR_CHI * (FR_INVEST / FR_K(-1) - (FR_DELTA_SS + GREAL_SS - 1))+1

225: Tobin's Q : Steady State Version (SS_FR_Q)
FR_Q =
1 + FR_CHI * 0

226: Real market value of the capital stock (FR_WK)
FR_WK(1) =
FR_WK * (1 + FR_RSR + FR_K / FR_K(-1)-1 + FR_DELTA + RES_FR_WK) - (FR_BETA * FR_GDP * FR_PGNP - FR_TAXK) / FR_P + (FR_CHI / 2 * ((FR_Q - 1) / FR_CHI)**2 + FR_INVEST / FR_K(-1) * (FR_Q - 1)) * FR_K(-1) * FR_PGNP / FR_P

226: Real market value of the capital stock : Steady State Version (SS_FR_WK)
FR_WK * GREAL =
FR_WK * (1 + FR_RSR + GREAL - 1 + FR_DELTA + RES_FR_WK) - (FR_BETA * FR_GDP * FR_PGNP - FR_TAXK) / FR_P

227: Real gross business investment (FR_INVEST)
FR_INVEST =
DEL(1: FR_K) + FR_DELTA * FR_K(-1)

227: Real gross business investment : Steady State Version (SS_FR_INVEST)
FR_INVEST =
(1 - (1 - FR_DELTA) / GREAL) * FR_K

228: Export volume - manufactured goods (FR_XM)
DEL(1: LOG(FR_XM)) =
FR_XM0 + DEL(1: LOG(FR_FACT)) + FR_XM1 * DEL(1: FR_RCI) + FR_XM2 * (FR_XM3 * FR_RCI(-1) + LOG(FR_FACT(-1)) - LOG(FR_XM(-1))) + RES_FR_XM

228: Export volume - manufactured goods : Steady State Version (SS_FR_XM)
LOG(GREAL) =
FR_XM0 + LOG(GREAL) + FR_XM1 * 0 + FR_XM2 * (FR_XM3 * FR_RCI + LOG(FR_FACT) - LOG(FR_XM)) + RES_FR_XM

229: Export volume - manufactured goods, adjusted for real world trade discrepancy (FR_XMA)
FR_XMA =
FR_XM + T04 * (WTRADER - TRDER * GREAL**TME) / FR_E96

229: Export volume - manufactured goods, adjusted for real world trade discrepancy : Steady State Version (SS_FR_XMA)
FR_XMA =
FR_XM + T04 * (WTRADER - TRDER * GREAL**TME) / FR_E96

230: Total exports volume (FR_XT)
FR_XT =
FR_XMA + FR_XOIL

230: Total exports volume : Steady State Version (SS_FR_XT)
FR_XT =
FR_XMA + FR_XOIL

231: Definition of real domestic economic activity (FR_ACT)
FR_ACT =
FR_C_MPROP * FR_C + FR_INVEST_MPROP * FR_INVEST + FR_G_MPROP * FR_G + FR_XT_MPROP * FR_XT

231: Definition of real domestic economic activity : Steady State Version (SS_FR_ACT)
FR_ACT =
FR_C_MPROP * FR_C + FR_INVEST_MPROP * FR_INVEST + FR_G_MPROP * FR_G + FR_XT_MPROP * FR_XT

232: Import volume - manufactured goods (FR_IM)
DEL(1: LOG(FR_IM)) =
FR_IM0 + DEL(1: LOG(FR_ACT)) + FR_IM1 * DEL(1: LOG(FR_PIMA / FR_PGNPNO)) + FR_IM2 * (FR_IM3 * LOG(FR_PIMA(-1) / FR_PGNPNO(-1)) + LOG(FR_ACT(-1)) - LOG(FR_IM(-1))) + RES_FR_IM

232: Import volume - manufactured goods : Steady State Version (SS_FR_IM)
LOG(GREAL) =
FR_IM0 + LOG(GREAL) + FR_IM1 * 0 + FR_IM2 * (FR_IM3 * LOG(FR_PIMA / FR_PGNPNO) + LOG(FR_ACT) - LOG(FR_IM)) + RES_FR_IM

233: Import volume - oil (FR_IOIL)
FR_IOIL =
FR_COIL + FR_XOIL - FR_PRODOIL + RES_FR_IOIL * GREAL**TME

233: Import volume - oil : Steady State Version (SS_FR_IOIL)
FR_IOIL =
FR_COIL + FR_XOIL - FR_PRODOIL + RES_FR_IOIL * GREAL**TME

234: Import volume - commodities (FR_ICOM)
DEL(1: LOG(FR_ICOM)) =
FR_IC0 + FR_IC2 * DEL(1: LOG(PCOM / FR_ER / FR_PGNP)) + FR_IC1 * DEL(1: LOG(FR_GDP)) + FR_IC3 * LOG(PCOM(-1) / FR_ER(-1) / FR_PGNP(-1)) + FR_IC4 * LOG(FR_GDP(-1)) + FR_IC5 * LOG(FR_ICOM(-1)) + RES_FR_ICOM - (FR_IC4 + FR_IC5) * LOG(GREAL**TME)

234: Import volume - commodities : Steady State Version (SS_FR_ICOM)
LOG(GREAL) =
FR_IC0 + FR_IC2 * 0 + FR_IC1 * LOG(GREAL) + FR_IC3 * LOG(PCOM / FR_ER / FR_PGNP) + FR_IC4 * LOG(FR_GDP / GREAL) + FR_IC5 * LOG(FR_ICOM / GREAL) + RES_FR_ICOM - (FR_IC4 + FR_IC5) * LOG(GREAL**TME)

235: Total imports volume (FR_IT)
FR_IT =
FR_IM + FR_IOIL + FR_ICOM

235: Total imports volume : Steady State Version (SS_FR_IT)
FR_IT =
FR_IM + FR_IOIL + FR_ICOM

236: Definition of real domestic absorption (FR_A)
FR_A =
FR_C + FR_INVEST + FR_G

236: Definition of real domestic absorption : Steady State Version (SS_FR_A)
FR_A =
FR_C + FR_INVEST + FR_G

237: Real GDP identity (FR_GDP)
FR_GDP =
FR_A + FR_XT - FR_IT

237: Real GDP identity : Steady State Version (SS_FR_GDP)
FR_GDP =
FR_A + FR_XT - FR_IT

238: Definition of real GNP (FR_GNP)
FR_GNP =
FR_GDP + (US_R + SUM(I =
-3 TO -1: FR_PREM(I)) / 3) * FR_NFA(-1) / FR_ER / FR_PGNP + RES_FR_GNP * GREAL**TME

238: Definition of real GNP : Steady State Version (SS_FR_GNP)
FR_GNP =
FR_GDP + (US_R + FR_PREM) * FR_NFA / (US_INFL * GREAL) / FR_ER / FR_PGNP + RES_FR_GNP * GREAL**TME

239: Real wealth (financial plus discounted future income) (FR_W)
FR_W =
FR_WH + FR_WK + (FR_M + FR_B + FR_NFA / FR_ER) / FR_P

239: Real wealth (financial plus discounted future income) : Steady State Version (SS_FR_W)
FR_W =
FR_WH + FR_WK + (FR_M + FR_B + FR_NFA / FR_ER) / FR_P

240: Real disposable income (FR_YD)
FR_YD =
(FR_GDP * FR_PGNP - FR_TAX) / FR_P - FR_DELTA * FR_K(-1)

240: Real disposable income : Steady State Version (SS_FR_YD)
FR_YD =
(FR_GDP * FR_PGNP - FR_TAX) / FR_P - FR_DELTA * FR_K / GREAL

241: Total government expenditures - nominal (FR_GE)
FR_GE =
FR_P * FR_G + FR_R * FR_B(-1) + FR_GEXOG

241: Total government expenditures - nominal : Steady State Version (SS_FR_GE)
FR_GE =
FR_P * FR_G + FR_R * FR_B / (GREAL * FR_INFL) + FR_GEXOG

242: Government tax receipts (FR_TAX)
FR_TAX =
FR_TRATE * FR_PGNP * FR_GNP

242: Government tax receipts : Steady State Version (SS_FR_TAX)
FR_TAX =
FR_TRATE * FR_PGNP * FR_GNP

243: Taxes on capital (FR_TAXK)
FR_TAXK =
FR_TAXK_ALPHA * FR_TAXK_SHAR * FR_TAX + (1 - FR_TAXK_ALPHA) * FR_TRATEK * FR_BETA * FR_GDP * FR_PGNP

243: Taxes on capital : Steady State Version (SS_FR_TAXK)
FR_TAXK =
FR_TAXK_ALPHA * FR_TAXK_SHAR * FR_TAX + (1 - FR_TAXK_ALPHA) * FR_TRATEK * FR_BETA * FR_GDP * FR_PGNP

244: Taxes on labor (FR_TAXH)
FR_TAXH =
FR_TAX - FR_TAXK

244: Taxes on labor : Steady State Version (SS_FR_TAXH)
FR_TAXH =
FR_TAX - FR_TAXK

245: Average tax rate (FR_TRATE)
FR_TRATE =
FR_TRATE_EXOG * (1 - FR_TRATE_ALPHA) + FR_TRATE_ALPHA * (SUM(I =
-2 TO 2: FR_TRATE(I) / 5) + TAU1 * (FR_B(1) / (FR_GNP(1) * FR_PGNP(1)) - FR_BT_GDP_RAT(1)) + RES_FR_TRATE)

245: Average tax rate : Steady State Version (SS_FR_TRATE)
0 =
TAU1 * (FR_B / (FR_GNP * FR_PGNP) - FR_BT_GDP_RAT) + RES_FR_TRATE

246: No equation Description (FR_BT)
FR_BT =
FR_BT_GDP_RAT * FR_GNP * FR_PGNP

246: No equation Description : Steady State Version (SS_FR_BT)
FR_BT =
FR_BT_GDP_RAT * FR_GNP * FR_PGNP

247: Government balance sheet (solves for nominal government debt) (FR_B)
DEL(1: FR_B) + DEL(1: FR_M) =
FR_R * FR_B(-1) + FR_P * FR_G - FR_TAX

247: Government balance sheet (solves for nominal government debt) : Steady State Version (SS_FR_B)
(FR_B + FR_M) * (1-1 / (FR_INFL * GREAL)) =
FR_R * FR_B / (FR_INFL * GREAL) + FR_P * FR_G - FR_TAX

248: Definition of nominal government deficit (FR_GDEF)
FR_GDEF =
DEL(1: FR_B + FR_M)

248: Definition of nominal government deficit : Steady State Version (SS_FR_GDEF)
FR_GDEF =
(FR_B + FR_M) * (1-1 / (FR_INFL * GREAL))

249: Money demand function (FR_M)
LOG(FR_M / FR_P) =
FR_M0 + (1 - FR_M4) * LOG(FR_A) + FR_M2 * FR_RS + FR_M4 * LOG(FR_M(-1) / FR_P(-1)) + RES_FR_M

249: Money demand function : Steady State Version (SS_FR_M)
LOG(FR_M / FR_P) =
FR_M0 + (1 - FR_M4) * LOG(FR_A) + FR_M2 * FR_RS + FR_M4 * LOG(FR_M / FR_P / GREAL) + RES_FR_M

250: Money supply reaction function - short-term interest rate (FR_RS)
FR_RS =
(1 - FR_X_RS1) * FR_RS_EXOG + FR_X_RS1 * (FR_RS(-1) + FR_RS1 * LOG(FR_MT / FR_M) / FR_M2 + FR_RS2 * LOG(GR_ER / FR_ER / FR_PAR) + FR_RSCON2 + RES_FR_RS) + FR_RS1PERM * 0

250: Money supply reaction function - short-term interest rate : Steady State Version (SS_FR_RS)
0 =
FR_RS1PERM * LOG(FR_MT / FR_M) / FR_M2 + FR_RS2 * LOG(GR_ER / FR_ER / FR_PAR) + RES_FR_RS + 0 * FR_RS1 * FR_RS_EXOG * FR_RSCON * FR_RSCON2

251: Term structure of interest rates (solves for long-term rate) (FR_RL)
FR_RL / 100 =
((1 + FR_RS / 100) * (1 + FR_RS(1) / 100) * (1 + FR_RS(2) / 100) * (1 + FR_RS(3) / 100) * (1 + FR_RS(4) / 100) * (1 + FR_RS(5) / 100) * (1 + FR_RS(6) / 100) * (1 + FR_RS(7) / 100) * (1 + FR_RS(8) / 100) * (1 + FR_RS(9) / 100))**0.1 * (1 + FR_TPREM)-1 + RES_FR_RL

251: Term structure of interest rates (solves for long-term rate) : Steady State Version (SS_FR_RL)
FR_RL / 100 =
(1 + FR_RS / 100) * (1 + FR_TPREM)-1 + RES_FR_RL

252: Interest rate on NFA faced by industrialized countries (FR_R)
FR_R =
0.5 * FR_RS(-1) / 100+0.5 * SUM(I =
-3 TO -1: FR_RL(I) / 100) / 3

252: Interest rate on NFA faced by industrialized countries : Steady State Version (SS_FR_R)
FR_R =
0.5 * FR_RS / 100+0.5 * FR_RL / 100

253: Real long-term interest rate (ex ante) (FR_RLR)
FR_RLR =
(1 + FR_RL / 100) / (FR_P(10) / FR_P)**0.1-1

253: Real long-term interest rate (ex ante) : Steady State Version (SS_FR_RLR)
FR_RLR =
(1 + FR_RL / 100) / FR_INFL - 1

254: Real short-term interest rate (ex ante) (FR_RSR)
FR_RSR =
(1 + FR_RS / 100) / (FR_P(1) / FR_P)-1

254: Real short-term interest rate (ex ante) : Steady State Version (SS_FR_RSR)
FR_RSR =
(1 + FR_RS / 100) / FR_INFL - 1

255: Non-oil GNP deflator (FR_PGNPNO)
FR_PGNPNO =
(FR_GDP * FR_PGNP - FR_PRODOIL * POIL / FR_ER * FR_E96) / (FR_GDP - FR_PRODOIL)

255: Non-oil GNP deflator : Steady State Version (SS_FR_PGNPNO)
FR_PGNPNO =
(FR_GDP * FR_PGNP - FR_PRODOIL * POIL / FR_ER * FR_E96) / (FR_GDP - FR_PRODOIL)

256: PGNP identity (with discrepancy) (FR_P)
FR_PGNP =
(FR_P * FR_A + FR_XT * FR_PXT - FR_IT * FR_PIT) / FR_GDP + RES_FR_P * FR_PGNP

256: PGNP identity (with discrepancy) : Steady State Version (SS_FR_P)
FR_PGNP =
(FR_P * FR_A + FR_XT * FR_PXT - FR_IT * FR_PIT) / FR_GDP + RES_FR_P * FR_PGNP

257: Manufactured goods export price (FR_PXM)
DEL(1: LOG(FR_PXM)) =
FR_PXM0 + FR_PXM1 * DEL(1: LOG(FR_PGNPNO)) + (1 - FR_PXM1) * DEL(1: LOG(FR_PFM)) + FR_PXM2 * LOG(FR_PGNPNO(-1) / FR_PXM(-1)) + RES_FR_PXM

257: Manufactured goods export price : Steady State Version (SS_FR_PXM)
FR_INFL =
FR_PXM0 + FR_PXM1 * FR_INFL + (1 - FR_PXM1) * FR_INFL + FR_PXM2 * LOG(FR_PGNPNO / FR_PXM) + RES_FR_PXM

258: Total export price (FR_PXT)
FR_PXT =
(FR_XMA * FR_PXM + POIL / FR_ER * FR_E96 * FR_XOIL) / FR_XT

258: Total export price : Steady State Version (SS_FR_PXT)
FR_PXT =
(FR_XMA * FR_PXM + POIL / FR_ER * FR_E96 * FR_XOIL) / FR_XT

259: Manufactured goods import price (FR_PIM)
FR_PIM =
(S0104 * US_PXM + S0204 * JA_PXM * JA_ER / JA_E96 + S0304 * GR_PXM * GR_ER / GR_E96 + S0404 * FR_PXM * FR_ER / FR_E96 + S0504 * IT_PXM * IT_ER / IT_E96 + S0604 * UK_PXM * UK_ER / UK_E96 + S0704 * CA_PXM * CA_ER / CA_E96 + S0804 * SI_PXM * SI_ER / SI_E96 + S0904 * RW_PXM * RW_ER / RW_E96) / (FR_ER / FR_E96) * (1 + RES_FR_PIM)

259: Manufactured goods import price : Steady State Version (SS_FR_PIM)
FR_PIM =
(S0104 * US_PXM + S0204 * JA_PXM * JA_ER / JA_E96 + S0304 * GR_PXM * GR_ER / GR_E96 + S0404 * FR_PXM * FR_ER / FR_E96 + S0504 * IT_PXM * IT_ER / IT_E96 + S0604 * UK_PXM * UK_ER / UK_E96 + S0704 * CA_PXM * CA_ER / CA_E96 + S0804 * SI_PXM * SI_ER / SI_E96 + S0904 * RW_PXM * RW_ER / RW_E96) / (FR_ER / FR_E96) * (1 + RES_FR_PIM)

260: Import price for manufactured goods - adjusted for world trade discrepancy (FR_PIMA)
FR_PIMA =
FR_PIM + T04 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / FR_ER / FR_IM

260: Import price for manufactured goods - adjusted for world trade discrepancy : Steady State Version (SS_FR_PIMA)
FR_PIMA =
FR_PIM + T04 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / FR_ER / FR_IM

261: Total import price (FR_PIT)
FR_PIT =
(FR_IM * FR_PIMA + FR_IOIL * POIL / FR_ER * FR_E96 + FR_ICOM * PCOM / FR_ER * FR_E96) / FR_IT

261: Total import price : Steady State Version (SS_FR_PIT)
FR_PIT =
(FR_IM * FR_PIMA + FR_IOIL * POIL / FR_ER * FR_E96 + FR_ICOM * PCOM / FR_ER * FR_E96) / FR_IT

262: No equation Description (FR_TFP_FE)
LOG(FR_TFP_FE) =
RES_FR_TFP_FE

262: No equation Description : Steady State Version (SS_FR_TFP_FE)
LOG(FR_TFP_FE) =
RES_FR_TFP_FE

263: Full-employment output production function (FR_GDP_FE)
FR_GDP_FE =
FR_TFP_FE * FR_K**FR_BETA * ((1 - FR_UNR_FE / 100) * FR_LF)**(1 - FR_BETA)

263: Full-employment output production function : Steady State Version (SS_FR_GDP_FE)
FR_GDP_FE =
FR_TFP_FE * FR_K**FR_BETA * ((1 - FR_UNR_FE / 100) * FR_LF)**(1 - FR_BETA)

264: Labor force (FR_LF)
FR_LF =
FR_POP * FR_PART / (1 + FR_DEM3)

264: Labor force : Steady State Version (SS_FR_LF)
FR_LF =
FR_POP * FR_PART / (1 + FR_DEM3)

265: Capacity utilization (FR_CU)
FR_CU =
100 * FR_GDP / FR_GDP_FE

265: Capacity utilization : Steady State Version (SS_FR_CU)
FR_CU =
100 * FR_GDP / FR_GDP_FE

266: Balance of payments (claims on foreigners), current U.S. dollars (FR_NFA)
DEL(1: FR_NFA) =
(FR_XT * FR_PXT - FR_IT * FR_PIT) * FR_ER + (US_R + SUM(I =
-3 TO -1: FR_PREM(I)) / 3) * FR_NFA(-1) + RES_FR_NFA * US_INFL**TME * GREAL**TME

266: Balance of payments (claims on foreigners), current U.S. dollars : Steady State Version (SS_FR_NFA)
FR_NFA * (1-1 / (US_INFL * GREAL)) =
(FR_XT * FR_PXT - FR_IT * FR_PIT) * FR_ER + (US_R + FR_PREM) * FR_NFA / (US_INFL * GREAL) + RES_FR_NFA * US_INFL**TME * GREAL**TME

267: Trade balance - local currency (FR_TB)
FR_TB =
FR_XT * FR_PXT - FR_IT * FR_PIT

267: Trade balance - local currency : Steady State Version (SS_FR_TB)
FR_TB =
FR_XT * FR_PXT - FR_IT * FR_PIT

268: Current account - current U.S. dollars (FR_CURBAL)
FR_CURBAL =
DEL(1: FR_NFA)

268: Current account - current U.S. dollars : Steady State Version (SS_FR_CURBAL)
FR_CURBAL =
FR_NFA * (1-1 / (US_INFL * GREAL))

269: Open interest parity condition (solves for exchange rate) (FR_ER)
1 + US_RS / 100 =
(1 + FR_RS / 100) * FR_ER(1) / FR_ER - FR_PREM + RES_FR_ER

269: Open interest parity condition (solves for exchange rate) : Steady State Version (SS_FR_ER)
1 + US_RS / 100 =
(1 + FR_RS / 100) * US_INFL / FR_INFL - FR_PREM + RES_FR_ER

270: Real effective exchange rate (relative export price) (FR_RCI)
FR_RCI =
LOG(FR_PXM) - LOG(FR_PFM)

270: Real effective exchange rate (relative export price) : Steady State Version (SS_FR_RCI)
FR_RCI =
LOG(FR_PXM) - LOG(FR_PFM)

271: Weighted average of foreign activity (FR_FACT)
FR_FACT =
(US_IM * US_E96 * S0401 + JA_IM * JA_E96 * S0402 + GR_IM * GR_E96 * S0403 + FR_IM * FR_E96 * S0404 + IT_IM * IT_E96 * S0405 + UK_IM * UK_E96 * S0406 + CA_IM * CA_E96 * S0407 + SI_IM * SI_E96 * S0408 + (HO_IM + DC_IM) * RW_E96 * S0409) / FR_E96

271: Weighted average of foreign activity : Steady State Version (SS_FR_FACT)
FR_FACT =
(US_IM * US_E96 * S0401 + JA_IM * JA_E96 * S0402 + GR_IM * GR_E96 * S0403 + FR_IM * FR_E96 * S0404 + IT_IM * IT_E96 * S0405 + UK_IM * UK_E96 * S0406 + CA_IM * CA_E96 * S0407 + SI_IM * SI_E96 * S0408 + (HO_IM + DC_IM) * RW_E96 * S0409) / FR_E96

272: Prices in foreign markets (FR_PFM)
LOG(FR_PFM) =
W0401 * LOG(US_PXM * US_ER / US_E96) + W0402 * LOG(JA_PXM * JA_ER / JA_E96) + W0403 * LOG(GR_PXM * GR_ER / GR_E96) + W0404 * LOG(FR_ER / FR_E96) + W0405 * LOG(IT_PXM * IT_ER / IT_E96) + W0406 * LOG(UK_PXM * UK_ER / UK_E96) + W0407 * LOG(CA_PXM * CA_ER / CA_E96) + W0408 * LOG(SI_PXM * SI_ER / SI_E96) + W0409 * LOG(RW_PXM * RW_ER / RW_E96)

272: Prices in foreign markets : Steady State Version (SS_FR_PFM)
LOG(FR_PFM) =
W0401 * LOG(US_PXM * US_ER / US_E96) + W0402 * LOG(JA_PXM * JA_ER / JA_E96) + W0403 * LOG(GR_PXM * GR_ER / GR_E96) + W0404 * LOG(FR_ER / FR_E96) + W0405 * LOG(IT_PXM * IT_ER / IT_E96) + W0406 * LOG(UK_PXM * UK_ER / UK_E96) + W0407 * LOG(CA_PXM * CA_ER / CA_E96) + W0408 * LOG(SI_PXM * SI_ER / SI_E96) + W0409 * LOG(RW_PXM * RW_ER / RW_E96)

273: Nominal effective exchange rate (FR_NEER)
FR_NEER =
EXP( - V0401 * LOG(US_ER / US_E96) - V0402 * LOG(JA_ER / JA_E96) - V0403 * LOG(GR_ER / GR_E96) + LOG(FR_ER / FR_E96) - V0405 * LOG(IT_ER / IT_E96) - V0406 * LOG(UK_ER / UK_E96) - V0407 * LOG(CA_ER / CA_E96) - V0408 * LOG(SI_ER / SI_E96))

273: Nominal effective exchange rate : Steady State Version (SS_FR_NEER)
FR_NEER =
EXP( - V0401 * LOG(US_ER / US_E96) - V0402 * LOG(JA_ER / JA_E96) - V0403 * LOG(GR_ER / GR_E96) + LOG(FR_ER / FR_E96) - V0405 * LOG(IT_ER / IT_E96) - V0406 * LOG(UK_ER / UK_E96) - V0407 * LOG(CA_ER / CA_E96) - V0408 * LOG(SI_ER / SI_E96))