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The Germany Model

138: Consumer price index (GR_CPI)
DEL(1: LOG(GR_CPI)) =
GR_CPI1 * DEL(1: LOG(GR_PIM)) + GR_CPI2 * DEL(1: LOG(GR_PGNP)) + (1 - GR_CPI1 - GR_CPI2) * LOG(GR_CPI(-1) / GR_CPI(-2)) + RES_GR_CPI

138: Consumer price index : Steady State Version (SS_GR_CPI)
DEL(1: LOG(GR_CPI)) =
DEL(1: LOG(GR_PGNP))+0 * (GR_CPI1 + GR_CPI2) + RES_GR_CPI

139: Unemployment rate (GR_UNR_A)
GR_UNR_A =
GR_UNR_FE + GR_UNR_1 * 100 * LOG(GR_GDP / GR_GDP_FE) + GR_UNR_2 * (GR_UNR(-1) - GR_UNR_FE(-1)) + RES_GR_UNR_A

139: Unemployment rate : Steady State Version (SS_GR_UNR_A)
GR_UNR_A =
GR_UNR_FE - 100 * LOG(GR_GDP / GR_GDP_FE) + RES_GR_UNR_A + GR_UNR_1 * GR_UNR_2 * 0

140: Unemployment rate (restricting the value to be above zero) (GR_UNR)
GR_UNR =
MAX(GR_UNR_A,0.1)

140: Unemployment rate (restricting the value to be above zero) : Steady State Version (SS_GR_UNR)
GR_UNR =
GR_UNR_A

141: Price level (GNP deflator) (GR_PGNP)
DEL(1: LOG(GR_PGNPNO)) =
GR_LAMBDA * (GR_DELTA_PI * DEL(1: LOG(GR_PGNPNO(1))) + (1 - GR_DELTA_PI) * DEL(1: LOG(GR_PGNPNO(-1)))) + (1 - GR_LAMBDA) * DEL(1: LOG(GR_PGNPNO(-1))) + GR_GAMMA / 100 * (GR_NLIN - GR_UNR) / (GR_UNR - GR_PHI) + RES_GR_PGNP

141: Price level (GNP deflator) : Steady State Version (SS_GR_PGNP)
0 * LOG(GR_PGNPNO) =
GR_GAMMA / 100 * (GR_NLIN - GR_UNR) / (GR_UNR - GR_PHI)+0 * GR_LAMBDA * GR_DELTA_PI + RES_GR_PGNP

142: Inflation (GR_INFL)
GR_INFL =
GR_MGROW / GREAL

142: Inflation : Steady State Version (SS_GR_INFL)
GR_INFL =
GR_MGROW / GREAL

143: Labor force growth (GR_DLLF)
GR_DLLF =
LOG(GR_LF / GR_LF(-1))

143: Labor force growth : Steady State Version (SS_GR_DLLF)
GR_DLLF =
LOG(GR_LF / GR_LF(-1))

144: Real GDP growth (GR_DLGDP)
GR_DLGDP =
LOG(GR_GDP / GR_GDP(-1))

144: Real GDP growth : Steady State Version (SS_GR_DLGDP)
GR_DLGDP =
LOG(GR_GDP / GR_GDP(-1))

145: Personal household expenditure (GR_C)
GR_C =
GR_C_DI + GR_C_PI

145: Personal household expenditure : Steady State Version (SS_GR_C)
GR_C =
GR_C_DI + GR_C_PI

146: Marginal propensity to consume (GR_MPC)
GR_MPC =
1 / GR_MPCINV

146: Marginal propensity to consume : Steady State Version (SS_GR_MPC)
GR_MPC =
GR_RSR * (1-1 / GR_SIGMA) + RES_GR_MPC / GR_SIGMA + GR_PROB

147: Marginal propensity to consume - inverse (GR_MPCINV)
GR_MPCINV(1) =
GR_MPCINV - 1 - ((1 - GR_SIGMA) * (GR_RSR + GR_PROB) - (RES_GR_MPC + GR_PROB)) * GR_MPCINV / GR_SIGMA

147: Marginal propensity to consume - inverse : Steady State Version (SS_GR_MPCINV)
GR_MPCINV =
1 / GR_MPC

148: Real human wealth - young (GR_WH1)
GR_WH1(1) =
GR_WH1 * (1 + GR_RSR + GR_ALPHA1 + RES_GR_WH1 + GR_PROB + EXP(GR_DLLF_SS)-1) - (((1 - GR_BETA) * GR_GDP * GR_PGNP - GR_TAXH) / GR_P + RES_GR_WK * GR_WK)

148: Real human wealth - young : Steady State Version (SS_GR_WH1)
GR_WH1 * GREAL_SS =
GR_WH1 * (1 + GR_RSR + GR_ALPHA1 + RES_GR_WH1 + GR_PROB + EXP(GR_DLLF_SS)-1) - (((1 - GR_BETA) * GR_GDP * GR_PGNP - GR_TAXH) / GR_P + RES_GR_WK * GR_WK)

149: Real human wealth - adult (GR_WH2)
GR_WH2(1) =
GR_WH2 * (1 + GR_RSR + GR_ALPHA2 + RES_GR_WH2 + GR_PROB + EXP(GR_DLLF_SS)-1) - (((1 - GR_BETA) * GR_GDP * GR_PGNP - GR_TAXH) / GR_P + RES_GR_WK * GR_WK)

149: Real human wealth - adult : Steady State Version (SS_GR_WH2)
GR_WH2 * GREAL_SS =
GR_WH2 * (1 + GR_RSR + GR_ALPHA2 + RES_GR_WH2 + GR_PROB + EXP(GR_DLLF_SS)-1) - (((1 - GR_BETA) * GR_GDP * GR_PGNP - GR_TAXH) / GR_P + RES_GR_WK * GR_WK)

150: Real human wealth - old (GR_WH3)
GR_WH3(1) =
GR_WH3 * (1 + GR_RSR + GR_ALPHA3 + RES_GR_WH3 + GR_PROB + EXP(GR_DLLF_SS)-1) - (((1 - GR_BETA) * GR_GDP * GR_PGNP - GR_TAXH) / GR_P + RES_GR_WK * GR_WK)

150: Real human wealth - old : Steady State Version (SS_GR_WH3)
GR_WH3 * GREAL_SS =
GR_WH3 * (1 + GR_RSR + GR_ALPHA3 + RES_GR_WH3 + GR_PROB + EXP(GR_DLLF_SS)-1) - (((1 - GR_BETA) * GR_GDP * GR_PGNP - GR_TAXH) / GR_P + RES_GR_WK * GR_WK)

151: Consumption - current income (GR_C_DI)
GR_C_DI =
(GR_LAMBDA1 * GR_BCHI1 + GR_LAMBDA2 * GR_BCHI2 + GR_LAMBDA3 * (1 - GR_BCHI1 - GR_BCHI2)) * ((1 - GR_BETA) * GR_GDP * GR_PGNP - GR_TAXH) / GR_P + RES_GR_C_DI * GREAL**TME

151: Consumption - current income : Steady State Version (SS_GR_C_DI)
GR_C_DI =
(GR_LAMBDA1 * GR_BCHI1 + GR_LAMBDA2 * GR_BCHI2 + GR_LAMBDA3 * (1 - GR_BCHI1 - GR_BCHI2)) * ((1 - GR_BETA) * GR_GDP * GR_PGNP - GR_TAXH) / GR_P + RES_GR_C_DI * GREAL**TME

152: Consumption - permanent income (GR_C_PI)
GR_C_PI =
GR_MPC * (GR_WK + (GR_M + GR_B + GR_NFA / GR_ER) / GR_P + GR_BCHI1 * (1 - GR_LAMBDA1) * GR_WH1 + GR_BCHI2 * (1 - GR_LAMBDA2) * GR_WH2 + (1 - GR_BCHI1 - GR_BCHI2) * (1 - GR_LAMBDA3) * GR_WH3)

152: Consumption - permanent income : Steady State Version (SS_GR_C_PI)
GR_C_PI =
GR_MPC * (GR_WK + (GR_M + GR_B + GR_NFA / GR_ER) / GR_P + GR_BCHI1 * (1 - GR_LAMBDA1) * GR_WH1 + GR_BCHI2 * (1 - GR_LAMBDA2) * GR_WH2 + (1 - GR_BCHI1 - GR_BCHI2) * (1 - GR_LAMBDA3) * GR_WH3)

153: Real human wealth (GR_WH)
GR_WH =
GR_BCHI1 * GR_WH1 + GR_BCHI2 * GR_WH2 + (1 - GR_BCHI1 - GR_BCHI2) * GR_WH3

153: Real human wealth : Steady State Version (SS_GR_WH)
GR_WH =
GR_BCHI1 * GR_WH1 + GR_BCHI2 * GR_WH2 + (1 - GR_BCHI1 - GR_BCHI2) * GR_WH3

154: Consumption of oil (GR_COIL)
DEL(1: LOG(GR_COIL)) =
GR_COIL0 + GR_COIL1 * DEL(1: LOG(GR_GDP)) + GR_COIL2 * DEL(1: LOG(POIL / GR_ER / GR_PGNP)) + GR_COIL3 * LOG(POIL(-1) / GR_ER(-1) / GR_PGNP(-1)) + GR_COIL4 * LOG(GR_GDP(-1) / GR_COIL(-1)) + RES_GR_COIL

154: Consumption of oil : Steady State Version (SS_GR_COIL)
LOG(GREAL) =
GR_COIL0 + GR_COIL1 * LOG(GREAL) + GR_COIL2 * 0 + GR_COIL3 * LOG(POIL / GR_ER / GR_PGNP) + GR_COIL4 * LOG(GR_GDP / GR_COIL) + RES_GR_COIL

155: Change in investment relative to the capital stock (GR_K)
GR_INVEST / GR_K(-1) - (GR_DELTA_SS + GREAL_SS - 1) =
GR_K1 * (GR_WK / GR_K(-1)-1) + GR_K2 * (GR_WK(-1) / GR_K(-2)-1) + RES_GR_K

155: Change in investment relative to the capital stock : Steady State Version (SS_GR_K)
GREAL * GR_INVEST / GR_K - (GR_DELTA_SS + GREAL_SS - 1) =
(GR_K1 + GR_K2) * (GREAL * GR_WK / GR_K - 1) + RES_GR_K

156: Marginal product of capital (GR_MPK)
GR_MPK =
GR_BETA * GR_GDP / GR_K

156: Marginal product of capital : Steady State Version (SS_GR_MPK)
GR_MPK =
GR_BETA * GR_GDP / GR_K

157: Tobin's Q (GR_Q)
GR_Q =
GR_CHI * (GR_INVEST / GR_K(-1) - (GR_DELTA_SS + GREAL_SS - 1))+1

157: Tobin's Q : Steady State Version (SS_GR_Q)
GR_Q =
1 + GR_CHI * 0

158: Real market value of the capital stock (GR_WK)
GR_WK(1) =
GR_WK * (1 + GR_RSR + GR_K / GR_K(-1)-1 + GR_DELTA + RES_GR_WK) - (GR_BETA * GR_GDP * GR_PGNP - GR_TAXK) / GR_P + (GR_CHI / 2 * ((GR_Q - 1) / GR_CHI)**2 + GR_INVEST / GR_K(-1) * (GR_Q - 1)) * GR_K(-1) * GR_PGNP / GR_P

158: Real market value of the capital stock : Steady State Version (SS_GR_WK)
GR_WK * GREAL =
GR_WK * (1 + GR_RSR + GREAL - 1 + GR_DELTA + RES_GR_WK) - (GR_BETA * GR_GDP * GR_PGNP - GR_TAXK) / GR_P

159: Real gross business investment (GR_INVEST)
GR_INVEST =
DEL(1: GR_K) + GR_DELTA * GR_K(-1)

159: Real gross business investment : Steady State Version (SS_GR_INVEST)
GR_INVEST =
(1 - (1 - GR_DELTA) / GREAL) * GR_K

160: Export volume - manufactured goods (GR_XM)
DEL(1: LOG(GR_XM)) =
GR_XM0 + DEL(1: LOG(GR_FACT)) + GR_XM1 * DEL(1: GR_RCI) + GR_XM2 * (GR_XM3 * GR_RCI(-1) + LOG(GR_FACT(-1)) - LOG(GR_XM(-1))) + RES_GR_XM

160: Export volume - manufactured goods : Steady State Version (SS_GR_XM)
LOG(GREAL) =
GR_XM0 + LOG(GREAL) + GR_XM1 * 0 + GR_XM2 * (GR_XM3 * GR_RCI + LOG(GR_FACT) - LOG(GR_XM)) + RES_GR_XM

161: Export volume - manufactured goods, adjusted for real world trade discrepancy (GR_XMA)
GR_XMA =
GR_XM + T03 * (WTRADER - TRDER * GREAL**TME) / GR_E96

161: Export volume - manufactured goods, adjusted for real world trade discrepancy : Steady State Version (SS_GR_XMA)
GR_XMA =
GR_XM + T03 * (WTRADER - TRDER * GREAL**TME) / GR_E96

162: Total exports volume (GR_XT)
GR_XT =
GR_XMA + GR_XOIL

162: Total exports volume : Steady State Version (SS_GR_XT)
GR_XT =
GR_XMA + GR_XOIL

163: Definition of real domestic economic activity (GR_ACT)
GR_ACT =
GR_C_MPROP * GR_C + GR_INVEST_MPROP * GR_INVEST + GR_G_MPROP * GR_G + GR_XT_MPROP * GR_XT

163: Definition of real domestic economic activity : Steady State Version (SS_GR_ACT)
GR_ACT =
GR_C_MPROP * GR_C + GR_INVEST_MPROP * GR_INVEST + GR_G_MPROP * GR_G + GR_XT_MPROP * GR_XT

164: Import volume - manufactured goods (GR_IM)
DEL(1: LOG(GR_IM)) =
GR_IM0 + DEL(1: LOG(GR_ACT)) + GR_IM1 * DEL(1: LOG(GR_PIMA / GR_PGNPNO)) + GR_IM2 * (GR_IM3 * LOG(GR_PIMA(-1) / GR_PGNPNO(-1)) + LOG(GR_ACT(-1)) - LOG(GR_IM(-1))) + RES_GR_IM

164: Import volume - manufactured goods : Steady State Version (SS_GR_IM)
LOG(GREAL) =
GR_IM0 + LOG(GREAL) + GR_IM1 * 0 + GR_IM2 * (GR_IM3 * LOG(GR_PIMA / GR_PGNPNO) + LOG(GR_ACT) - LOG(GR_IM)) + RES_GR_IM

165: Import volume - oil (GR_IOIL)
GR_IOIL =
GR_COIL + GR_XOIL - GR_PRODOIL + RES_GR_IOIL * GREAL**TME

165: Import volume - oil : Steady State Version (SS_GR_IOIL)
GR_IOIL =
GR_COIL + GR_XOIL - GR_PRODOIL + RES_GR_IOIL * GREAL**TME

166: Import volume - commodities (GR_ICOM)
DEL(1: LOG(GR_ICOM)) =
GR_IC0 + GR_IC2 * DEL(1: LOG(PCOM / GR_ER / GR_PGNP)) + GR_IC1 * DEL(1: LOG(GR_GDP)) + GR_IC3 * LOG(PCOM(-1) / GR_ER(-1) / GR_PGNP(-1)) + GR_IC4 * LOG(GR_GDP(-1)) + GR_IC5 * LOG(GR_ICOM(-1)) + RES_GR_ICOM - (GR_IC4 + GR_IC5) * LOG(GREAL**TME)

166: Import volume - commodities : Steady State Version (SS_GR_ICOM)
LOG(GREAL) =
GR_IC0 + GR_IC2 * 0 + GR_IC1 * LOG(GREAL) + GR_IC3 * LOG(PCOM / GR_ER / GR_PGNP) + GR_IC4 * LOG(GR_GDP / GREAL) + GR_IC5 * LOG(GR_ICOM / GREAL) + RES_GR_ICOM - (GR_IC4 + GR_IC5) * LOG(GREAL**TME)

167: Total imports volume (GR_IT)
GR_IT =
GR_IM + GR_IOIL + GR_ICOM

167: Total imports volume : Steady State Version (SS_GR_IT)
GR_IT =
GR_IM + GR_IOIL + GR_ICOM

168: Definition of real domestic absorption (GR_A)
GR_A =
GR_C + GR_INVEST + GR_G

168: Definition of real domestic absorption : Steady State Version (SS_GR_A)
GR_A =
GR_C + GR_INVEST + GR_G

169: Real GDP identity (GR_GDP)
GR_GDP =
GR_A + GR_XT - GR_IT

169: Real GDP identity : Steady State Version (SS_GR_GDP)
GR_GDP =
GR_A + GR_XT - GR_IT

170: Definition of real GNP (GR_GNP)
GR_GNP =
GR_GDP + (US_R + SUM(I =
-3 TO -1: GR_PREM(I)) / 3) * GR_NFA(-1) / GR_ER / GR_PGNP + RES_GR_GNP * GREAL**TME

170: Definition of real GNP : Steady State Version (SS_GR_GNP)
GR_GNP =
GR_GDP + (US_R + GR_PREM) * GR_NFA / (US_INFL * GREAL) / GR_ER / GR_PGNP + RES_GR_GNP * GREAL**TME

171: Real wealth (financial plus discounted future income) (GR_W)
GR_W =
GR_WH + GR_WK + (GR_M + GR_B + GR_NFA / GR_ER) / GR_P

171: Real wealth (financial plus discounted future income) : Steady State Version (SS_GR_W)
GR_W =
GR_WH + GR_WK + (GR_M + GR_B + GR_NFA / GR_ER) / GR_P

172: Real disposable income (GR_YD)
GR_YD =
(GR_GDP * GR_PGNP - GR_TAX) / GR_P - GR_DELTA * GR_K(-1)

172: Real disposable income : Steady State Version (SS_GR_YD)
GR_YD =
(GR_GDP * GR_PGNP - GR_TAX) / GR_P - GR_DELTA * GR_K / GREAL

173: Total government expenditures - nominal (GR_GE)
GR_GE =
GR_P * GR_G + GR_R * GR_B(-1) + GR_GEXOG

173: Total government expenditures - nominal : Steady State Version (SS_GR_GE)
GR_GE =
GR_P * GR_G + GR_R * GR_B / (GREAL * GR_INFL) + GR_GEXOG

174: Government tax receipts (GR_TAX)
GR_TAX =
GR_TRATE * GR_PGNP * GR_GNP

174: Government tax receipts : Steady State Version (SS_GR_TAX)
GR_TAX =
GR_TRATE * GR_PGNP * GR_GNP

175: Taxes on capital (GR_TAXK)
GR_TAXK =
GR_TAXK_ALPHA * GR_TAXK_SHAR * GR_TAX + (1 - GR_TAXK_ALPHA) * GR_TRATEK * GR_BETA * GR_GDP * GR_PGNP

175: Taxes on capital : Steady State Version (SS_GR_TAXK)
GR_TAXK =
GR_TAXK_ALPHA * GR_TAXK_SHAR * GR_TAX + (1 - GR_TAXK_ALPHA) * GR_TRATEK * GR_BETA * GR_GDP * GR_PGNP

176: Taxes on labor (GR_TAXH)
GR_TAXH =
GR_TAX - GR_TAXK

176: Taxes on labor : Steady State Version (SS_GR_TAXH)
GR_TAXH =
GR_TAX - GR_TAXK

177: Average tax rate (GR_TRATE)
GR_TRATE =
GR_TRATE_EXOG * (1 - GR_TRATE_ALPHA) + GR_TRATE_ALPHA * (SUM(I =
-2 TO 2: GR_TRATE(I) / 5) + TAU1 * (GR_B(1) / (GR_GNP(1) * GR_PGNP(1)) - GR_BT_GDP_RAT(1)) + RES_GR_TRATE)

177: Average tax rate : Steady State Version (SS_GR_TRATE)
0 =
TAU1 * (GR_B / (GR_GNP * GR_PGNP) - GR_BT_GDP_RAT) + RES_GR_TRATE

178: No equation Description (GR_BT)
GR_BT =
GR_BT_GDP_RAT * GR_GNP * GR_PGNP

178: No equation Description : Steady State Version (SS_GR_BT)
GR_BT =
GR_BT_GDP_RAT * GR_GNP * GR_PGNP

179: Government balance sheet (solves for nominal government debt) (GR_B)
DEL(1: GR_B) + DEL(1: GR_M) =
GR_R * GR_B(-1) + GR_P * GR_G - GR_TAX

179: Government balance sheet (solves for nominal government debt) : Steady State Version (SS_GR_B)
(GR_B + GR_M) * (1-1 / (GR_INFL * GREAL)) =
GR_R * GR_B / (GR_INFL * GREAL) + GR_P * GR_G - GR_TAX

180: Definition of nominal government deficit (GR_GDEF)
GR_GDEF =
DEL(1: GR_B + GR_M)

180: Definition of nominal government deficit : Steady State Version (SS_GR_GDEF)
GR_GDEF =
(GR_B + GR_M) * (1-1 / (GR_INFL * GREAL))

181: Money demand function (GR_M)
LOG(GR_M / GR_P) =
GR_M0 + (1 - GR_M4) * LOG(GR_A) + GR_M2 * GR_RS + GR_M4 * LOG(GR_M(-1) / GR_P(-1)) + RES_GR_M

181: Money demand function : Steady State Version (SS_GR_M)
LOG(GR_M / GR_P) =
GR_M0 + (1 - GR_M4) * LOG(GR_A) + GR_M2 * GR_RS + GR_M4 * LOG(GR_M / GR_P / GREAL) + RES_GR_M

182: Money supply reaction function - short-term interest rate (GR_RS)
GR_RS =
(1 - GR_X_RS1) * GR_RS_EXOG + GR_X_RS1 * (GR_RS(-1) + GR_RS1 * LOG(GR_MT / GR_M) / GR_M2 + GR_RS2 * LOG(GR_ER / GR_ER / GR_PAR) + GR_RSCON2 + RES_GR_RS) + GR_RS1PERM * 0

182: Money supply reaction function - short-term interest rate : Steady State Version (SS_GR_RS)
0 =
GR_RS1PERM * LOG(GR_MT / GR_M) / GR_M2 + GR_RS2 * LOG(GR_ER / GR_ER / GR_PAR) + RES_GR_RS + 0 * GR_RS1 * GR_RS_EXOG * GR_RSCON * GR_RSCON2

183: Term structure of interest rates (solves for long-term rate) (GR_RL)
GR_RL / 100 =
((1 + GR_RS / 100) * (1 + GR_RS(1) / 100) * (1 + GR_RS(2) / 100) * (1 + GR_RS(3) / 100) * (1 + GR_RS(4) / 100) * (1 + GR_RS(5) / 100) * (1 + GR_RS(6) / 100) * (1 + GR_RS(7) / 100) * (1 + GR_RS(8) / 100) * (1 + GR_RS(9) / 100))**0.1 * (1 + GR_TPREM)-1 + RES_GR_RL

183: Term structure of interest rates (solves for long-term rate) : Steady State Version (SS_GR_RL)
GR_RL / 100 =
(1 + GR_RS / 100) * (1 + GR_TPREM)-1 + RES_GR_RL

184: Interest rate on NFA faced by industrialized countries (GR_R)
GR_R =
0.5 * GR_RS(-1) / 100+0.5 * SUM(I =
-3 TO -1: GR_RL(I) / 100) / 3

184: Interest rate on NFA faced by industrialized countries : Steady State Version (SS_GR_R)
GR_R =
0.5 * GR_RS / 100+0.5 * GR_RL / 100

185: Real long-term interest rate (ex ante) (GR_RLR)
GR_RLR =
(1 + GR_RL / 100) / (GR_P(10) / GR_P)**0.1-1

185: Real long-term interest rate (ex ante) : Steady State Version (SS_GR_RLR)
GR_RLR =
(1 + GR_RL / 100) / GR_INFL - 1

186: Real short-term interest rate (ex ante) (GR_RSR)
GR_RSR =
(1 + GR_RS / 100) / (GR_P(1) / GR_P)-1

186: Real short-term interest rate (ex ante) : Steady State Version (SS_GR_RSR)
GR_RSR =
(1 + GR_RS / 100) / GR_INFL - 1

187: Non-oil GNP deflator (GR_PGNPNO)
GR_PGNPNO =
(GR_GDP * GR_PGNP - GR_PRODOIL * POIL / GR_ER * GR_E96) / (GR_GDP - GR_PRODOIL)

187: Non-oil GNP deflator : Steady State Version (SS_GR_PGNPNO)
GR_PGNPNO =
(GR_GDP * GR_PGNP - GR_PRODOIL * POIL / GR_ER * GR_E96) / (GR_GDP - GR_PRODOIL)

188: PGNP identity (with discrepancy) (GR_P)
GR_PGNP =
(GR_P * GR_A + GR_XT * GR_PXT - GR_IT * GR_PIT) / GR_GDP + RES_GR_P * GR_PGNP

188: PGNP identity (with discrepancy) : Steady State Version (SS_GR_P)
GR_PGNP =
(GR_P * GR_A + GR_XT * GR_PXT - GR_IT * GR_PIT) / GR_GDP + RES_GR_P * GR_PGNP

189: Manufactured goods export price (GR_PXM)
DEL(1: LOG(GR_PXM)) =
GR_PXM0 + GR_PXM1 * DEL(1: LOG(GR_PGNPNO)) + (1 - GR_PXM1) * DEL(1: LOG(GR_PFM)) + GR_PXM2 * LOG(GR_PGNPNO(-1) / GR_PXM(-1)) + RES_GR_PXM

189: Manufactured goods export price : Steady State Version (SS_GR_PXM)
GR_INFL =
GR_PXM0 + GR_PXM1 * GR_INFL + (1 - GR_PXM1) * GR_INFL + GR_PXM2 * LOG(GR_PGNPNO / GR_PXM) + RES_GR_PXM

190: Total export price (GR_PXT)
GR_PXT =
(GR_XMA * GR_PXM + POIL / GR_ER * GR_E96 * GR_XOIL) / GR_XT

190: Total export price : Steady State Version (SS_GR_PXT)
GR_PXT =
(GR_XMA * GR_PXM + POIL / GR_ER * GR_E96 * GR_XOIL) / GR_XT

191: Manufactured goods import price (GR_PIM)
GR_PIM =
(S0103 * US_PXM + S0203 * JA_PXM * JA_ER / JA_E96 + S0303 * GR_PXM * GR_ER / GR_E96 + S0403 * FR_PXM * FR_ER / FR_E96 + S0503 * IT_PXM * IT_ER / IT_E96 + S0603 * UK_PXM * UK_ER / UK_E96 + S0703 * CA_PXM * CA_ER / CA_E96 + S0803 * SI_PXM * SI_ER / SI_E96 + S0903 * RW_PXM * RW_ER / RW_E96) / (GR_ER / GR_E96) * (1 + RES_GR_PIM)

191: Manufactured goods import price : Steady State Version (SS_GR_PIM)
GR_PIM =
(S0103 * US_PXM + S0203 * JA_PXM * JA_ER / JA_E96 + S0303 * GR_PXM * GR_ER / GR_E96 + S0403 * FR_PXM * FR_ER / FR_E96 + S0503 * IT_PXM * IT_ER / IT_E96 + S0603 * UK_PXM * UK_ER / UK_E96 + S0703 * CA_PXM * CA_ER / CA_E96 + S0803 * SI_PXM * SI_ER / SI_E96 + S0903 * RW_PXM * RW_ER / RW_E96) / (GR_ER / GR_E96) * (1 + RES_GR_PIM)

192: Import price for manufactured goods - adjusted for world trade discrepancy (GR_PIMA)
GR_PIMA =
GR_PIM + T03 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / GR_ER / GR_IM

192: Import price for manufactured goods - adjusted for world trade discrepancy : Steady State Version (SS_GR_PIMA)
GR_PIMA =
GR_PIM + T03 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / GR_ER / GR_IM

193: Total import price (GR_PIT)
GR_PIT =
(GR_IM * GR_PIMA + GR_IOIL * POIL / GR_ER * GR_E96 + GR_ICOM * PCOM / GR_ER * GR_E96) / GR_IT

193: Total import price : Steady State Version (SS_GR_PIT)
GR_PIT =
(GR_IM * GR_PIMA + GR_IOIL * POIL / GR_ER * GR_E96 + GR_ICOM * PCOM / GR_ER * GR_E96) / GR_IT

194: No equation Description (GR_TFP_FE)
LOG(GR_TFP_FE) =
RES_GR_TFP_FE

194: No equation Description : Steady State Version (SS_GR_TFP_FE)
LOG(GR_TFP_FE) =
RES_GR_TFP_FE

195: Full-employment output production function (GR_GDP_FE)
GR_GDP_FE =
GR_TFP_FE * GR_K**GR_BETA * ((1 - GR_UNR_FE / 100) * GR_LF)**(1 - GR_BETA)

195: Full-employment output production function : Steady State Version (SS_GR_GDP_FE)
GR_GDP_FE =
GR_TFP_FE * GR_K**GR_BETA * ((1 - GR_UNR_FE / 100) * GR_LF)**(1 - GR_BETA)

196: Labor force (GR_LF)
GR_LF =
GR_POP * GR_PART / (1 + GR_DEM3)

196: Labor force : Steady State Version (SS_GR_LF)
GR_LF =
GR_POP * GR_PART / (1 + GR_DEM3)

197: Capacity utilization (GR_CU)
GR_CU =
100 * GR_GDP / GR_GDP_FE

197: Capacity utilization : Steady State Version (SS_GR_CU)
GR_CU =
100 * GR_GDP / GR_GDP_FE

198: Balance of payments (claims on foreigners), current U.S. dollars (GR_NFA)
DEL(1: GR_NFA) =
(GR_XT * GR_PXT - GR_IT * GR_PIT) * GR_ER + (US_R + SUM(I =
-3 TO -1: GR_PREM(I)) / 3) * GR_NFA(-1) + RES_GR_NFA * US_INFL**TME * GREAL**TME

198: Balance of payments (claims on foreigners), current U.S. dollars : Steady State Version (SS_GR_NFA)
GR_NFA * (1-1 / (US_INFL * GREAL)) =
(GR_XT * GR_PXT - GR_IT * GR_PIT) * GR_ER + (US_R + GR_PREM) * GR_NFA / (US_INFL * GREAL) + RES_GR_NFA * US_INFL**TME * GREAL**TME

199: Trade balance - local currency (GR_TB)
GR_TB =
GR_XT * GR_PXT - GR_IT * GR_PIT

199: Trade balance - local currency : Steady State Version (SS_GR_TB)
GR_TB =
GR_XT * GR_PXT - GR_IT * GR_PIT

200: Current account - current U.S. dollars (GR_CURBAL)
GR_CURBAL =
DEL(1: GR_NFA)

200: Current account - current U.S. dollars : Steady State Version (SS_GR_CURBAL)
GR_CURBAL =
GR_NFA * (1-1 / (US_INFL * GREAL))

201: Open interest parity condition (solves for exchange rate) (GR_ER)
1 + US_RS / 100 =
(1 + GR_RS / 100) * GR_ER(1) / GR_ER - GR_PREM + RES_GR_ER

201: Open interest parity condition (solves for exchange rate) : Steady State Version (SS_GR_ER)
1 + US_RS / 100 =
(1 + GR_RS / 100) * US_INFL / GR_INFL - GR_PREM + RES_GR_ER

202: Real effective exchange rate (relative export price) (GR_RCI)
GR_RCI =
LOG(GR_PXM) - LOG(GR_PFM)

202: Real effective exchange rate (relative export price) : Steady State Version (SS_GR_RCI)
GR_RCI =
LOG(GR_PXM) - LOG(GR_PFM)

203: Weighted average of foreign activity (GR_FACT)
GR_FACT =
(US_IM * US_E96 * S0301 + JA_IM * JA_E96 * S0302 + GR_IM * GR_E96 * S0303 + FR_IM * FR_E96 * S0304 + IT_IM * IT_E96 * S0305 + UK_IM * UK_E96 * S0306 + CA_IM * CA_E96 * S0307 + SI_IM * SI_E96 * S0308 + (HO_IM + DC_IM) * RW_E96 * S0309) / GR_E96

203: Weighted average of foreign activity : Steady State Version (SS_GR_FACT)
GR_FACT =
(US_IM * US_E96 * S0301 + JA_IM * JA_E96 * S0302 + GR_IM * GR_E96 * S0303 + FR_IM * FR_E96 * S0304 + IT_IM * IT_E96 * S0305 + UK_IM * UK_E96 * S0306 + CA_IM * CA_E96 * S0307 + SI_IM * SI_E96 * S0308 + (HO_IM + DC_IM) * RW_E96 * S0309) / GR_E96

204: Prices in foreign markets (GR_PFM)
LOG(GR_PFM) =
W0301 * LOG(US_PXM * US_ER / US_E96) + W0302 * LOG(JA_PXM * JA_ER / JA_E96) + W0303 * LOG(GR_ER / GR_E96) + W0304 * LOG(FR_PXM * FR_ER / FR_E96) + W0305 * LOG(IT_PXM * IT_ER / IT_E96) + W0306 * LOG(UK_PXM * UK_ER / UK_E96) + W0307 * LOG(CA_PXM * CA_ER / CA_E96) + W0308 * LOG(SI_PXM * SI_ER / SI_E96) + W0309 * LOG(RW_PXM * RW_ER / RW_E96)

204: Prices in foreign markets : Steady State Version (SS_GR_PFM)
LOG(GR_PFM) =
W0301 * LOG(US_PXM * US_ER / US_E96) + W0302 * LOG(JA_PXM * JA_ER / JA_E96) + W0303 * LOG(GR_ER / GR_E96) + W0304 * LOG(FR_PXM * FR_ER / FR_E96) + W0305 * LOG(IT_PXM * IT_ER / IT_E96) + W0306 * LOG(UK_PXM * UK_ER / UK_E96) + W0307 * LOG(CA_PXM * CA_ER / CA_E96) + W0308 * LOG(SI_PXM * SI_ER / SI_E96) + W0309 * LOG(RW_PXM * RW_ER / RW_E96)

205: Nominal effective exchange rate (GR_NEER)
GR_NEER =
EXP( - V0301 * LOG(US_ER / US_E96) - V0302 * LOG(JA_ER / JA_E96) + LOG(GR_ER / GR_E96) - V0304 * LOG(FR_ER / FR_E96) - V0305 * LOG(IT_ER / IT_E96) - V0306 * LOG(UK_ER / UK_E96) - V0307 * LOG(CA_ER / CA_E96) - V0308 * LOG(SI_ER / SI_E96))

205: Nominal effective exchange rate : Steady State Version (SS_GR_NEER)
GR_NEER =
EXP( - V0301 * LOG(US_ER / US_E96) - V0302 * LOG(JA_ER / JA_E96) + LOG(GR_ER / GR_E96) - V0304 * LOG(FR_ER / FR_E96) - V0305 * LOG(IT_ER / IT_E96) - V0306 * LOG(UK_ER / UK_E96) - V0307 * LOG(CA_ER / CA_E96) - V0308 * LOG(SI_ER / SI_E96))