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Multimod Home Mark III Home Download the model: DOS version UNIX version Country models: Canada France Germany Italy Japan Rest of the World, Developing Countries Small Industrial Countries United Kingdom United States |
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The Small Industrial Countries Model
478: Consumer price index (SI_CPI) DEL(1: LOG(SI_CPI)) = SI_CPI1 * DEL(1: LOG(SI_PIM)) + SI_CPI2 * DEL(1: LOG(SI_PGNP)) + (1 - SI_CPI1 - SI_CPI2) * LOG(SI_CPI(-1) / SI_CPI(-2)) + RES_SI_CPI 478: Consumer price index : Steady State Version (SS_SI_CPI) DEL(1: LOG(SI_CPI)) = DEL(1: LOG(SI_PGNP))+0 * (SI_CPI1 + SI_CPI2) + RES_SI_CPI 479: Unemployment rate (SI_UNR_A) SI_UNR_A = SI_UNR_FE + SI_UNR_1 * 100 * LOG(SI_GDP / SI_GDP_FE) + SI_UNR_2 * (SI_UNR(-1) - SI_UNR_FE(-1)) + RES_SI_UNR_A 479: Unemployment rate : Steady State Version (SS_SI_UNR_A) SI_UNR_A = SI_UNR_FE - 100 * LOG(SI_GDP / SI_GDP_FE) + RES_SI_UNR_A + SI_UNR_1 * SI_UNR_2 * 0 480: Unemployment rate (restricting the value to be above zero) (SI_UNR) SI_UNR = MAX(SI_UNR_A,0.1) 480: Unemployment rate (restricting the value to be above zero) : Steady State Version (SS_SI_UNR) SI_UNR = SI_UNR_A 481: Price level (GNP deflator) (SI_PGNP) DEL(1: LOG(SI_PGNPNO)) = SI_LAMBDA * (SI_DELTA_PI * DEL(1: LOG(SI_PGNPNO(1))) + (1 - SI_DELTA_PI) * DEL(1: LOG(SI_PGNPNO(-1)))) + (1 - SI_LAMBDA) * DEL(1: LOG(SI_PGNPNO(-1))) + SI_GAMMA / 100 * (SI_NLIN - SI_UNR) / (SI_UNR - SI_PHI) + RES_SI_PGNP 481: Price level (GNP deflator) : Steady State Version (SS_SI_PGNP) 0 * LOG(SI_PGNPNO) = SI_GAMMA / 100 * (SI_NLIN - SI_UNR) / (SI_UNR - SI_PHI)+0 * SI_LAMBDA * SI_DELTA_PI + RES_SI_PGNP 482: Inflation (SI_INFL) SI_INFL = SI_MGROW / GREAL 482: Inflation : Steady State Version (SS_SI_INFL) SI_INFL = SI_MGROW / GREAL 483: Labor force growth (SI_DLLF) SI_DLLF = LOG(SI_LF / SI_LF(-1)) 483: Labor force growth : Steady State Version (SS_SI_DLLF) SI_DLLF = LOG(SI_LF / SI_LF(-1)) 484: Real GDP growth (SI_DLGDP) SI_DLGDP = LOG(SI_GDP / SI_GDP(-1)) 484: Real GDP growth : Steady State Version (SS_SI_DLGDP) SI_DLGDP = LOG(SI_GDP / SI_GDP(-1)) 485: Personal household expenditure (SI_C) SI_C = SI_C_DI + SI_C_PI 485: Personal household expenditure : Steady State Version (SS_SI_C) SI_C = SI_C_DI + SI_C_PI 486: Marginal propensity to consume (SI_MPC) SI_MPC = 1 / SI_MPCINV 486: Marginal propensity to consume : Steady State Version (SS_SI_MPC) SI_MPC = SI_RSR * (1-1 / SI_SIGMA) + RES_SI_MPC / SI_SIGMA + SI_PROB 487: Marginal propensity to consume - inverse (SI_MPCINV) SI_MPCINV(1) = SI_MPCINV - 1 - ((1 - SI_SIGMA) * (SI_RSR + SI_PROB) - (RES_SI_MPC + SI_PROB)) * SI_MPCINV / SI_SIGMA 487: Marginal propensity to consume - inverse : Steady State Version (SS_SI_MPCINV) SI_MPCINV = 1 / SI_MPC 488: Real human wealth - young (SI_WH1) SI_WH1(1) = SI_WH1 * (1 + SI_RSR + SI_ALPHA1 + RES_SI_WH1 + SI_PROB + EXP(SI_DLLF_SS)-1) - (((1 - SI_BETA) * SI_GDP * SI_PGNP - SI_TAXH) / SI_P + RES_SI_WK * SI_WK) 488: Real human wealth - young : Steady State Version (SS_SI_WH1) SI_WH1 * GREAL_SS = SI_WH1 * (1 + SI_RSR + SI_ALPHA1 + RES_SI_WH1 + SI_PROB + EXP(SI_DLLF_SS)-1) - (((1 - SI_BETA) * SI_GDP * SI_PGNP - SI_TAXH) / SI_P + RES_SI_WK * SI_WK) 489: Real human wealth - adult (SI_WH2) SI_WH2(1) = SI_WH2 * (1 + SI_RSR + SI_ALPHA2 + RES_SI_WH2 + SI_PROB + EXP(SI_DLLF_SS)-1) - (((1 - SI_BETA) * SI_GDP * SI_PGNP - SI_TAXH) / SI_P + RES_SI_WK * SI_WK) 489: Real human wealth - adult : Steady State Version (SS_SI_WH2) SI_WH2 * GREAL_SS = SI_WH2 * (1 + SI_RSR + SI_ALPHA2 + RES_SI_WH2 + SI_PROB + EXP(SI_DLLF_SS)-1) - (((1 - SI_BETA) * SI_GDP * SI_PGNP - SI_TAXH) / SI_P + RES_SI_WK * SI_WK) 490: Real human wealth - old (SI_WH3) SI_WH3(1) = SI_WH3 * (1 + SI_RSR + SI_ALPHA3 + RES_SI_WH3 + SI_PROB + EXP(SI_DLLF_SS)-1) - (((1 - SI_BETA) * SI_GDP * SI_PGNP - SI_TAXH) / SI_P + RES_SI_WK * SI_WK) 490: Real human wealth - old : Steady State Version (SS_SI_WH3) SI_WH3 * GREAL_SS = SI_WH3 * (1 + SI_RSR + SI_ALPHA3 + RES_SI_WH3 + SI_PROB + EXP(SI_DLLF_SS)-1) - (((1 - SI_BETA) * SI_GDP * SI_PGNP - SI_TAXH) / SI_P + RES_SI_WK * SI_WK) 491: Consumption - current income (SI_C_DI) SI_C_DI = (SI_LAMBDA1 * SI_BCHI1 + SI_LAMBDA2 * SI_BCHI2 + SI_LAMBDA3 * (1 - SI_BCHI1 - SI_BCHI2)) * ((1 - SI_BETA) * SI_GDP * SI_PGNP - SI_TAXH) / SI_P + RES_SI_C_DI * GREAL**TME 491: Consumption - current income : Steady State Version (SS_SI_C_DI) SI_C_DI = (SI_LAMBDA1 * SI_BCHI1 + SI_LAMBDA2 * SI_BCHI2 + SI_LAMBDA3 * (1 - SI_BCHI1 - SI_BCHI2)) * ((1 - SI_BETA) * SI_GDP * SI_PGNP - SI_TAXH) / SI_P + RES_SI_C_DI * GREAL**TME 492: Consumption - permanent income (SI_C_PI) SI_C_PI = SI_MPC * (SI_WK + (SI_M + SI_B + SI_NFA / SI_ER) / SI_P + SI_BCHI1 * (1 - SI_LAMBDA1) * SI_WH1 + SI_BCHI2 * (1 - SI_LAMBDA2) * SI_WH2 + (1 - SI_BCHI1 - SI_BCHI2) * (1 - SI_LAMBDA3) * SI_WH3) 492: Consumption - permanent income : Steady State Version (SS_SI_C_PI) SI_C_PI = SI_MPC * (SI_WK + (SI_M + SI_B + SI_NFA / SI_ER) / SI_P + SI_BCHI1 * (1 - SI_LAMBDA1) * SI_WH1 + SI_BCHI2 * (1 - SI_LAMBDA2) * SI_WH2 + (1 - SI_BCHI1 - SI_BCHI2) * (1 - SI_LAMBDA3) * SI_WH3) 493: Real human wealth (SI_WH) SI_WH = SI_BCHI1 * SI_WH1 + SI_BCHI2 * SI_WH2 + (1 - SI_BCHI1 - SI_BCHI2) * SI_WH3 493: Real human wealth : Steady State Version (SS_SI_WH) SI_WH = SI_BCHI1 * SI_WH1 + SI_BCHI2 * SI_WH2 + (1 - SI_BCHI1 - SI_BCHI2) * SI_WH3 494: Consumption of oil (SI_COIL) DEL(1: LOG(SI_COIL)) = SI_COIL0 + SI_COIL1 * DEL(1: LOG(SI_GDP)) + SI_COIL2 * DEL(1: LOG(POIL / SI_ER / SI_PGNP)) + SI_COIL3 * LOG(POIL(-1) / SI_ER(-1) / SI_PGNP(-1)) + SI_COIL4 * LOG(SI_GDP(-1) / SI_COIL(-1)) + RES_SI_COIL 494: Consumption of oil : Steady State Version (SS_SI_COIL) LOG(GREAL) = SI_COIL0 + SI_COIL1 * LOG(GREAL) + SI_COIL2 * 0 + SI_COIL3 * LOG(POIL / SI_ER / SI_PGNP) + SI_COIL4 * LOG(SI_GDP / SI_COIL) + RES_SI_COIL 495: Change in investment relative to the capital stock (SI_K) SI_INVEST / SI_K(-1) - (SI_DELTA_SS + GREAL_SS - 1) = SI_K1 * (SI_WK / SI_K(-1)-1) + SI_K2 * (SI_WK(-1) / SI_K(-2)-1) + RES_SI_K 495: Change in investment relative to the capital stock : Steady State Version (SS_SI_K) GREAL * SI_INVEST / SI_K - (SI_DELTA_SS + GREAL_SS - 1) = (SI_K1 + SI_K2) * (GREAL * SI_WK / SI_K - 1) + RES_SI_K 496: Marginal product of capital (SI_MPK) SI_MPK = SI_BETA * SI_GDP / SI_K 496: Marginal product of capital : Steady State Version (SS_SI_MPK) SI_MPK = SI_BETA * SI_GDP / SI_K 497: Tobin's Q (SI_Q) SI_Q = SI_CHI * (SI_INVEST / SI_K(-1) - (SI_DELTA_SS + GREAL_SS - 1))+1 497: Tobin's Q : Steady State Version (SS_SI_Q) SI_Q = 1 + SI_CHI * 0 498: Real market value of the capital stock (SI_WK) SI_WK(1) = SI_WK * (1 + SI_RSR + SI_K / SI_K(-1)-1 + SI_DELTA + RES_SI_WK) - (SI_BETA * SI_GDP * SI_PGNP - SI_TAXK) / SI_P + (SI_CHI / 2 * ((SI_Q - 1) / SI_CHI)**2 + SI_INVEST / SI_K(-1) * (SI_Q - 1)) * SI_K(-1) * SI_PGNP / SI_P 498: Real market value of the capital stock : Steady State Version (SS_SI_WK) SI_WK * GREAL = SI_WK * (1 + SI_RSR + GREAL - 1 + SI_DELTA + RES_SI_WK) - (SI_BETA * SI_GDP * SI_PGNP - SI_TAXK) / SI_P 499: Real gross business investment (SI_INVEST) SI_INVEST = DEL(1: SI_K) + SI_DELTA * SI_K(-1) 499: Real gross business investment : Steady State Version (SS_SI_INVEST) SI_INVEST = (1 - (1 - SI_DELTA) / GREAL) * SI_K 500: Export volume - manufactured goods (SI_XM) DEL(1: LOG(SI_XM)) = SI_XM0 + DEL(1: LOG(SI_FACT)) + SI_XM1 * DEL(1: SI_RCI) + SI_XM2 * (SI_XM3 * SI_RCI(-1) + LOG(SI_FACT(-1)) - LOG(SI_XM(-1))) + RES_SI_XM 500: Export volume - manufactured goods : Steady State Version (SS_SI_XM) LOG(GREAL) = SI_XM0 + LOG(GREAL) + SI_XM1 * 0 + SI_XM2 * (SI_XM3 * SI_RCI + LOG(SI_FACT) - LOG(SI_XM)) + RES_SI_XM 501: Export volume - manufactured goods, adjusted for real world trade discrepancy (SI_XMA) SI_XMA = SI_XM + T08 * (WTRADER - TRDER * GREAL**TME) / SI_E96 501: Export volume - manufactured goods, adjusted for real world trade discrepancy : Steady State Version (SS_SI_XMA) SI_XMA = SI_XM + T08 * (WTRADER - TRDER * GREAL**TME) / SI_E96 502: Total exports volume (SI_XT) SI_XT = SI_XMA + SI_XOIL 502: Total exports volume : Steady State Version (SS_SI_XT) SI_XT = SI_XMA + SI_XOIL 503: Definition of real domestic economic activity (SI_ACT) SI_ACT = SI_C_MPROP * SI_C + SI_INVEST_MPROP * SI_INVEST + SI_G_MPROP * SI_G + SI_XT_MPROP * SI_XT 503: Definition of real domestic economic activity : Steady State Version (SS_SI_ACT) SI_ACT = SI_C_MPROP * SI_C + SI_INVEST_MPROP * SI_INVEST + SI_G_MPROP * SI_G + SI_XT_MPROP * SI_XT 504: Import volume - manufactured goods (SI_IM) DEL(1: LOG(SI_IM)) = SI_IM0 + DEL(1: LOG(SI_ACT)) + SI_IM1 * DEL(1: LOG(SI_PIMA / SI_PGNPNO)) + SI_IM2 * (SI_IM3 * LOG(SI_PIMA(-1) / SI_PGNPNO(-1)) + LOG(SI_ACT(-1)) - LOG(SI_IM(-1))) + RES_SI_IM 504: Import volume - manufactured goods : Steady State Version (SS_SI_IM) LOG(GREAL) = SI_IM0 + LOG(GREAL) + SI_IM1 * 0 + SI_IM2 * (SI_IM3 * LOG(SI_PIMA / SI_PGNPNO) + LOG(SI_ACT) - LOG(SI_IM)) + RES_SI_IM 505: Import volume - oil (SI_IOIL) SI_IOIL = SI_COIL + SI_XOIL - SI_PRODOIL + RES_SI_IOIL * GREAL**TME 505: Import volume - oil : Steady State Version (SS_SI_IOIL) SI_IOIL = SI_COIL + SI_XOIL - SI_PRODOIL + RES_SI_IOIL * GREAL**TME 506: Import volume - commodities (SI_ICOM) DEL(1: LOG(SI_ICOM)) = SI_IC0 + SI_IC2 * DEL(1: LOG(PCOM / SI_ER / SI_PGNP)) + SI_IC1 * DEL(1: LOG(SI_GDP)) + SI_IC3 * LOG(PCOM(-1) / SI_ER(-1) / SI_PGNP(-1)) + SI_IC4 * LOG(SI_GDP(-1)) + SI_IC5 * LOG(SI_ICOM(-1)) + RES_SI_ICOM - (SI_IC4 + SI_IC5) * LOG(GREAL**TME) 506: Import volume - commodities : Steady State Version (SS_SI_ICOM) LOG(GREAL) = SI_IC0 + SI_IC2 * 0 + SI_IC1 * LOG(GREAL) + SI_IC3 * LOG(PCOM / SI_ER / SI_PGNP) + SI_IC4 * LOG(SI_GDP / GREAL) + SI_IC5 * LOG(SI_ICOM / GREAL) + RES_SI_ICOM - (SI_IC4 + SI_IC5) * LOG(GREAL**TME) 507: Total imports volume (SI_IT) SI_IT = SI_IM + SI_IOIL + SI_ICOM 507: Total imports volume : Steady State Version (SS_SI_IT) SI_IT = SI_IM + SI_IOIL + SI_ICOM 508: Definition of real domestic absorption (SI_A) SI_A = SI_C + SI_INVEST + SI_G 508: Definition of real domestic absorption : Steady State Version (SS_SI_A) SI_A = SI_C + SI_INVEST + SI_G 509: Real GDP identity (SI_GDP) SI_GDP = SI_A + SI_XT - SI_IT 509: Real GDP identity : Steady State Version (SS_SI_GDP) SI_GDP = SI_A + SI_XT - SI_IT 510: Definition of real GNP (SI_GNP) SI_GNP = SI_GDP + (US_R + SUM(I = -3 TO -1: SI_PREM(I)) / 3) * SI_NFA(-1) / SI_ER / SI_PGNP + RES_SI_GNP * GREAL**TME 510: Definition of real GNP : Steady State Version (SS_SI_GNP) SI_GNP = SI_GDP + (US_R + SI_PREM) * SI_NFA / (US_INFL * GREAL) / SI_ER / SI_PGNP + RES_SI_GNP * GREAL**TME 511: Real wealth (financial plus discounted future income) (SI_W) SI_W = SI_WH + SI_WK + (SI_M + SI_B + SI_NFA / SI_ER) / SI_P 511: Real wealth (financial plus discounted future income) : Steady State Version (SS_SI_W) SI_W = SI_WH + SI_WK + (SI_M + SI_B + SI_NFA / SI_ER) / SI_P 512: Real disposable income (SI_YD) SI_YD = (SI_GDP * SI_PGNP - SI_TAX) / SI_P - SI_DELTA * SI_K(-1) 512: Real disposable income : Steady State Version (SS_SI_YD) SI_YD = (SI_GDP * SI_PGNP - SI_TAX) / SI_P - SI_DELTA * SI_K / GREAL 513: Total government expenditures - nominal (SI_GE) SI_GE = SI_P * SI_G + SI_R * SI_B(-1) + SI_GEXOG 513: Total government expenditures - nominal : Steady State Version (SS_SI_GE) SI_GE = SI_P * SI_G + SI_R * SI_B / (GREAL * SI_INFL) + SI_GEXOG 514: Government tax receipts (SI_TAX) SI_TAX = SI_TRATE * SI_PGNP * SI_GNP 514: Government tax receipts : Steady State Version (SS_SI_TAX) SI_TAX = SI_TRATE * SI_PGNP * SI_GNP 515: Taxes on capital (SI_TAXK) SI_TAXK = SI_TAXK_ALPHA * SI_TAXK_SHAR * SI_TAX + (1 - SI_TAXK_ALPHA) * SI_TRATEK * SI_BETA * SI_GDP * SI_PGNP 515: Taxes on capital : Steady State Version (SS_SI_TAXK) SI_TAXK = SI_TAXK_ALPHA * SI_TAXK_SHAR * SI_TAX + (1 - SI_TAXK_ALPHA) * SI_TRATEK * SI_BETA * SI_GDP * SI_PGNP 516: Taxes on labor (SI_TAXH) SI_TAXH = SI_TAX - SI_TAXK 516: Taxes on labor : Steady State Version (SS_SI_TAXH) SI_TAXH = SI_TAX - SI_TAXK 517: Average tax rate (SI_TRATE) SI_TRATE = SI_TRATE_EXOG * (1 - SI_TRATE_ALPHA) + SI_TRATE_ALPHA * (SUM(I = -2 TO 2: SI_TRATE(I) / 5) + TAU1 * (SI_B(1) / (SI_GNP(1) * SI_PGNP(1)) - SI_BT_GDP_RAT(1)) + RES_SI_TRATE) 517: Average tax rate : Steady State Version (SS_SI_TRATE) 0 = TAU1 * (SI_B / (SI_GNP * SI_PGNP) - SI_BT_GDP_RAT) + RES_SI_TRATE 518: No equation Description (SI_BT) SI_BT = SI_BT_GDP_RAT * SI_GNP * SI_PGNP 518: No equation Description : Steady State Version (SS_SI_BT) SI_BT = SI_BT_GDP_RAT * SI_GNP * SI_PGNP 519: Government balance sheet (solves for nominal government debt) (SI_B) DEL(1: SI_B) + DEL(1: SI_M) = SI_R * SI_B(-1) + SI_P * SI_G - SI_TAX 519: Government balance sheet (solves for nominal government debt) : Steady State Version (SS_SI_B) (SI_B + SI_M) * (1-1 / (SI_INFL * GREAL)) = SI_R * SI_B / (SI_INFL * GREAL) + SI_P * SI_G - SI_TAX 520: Definition of nominal government deficit (SI_GDEF) SI_GDEF = DEL(1: SI_B + SI_M) 520: Definition of nominal government deficit : Steady State Version (SS_SI_GDEF) SI_GDEF = (SI_B + SI_M) * (1-1 / (SI_INFL * GREAL)) 521: Money demand function (SI_M) LOG(SI_M / SI_P) = SI_M0 + (1 - SI_M4) * LOG(SI_A) + SI_M2 * SI_RS + SI_M4 * LOG(SI_M(-1) / SI_P(-1)) + RES_SI_M 521: Money demand function : Steady State Version (SS_SI_M) LOG(SI_M / SI_P) = SI_M0 + (1 - SI_M4) * LOG(SI_A) + SI_M2 * SI_RS + SI_M4 * LOG(SI_M / SI_P / GREAL) + RES_SI_M 522: Money supply reaction function - short-term interest rate (SI_RS) SI_RS = (1 - SI_X_RS1) * SI_RS_EXOG + SI_X_RS1 * (SI_RS(-1) + SI_RS1 * LOG(SI_MT / SI_M) / SI_M2 + SI_RS2 * LOG(GR_ER / SI_ER / SI_PAR) + SI_RSCON2 + RES_SI_RS) + SI_RS1PERM * 0 522: Money supply reaction function - short-term interest rate : Steady State Version (SS_SI_RS) 0 = SI_RS1PERM * LOG(SI_MT / SI_M) / SI_M2 + SI_RS2 * LOG(GR_ER / SI_ER / SI_PAR) + RES_SI_RS + 0 * SI_RS1 * SI_RS_EXOG * SI_RSCON * SI_RSCON2 523: Term structure of interest rates (solves for long-term rate) (SI_RL) SI_RL / 100 = ((1 + SI_RS / 100) * (1 + SI_RS(1) / 100) * (1 + SI_RS(2) / 100) * (1 + SI_RS(3) / 100) * (1 + SI_RS(4) / 100) * (1 + SI_RS(5) / 100) * (1 + SI_RS(6) / 100) * (1 + SI_RS(7) / 100) * (1 + SI_RS(8) / 100) * (1 + SI_RS(9) / 100))**0.1 * (1 + SI_TPREM)-1 + RES_SI_RL 523: Term structure of interest rates (solves for long-term rate) : Steady State Version (SS_SI_RL) SI_RL / 100 = (1 + SI_RS / 100) * (1 + SI_TPREM)-1 + RES_SI_RL 524: Interest rate on NFA faced by industrialized countries (SI_R) SI_R = 0.5 * SI_RS(-1) / 100+0.5 * SUM(I = -3 TO -1: SI_RL(I) / 100) / 3 524: Interest rate on NFA faced by industrialized countries : Steady State Version (SS_SI_R) SI_R = 0.5 * SI_RS / 100+0.5 * SI_RL / 100 525: Real long-term interest rate (ex ante) (SI_RLR) SI_RLR = (1 + SI_RL / 100) / (SI_P(10) / SI_P)**0.1-1 525: Real long-term interest rate (ex ante) : Steady State Version (SS_SI_RLR) SI_RLR = (1 + SI_RL / 100) / SI_INFL - 1 526: Real short-term interest rate (ex ante) (SI_RSR) SI_RSR = (1 + SI_RS / 100) / (SI_P(1) / SI_P)-1 526: Real short-term interest rate (ex ante) : Steady State Version (SS_SI_RSR) SI_RSR = (1 + SI_RS / 100) / SI_INFL - 1 527: Non-oil GNP deflator (SI_PGNPNO) SI_PGNPNO = (SI_GDP * SI_PGNP - SI_PRODOIL * POIL / SI_ER * SI_E96) / (SI_GDP - SI_PRODOIL) 527: Non-oil GNP deflator : Steady State Version (SS_SI_PGNPNO) SI_PGNPNO = (SI_GDP * SI_PGNP - SI_PRODOIL * POIL / SI_ER * SI_E96) / (SI_GDP - SI_PRODOIL) 528: PGNP identity (with discrepancy) (SI_P) SI_PGNP = (SI_P * SI_A + SI_XT * SI_PXT - SI_IT * SI_PIT) / SI_GDP + RES_SI_P * SI_PGNP 528: PGNP identity (with discrepancy) : Steady State Version (SS_SI_P) SI_PGNP = (SI_P * SI_A + SI_XT * SI_PXT - SI_IT * SI_PIT) / SI_GDP + RES_SI_P * SI_PGNP 529: Manufactured goods export price (SI_PXM) DEL(1: LOG(SI_PXM)) = SI_PXM0 + SI_PXM1 * DEL(1: LOG(SI_PGNPNO)) + (1 - SI_PXM1) * DEL(1: LOG(SI_PFM)) + SI_PXM2 * LOG(SI_PGNPNO(-1) / SI_PXM(-1)) + RES_SI_PXM 529: Manufactured goods export price : Steady State Version (SS_SI_PXM) SI_INFL = SI_PXM0 + SI_PXM1 * SI_INFL + (1 - SI_PXM1) * SI_INFL + SI_PXM2 * LOG(SI_PGNPNO / SI_PXM) + RES_SI_PXM 530: Total export price (SI_PXT) SI_PXT = (SI_XMA * SI_PXM + POIL / SI_ER * SI_E96 * SI_XOIL) / SI_XT 530: Total export price : Steady State Version (SS_SI_PXT) SI_PXT = (SI_XMA * SI_PXM + POIL / SI_ER * SI_E96 * SI_XOIL) / SI_XT 531: Manufactured goods import price (SI_PIM) SI_PIM = (S0108 * US_PXM + S0208 * JA_PXM * JA_ER / JA_E96 + S0308 * GR_PXM * GR_ER / GR_E96 + S0408 * FR_PXM * FR_ER / FR_E96 + S0508 * IT_PXM * IT_ER / IT_E96 + S0608 * UK_PXM * UK_ER / UK_E96 + S0708 * CA_PXM * CA_ER / CA_E96 + S0808 * SI_PXM * SI_ER / SI_E96 + S0908 * RW_PXM * RW_ER / RW_E96) / (SI_ER / SI_E96) * (1 + RES_SI_PIM) 531: Manufactured goods import price : Steady State Version (SS_SI_PIM) SI_PIM = (S0108 * US_PXM + S0208 * JA_PXM * JA_ER / JA_E96 + S0308 * GR_PXM * GR_ER / GR_E96 + S0408 * FR_PXM * FR_ER / FR_E96 + S0508 * IT_PXM * IT_ER / IT_E96 + S0608 * UK_PXM * UK_ER / UK_E96 + S0708 * CA_PXM * CA_ER / CA_E96 + S0808 * SI_PXM * SI_ER / SI_E96 + S0908 * RW_PXM * RW_ER / RW_E96) / (SI_ER / SI_E96) * (1 + RES_SI_PIM) 532: Import price for manufactured goods - adjusted for world trade discrepancy (SI_PIMA) SI_PIMA = SI_PIM + T08 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / SI_ER / SI_IM 532: Import price for manufactured goods - adjusted for world trade discrepancy : Steady State Version (SS_SI_PIMA) SI_PIMA = SI_PIM + T08 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / SI_ER / SI_IM 533: Total import price (SI_PIT) SI_PIT = (SI_IM * SI_PIMA + SI_IOIL * POIL / SI_ER * SI_E96 + SI_ICOM * PCOM / SI_ER * SI_E96) / SI_IT 533: Total import price : Steady State Version (SS_SI_PIT) SI_PIT = (SI_IM * SI_PIMA + SI_IOIL * POIL / SI_ER * SI_E96 + SI_ICOM * PCOM / SI_ER * SI_E96) / SI_IT 534: No equation Description (SI_TFP_FE) LOG(SI_TFP_FE) = RES_SI_TFP_FE 534: No equation Description : Steady State Version (SS_SI_TFP_FE) LOG(SI_TFP_FE) = RES_SI_TFP_FE 535: Full-employment output production function (SI_GDP_FE) SI_GDP_FE = SI_TFP_FE * SI_K**SI_BETA * ((1 - SI_UNR_FE / 100) * SI_LF)**(1 - SI_BETA) 535: Full-employment output production function : Steady State Version (SS_SI_GDP_FE) SI_GDP_FE = SI_TFP_FE * SI_K**SI_BETA * ((1 - SI_UNR_FE / 100) * SI_LF)**(1 - SI_BETA) 536: Labor force (SI_LF) SI_LF = SI_POP * SI_PART / (1 + SI_DEM3) 536: Labor force : Steady State Version (SS_SI_LF) SI_LF = SI_POP * SI_PART / (1 + SI_DEM3) 537: Capacity utilization (SI_CU) SI_CU = 100 * SI_GDP / SI_GDP_FE 537: Capacity utilization : Steady State Version (SS_SI_CU) SI_CU = 100 * SI_GDP / SI_GDP_FE 538: Balance of payments (claims on foreigners), current U.S. dollars (SI_NFA) DEL(1: SI_NFA) = (SI_XT * SI_PXT - SI_IT * SI_PIT) * SI_ER + (US_R + SUM(I = -3 TO -1: SI_PREM(I)) / 3) * SI_NFA(-1) + RES_SI_NFA * US_INFL**TME * GREAL**TME 538: Balance of payments (claims on foreigners), current U.S. dollars : Steady State Version (SS_SI_NFA) SI_NFA * (1-1 / (US_INFL * GREAL)) = (SI_XT * SI_PXT - SI_IT * SI_PIT) * SI_ER + (US_R + SI_PREM) * SI_NFA / (US_INFL * GREAL) + RES_SI_NFA * US_INFL**TME * GREAL**TME 539: Trade balance - local currency (SI_TB) SI_TB = SI_XT * SI_PXT - SI_IT * SI_PIT 539: Trade balance - local currency : Steady State Version (SS_SI_TB) SI_TB = SI_XT * SI_PXT - SI_IT * SI_PIT 540: Current account - current U.S. dollars (SI_CURBAL) SI_CURBAL = DEL(1: SI_NFA) 540: Current account - current U.S. dollars : Steady State Version (SS_SI_CURBAL) SI_CURBAL = SI_NFA * (1-1 / (US_INFL * GREAL)) 541: Open interest parity condition (solves for exchange rate) (SI_ER) 1 + US_RS / 100 = (1 + SI_RS / 100) * SI_ER(1) / SI_ER - SI_PREM + RES_SI_ER 541: Open interest parity condition (solves for exchange rate) : Steady State Version (SS_SI_ER) 1 + US_RS / 100 = (1 + SI_RS / 100) * US_INFL / SI_INFL - SI_PREM + RES_SI_ER 542: Real effective exchange rate (relative export price) (SI_RCI) SI_RCI = LOG(SI_PXM) - LOG(SI_PFM) 542: Real effective exchange rate (relative export price) : Steady State Version (SS_SI_RCI) SI_RCI = LOG(SI_PXM) - LOG(SI_PFM) 543: Weighted average of foreign activity (SI_FACT) SI_FACT = (US_IM * US_E96 * S0801 + JA_IM * JA_E96 * S0802 + GR_IM * GR_E96 * S0803 + FR_IM * FR_E96 * S0804 + IT_IM * IT_E96 * S0805 + UK_IM * UK_E96 * S0806 + CA_IM * CA_E96 * S0807 + SI_IM * SI_E96 * S0808 + (HO_IM + DC_IM) * RW_E96 * S0809) / SI_E96 543: Weighted average of foreign activity : Steady State Version (SS_SI_FACT) SI_FACT = (US_IM * US_E96 * S0801 + JA_IM * JA_E96 * S0802 + GR_IM * GR_E96 * S0803 + FR_IM * FR_E96 * S0804 + IT_IM * IT_E96 * S0805 + UK_IM * UK_E96 * S0806 + CA_IM * CA_E96 * S0807 + SI_IM * SI_E96 * S0808 + (HO_IM + DC_IM) * RW_E96 * S0809) / SI_E96 544: Prices in foreign markets (SI_PFM) LOG(SI_PFM) = W0801 * LOG(US_PXM * US_ER / US_E96) + W0802 * LOG(JA_PXM * JA_ER / JA_E96) + W0803 * LOG(GR_PXM * GR_ER / GR_E96) + W0804 * LOG(FR_PXM * FR_ER / FR_E96) + W0805 * LOG(IT_PXM * IT_ER / IT_E96) + W0806 * LOG(UK_PXM * UK_ER / UK_E96) + W0807 * LOG(CA_PXM * CA_ER / CA_E96) + W0808 * LOG(SI_ER / SI_E96) + W0809 * LOG(RW_PXM * RW_ER / RW_E96) 544: Prices in foreign markets : Steady State Version (SS_SI_PFM) LOG(SI_PFM) = W0801 * LOG(US_PXM * US_ER / US_E96) + W0802 * LOG(JA_PXM * JA_ER / JA_E96) + W0803 * LOG(GR_PXM * GR_ER / GR_E96) + W0804 * LOG(FR_PXM * FR_ER / FR_E96) + W0805 * LOG(IT_PXM * IT_ER / IT_E96) + W0806 * LOG(UK_PXM * UK_ER / UK_E96) + W0807 * LOG(CA_PXM * CA_ER / CA_E96) + W0808 * LOG(SI_ER / SI_E96) + W0809 * LOG(RW_PXM * RW_ER / RW_E96) 545: Nominal effective exchange rate (SI_NEER) SI_NEER = EXP( - V0801 * LOG(US_ER / US_E96) - V0802 * LOG(JA_ER / JA_E96) - V0803 * LOG(GR_ER / GR_E96) - V0804 * LOG(FR_ER / FR_E96) - V0805 * LOG(IT_ER / IT_E96) - V0806 * LOG(UK_ER / UK_E96) - V0807 * LOG(CA_ER / CA_E96) + LOG(SI_ER / SI_E96)) 545: Nominal effective exchange rate : Steady State Version (SS_SI_NEER) SI_NEER = EXP( - V0801 * LOG(US_ER / US_E96) - V0802 * LOG(JA_ER / JA_E96) - V0803 * LOG(GR_ER / GR_E96) - V0804 * LOG(FR_ER / FR_E96) - V0805 * LOG(IT_ER / IT_E96) - V0806 * LOG(UK_ER / UK_E96) - V0807 * LOG(CA_ER / CA_E96) + LOG(SI_ER / SI_E96)) |