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Country models: Canada
France
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Italy
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Rest of the World, Developing Countries
Small Industrial Countries
United Kingdom
United States



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))