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The United States Model
1: Consumer price index (US_CPI) DEL(1: LOG(US_CPI)) = US_CPI1 * DEL(1: LOG(US_PIM)) + US_CPI2 * DEL(1: LOG(US_PGNP)) + (1 - US_CPI1 - US_CPI2) * LOG(US_CPI(-1) / US_CPI(-2)) + RES_US_CPI 1: Consumer price index : Steady State Version (SS_US_CPI) DEL(1: LOG(US_CPI)) = DEL(1: LOG(US_PGNP))+0 * (US_CPI1 + US_CPI2) + RES_US_CPI 2: Unemployment rate (US_UNR_A) US_UNR_A = US_UNR_FE + US_UNR_1 * 100 * LOG(US_GDP / US_GDP_FE) + US_UNR_2 * (US_UNR(-1) - US_UNR_FE(-1)) + RES_US_UNR_A 2: Unemployment rate : Steady State Version (SS_US_UNR_A) US_UNR_A = US_UNR_FE - 100 * LOG(US_GDP / US_GDP_FE) + RES_US_UNR_A + US_UNR_1 * US_UNR_2 * 0 3: Unemployment rate (restricting the value to be above zero) (US_UNR) US_UNR = MAX(US_UNR_A,0.1) 3: Unemployment rate (restricting the value to be above zero) : Steady State Version (SS_US_UNR) US_UNR = US_UNR_A 4: Price level (GNP deflator) (US_PGNP) DEL(1: LOG(US_PGNPNO)) = US_LAMBDA * (US_DELTA_PI * DEL(1: LOG(US_PGNPNO(1))) + (1 - US_DELTA_PI) * DEL(1: LOG(US_PGNPNO(-1)))) + (1 - US_LAMBDA) * DEL(1: LOG(US_PGNPNO(-1))) + US_GAMMA / 100 * (US_NLIN - US_UNR) / (US_UNR - US_PHI) + RES_US_PGNP 4: Price level (GNP deflator) : Steady State Version (SS_US_PGNP) 0 * LOG(US_PGNPNO) = US_GAMMA / 100 * (US_NLIN - US_UNR) / (US_UNR - US_PHI)+0 * US_LAMBDA * US_DELTA_PI + RES_US_PGNP 5: Inflation (US_INFL) US_INFL = US_MGROW / GREAL 5: Inflation : Steady State Version (SS_US_INFL) US_INFL = US_MGROW / GREAL 6: Labor force growth (US_DLLF) US_DLLF = LOG(US_LF / US_LF(-1)) 6: Labor force growth : Steady State Version (SS_US_DLLF) US_DLLF = LOG(US_LF / US_LF(-1)) 7: Real GDP growth (US_DLGDP) US_DLGDP = LOG(US_GDP / US_GDP(-1)) 7: Real GDP growth : Steady State Version (SS_US_DLGDP) US_DLGDP = LOG(US_GDP / US_GDP(-1)) 8: Personal household expenditure (US_C) US_C = US_C_DI + US_C_PI 8: Personal household expenditure : Steady State Version (SS_US_C) US_C = US_C_DI + US_C_PI 9: Marginal propensity to consume (US_MPC) US_MPC = 1 / US_MPCINV 9: Marginal propensity to consume : Steady State Version (SS_US_MPC) US_MPC = US_RSR * (1-1 / US_SIGMA) + RES_US_MPC / US_SIGMA + US_PROB 10: Marginal propensity to consume - inverse (US_MPCINV) US_MPCINV(1) = US_MPCINV - 1 - ((1 - US_SIGMA) * (US_RSR + US_PROB) - (RES_US_MPC + US_PROB)) * US_MPCINV / US_SIGMA 10: Marginal propensity to consume - inverse : Steady State Version (SS_US_MPCINV) US_MPCINV = 1 / US_MPC 11: Real human wealth - young (US_WH1) US_WH1(1) = US_WH1 * (1 + US_RSR + US_ALPHA1 + RES_US_WH1 + US_PROB + EXP(US_DLLF_SS)-1) - (((1 - US_BETA) * US_GDP * US_PGNP - US_TAXH) / US_P + RES_US_WK * US_WK) 11: Real human wealth - young : Steady State Version (SS_US_WH1) US_WH1 * GREAL_SS = US_WH1 * (1 + US_RSR + US_ALPHA1 + RES_US_WH1 + US_PROB + EXP(US_DLLF_SS)-1) - (((1 - US_BETA) * US_GDP * US_PGNP - US_TAXH) / US_P + RES_US_WK * US_WK) 12: Real human wealth - adult (US_WH2) US_WH2(1) = US_WH2 * (1 + US_RSR + US_ALPHA2 + RES_US_WH2 + US_PROB + EXP(US_DLLF_SS)-1) - (((1 - US_BETA) * US_GDP * US_PGNP - US_TAXH) / US_P + RES_US_WK * US_WK) 12: Real human wealth - adult : Steady State Version (SS_US_WH2) US_WH2 * GREAL_SS = US_WH2 * (1 + US_RSR + US_ALPHA2 + RES_US_WH2 + US_PROB + EXP(US_DLLF_SS)-1) - (((1 - US_BETA) * US_GDP * US_PGNP - US_TAXH) / US_P + RES_US_WK * US_WK) 13: Real human wealth - old (US_WH3) US_WH3(1) = US_WH3 * (1 + US_RSR + US_ALPHA3 + RES_US_WH3 + US_PROB + EXP(US_DLLF_SS)-1) - (((1 - US_BETA) * US_GDP * US_PGNP - US_TAXH) / US_P + RES_US_WK * US_WK) 13: Real human wealth - old : Steady State Version (SS_US_WH3) US_WH3 * GREAL_SS = US_WH3 * (1 + US_RSR + US_ALPHA3 + RES_US_WH3 + US_PROB + EXP(US_DLLF_SS)-1) - (((1 - US_BETA) * US_GDP * US_PGNP - US_TAXH) / US_P + RES_US_WK * US_WK) 14: Consumption - current income (US_C_DI) US_C_DI = (US_LAMBDA1 * US_BCHI1 + US_LAMBDA2 * US_BCHI2 + US_LAMBDA3 * (1 - US_BCHI1 - US_BCHI2)) * ((1 - US_BETA) * US_GDP * US_PGNP - US_TAXH) / US_P + RES_US_C_DI * GREAL**TME 14: Consumption - current income : Steady State Version (SS_US_C_DI) US_C_DI = (US_LAMBDA1 * US_BCHI1 + US_LAMBDA2 * US_BCHI2 + US_LAMBDA3 * (1 - US_BCHI1 - US_BCHI2)) * ((1 - US_BETA) * US_GDP * US_PGNP - US_TAXH) / US_P + RES_US_C_DI * GREAL**TME 15: Consumption - permanent income (US_C_PI) US_C_PI = US_MPC * (US_WK + (US_M + US_B + US_NFA / US_ER) / US_P + US_BCHI1 * (1 - US_LAMBDA1) * US_WH1 + US_BCHI2 * (1 - US_LAMBDA2) * US_WH2 + (1 - US_BCHI1 - US_BCHI2) * (1 - US_LAMBDA3) * US_WH3) 15: Consumption - permanent income : Steady State Version (SS_US_C_PI) US_C_PI = US_MPC * (US_WK + (US_M + US_B + US_NFA / US_ER) / US_P + US_BCHI1 * (1 - US_LAMBDA1) * US_WH1 + US_BCHI2 * (1 - US_LAMBDA2) * US_WH2 + (1 - US_BCHI1 - US_BCHI2) * (1 - US_LAMBDA3) * US_WH3) 16: Real human wealth (US_WH) US_WH = US_BCHI1 * US_WH1 + US_BCHI2 * US_WH2 + (1 - US_BCHI1 - US_BCHI2) * US_WH3 16: Real human wealth : Steady State Version (SS_US_WH) US_WH = US_BCHI1 * US_WH1 + US_BCHI2 * US_WH2 + (1 - US_BCHI1 - US_BCHI2) * US_WH3 17: Consumption of oil (US_COIL) DEL(1: LOG(US_COIL)) = US_COIL0 + US_COIL1 * DEL(1: LOG(US_GDP)) + US_COIL2 * DEL(1: LOG(POIL / US_ER / US_PGNP)) + US_COIL3 * LOG(POIL(-1) / US_ER(-1) / US_PGNP(-1)) + US_COIL4 * LOG(US_GDP(-1) / US_COIL(-1)) + RES_US_COIL 17: Consumption of oil : Steady State Version (SS_US_COIL) LOG(GREAL) = US_COIL0 + US_COIL1 * LOG(GREAL) + US_COIL2 * 0 + US_COIL3 * LOG(POIL / US_ER / US_PGNP) + US_COIL4 * LOG(US_GDP / US_COIL) + RES_US_COIL 18: Change in investment relative to the capital stock (US_K) US_INVEST / US_K(-1) - (US_DELTA_SS + GREAL_SS - 1) = US_K1 * (US_WK / US_K(-1)-1) + US_K2 * (US_WK(-1) / US_K(-2)-1) + RES_US_K 18: Change in investment relative to the capital stock : Steady State Version (SS_US_K) GREAL * US_INVEST / US_K - (US_DELTA_SS + GREAL_SS - 1) = (US_K1 + US_K2) * (GREAL * US_WK / US_K - 1) + RES_US_K 19: Marginal product of capital (US_MPK) US_MPK = US_BETA * US_GDP / US_K 19: Marginal product of capital : Steady State Version (SS_US_MPK) US_MPK = US_BETA * US_GDP / US_K 20: Tobin's Q (US_Q) US_Q = US_CHI * (US_INVEST / US_K(-1) - (US_DELTA_SS + GREAL_SS - 1))+1 20: Tobin's Q : Steady State Version (SS_US_Q) US_Q = 1 + US_CHI * 0 21: Real market value of the capital stock (US_WK) US_WK(1) = US_WK * (1 + US_RSR + US_K / US_K(-1)-1 + US_DELTA + RES_US_WK) - (US_BETA * US_GDP * US_PGNP - US_TAXK) / US_P + (US_CHI / 2 * ((US_Q - 1) / US_CHI)**2 + US_INVEST / US_K(-1) * (US_Q - 1)) * US_K(-1) * US_PGNP / US_P 21: Real market value of the capital stock : Steady State Version (SS_US_WK) US_WK * GREAL = US_WK * (1 + US_RSR + GREAL - 1 + US_DELTA + RES_US_WK) - (US_BETA * US_GDP * US_PGNP - US_TAXK) / US_P 22: Real gross business investment (US_INVEST) US_INVEST = DEL(1: US_K) + US_DELTA * US_K(-1) 22: Real gross business investment : Steady State Version (SS_US_INVEST) US_INVEST = (1 - (1 - US_DELTA) / GREAL) * US_K 23: Export volume - manufactured goods (US_XM) DEL(1: LOG(US_XM)) = US_XM0 + DEL(1: LOG(US_FACT)) + US_XM1 * DEL(1: US_RCI) + US_XM2 * (US_XM3 * US_RCI(-1) + LOG(US_FACT(-1)) - LOG(US_XM(-1))) + RES_US_XM 23: Export volume - manufactured goods : Steady State Version (SS_US_XM) LOG(GREAL) = US_XM0 + LOG(GREAL) + US_XM1 * 0 + US_XM2 * (US_XM3 * US_RCI + LOG(US_FACT) - LOG(US_XM)) + RES_US_XM 24: Export volume - manufactured goods, adjusted for real world trade discrepancy (US_XMA) US_XMA = US_XM + T01 * (WTRADER - TRDER * GREAL**TME) / US_E96 24: Export volume - manufactured goods, adjusted for real world trade discrepancy : Steady State Version (SS_US_XMA) US_XMA = US_XM + T01 * (WTRADER - TRDER * GREAL**TME) / US_E96 25: Total exports volume (US_XT) US_XT = US_XMA + US_XOIL 25: Total exports volume : Steady State Version (SS_US_XT) US_XT = US_XMA + US_XOIL 26: Definition of real domestic economic activity (US_ACT) US_ACT = US_C_MPROP * US_C + US_INVEST_MPROP * US_INVEST + US_G_MPROP * US_G + US_XT_MPROP * US_XT 26: Definition of real domestic economic activity : Steady State Version (SS_US_ACT) US_ACT = US_C_MPROP * US_C + US_INVEST_MPROP * US_INVEST + US_G_MPROP * US_G + US_XT_MPROP * US_XT 27: Import volume - manufactured goods (US_IM) DEL(1: LOG(US_IM)) = US_IM0 + DEL(1: LOG(US_ACT)) + US_IM1 * DEL(1: LOG(US_PIMA / US_PGNPNO)) + US_IM2 * (US_IM3 * LOG(US_PIMA(-1) / US_PGNPNO(-1)) + LOG(US_ACT(-1)) - LOG(US_IM(-1))) + RES_US_IM 27: Import volume - manufactured goods : Steady State Version (SS_US_IM) LOG(GREAL) = US_IM0 + LOG(GREAL) + US_IM1 * 0 + US_IM2 * (US_IM3 * LOG(US_PIMA / US_PGNPNO) + LOG(US_ACT) - LOG(US_IM)) + RES_US_IM 28: Import volume - oil (US_IOIL) US_IOIL = US_COIL + US_XOIL - US_PRODOIL + RES_US_IOIL * GREAL**TME 28: Import volume - oil : Steady State Version (SS_US_IOIL) US_IOIL = US_COIL + US_XOIL - US_PRODOIL + RES_US_IOIL * GREAL**TME 29: Import volume - commodities (US_ICOM) DEL(1: LOG(US_ICOM)) = US_IC0 + US_IC2 * DEL(1: LOG(PCOM / US_ER / US_PGNP)) + US_IC1 * DEL(1: LOG(US_GDP)) + US_IC3 * LOG(PCOM(-1) / US_ER(-1) / US_PGNP(-1)) + US_IC4 * LOG(US_GDP(-1)) + US_IC5 * LOG(US_ICOM(-1)) + RES_US_ICOM - (US_IC4 + US_IC5) * LOG(GREAL**TME) 29: Import volume - commodities : Steady State Version (SS_US_ICOM) LOG(GREAL) = US_IC0 + US_IC2 * 0 + US_IC1 * LOG(GREAL) + US_IC3 * LOG(PCOM / US_ER / US_PGNP) + US_IC4 * LOG(US_GDP / GREAL) + US_IC5 * LOG(US_ICOM / GREAL) + RES_US_ICOM - (US_IC4 + US_IC5) * LOG(GREAL**TME) 30: Total imports volume (US_IT) US_IT = US_IM + US_IOIL + US_ICOM 30: Total imports volume : Steady State Version (SS_US_IT) US_IT = US_IM + US_IOIL + US_ICOM 31: Definition of real domestic absorption (US_A) US_A = US_C + US_INVEST + US_G 31: Definition of real domestic absorption : Steady State Version (SS_US_A) US_A = US_C + US_INVEST + US_G 32: Real GDP identity (US_GDP) US_GDP = US_A + US_XT - US_IT 32: Real GDP identity : Steady State Version (SS_US_GDP) US_GDP = US_A + US_XT - US_IT 33: Definition of real GNP (US_GNP) US_GNP = US_GDP + (US_R + SUM(I = -3 TO -1: US_PREM(I)) / 3) * US_NFA(-1) / US_ER / US_PGNP + RES_US_GNP * GREAL**TME 33: Definition of real GNP : Steady State Version (SS_US_GNP) US_GNP = US_GDP + (US_R + US_PREM) * US_NFA / (US_INFL * GREAL) / US_ER / US_PGNP + RES_US_GNP * GREAL**TME 34: Real wealth (financial plus discounted future income) (US_W) US_W = US_WH + US_WK + (US_M + US_B + US_NFA / US_ER) / US_P 34: Real wealth (financial plus discounted future income) : Steady State Version (SS_US_W) US_W = US_WH + US_WK + (US_M + US_B + US_NFA / US_ER) / US_P 35: Real disposable income (US_YD) US_YD = (US_GDP * US_PGNP - US_TAX) / US_P - US_DELTA * US_K(-1) 35: Real disposable income : Steady State Version (SS_US_YD) US_YD = (US_GDP * US_PGNP - US_TAX) / US_P - US_DELTA * US_K / GREAL 36: Total government expenditures - nominal (US_GE) US_GE = US_P * US_G + US_R * US_B(-1) + US_GEXOG 36: Total government expenditures - nominal : Steady State Version (SS_US_GE) US_GE = US_P * US_G + US_R * US_B / (GREAL * US_INFL) + US_GEXOG 37: Government tax receipts (US_TAX) US_TAX = US_TRATE * US_PGNP * US_GNP 37: Government tax receipts : Steady State Version (SS_US_TAX) US_TAX = US_TRATE * US_PGNP * US_GNP 38: Taxes on capital (US_TAXK) US_TAXK = US_TAXK_ALPHA * US_TAXK_SHAR * US_TAX + (1 - US_TAXK_ALPHA) * US_TRATEK * US_BETA * US_GDP * US_PGNP 38: Taxes on capital : Steady State Version (SS_US_TAXK) US_TAXK = US_TAXK_ALPHA * US_TAXK_SHAR * US_TAX + (1 - US_TAXK_ALPHA) * US_TRATEK * US_BETA * US_GDP * US_PGNP 39: Taxes on labor (US_TAXH) US_TAXH = US_TAX - US_TAXK 39: Taxes on labor : Steady State Version (SS_US_TAXH) US_TAXH = US_TAX - US_TAXK 40: Average tax rate (US_TRATE) US_TRATE = US_TRATE_EXOG * (1 - US_TRATE_ALPHA) + US_TRATE_ALPHA * (SUM(I = -2 TO 2: US_TRATE(I) / 5) + TAU1 * (US_B(1) / (US_GNP(1) * US_PGNP(1)) - US_BT_GDP_RAT(1)) + RES_US_TRATE) 40: Average tax rate : Steady State Version (SS_US_TRATE) 0 = TAU1 * (US_B / (US_GNP * US_PGNP) - US_BT_GDP_RAT) + RES_US_TRATE 41: No equation Description (US_BT) US_BT = US_BT_GDP_RAT * US_GNP * US_PGNP 41: No equation Description : Steady State Version (SS_US_BT) US_BT = US_BT_GDP_RAT * US_GNP * US_PGNP 42: Government balance sheet (solves for nominal government debt) (US_B) DEL(1: US_B) + DEL(1: US_M) = US_R * US_B(-1) + US_P * US_G - US_TAX 42: Government balance sheet (solves for nominal government debt) : Steady State Version (SS_US_B) (US_B + US_M) * (1-1 / (US_INFL * GREAL)) = US_R * US_B / (US_INFL * GREAL) + US_P * US_G - US_TAX 43: Definition of nominal government deficit (US_GDEF) US_GDEF = DEL(1: US_B + US_M) 43: Definition of nominal government deficit : Steady State Version (SS_US_GDEF) US_GDEF = (US_B + US_M) * (1-1 / (US_INFL * GREAL)) 44: Money demand function (US_M) LOG(US_M / US_P) = US_M0 + (1 - US_M4) * LOG(US_A) + US_M2 * US_RS + US_M4 * LOG(US_M(-1) / US_P(-1)) + RES_US_M 44: Money demand function : Steady State Version (SS_US_M) LOG(US_M / US_P) = US_M0 + (1 - US_M4) * LOG(US_A) + US_M2 * US_RS + US_M4 * LOG(US_M / US_P / GREAL) + RES_US_M 45: Money supply reaction function - short-term interest rate (US_RS) US_RS = (1 - US_X_RS1) * US_RS_EXOG + US_X_RS1 * (US_RS(-1) + US_RS1 * LOG(US_MT / US_M) / US_M2 + US_RS2 * LOG(GR_ER / US_ER / US_PAR) + US_RSCON2 + RES_US_RS) + US_RS1PERM * 0 45: Money supply reaction function - short-term interest rate : Steady State Version (SS_US_RS) 0 = US_RS1PERM * LOG(US_MT / US_M) / US_M2 + US_RS2 * LOG(GR_ER / US_ER / US_PAR) + RES_US_RS + 0 * US_RS1 * US_RS_EXOG * US_RSCON * US_RSCON2 46: Term structure of interest rates (solves for long-term rate) (US_RL) US_RL / 100 = ((1 + US_RS / 100) * (1 + US_RS(1) / 100) * (1 + US_RS(2) / 100) * (1 + US_RS(3) / 100) * (1 + US_RS(4) / 100) * (1 + US_RS(5) / 100) * (1 + US_RS(6) / 100) * (1 + US_RS(7) / 100) * (1 + US_RS(8) / 100) * (1 + US_RS(9) / 100))**0.1 * (1 + US_TPREM)-1 + RES_US_RL 46: Term structure of interest rates (solves for long-term rate) : Steady State Version (SS_US_RL) US_RL / 100 = (1 + US_RS / 100) * (1 + US_TPREM)-1 + RES_US_RL 47: Interest rate on NFA faced by industrialized countries (US_R) US_R = 0.5 * US_RS(-1) / 100+0.5 * SUM(I = -3 TO -1: US_RL(I) / 100) / 3 47: Interest rate on NFA faced by industrialized countries : Steady State Version (SS_US_R) US_R = 0.5 * US_RS / 100+0.5 * US_RL / 100 48: Real long-term interest rate (ex ante) (US_RLR) US_RLR = (1 + US_RL / 100) / (US_P(10) / US_P)**0.1-1 48: Real long-term interest rate (ex ante) : Steady State Version (SS_US_RLR) US_RLR = (1 + US_RL / 100) / US_INFL - 1 49: Real short-term interest rate (ex ante) (US_RSR) US_RSR = (1 + US_RS / 100) / (US_P(1) / US_P)-1 49: Real short-term interest rate (ex ante) : Steady State Version (SS_US_RSR) US_RSR = (1 + US_RS / 100) / US_INFL - 1 50: Non-oil GNP deflator (US_PGNPNO) US_PGNPNO = (US_GDP * US_PGNP - US_PRODOIL * POIL / US_ER * US_E96) / (US_GDP - US_PRODOIL) 50: Non-oil GNP deflator : Steady State Version (SS_US_PGNPNO) US_PGNPNO = (US_GDP * US_PGNP - US_PRODOIL * POIL / US_ER * US_E96) / (US_GDP - US_PRODOIL) 51: PGNP identity (with discrepancy) (US_P) US_PGNP = (US_P * US_A + US_XT * US_PXT - US_IT * US_PIT) / US_GDP + RES_US_P * US_PGNP 51: PGNP identity (with discrepancy) : Steady State Version (SS_US_P) US_PGNP = (US_P * US_A + US_XT * US_PXT - US_IT * US_PIT) / US_GDP + RES_US_P * US_PGNP 52: Manufactured goods export price (US_PXM) DEL(1: LOG(US_PXM)) = US_PXM0 + US_PXM1 * DEL(1: LOG(US_PGNPNO)) + (1 - US_PXM1) * DEL(1: LOG(US_PFM)) + US_PXM2 * LOG(US_PGNPNO(-1) / US_PXM(-1)) + RES_US_PXM 52: Manufactured goods export price : Steady State Version (SS_US_PXM) US_INFL = US_PXM0 + US_PXM1 * US_INFL + (1 - US_PXM1) * US_INFL + US_PXM2 * LOG(US_PGNPNO / US_PXM) + RES_US_PXM 53: Total export price (US_PXT) US_PXT = (US_XMA * US_PXM + POIL / US_ER * US_E96 * US_XOIL) / US_XT 53: Total export price : Steady State Version (SS_US_PXT) US_PXT = (US_XMA * US_PXM + POIL / US_ER * US_E96 * US_XOIL) / US_XT 54: Manufactured goods import price (US_PIM) US_PIM = (S0101 * US_PXM + S0201 * JA_PXM * JA_ER / JA_E96 + S0301 * GR_PXM * GR_ER / GR_E96 + S0401 * FR_PXM * FR_ER / FR_E96 + S0501 * IT_PXM * IT_ER / IT_E96 + S0601 * UK_PXM * UK_ER / UK_E96 + S0701 * CA_PXM * CA_ER / CA_E96 + S0801 * SI_PXM * SI_ER / SI_E96 + S0901 * RW_PXM * RW_ER / RW_E96) / (US_ER / US_E96) * (1 + RES_US_PIM) 54: Manufactured goods import price : Steady State Version (SS_US_PIM) US_PIM = (S0101 * US_PXM + S0201 * JA_PXM * JA_ER / JA_E96 + S0301 * GR_PXM * GR_ER / GR_E96 + S0401 * FR_PXM * FR_ER / FR_E96 + S0501 * IT_PXM * IT_ER / IT_E96 + S0601 * UK_PXM * UK_ER / UK_E96 + S0701 * CA_PXM * CA_ER / CA_E96 + S0801 * SI_PXM * SI_ER / SI_E96 + S0901 * RW_PXM * RW_ER / RW_E96) / (US_ER / US_E96) * (1 + RES_US_PIM) 55: Import price for manufactured goods - adjusted for world trade discrepancy (US_PIMA) US_PIMA = US_PIM + T01 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / US_ER / US_IM 55: Import price for manufactured goods - adjusted for world trade discrepancy : Steady State Version (SS_US_PIMA) US_PIMA = US_PIM + T01 * (WTRADE - TRDE * GREAL**TME * US_INFL**TME) / US_ER / US_IM 56: Total import price (US_PIT) US_PIT = (US_IM * US_PIMA + US_IOIL * POIL / US_ER * US_E96 + US_ICOM * PCOM / US_ER * US_E96) / US_IT 56: Total import price : Steady State Version (SS_US_PIT) US_PIT = (US_IM * US_PIMA + US_IOIL * POIL / US_ER * US_E96 + US_ICOM * PCOM / US_ER * US_E96) / US_IT 57: No equation Description (US_TFP_FE) LOG(US_TFP_FE) = RES_US_TFP_FE 57: No equation Description : Steady State Version (SS_US_TFP_FE) LOG(US_TFP_FE) = RES_US_TFP_FE 58: Full-employment output production function (US_GDP_FE) US_GDP_FE = US_TFP_FE * US_K**US_BETA * ((1 - US_UNR_FE / 100) * US_LF)**(1 - US_BETA) 58: Full-employment output production function : Steady State Version (SS_US_GDP_FE) US_GDP_FE = US_TFP_FE * US_K**US_BETA * ((1 - US_UNR_FE / 100) * US_LF)**(1 - US_BETA) 59: Labor force (US_LF) US_LF = US_POP * US_PART / (1 + US_DEM3) 59: Labor force : Steady State Version (SS_US_LF) US_LF = US_POP * US_PART / (1 + US_DEM3) 60: Capacity utilization (US_CU) US_CU = 100 * US_GDP / US_GDP_FE 60: Capacity utilization : Steady State Version (SS_US_CU) US_CU = 100 * US_GDP / US_GDP_FE 61: Balance of payments (claims on foreigners), current U.S. dollars (US_NFA) DEL(1: US_NFA) = (US_XT * US_PXT - US_IT * US_PIT) * US_ER + (US_R + SUM(I = -3 TO -1: US_PREM(I)) / 3) * US_NFA(-1) + RES_US_NFA * US_INFL**TME * GREAL**TME 61: Balance of payments (claims on foreigners), current U.S. dollars : Steady State Version (SS_US_NFA) US_NFA * (1-1 / (US_INFL * GREAL)) = (US_XT * US_PXT - US_IT * US_PIT) * US_ER + (US_R + US_PREM) * US_NFA / (US_INFL * GREAL) + RES_US_NFA * US_INFL**TME * GREAL**TME 62: Trade balance - local currency (US_TB) US_TB = US_XT * US_PXT - US_IT * US_PIT 62: Trade balance - local currency : Steady State Version (SS_US_TB) US_TB = US_XT * US_PXT - US_IT * US_PIT 63: Current account - current U.S. dollars (US_CURBAL) US_CURBAL = DEL(1: US_NFA) 63: Current account - current U.S. dollars : Steady State Version (SS_US_CURBAL) US_CURBAL = US_NFA * (1-1 / (US_INFL * GREAL)) 64: Open interest parity condition (solves for exchange rate) (US_ER) US_ER = 1 + RES_US_ER 64: Open interest parity condition (solves for exchange rate) : Steady State Version (SS_US_ER) US_ER = 1 + RES_US_ER 65: Average interest rate faced by non-G7/SI countries (US_RR) US_RR = (0.8 * US_RS(-1)+0.2 * SUM(I = -3 TO -1: US_RL(I)) / 3) / 100 65: Average interest rate faced by non-G7/SI countries : Steady State Version (SS_US_RR) US_RR = (0.8 * US_RS + 0.2 * US_RL) / 100 66: Real effective exchange rate (relative export price) (US_RCI) US_RCI = LOG(US_PXM) - LOG(US_PFM) 66: Real effective exchange rate (relative export price) : Steady State Version (SS_US_RCI) US_RCI = LOG(US_PXM) - LOG(US_PFM) 67: Weighted average of foreign activity (US_FACT) US_FACT = (US_IM * US_E96 * S0101 + JA_IM * JA_E96 * S0102 + GR_IM * GR_E96 * S0103 + FR_IM * FR_E96 * S0104 + IT_IM * IT_E96 * S0105 + UK_IM * UK_E96 * S0106 + CA_IM * CA_E96 * S0107 + SI_IM * SI_E96 * S0108 + (HO_IM + DC_IM) * RW_E96 * S0109) / US_E96 67: Weighted average of foreign activity : Steady State Version (SS_US_FACT) US_FACT = (US_IM * US_E96 * S0101 + JA_IM * JA_E96 * S0102 + GR_IM * GR_E96 * S0103 + FR_IM * FR_E96 * S0104 + IT_IM * IT_E96 * S0105 + UK_IM * UK_E96 * S0106 + CA_IM * CA_E96 * S0107 + SI_IM * SI_E96 * S0108 + (HO_IM + DC_IM) * RW_E96 * S0109) / US_E96 68: Prices in foreign markets (US_PFM) LOG(US_PFM) = W0101 * LOG(US_ER / US_E96) + W0102 * LOG(JA_PXM * JA_ER / JA_E96) + W0103 * LOG(GR_PXM * GR_ER / GR_E96) + W0104 * LOG(FR_PXM * FR_ER / FR_E96) + W0105 * LOG(IT_PXM * IT_ER / IT_E96) + W0106 * LOG(UK_PXM * UK_ER / UK_E96) + W0107 * LOG(CA_PXM * CA_ER / CA_E96) + W0108 * LOG(SI_PXM * SI_ER / SI_E96) + W0109 * LOG(RW_PXM * RW_ER / RW_E96) 68: Prices in foreign markets : Steady State Version (SS_US_PFM) LOG(US_PFM) = W0101 * LOG(US_ER / US_E96) + W0102 * LOG(JA_PXM * JA_ER / JA_E96) + W0103 * LOG(GR_PXM * GR_ER / GR_E96) + W0104 * LOG(FR_PXM * FR_ER / FR_E96) + W0105 * LOG(IT_PXM * IT_ER / IT_E96) + W0106 * LOG(UK_PXM * UK_ER / UK_E96) + W0107 * LOG(CA_PXM * CA_ER / CA_E96) + W0108 * LOG(SI_PXM * SI_ER / SI_E96) + W0109 * LOG(RW_PXM * RW_ER / RW_E96) 69: Nominal effective exchange rate (US_NEER) US_NEER = EXP( + (LOG(US_ER / US_E96)) - V0102 * LOG(JA_ER / JA_E96) - V0103 * LOG(GR_ER / GR_E96) - V0104 * LOG(FR_ER / FR_E96) - V0105 * LOG(IT_ER / IT_E96) - V0106 * LOG(UK_ER / UK_E96) - V0107 * LOG(CA_ER / CA_E96) - V0108 * LOG(SI_ER / SI_E96)) 69: Nominal effective exchange rate : Steady State Version (SS_US_NEER) US_NEER = EXP( + (LOG(US_ER / US_E96)) - V0102 * LOG(JA_ER / JA_E96) - V0103 * LOG(GR_ER / GR_E96) - V0104 * LOG(FR_ER / FR_E96) - V0105 * LOG(IT_ER / IT_E96) - V0106 * LOG(UK_ER / UK_E96) - V0107 * LOG(CA_ER / CA_E96) - V0108 * LOG(SI_ER / SI_E96)) |