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United States



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))