var what rhat phat jhat hhat ghat khat lhat ; varexo eps_j eps_g; parameters beta delta B theta alpha miu A rho_g rho_j wbar rbar pbar jbar hbar gbar kbar lbar; beta = 0.99; delta = 0.025; B = -2.5805; theta = 0.36; alpha = 0.3; miu = 0.36; A = 1.72; rho_g = 3.14; rho_j = 0.56; lbar=0.3864; kbar=14.6794; gbar=0.8; hbar=1.0643; jbar=0.5; rbar=0.0351; pbar=0.9396; wbar=2.3706; model; -what=beta*(rbar*(rhat(+1)-what(+1))-(1-delta)*what(+1)); -B/(wbar*pbar)*(what+phat)=beta*(jbar*theta*alpha/(pbar*hbar*gbar)*jhat-jbar*theta*alpha*(1/(1-theta*alpha)-1/(pbar*gbar*hbar))*(hhat+phat)); 0=kbar*khat(+1)-1/pbar*phat-wbar*lbar*what-wbar*lbar*lhat-rbar*kbar*rhat-rbar*kbar*lhat-(1-delta)*kbar*khat; 0=rhat-A-(miu-1)*khat-(miu-1)*lhat; 0=what-A-miu*khat+miu*lhat; pbar*hbar*(phat+hhat)=theta*alpha*gbar*ghat; ghat(+1)=rho_g*ghat+eps_g(+1); jhat(+1)=rho_j*jhat+eps_j(+1); end; initval; what=0; rhat=0; phat=0; jhat=0; hhat=0; ghat=0; khat=0.6; lhat=0; end; check; steady; shocks; var eps_j; stderr 1; var eps_g; stderr 1; end; stoch_simul(order=1,irf=40) hhat rhat ghat ; save data_hall hhat rhat ghat;