var 
C C_h C_f B_f W N N_h N_f lamb vlam Z K Y lamb1 Y_f K_f W_f m_f mc d_p pistar pi x1 x2 Q I I_f n e d d_f R R_f R_l Miu Miu_d v Ome x Phi loan EX x_f a a_f tau_N tau_Df Rh_f GDP;

varexo e_r e_a e_af e_f e_xf e_mf; 

parameters 
Beta Phi_c Phi_L Phi_n Eta sigma Alpha_h Alpha_f Phi_p Thea_m Phi_I Psim Psif tau_b tau_k Delta Thea Gama Xi Gama_c Eta_f Thea1 Thea2 Thea3 w_b Psi_f rhor rhoa rhoaf rhof rhoxf; 

Beta=0.985;
Phi_c=0.75;
Phi_L=2;
Phi_n=0.8;
Eta=2;
sigma=0.94;
Alpha_h=0.5;
Alpha_f=0.5;
Phi_p=5;
Thea_m=0.75;
Phi_I=1;
Psim=5;
Psif=5;
tau_b=5;
tau_k=5;
Delta=0.025;
Thea=1.446728127;
Gama=4.986698014;
Xi=0.002976317;
Gama_c=0.5;
Eta_f=1;
Thea1=0.25;
Thea2=0.25;
Thea3=0.25;
w_b=1;


Psi_f=0.2;
rhor=0.8;
rhoa=0.8;
rhoaf=0.8;
rhof=0.8;
rhoxf=0.8;

model;
lamb*(e^(1-Gama_c))=1/(C-Phi_c*C(-1))-Beta*Phi_c/(C(+1)-Phi_c*C);
lamb*W=Phi_L*(N^(Eta-Phi_n))*(N_h^Phi_n);
lamb*W_f=Phi_L*(N^(Eta-Phi_n))*(N_f^Phi_n);
Beta*vlam*R/pi(+1)=1;
Beta*vlam*(e(+1)/e)*Rh_f=1;
Rh_f=R_f*(exp(-Psif*B_f));
vlam=lamb(+1)/lamb;
C=(((Gama_c^Gama_c)*((1-Gama_c)^(1-Gama_c)))^(-1))*(C_h^(Gama_c))*((C_f)^(1-Gama_c));
N=((N_h^(1+Phi_n))+N_f^(1+Phi_n))^(1/(1+Phi_n));



Q(-1)*R_f(-1)*e/e(-1)=lamb1*a_f*Alpha_f*(K_f(-1)^(Alpha_f-1))*(N_f^(1-Alpha_f))+(1-Delta)*Q-Psim*(K_f(-1)-0.462478534);
W_f=lamb1*a_f*(1-Alpha_f)*(K_f(-1)^(Alpha_f))*(N_f^(-Alpha_f));
Y_f=a_f*(K_f(-1)^Alpha_f)*(N_f^(1-Alpha_f));
K_f=(1-Delta)*K_f(-1)+I_f;
(lamb1^(1/Alpha_f))*(((1-Alpha_f)/W_f)^(1/Alpha_f-1))*(a_f^(1/Alpha_f))*Alpha_f=Q(-1)*R_f(-1)*e/e(-1)-(1-Delta)*Q+Psim*(K_f(-1)-0.462478534);




mc=((1-Alpha_h)^(Alpha_h-1))*(Z^Alpha_h)/(a*(Alpha_h^Alpha_h)*(W^(Alpha_h-1)));
Z=Alpha_h*mc*a*(K^(Alpha_h-1))*(N_h^(1-Alpha_h));
W=(1-Alpha_h)*mc*a*(K^Alpha_h)*(N_h^(-Alpha_h));
1/Q=1-(Phi_I/2)*(I/I(-1)-1)^2-Phi_I*(I/I(-1)-1)*I/I(-1)+Beta*vlam*Phi_I*(I(+1)/I-1)*((I(+1)/I)^2)*Q(+1)/Q;
K(+1)=(1-Delta)*K+(1-(Phi_I/2)*(I/I(-1)-1)^2)*I;
R_l=(Z+(1-Delta)*Q(+1))/Q;



pistar=pi*(Phi_p/(Phi_p-1))*x1/x2;
x1=lamb*mc*Y+Beta*Thea_m*x1(+1)*pi(+1)^Phi_p;
x2=lamb*Y+Beta*Thea_m*x2(+1)*pi(+1)^(Phi_p-1);
pi^(1-Phi_p)=Thea_m+(1-Thea_m)*(pistar^(1-Phi_p));
d_p=(1-Thea_m)*(pistar^(-Phi_p))*(pi^Phi_p)+Thea_m*(pi^Phi_p)*d_p(-1);
Y=a*(K^Alpha_h)*(N_h^(1-Alpha_h))/d_p;



loan=(1+tau_N)*n+(1-tau_Df)*e*d_f+d;
tau_N*n=tau_Df*e*d_f;
Phi=loan/n;
x=e*d_f/(loan);
Phi=v/(Thea*(1+(Gama/2)*(x^2))-(Miu+Miu_d*x));
v=Beta*vlam(+1)*Ome(+1)*(R/pi(+1))*(1+tau_N);
Miu=Beta*vlam(+1)*Ome(+1)*(R_l(+1)-R/pi(+1));
Miu_d=Beta*vlam(+1)*Ome(+1)*((1-tau_Df)*R/pi(+1)-R_f*e(+1)/e);
Ome=1-sigma+sigma*Thea*(1+Gama*(x^2)/2)*Phi;
x=(Miu/Miu_d)*(((1+(2/Gama)*((Miu_d/Miu)^2))^(1/2))-1);
n=(sigma+Xi)*R_l*loan(-1)-sigma*R(-1)*d(-1)/pi-sigma*e*R_f(-1)*d_f(-1);
tau_Df=w_b*log(loan/27.39034824);
loan=Q*K(+1);

EX=(e^Eta_f)*x_f;


Y=C_h+EX+I+(Phi_I/2)*((I/I(-1)-1)^2)*I;
Q*K_f-(1-Delta)*Q*K_f(-1)+e*(B_f-Rh_f(-1)*B_f(-1))+e*(d_f-R_f(-1)*d_f(-1))=e*C_f-Y_f-EX;
GDP=Y+Y_f;



log(m_f/1.940663537)=Psi_f*log(m_f(-1)/1.940663537)+e_mf;
log(R/1.015228426)=rhor*log(R(-1)/1.015228426)+(1-rhor)*(0.32*log(Y/4.124193932)+0.67*log(pi/1)+0.93*log(e/1.649700371))+e_r;
log(a/1)=rhoa*log(a(-1)/1)+e_a;
log(a_f/1)=rhoaf*log(a_f(-1)/1)+e_af;
log(R_f/1.005)=rhof*log(R_f(-1)/1.005)+e_f;
log(x_f/1)=rhoxf*log(x_f(-1)/1)+e_xf;
end;
 
initval;
C=2.78686644;
C_h=1.789734855;
C_f=1.084884799;
B_f=-0.002015;
W=2.656552887;
N=0.623880371;
N_h=0.620984277;
N_f=0.043671626;
lamb=0.291942686;
vlam=1;
R=1.015228426;
Rh_f=1.015228426;
Z=0.060228426;
K=27.39034824;
Y=4.124193932;
lamb1=0.19525284;
Y_f=0.142116817;
K_f=0.462478534;
W_f=0.317697262;
m_f=1.940663537;
mc=0.8;
pistar=1;
d_p=1;
pi=1;
x1=3.686976466;
x2=4.608720583;
Q=1;
I=0.684758706;
I_f=0.011561963;
n=13.69517412;
e=1.649700371;
d=10.9561393;
d_f=1.660322609;
R_f=1.005;
R_l=1.035228426;
Miu=0.056098985;
Miu_d=0.028690217;
v=2.847664203;
Ome=2.847664203;
x=0.1;
Phi=2;
loan=27.39034824;
EX=1.649700371;
GDP=4.263183016;
x_f=1;
a=1;
a_f=1;
tau_N=0;
tau_Df=0;
end;
 
 
steady;
check;
model_info; 
model_diagnostics;
check;
 

shocks;
var e_f;
stderr 1;
end;

stoch_simul(order=1, periods=0,irf=100,conditional_variance_decomposition =[1:50]);