MODEL > MOD25

ENDOG > 
lamc _NOTD
cc _NOTD
if _NOTD
tobq _NOTD
kp _NOTD
rentk _NOTD
gdp _NOTD
rs _NOTD
mcq _NOTD
mpl _NOTD
wmarkup _NOTD
mrs _NOTD
dpq _NOTD
pq _NOTD
dw _NOTD
w _NOTD
zetap _NOTD
le _NOTD
util _NOTD
gbt _NOTD
ratcy _NOTD
ratiy _NOTD
ratky _NOTD
ggdp _NOTD
gle _NOTD
glprod _NOTD
gsresid _NOTD
dpql1 _NOTD
dpql2 _NOTD
dpql3 _NOTD
dpqyoy _NOTD
ggdpl1 _NOTD
ggdpl2 _NOTD
ggdpl3 _NOTD
ggdpyoy _NOTD
rratepot _NOTD
lamcpot _NOTD
ifpot _NOTD
tobqpot _NOTD
kppot _NOTD
rentkpot _NOTD
ccpot _NOTD
zetappot _NOTD
gdppot _NOTD
lepot _NOTD
utilpot _NOTD
ugdp _NOTD
ucc _NOTD
uif _NOTD
uzetap _NOTD
ukp _NOTD
ule _NOTD
ulprod _NOTD
usresid _NOTD
ugdppot _NOTD
uccpot _NOTD
uifpot _NOTD
uzetappot _NOTD
ulepot _NOTD
ulprodpot _NOTD
usresidpot _NOTD
zt _NOTD
xt _NOTD
gzt _NOTD
gzpt _NOTD
gztt _NOTD
gxt _NOTD
labshkt _NOTD
taxlshk _NOTD
taxkshk _NOTD
govshk _NOTD
monshk _NOTD
ztt _NOTD
errgzpt _NOTD
errgxt _NOTD
errlabt _NOTD
errtaxl _NOTD
errtaxk _NOTD
errgov _NOTD
errmon _NOTD
errztt _NOTD

EQUATION > LAMC
EQTYPE > IMPOSED
EQ > lamc = LEAD(lamc,1) + rs - LEAD(dpq,1) - LEAD(gbt,1)

EQUATION > CC
EQTYPE > IMPOSED
EQ > lamc = -(1/(1-(phic/gzbar)))*(cc - (phic/(gzbar))*(LAG(cc,1) - gbt))  

EQUATION > if
EQTYPE > IMPOSED
EQ >  (deltahat/gzbar)*if = kp - ((1-delta)/gzbar)*(LAG(kp,1) - gbt) 

EQUATION > tobq
EQTYPE > IMPOSED
EQ >  tobq = phik*deltahat*(if - LAG(kp,1)+gbt) + phii*gzbar*(if - LAG(if,1)+gbt) 
           - (phii/(1+rbar))*gzbar^2*(LEAD(if,1) - if + LEAD(gbt,1))

EQUATION > KP
EQTYPE > IMPOSED
EQ >  tobq = (1/(1+rbar))*(1-delta)*LEAD(tobq,1) - (rs - LEAD(dpq,1))
           + (1/(1+rbar))*((rbar+delta*(1-tauk))*LEAD(rentk,1) - (rbar/(1-tauk))*LEAD(taxkshk,1))
           + (1/(1+rbar))*phik*deltahat^2*(LEAD(if,1) + LEAD(gbt,1) - kp)
           
EQUATION > RENTK
EQTYPE > IMPOSED
EQ >  rentk = zetap + (1-cessub)*(le + gbt - utilcon*util - LAG(kp,1))
         
EQUATION > GDP
EQTYPE > IMPOSED
EQ > (1-shrgy)*gdp = shrcy*cc + shriy*if + govshk

EQUATION > RS
EQTYPE > IMPOSED
EQ > rs =  gami*LAG(rs,1) +  gampi*.25*dpqyoy + gamy*ggdp + gamy4*.25*ggdpyoy + gamle*le + monshk   
                          + gamys*(gdp - LAG(gdp,1)) + gamgap*(gdp-gdppot) + gamgaplag*(LAG(gdp,1)-LAG(gdppot,1))

EQUATION > MCQ
EQTYPE > IMPOSED
EQ > mcq = zetap - mpl

EQUATION > MPL
EQTYPE > IMPOSED
EQ > mpl = (1-cessub)*(gdp - le)

EQUATION > WMARKUP
EQTYPE > IMPOSED
EQ > wmarkup =  mrs - zetap + (1/(1-taul))*taxlshk 

EQUATION > MRS
EQTYPE > IMPOSED
EQ > mrs = chi*le + labshkt - lamc 

EQUATION > DPQ
EQTYPE > IMPOSED
EQ > dpq =  lampb*LAG(dpq,1) + beta*lampf*LEAD(dpq,1) +  kappap*mcq 

EQUATION > PQ
EQTYPE > IMPOSED
EQ > pq =  dpq + LAG(pq,1) 

EQUATION > DW
EQTYPE > IMPOSED
EQ > dw =  lamwb*LAG(dw,1) + beta*lamwf*LEAD(dw,1) +  kappaw*wmarkup   

EQUATION > W
EQTYPE > IMPOSED
EQ > w =  dw + LAG(w,1) 

EQUATION > ZETAP
EQTYPE > IMPOSED
EQ > zetap = LAG(zetap,1) + dw - dpq -gzt

EQUATION > LE
EQTYPE > IMPOSED
EQ > (1-qcapshr)*le =  gdp - qcapshr*(utilcon*util + LAG(kp,1) - gbt)

EQUATION > UTIL
EQTYPE > IMPOSED
EQ > mu1*util = rentk - (1/(1-tauk))*taxkshk  

EQUATION > GBT
EQTYPE > IMPOSED
EQ > gbt = gzt - (1/(1+chi))*gxt  

EQUATION > RATCY
EQTYPE > IMPOSED
EQ > ratcy = cc - gdp  

EQUATION > RATIY
EQTYPE > IMPOSED
EQ > ratiy = if - gdp  

EQUATION > RATKY
EQTYPE > IMPOSED
EQ > ratky = kp - gdp  

EQUATION > GGDP
EQTYPE > IMPOSED
EQ > ggdp = gdp - LAG(gdp,1) + gzt - (1/(1+chi))*gxt  

EQUATION > GLE
EQTYPE > IMPOSED
EQ > gle = le - LAG(le,1) - (1/(1+chi))*gxt  

EQUATION > GLPROD
EQTYPE > IMPOSED
EQ > glprod = gzt + gdp - LAG(gdp,1) - (le - LAG(le,1))  

EQUATION > GSRESID
EQTYPE > IMPOSED
EQ > gsresid = (1-qcapshr)*gzt + utilcon*qcapshr*(util-LAG(util,1))

EQUATION > DPQL1
EQTYPE > IMPOSED
EQ > dpql1 = LAG(dpq,1)

EQUATION > DPQL2
EQTYPE > IMPOSED
EQ > dpql2 = LAG(dpql1,1)

EQUATION > DPQL3
EQTYPE > IMPOSED
EQ > dpql3 = LAG(dpql2,1)

EQUATION > DPQYOY
EQTYPE > IMPOSED
EQ > dpqyoy = dpq + dpql1 + dpql2 + dpql3

EQUATION > GGDPL1
EQTYPE > IMPOSED
EQ > ggdpl1 =  LAG(ggdp,1)

EQUATION > GGDPL2
EQTYPE > IMPOSED
EQ > ggdpl2 =  LAG(ggdpl1,1)

EQUATION > GGDPL3
EQTYPE > IMPOSED
EQ > ggdpl3 =  LAG(ggdpl2,1)

EQUATION > GGDPYOY
EQTYPE > IMPOSED
EQ > ggdpyoy = ggdp + ggdpl1 + ggdpl2 + ggdpl3

EQUATION > RRATEPOT
EQTYPE > IMPOSED
EQ > lamcpot = LEAD(lamcpot,1) + rratepot - LEAD(gbt,1)

EQUATION > LAMCPOT
EQTYPE > IMPOSED
EQ > lamcpot = -(1/(1-(phic/gzbar)))*(ccpot - (phic/(gzbar))*(LAG(ccpot,1) - gbt))  

EQUATION > IFPOT
EQTYPE > IMPOSED
EQ >  (deltahat/gzbar)*ifpot = kppot - ((1-delta)/gzbar)*(LAG(kppot,1) - gbt) 

EQUATION > TOPQPOT
EQTYPE > IMPOSED
EQ >  tobqpot = phik*deltahat*(ifpot - LAG(kppot,1)+gbt) + phii*gzbar*(ifpot - LAG(ifpot,1)+gbt) 
           - (phii/(1+rbar))*gzbar^2*(LEAD(ifpot,1) - ifpot + LEAD(gbt,1))

EQUATION > KPPOT
EQTYPE > IMPOSED
EQ >  tobqpot = (1/(1+rbar))*(1-delta)*LEAD(tobqpot,1) - rratepot
           + (1/(1+rbar))*((rbar+delta*(1-tauk))*LEAD(rentkpot,1) - (rbar/(1-tauk))*LEAD(taxkshk,1))
           + (1/(1+rbar))*phik*deltahat^2*(LEAD(ifpot,1) + LEAD(gbt,1) - kppot)
           
    
EQUATION > RENTKPOT
EQTYPE > IMPOSED
EQ >  rentkpot = zetappot + (1-cessub)*(lepot + gbt - utilcon*utilpot - LAG(kppot,1))
         
EQUATION > CCPOT
EQTYPE > IMPOSED
EQ > (1-shrgy)*gdppot = shrcy*ccpot + shriy*ifpot + govshk

EQUATION > ZETAPPOT
EQTYPE > IMPOSED
EQ > zetappot = (1-cessub)*(gdppot - lepot)

EQUATION > GDPPOT
EQTYPE > IMPOSED
EQ > (1-qcapshr)*lepot =  gdppot - qcapshr*(utilcon*utilpot + LAG(kppot,1) - gbt)

EQUATION > LEPOT
EQTYPE > IMPOSED
EQ > chi*lepot + labshkt - lamcpot = zetappot - (1/(1-taul))*taxlshk

EQUATION > UTILPOT
EQTYPE > IMPOSED
EQ > mu1*utilpot = rentkpot - (1/(1-tauk))*taxkshk  

EQUATION > UGDP
EQTYPE > IMPOSED
EQ > ugdp = gdp + zt - (1/(1+chi))*xt  

EQUATION > UCC
EQTYPE > IMPOSED
EQ > ucc = cc + zt - (1/(1+chi))*xt  
 
EQUATION > UIF
EQTYPE > IMPOSED
EQ > uif = if + zt - (1/(1+chi))*xt  

EQUATION > UZETAP
EQTYPE > IMPOSED
EQ > uzetap = zetap + zt   

EQUATION > UKP
EQTYPE > IMPOSED
EQ > ukp = kp + zt - (1/(1+chi))*xt  

EQUATION > ULE
EQTYPE > IMPOSED
EQ > ule = le - (1/(1+chi))*xt   

EQUATION > ULPROD
EQTYPE > IMPOSED
EQ > ulprod = gdp - le + zt 

EQUATION > USRESID
EQTYPE > IMPOSED
EQ > usresid = gdp - le + zt + qcapshr*(le - LAG(kp,1) - LAG(zt,1) - (1/(1+chi))*gxt) 

EQUATION > UGDPPOT
EQTYPE > IMPOSED
EQ > ugdppot = gdppot + zt - (1/(1+chi))*xt  

EQUATION > UCCPOT
EQTYPE > IMPOSED
EQ > uccpot = ccpot + zt - (1/(1+chi))*xt  
 
EQUATION > UIFPOT
EQTYPE > IMPOSED
EQ > uifpot = ifpot + zt - (1/(1+chi))*xt  

EQUATION > UZETAPPOT
EQTYPE > IMPOSED
EQ > uzetappot = zetappot + zt   

EQUATION > ULEPOT
EQTYPE > IMPOSED
EQ > ulepot = lepot - (1/(1+chi))*xt   

EQUATION > ULPRODPOT
EQTYPE > IMPOSED
EQ > ulprodpot = gdppot - lepot + zt 

EQUATION > USRESIDPOT
EQTYPE > IMPOSED
EQ > usresidpot = gdppot - lepot + zt + qcapshr*(lepot - LAG(kppot,1) - LAG(zt,1) - (1/(1+chi))*gxt) 

EQUATION > ZT
EQTYPE > IMPOSED
EQ > zt = LAG(zt,1) + gzt   

EQUATION > XT
EQTYPE > IMPOSED
EQ > xt = LAG(xt,1) + gxt   

EQUATION > GZT
EQTYPE > IMPOSED
EQ > gzt = gzpt + gztt

EQUATION > GZPT
EQTYPE > IMPOSED
EQ > gzpt =  rho1*LAG(gzpt,1) + sdev1*LAG(errgzpt,1)

EQUATION > GZTT
EQTYPE > IMPOSED
EQ > gztt =  ztt-LAG(ztt,1)

EQUATION > GXT
EQTYPE > IMPOSED
EQ > gxt = rho2*LAG(gxt,1) + sdev2*LAG(errgxt,1) 

EQUATION > LABSHKT
EQTYPE > IMPOSED
EQ > labshkt = rho3*LAG(labshkt,1) + sdev3*LAG(errlabt,1)

EQUATION > TAXLSHK
EQTYPE > IMPOSED
EQ > taxlshk = rho4*LAG(taxlshk,1) + sdev4*LAG(errtaxl,1)

EQUATION > TAXKSHK
EQTYPE > IMPOSED
EQ > taxkshk = rho5*LAG(taxkshk,1) + sdev5*LAG(errtaxk,1) 

EQUATION > GOVSHK
EQTYPE > IMPOSED
EQ > govshk =   rho6*LAG(govshk,1) + sdev6*LAG(errgov,1)

EQUATION > MONSHK
EQTYPE > IMPOSED
EQ > monshk =   rho7*LAG(monshk,1) + sdev7*LAG(errmon,1)

EQUATION > ZTT
EQTYPE > IMPOSED
EQ > ztt =  rho8*LAG(ztt,1)+sdev8*LAG(errztt,1)

EQUATION > ERRGZPT
EQTYPE > IMPOSED
EQ > errgzpt = 0*LAG(errgzpt,1)

EQUATION > ERRGXT
EQTYPE > IMPOSED
EQ > errgxt = 0*LAG(errgxt,1)

EQUATION > ERRLABT
EQTYPE > IMPOSED
EQ > errlabt = 0*LAG(errlabt,1)

EQUATION > ERRTAXL
EQTYPE > IMPOSED
EQ > errtaxl = 0*LAG(errtaxl,1)

EQUATION > ERRTAXK
EQTYPE > IMPOSED
EQ > errtaxk = 0*LAG(errtaxk,1)

EQUATION > ERRGOV
EQTYPE > IMPOSED
EQ > errgov = 0*LAG(errgov,1)

EQUATION > ERRMON
EQTYPE > IMPOSED
EQ > errmon = 0*LAG(errmon,1)

EQUATION > ERRZTT
EQTYPE > IMPOSED
EQ > errztt  = 0*LAG(errztt,1)

END