BBCDL Model (first-order)
=========================

Replicates results from "Macroeconomic Policy Games" by Martin Bodenstein,
Luca Guerrieri, and Joe LaBriola, Journal of Monetary Economics, 2019.


PAPER OUTPUT REPLICATED
-----------------------
BBCDL_figure1and2.m   figures 1 and 2   (runtime: a few seconds)
BBCDL_figure4.m       figure 4          (runtime: a few seconds)
BBCDL_table1.m        table 1           (runtime: can be hours)


HOW TO RUN
----------
1. Run setup_toolbox once from the toolbox root if not already done.
2. Open MATLAB with this directory as the working directory.
3. Run setpathdynare6_5 (Dynare 6.5) or setpathdynare7_0 (Dynare 7.0).
4. Run BBCDL_figure1and2, BBCDL_figure4, or BBCDL_table1.


SUPPORTING FILES
----------------
All .mod files in this directory were generated by the toolbox from the
base model BBCDLmodelcomp.mod using CREATE_RAMSEY_AND_NASH.m.  Running
CREATE_RAMSEY_AND_NASH regenerates the full set of Nash and Ramsey .mod
files starting from BBCDLmodelcomp.mod; the pre-generated files are
included so the replication scripts can be run without re-running the
toolbox.

Pre-computed results used by BBCDL_table1.m are stored in
BBCDLwelfarecomparison_1.mat.
