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Verified Commit ab77f5ee authored by Johannes Pfeifer's avatar Johannes Pfeifer Committed by Sébastien Villemot
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Add integration test for Ramsey with bytecode

(cherry picked from commit abfdf5ca)
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......@@ -1013,6 +1013,7 @@ mod_and_m_tests = [
{ 'test' : [ 'optimal_policy/nk_ramsey.mod' ] },
{ 'test' : [ 'optimal_policy/nk_ramsey_model.mod' ] },
{ 'test' : [ 'optimal_policy/nk_ramsey_det.mod' ] },
{ 'test' : [ 'optimal_policy/neo_ramsey_det_bytecode.mod' ] },
{ 'test' : [ 'optimal_policy/nk_ramsey_expectation.mod',
'optimal_policy/nk_ramsey_expectation_a.mod' ] },
{ 'test' : [ 'optimal_policy/mult_elimination_test.mod' ] },
......
//MODEL:
//test on Dynare to find the lagrangean multipliers.
//We consider a standard NK model. We use the FOCS of the competitive economy and we aim at calculating the Ramsey optimal problem.
//------------------------------------------------------------------------------------------------------------------------
//1. Variable declaration
//------------------------------------------------------------------------------------------------------------------------
var pai, c, n, r, a;
//4 variables + 1 shock
varexo u;
//------------------------------------------------------------------------------------------------------------------------
// 2. Parameter declaration and calibration
//-------------------------------------------------------------------------------------------------------------------------
parameters beta, rho, epsilon, omega, phi, gamma;
beta=0.99;
gamma=3; //Frish elasticity
omega=17; //price stickyness
epsilon=8; //elasticity for each variety of consumption
phi=1; //coefficient associated to labor effort disutility
rho=0.95; //coefficient associated to productivity shock
//-----------------------------------------------------------------------------------------------------------------------
// 3. The model
//-----------------------------------------------------------------------------------------------------------------------
model(bytecode);
a=rho*(a(-1))+u;
1/c=beta*(1/(c(+1)))*(r/(pai(+1))); //euler
omega*pai*(pai-1)=beta*omega*(c/(c(+1)))*(pai(+1))*(pai(+1)-1)+epsilon*exp(a)*n*(c/exp(a)*phi*n^gamma-(epsilon-1)/epsilon); //NK pc
//pai*(pai-1)/c = beta*pai(+1)*(pai(+1)-1)/c(+1)+epsilon*phi*n^(gamma+1)/omega-exp(a)*n*(epsilon-1)/(omega*c); //NK pc
(exp(a))*n=c+(omega/2)*((pai-1)^2);
end;
//--------------------------------------------------------------------------------------------------------------------------
// 4. Steady state
//---------------------------------------------------------------------------------------------------------------------------
initval;
pai=1;
r=1/beta;
c=0.9671684882;
n=0.9671684882;
a=0;
end;
//---------------------------------------------------------------------------------------------------------------------------
// 5. shocks
//---------------------------------------------------------------------------------------------------------------------------
shocks;
var u;
periods 1;
values 0.008;
end;
//--------------------------------------------------------------------------------------------------------------------------
// 6. Ramsey problem
//--------------------------------------------------------------------------------------------------------------------------
planner_objective(ln(c)-phi*((n^(1+gamma))/(1+gamma)));
write_latex_static_model;
ramsey_model(planner_discount=0.99);
steady;
perfect_foresight_setup(periods=200);
perfect_foresight_solver(maxit=20);
rplot r;
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