σ | Data | Model |
---|---|---|
σ | 0.55 | 0.14 |
σ | 1.77 | 1.97 |
σ | 1.21 | 1.00 |
σ | 0.63 | 0.63 |
σ | 0.83 | 0.39 |
σ | 0.86 | 0.39 |
σ | 3.22 | 0.63 |
σ | 1.32 | 1.61 |
0.85 | 0.47 | |
0.61 | 0.75 | |
0.31 | 1.00 | |
0.49 | 0.96 | |
-0.01 | 0.97 | |
-0.47 | -0.96 | |
-0.14 | 0.92 |
k | |||||
---|---|---|---|---|---|
Method | Statistic | 0 | 1 | 2 | 3 |
1.000 | 0.765 | 0.552 | 0.553 | ||
1.000 | 0.955 | 0.901 | 0.837 | ||
(s.e.) | (0.000) | (0.027) | (0.051) | (0.073) | |
1.000 | 0.484 | 0.009 | 0.352 | ||
1.000 | 0.955 | 0.901 | 0.837 | ||
(s.e.) | (0.000) | (0.027) | (0.051) | (0.074) | |
1.000 | 0.810 | 0.663 | 0.479 | ||
1.000 | 0.955 | 0.901 | 0.836 | ||
(s.e.) | (0.000) | (0.027) | (0.050) | (0.073) | |
1.000 | 0.702 | 0.449 | 0.277 | ||
1.000 | 0.955 | 0.900 | 0.836 | ||
(s.e.) | (0.000) | (0.026) | (0.050) | (0.072) | |
1.000 | 0.971 | 0.952 | 0.913 | ||
1.000 | 0.955 | 0.903 | 0.845 | ||
(s.e.) | (0.000) | (0.026) | (0.050) | (0.073) | |
1.000 | 0.810 | 0.722 | 0.594 | ||
1.000 | 0.954 | 0.901 | 0.841 | ||
(s.e.) | (0.000) | (0.026) | (0.050) | (0.073) | |
1.000 | 0.760 | 0.783 | 0.554 | ||
1.000 | 0.920 | 0.900 | 0.836 | ||
(s.e.) | (0.000) | (0.026) | (0.050) | (0.073) |
k | ||||||||
---|---|---|---|---|---|---|---|---|
Method | Statistic | -3 | -2 | -1 | 0 | 1 | 2 | 3 |
-0.342 | -0.363 | -0.187 | -0.144 | 0.475 | 0.470 | 0.346 | ||
0.123 | 0.195 | 0.292 | 0.918 | 0.288 | 0.221 | 0.171 | ||
(s.e.) | (0.320) | (0.286) | (0.250) | (0.146) | (0.243) | (0.281) | (0.317) | |
0.355 | 0.452 | 0.447 | 0.328 | -0.040 | -0.390 | -0.57 | ||
0.123 | 0.195 | 0.292 | 0.918 | 0.288 | 0.221 | 0.171 | ||
(s.e.) | (0.320) | (0.286) | (0.250) | (0.146) | (0.243) | (0.281) | (0.317) |
Variable | Description | Data | Model |
---|---|---|---|
Steady-state output | N/A | 1.000 | |
(non-energy) Consumption-to-output ratio | 0.624 | 0.624 | |
Investment-to-output ratio | 0.201 | 0.175 | |
Energy consumption-to-output ratio | 0.151 | 0.151 | |
Government transfers-to-output ratio | 0.220 | 0.149 | |
Labor income-to-output ratio | 0.571 | 0.571 | |
Capital income-to-output ratio | 0.429 | 0.429 | |
Share of time spent working | 0.333 | 0.333 | |
After-tax net return on capital | 0.014 | 0.016 |
Parameter | Value | Description | Method |
---|---|---|---|
0.982 | Discount factor | Calibrated | |
0.429 | Capital share | Data average | |
1 | 0.571 | Labor share | Calibrated |
0.873 | Relative weight attached to consumption | Calibrated | |
2.000 | Curvature parameter, utility function | Set | |
0.013 | Depreciation rate on physical capital | Data average | |
0.013 | Scale parameter, depreciation function | Calibrated | |
1.250 | Curvature parameter, depreciation function | Set | |
0.0143 | Scale parameter, energy utilization function | Data average | |
1.610 | Curvature parameter, energy utilization function | Set | |
0.100 | Average tax rate on income | Data average | |
0.200 | VAT/consumption tax rate | Data average | |
0.604 | Steady-state value of TFP process | Calibarated | |
1.000 | Steady-state energy price level | Calibrated | |
0.701 | AR(1) persistence coefficient, TFP process | Estimated | |
0.980 | AR(1) persistence coefficient, energy price process | Estimated | |
0.044 | st. error, TFP process | Estimated | |
σ | 0.013 | st. error, energy process | Estimated |