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update exog param table
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@jdebacker
jdebacker committed Oct 21, 2024
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```{list-table} **List of exogenous parameters and baseline calibration values.**
:header-rows: 1
:name: TabExogVars
* - **Symbol**
- **Description**
- **Value**
* - $S$
- Maximum periods in economically active household life
- 80
* - $E$
- Number of periods of youth economically outside the model
- $\text{round} \frac{S}{4}$=20
* - $R$
- Retirement age (period)
- $E + \text{round} (\frac{9}{16} S) = 65$
* - $T_1$
- Number of periods to steady state for initial time path guesses
- 160
* - $T_2$
- Maximum number of periods to steady state for nonsteady-state equilibrium
- 160
* - $\nu$
- Dampening parameter for TPI
- 0.4
* - ${ \{ { \{ \omega_{s,0} \} }_{s=1}^{E+S} \}}_{t=0}^{T_2 + S - 1}$
- Initial population distribution by age
- (see Chap. {ref}`Chap_Demog`)
* - ${ \{ f_s \}}_{s=1}^{E+S}$
- Fertility rates by age
- (see Sec. {ref}`SecDemogFert`)
* - ${ \{ i_s \}}_{s=1}^{E+S}$
- Immigration rates by age
- (see Sec. {ref}`SecDemogMort`)
* - ${ \{ \rho_s \}}_{s=0}^{E+S}$
- Mortality rates by age
- (see Sec. {ref}`SecDemogImm`)
```
**List of exogenous parameters and baseline calibration values.**
| Symbol | Description | Value |
|:---------------------------------|:------------------------------------------------------------------------|:------------------------------------------------------|
| $\texttt{start\_year}$ | Initial year | 2025 |
| $\omega_{s,t}$ | Population by age over time | Too large to report here, see default parameters JSON |
| $i_{s,t}$ | Immigration rates by age | Too large to report here, see default parameters JSON |
| $\rho_{s,t}$ | Mortality rates by age | Too large to report here, see default parameters JSON |
| $e_{j,s,t}$ | Deterministic ability process | Too large to report here, see default parameters JSON |
| $\lambda_{j}$ | Lifetime income group percentages | Too large to report here, see default parameters JSON |
| $J$ | Number of lifetime income groups | 10 |
| $S$ | Maximum periods in economically active individual life | 80 |
| $E$ | Number of periods of youth economically outside the model | 20 |
| $T$ | Number of periods to steady-state | 320 |
| $R$ | Retirement age | [65.000...65.000] |
| $\tilde{l}$ | Maximum hours of labor supply | 1.000 |
| $\beta$ | Discount factor | [0.910...0.995] |
| $\sigma$ | Coefficient of constant relative risk aversion | 1.500 |
| $\nu$ | Frisch elasticity of labor supply | 0.400 |
| $b$ | Scale parameter in utility of leisure | 0.573 |
| $\upsilon$ | Shape parameter in utility of leisure | 2.856 |
| $\chi^{n}_{s}$ | Disutility of labor level parameters | Too large to report here, see default parameters JSON |
| $\chi^{b}_{j}$ | Utility of bequests level parameters | [80.000...80.000] |
| $\texttt{use\_zeta}$ | Whether to distribute bequests between lifetime income groups | 0.00E+00 |
| $\zeta$ | Distribution of bequests | Too large to report here, see default parameters JSON |
| $Z_{t}$ | Total factor productivity | Too large to report here, see default parameters JSON |
| $\gamma$ | Capital share of income | [0.380...0.380] |
| $\varepsilon$ | Elasticity of substitution between capital and labor | [1.000...1.000] |
| $\delta$ | Capital depreciation rate | 0.050 |
| $g_{y}$ | Growth rate of labor augmenting technological progress | 0.020 |
| $\texttt{tax\_func\_type}$ | Functional form used for income tax functions | DEP |
| $\texttt{analytical\_mtrs}$ | Whether use analytical MTRs or estimate MTRs | 0.00E+00 |
| $\texttt{age\_specific}$ | Whether use age-specific tax functions | 1.000 |
| $\tau^{p}_{t}$ | Payroll tax rate | [0.000...0.000] |
| $\tau^{BQ}_{t}$ | Bequest (estate) tax rate | [0.000...0.000] |
| $\tau^{b}_{t}$ | Entity-level business income tax rate | Too large to report here, see default parameters JSON |
| $\delta^{\tau}_{t}$ | Rate of depreciation for tax purposes | Too large to report here, see default parameters JSON |
| $\tau^{c}_{t,s,j}$ | Consumption tax rates | Too large to report here, see default parameters JSON |
| $H$ | Coefficient on linear term in wealth tax function | [0.100...0.100] |
| $M$ | Constant in wealth tax function | [1.000...1.000] |
| $P$ | Coefficient on level term in wealth tax function | [0.000...0.000] |
| $\texttt{budget\_balance}$ | Whether have a balanced budget in each period | 0.00E+00 |
| $\texttt{baseline\_spending}$ | Whether level of spending constant between the baseline and reform runs | 0.00E+00 |
| $\alpha^{T}_{t}$ | Transfers as a share of GDP | [0.052...0.052] |
| $\eta_{j,s,t}$ | Distribution of transfers | Too large to report here, see default parameters JSON |
| $\eta_{RM,j,s,t}$ | Distribution of remittances | Too large to report here, see default parameters JSON |
| $\alpha^{G}_{t}$ | Government spending as a share of GDP | [0.091...0.091] |
| $\alpha_{RM,1}$ | Remittances as a share of GDP in initial period | 0.00E+00 |
| $\alpha_{RM,T}$ | Remittances as a share of GDP in long run | 0.00E+00 |
| $g_{RM,t}$ | Growth rate of remittances in initial periods | [0.000...0.000] |
| $t_{G1}$ | Model period in which budget closure rule starts | 20 |
| $t_{G2}$ | Model period in which budget closure rule ends | 256 |
| $\rho_{G}$ | Budget closure rule smoothing parameter | 0.100 |
| $\bar{\alpha}_{D}$ | Steady-state Debt-to-GDP ratio | 2.000 |
| $\alpha_{D,0}$ | Initial period Debt-to-GDP ratio | 0.990 |
| $\tau_{d,t}$ | Scale parameter in government interest rate wedge | [0.000...0.000] |
| $\mu_{d,t}$ | Shift parameter in government interest rate wedge | [-0.005...-0.010] |
| $\texttt{avg\_earn\_num\_years}$ | Number of years over which compute average earnings for pension benefit | 35 |
| $\texttt{AIME\_bkt\_1}$ | First AIME bracket threshold | 1174.000 |
| $\texttt{AIME\_bkt\_2}$ | Second AIME bracket threshold | 7078.000 |
| $\texttt{PIA\_rate\_bkt\_1}$ | First AIME bracket PIA rate | 0.900 |
| $\texttt{PIA\_rate\_bkt\_2}$ | Second AIME bracket PIA rate | 0.320 |
| $\texttt{PIA\_rate\_bkt\_3}$ | Third AIME bracket PIA rate | 0.150 |
| $\texttt{PIA\_maxpayment}$ | Maximum PIA payment | 4555.000 |
| $\texttt{PIA\_minpayment}$ | Minimum PIA payment | 0.00E+00 |
| $\theta_{adj,t}$ | Adjustment to replacement rate | [1.000...1.000] |
| $r^{*}_{t}$ | World interest rate | [0.040...0.040] |
| $D_{f,0}$ | Share of government debt held by foreigners in initial period | 0.400 |
| $\zeta_{D, t}$ | Share of new debt issues purchased by foreigners | [0.400...0.400] |
| $\zeta_{K, t}$ | Share of excess capital demand satisfied by foreigners | [0.500...0.500] |
| $\xi$ | Dampening parameter for TPI | 0.400 |
| $\texttt{maxiter}$ | Maximum number of iterations for TPI | 250 |
| $\texttt{mindist\_SS}$ | SS solution tolerance | 1.00E-09 |
| $\texttt{mindist\_TPI}$ | TPI solution tolerance | 1.00E-05 |

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