diff --git a/docs/book/content/calibration/exogenous_parameters.md b/docs/book/content/calibration/exogenous_parameters.md index a0d46ada..4d1959a8 100644 --- a/docs/book/content/calibration/exogenous_parameters.md +++ b/docs/book/content/calibration/exogenous_parameters.md @@ -30,40 +30,76 @@ kernelspec: ``` --> - ```{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 | \ No newline at end of file