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Calibration.tex
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Calibration.tex
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\begin{table}
\begin{center}\renewcommand{\arraystretch}{1.5}
\caption{Household Calibration}\label{table:Calibration}
\begin{tabular}{|c|ccl|c|}
\hline
\multicolumn{5}{|l|}{Calibrated Parameters} \\ \hline
Description & \multicolumn{1}{c}{Parameter} & Value & \multicolumn{2}{c|}{Source/Target }\\ \hline
Coefficient of Relative Risk Aversion & \multicolumn{1}{c}{$\CRRA$} & 2 & \multicolumn{2}{c|}{Conventional} \\
Real Interest Rate & \multicolumn{1}{c}{$r$} & $1.048^{.25} - 1$ & \multicolumn{2}{c|}{Conventional} \\
Discount Factor & \multicolumn{1}{c}{$\beta$} & 0.96 & \multicolumn{2}{c|}{Conventional} \\
Disutility of Labor Coefficient & \multicolumn{1}{c}{$\varphi$} & .883 & \multicolumn{2}{c|}{N = 1.22} \\
Probability of Death & \multicolumn{1}{c}{$\pZero$} & 0.00625 & \multicolumn{2}{c|}{} \\
Tax Rate & \multicolumn{1}{c}{$\tau$} & 0.165 & \multicolumn{2}{c|}{} \\
Frisch & \multicolumn{1}{c}{$\frac{1}{v}$} & .5 & \multicolumn{2}{c|}{Conventional} \\
Unemployment Benefits & \multicolumn{1}{c}{$u$} & 0.095 & \multicolumn{2}{c|}{} \\
Probability of Unemployment & \multicolumn{1}{c}{$\mho$} & 0.05 & \multicolumn{2}{c|}{} \\
Std Dev of Log Permanent Shock & \multicolumn{1}{c}{$\sigma_{\pshk}$} & 0.06 & \multicolumn{2}{c|}{} \\
Std Dev of Log Transitory Shock & \multicolumn{1}{c}{$\sigma_{\theta}$} & 0.2 & \multicolumn{2}{c|}{} \\ \hline
\end{tabular}
\end{center}
\end{table}
\begin{table}
\begin{center}\renewcommand{\arraystretch}{1.5}
\caption{Economy Calibration}\label{table:Calibration}
\begin{tabular}{|c|ccl|c|}
\hline
\multicolumn{5}{|l|}{Calibrated Parameters} \\ \hline
Description & \multicolumn{1}{c}{Parameter} & Value & \multicolumn{2}{c|}{Source/Target }\\ \hline
Calvo Price Stickiness & \multicolumn{1}{c}{$\Lambda_{p}$} & .8 & \multicolumn{2}{c|}{Conventional} \\
Calvo Wage Stickiness & \multicolumn{1}{c}{$\Lambda_{w}$} & $.7$ & \multicolumn{2}{c|}{} \\
Steady State Price Markup & \multicolumn{1}{c}{$\mu_{p}$} & 1.012 & \multicolumn{2}{c|}{} \\
Steady State Price Markup & \multicolumn{1}{c}{$\mu_{w}$} & 1.05 & \multicolumn{2}{c|}{} \\
Government Spending & \multicolumn{1}{c}{$G$} & 0.19 & \multicolumn{2}{c|}{} \\
Steady State Bond Supply & \multicolumn{1}{c}{$B$} & 0.5 & \multicolumn{2}{c|}{} \\
Taylor Rule Inflation Coefficient & \multicolumn{1}{c}{$\phi_{\pi}$} & .8 & \multicolumn{2}{c|}{Conventional} \\
Taylor Rule Output Gap Coefficient & \multicolumn{1}{c}{$\phi_{y}$} & 0 & \multicolumn{2}{c|}{} \\
Assets to Output Ratio & \multicolumn{1}{c}{$\frac{A}{Y}$} & 1.4 & \multicolumn{2}{c|}{} \\
Government Bond to Output Ratio & \multicolumn{1}{c}{$\frac{B}{Y}$} & 0.4 & \multicolumn{2}{c|}{} \\ \hline
\end{tabular}
\end{center}
\end{table}