STEADY-STATE RESULTS: a 4.90546e-19 b 9.11244e-20 c -0.218662 h -1.23183 k 2.40547 y 0.0775944 MODEL SUMMARY Number of variables: 6 Number of stochastic shocks: 2 Number of state variables: 3 Number of jumpers: 3 Number of static variables: 1 MATRIX OF COVARIANCE OF EXOGENOUS SHOCKS Variables e u e 0.000081 0.000000 u 0.000000 0.000081 POLICY AND TRANSITION FUNCTIONS h a k b c y Constant -1.231738 0 2.406008 0 -0.218504 0.077850 a(-1) 1.171076 0.950000 0.127986 0.025000 0.528413 1.699488 k(-1) -0.476798 0 0.941815 0 0.531647 0.054849 b(-1) 1.171076 0.025000 0.127986 0.950000 -0.396587 0.774488 e 1.201103 1.000000 0.131268 0 0.567603 1.768706 u 1.201103 0 0.131268 1.000000 -0.432397 0.768706 a(-1),a(-1) -0.297687 0 0.099312 0 0.107166 -0.190519 k(-1),a(-1) 0.351224 0 -0.101569 0 -0.126440 0.224784 k(-1),k(-1) -0.082420 0 0.026604 0 0.029671 -0.052749 b(-1),a(-1) -0.595377 0 0.198624 0 0.214335 -0.381041 b(-1),k(-1) 0.351214 0 -0.101570 0 -0.126437 0.224777 b(-1),b(-1) -0.297691 0 0.099312 0 0.107169 -0.190522 e,e -0.313149 0 0.104471 0 0.112732 -0.200415 u,e -0.626301 0 0.208941 0 0.225468 -0.400832 u,u -0.313154 0 0.104470 0 0.112736 -0.200418 a(-1),e -0.610641 0 0.203718 0 0.219828 -0.390809 a(-1),u -0.610644 0 0.203717 0 0.219831 -0.390811 k(-1),e 0.360230 0 -0.104173 0 -0.129682 0.230548 k(-1),u 0.360219 0 -0.104174 0 -0.129679 0.230541 b(-1),e -0.610643 0 0.203717 0 0.219831 -0.390811 b(-1),u -0.610649 0 0.203717 0 0.219835 -0.390815 THEORETICAL MOMENTS VARIABLE MEAN STD. DEV. VARIANCE a -0.0000 0.0332 0.0011 b -0.0000 0.0332 0.0011 c -0.2185 0.0631 0.0040 h -1.2319 0.0390 0.0015 k 2.4061 0.1084 0.0117 y 0.0778 0.0794 0.0063 VARIANCE DECOMPOSITION (in percent) e u a 87.50 12.50 b 12.50 87.50 c 61.78 38.22 h 50.00 50.00 k 50.00 50.00 y 67.27 32.73 MATRIX OF CORRELATIONS Variables a b c h k y a 1.0000 0.4903 0.8391 0.5767 0.7328 0.9495 b 0.4903 1.0000 0.5712 0.5767 0.7328 0.7366 c 0.8391 0.5712 1.0000 0.1645 0.9642 0.8752 h 0.5767 0.5767 0.1645 1.0000 0.1738 0.6212 k 0.7328 0.7328 0.9642 0.1738 1.0000 0.8513 y 0.9495 0.7366 0.8752 0.6212 0.8513 1.0000 COEFFICIENTS OF AUTOCORRELATION Order 1 2 3 4 5 a 0.9623 0.9264 0.8924 0.8600 0.8291 b 0.9623 0.9264 0.8924 0.8600 0.8291 c 0.9940 0.9871 0.9795 0.9710 0.9619 h 0.9195 0.8442 0.7739 0.7082 0.6468 k 0.9992 0.9971 0.9937 0.9891 0.9834 y 0.9758 0.9522 0.9291 0.9066 0.8847