26
PEDRO PABLO ALVAREZ LOIS
TABLE 1: CALIBRATION
|
Consumption∕leisure share |
7 0.35 |
|
Risk Aversion |
σ 2 |
|
Intertemporal discount rate |
β (1.03)^ |
|
Capital share |
a 0.3485 |
|
Depreciation rate |
δ 0.018 |
|
Fixed costs |
Φ 0.1057 |
|
Autocorrelation monetary shock |
px 0.32 |
|
Standard deviation monetary shock |
σx 0.0038 |
|
Mean monetary shock |
x 0.016 |
TABLE 2: STEADY STATE PROPERTIES
Low Capacity:
σ2 = 1.75, e = 4.85
High Capacity:
σ≡ = 0.25, e = 15
|
Output |
У . |
0.87 |
1.23 |
|
Investment |
δκ∕y |
0.17 |
0.30 |
|
Consumption |
C |
0.59 |
0.83 |
|
Capital |
K |
9.48 |
16.70 |
|
Capital-Labor |
X |
20.24 |
50.49 |
|
Labor |
L |
0.32 |
0.32 |
|
Capital∕output |
κ∕y |
10.88 |
13.49 |
|
Consumption/Output |
c∕y |
0.69 |
0.67 |
|
Leisure-Labor Ratio |
(1-L)∕L |
2.11 |
2.16 |
|
Mark-up |
Mk - up |
1.93 |
1.65 |
|
Monopolistic profits |
МР/У |
0.48 |
0.13 |
|
Deposits |
D∕M |
0.67 |
0.85 |
|
Price Relation |
P∕F |
0.87 |
0.96 |
|
Firms Full Capacity |
F(p) |
0.39 |
0.60 |
|
Capacity utilization |
C |
0.65 |
0.95 |