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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



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