GOVERNMENT SECTOR
RTRPUOS: RTRPUOS=POL12_EQ*ERGDP,
RTRPUPR: RTRPUPR=(1-POL1)*RWA*TRBASE,
TRBASE: TRBASE=POL8_EQ*POP4+POL9_EQ*UNB
+POL11_EQ*(POP1+POP2+POP3+POP4),
UNB: UNB=(1+DIFD)*NTS-(NT),
RGSPEND: RGSPEND=RWA*NGG+RPYD*(GGCO+GGIF)
+RTRPUPR+RTRPUOS+RYPUPR-RYOSPU,
RPUBS: RPUBS=-(RGSPEND-RPYD*GGIF)+(POL1*RWA*(NT)
+POL4_EQ*CONO*RPYD +POL5_EQ*PIMF/RER*IM
+POL6_EQ*RWA*(NT-NGG)+POL7_EQ*CONH*RPYD+POL3_EQ*ERGDP),
PUBDER: PUBDER-PUBDER(-1)=RPYD*GGIF(-1)-RPUBS(-1),
RZGA: RZGA=DGDRATIO_EQ*PUBDER,
ZG: ZG=FGDRATIO_EQ*RER*PUBDER,
RB: RB=PUBDER-(RZGA+ZG/RER),
RYPUPR: RYPUPR =(RL(-1)/400)*RB+RATB_EQ*ERGDP,
FORWARD LOOKING FISCAL RULE
POL1:POL1=POL1(-1)+C8001*(PUBDER(8)/ERGDP(8)-PUBDE_EQ(8))
+C8002*((PUBDER(9)/ERGDP(9)-RPUBDE_EQ(9))-(PUBDER(8)/ERGDP(8)-RPUBDE_EQ(8)))
+C8003*(RPUBDE_EQ-RPUBDE_EQ(-1)),
MONETARY SECTOR
PNA10: PNA10=TEXP+IIE+YD-IM,
LGAP: LGAP=LOG(PNA10/PO_EQ),
INF_TAR = 0.8*INF_TAR(-1)+0.2*INF_TAR_eq,
INF_PYD:(INF_PYD-INF_TAR)=C1204*(C1205*(INFE(-1)-INF_TAR)
+(1-C1205)*(INF_PYD(-1)-INF_TAR))+
(1-C1204)*(C1206*LGAP(-1)+C1207*LGAP(-2)+
C1208*LGAP(-3)+C1209*LOG(RPYDMR(-1))),
INF_WA: (1+INF_WA)=EXP(INFE(-1))*(C0301*A1(-3)/A1(-4)+C0302*A1(-4)/A1(-5)
+C0303*A1(-5)/A1(-6)+C0304*A1(-6)/A1(-7))-C0305*(URT(-2)-NAIRU)+
C0306*LOG(ERWA(-2)/RWA(-2))+C0307*LOG(RPYDMR(-1))+Z_W
RCS: RCS=(C5001*(INF_CPIX(5)-CPI_TAR)+C5002*(INF_CPIX(6)-
CPI_TAR)+C5003*(INF_CPIX(7)-CPI_TAR)-C5004*(RCS-RCS(-1))+RL)+Z_RCS,
RWA: RWA=RWA(-1)*(1+INF_WA)/EXP(INF_PYD),
INF: INF= ((1-(SHARE/(1+SHARE)))*(INF_PYD)
+(SHARE/(1+SHARE))*(INF_PCONH)) +Z_INF,
INFE: (1+INFE)=0.05*(1+INF)+0.95*(1+INFE(1)),
CPIX: CPIX=CPIX(-1)*EXP(INF),
INF_CPIX: INF_CPIX=LOG(CPIX/CPIX(-4)),
INF_PCONH: EXP(INF_PCONH)=RPCONH/RPCONH(-1)*EXP(INF_PYD),
PYD: PYD=PYD(-1)*EXP(INF_PYD),
INTEREST RATES AND EXCHANGE RATES
E: RE=E*PYD,
ETWIT: ETWIT=E*EXP(C4800+C4801*TREND),
RI: RI = ((1+RL/400)/EXP(INFE)-1),
RIF: RIF=((1+RLFB/400)/EXP(INFW)-1),
RS: RS=(1+RCS/400)/EXP(INF)-1,
RSF: RSF=(1+(RCSFB+RPRCS)/400)/EXP(INFW)-1,
RL: RL= ((1-.95)*RCS+.95*RL(1)),
YCURVE: YCURVE= RCS-RL,
