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OPENECO
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'**********************************************************************************************************************************************************************************************
' OPENECO MODEL - PUBLIC
' A two-country ecological model
' Created by Marco Veronese Passarella, 14 April 2020
' This code allows replicating the simulations conducted in: Carnevali, E., Deleidi, M., Pariboni, R. and Veronese Passarella, M. 2020.
' Cross-Border Financial Flows and Global Warming in a Two-Area Ecological SFC Model. Socio-Economic Planning Sciences, DOI: 10.1016/j.seps.2020.100819
' This code is free. Just remember to mention the source!
'**********************************************************************************************************************************************************************************************
'CREATE WORKFILE
wfcreate(wf = openeco42, page = annual) a 1960 2060
smpl @all
'**********************************************************************************************************************************************************************************************
'IMPORT OBSERVED DATA
read(b15) "C:\ ... \data_seps.xls" y_bil gcons_bil inv_bil ny_bil v_bil theta_ob kappa_ob gov_bil temp_ob temp_ob_h temp_ob_l emis_ob emis_ob_west emis_ob_row co2_bil co2_bil_west co2_bil_row temp_at_ob
'ADJUST UNIT OF MEASURE OF TIME SERIES
series y_ob=y_bil/1000000000000
series gcons_ob=gcons_bil/1000000000000
series inv_ob=inv_bil/1000000000000
series ny_ob=ny_bil/1000000000000
series gov_ob=gov_bil/1000000000000
series co2_ob=co2_bil/1000000000
series co2_ob_west=co2_bil_west/1000000000
series co2_ob_row=co2_bil_row/1000000000
series cint_ob = inv_ob+gcons_ob+gov_ob-y_ob
series cons_ob = gcons_ob-cint_ob
series k_ob = y_ob*kappa_ob/100
series delta_ob = @recode(@date<@dateval("1961"),0.079,(inv_ob - d(k_ob))/k_ob(-1))
series yd_ob = y_ob*(1-(theta_ob/100))
series v_ob = @recode(@date<@dateval("1961"),0,v_ob(-1) + yd_ob - cons_ob)
'**********************************************************************************************************************************************************************************************
'**********************************************************************************************************************************************************************************************
'DEFINE EXCHANGE RATE MECHANISM
series er_regime1 = 0 'Note: 0 = floating exchange rate; 1 = fixed exchange rate
series er_regime2 = 1 'Note: 0 = new mechanism for floating exchange rate; 1 = Godley and Lavoie (2007)
'**********************************************************************************************************************************************************************************************
'**********************************************************************************************************************************************************************************************
' Endogenous variables for the open economy
series yd_r_brown
yd_r_brown.label(d) Disposable income of Brownland capitalists
series yd_w_brown
yd_w_brown.label(d) Disposable income of Brownland workers
series yd_r_green
yd_r_green.label(d) Disposable income of Greenland capitalists
series yd_w_green
yd_w_green.label(d) Disposable income of Greenland workers
series yd_hs_r_brown
yd_hs_r_brown.label(d) Haig-Simons disposable income capitalistsin Brownland
series yd_hs_r_green
yd_hs_r_green.label(d) Haig-Simons disposable income capitalistsin Greenland
series y_r_brown
y_r_brown.label(d) Total income of Brownland capitalists
series y_w_brown
y_w_brown.label(d) Total income of Brownland workers
series y_r_green
y_r_green.label(d) Total income of Greenland capitalists
series y_w_green
y_w_green.label(d) Total income of Greenland workers
series f_bank_brown
f_bank_brown.label(d) Profit of Brownland banks
series f_bank_green
f_bank_green.label(d) Profit of Greenland banks
series cons_brown
cons_brown.label(d) Total consumption in Brownland
series cons_green
cons_green.label(d) Total consumption in Greenland
series cons_r_brown
cons_r_brown.label(d) Consumption of capitalists in Brownland
series cons_w_brown
cons_w_brown.label(d) Consumption of workers in Brownland
series cons_r_green
cons_r_green.label(d) Consumption of capitalists in Greenland
series cons_w_green
cons_w_green.label(d) Consumption of workers in Greenland
series b_brownbrown_d
b_brownbrown_d.label(d) Bills issued by Brownland acquired by Brownland: demand
series b_brownbrown_s
b_brownbrown_s.label(d) Bills issued by Brownland acquired by Brownland: supply
series b_cb_brownbrown_s
b_cb_brownbrown_s.label(d) Bills issued by Brownland, supplied to Brownland Central bank
series b_brown_s
b_brown_s.label(d) Bills issued by the Brownland - total supply
series b_browngreen_d
b_browngreen_d.label(d) Bills issued by Greenland acquired by Brownland: demand
series b_browngreen_s
b_browngreen_s.label(d) Bills issued by Greenland acquired by Brownland: supply
series b_greenbrown_d
b_greenbrown_d.label(d) Bills issued by Brownland acquired by Greenland: demand
series b_greenbrown_s
b_greenbrown_s.label(d) Bills issued by Brownland acquired by Greenland: supply
series b_green_s
b_green_s.label(d) Bills issued by the Greenland - total supply
series b_greengreen_d
b_greengreen_d.label(d) Bills issued by Greenland acquired by Greenland: demand
series b_greengreen_s
b_greengreen_s.label(d) Bills issued by Greenland acquired by Greenland: supply
series b_cb_greengreen_s
b_cb_greengreen_s.label(d) Bills issued by Greenland supplied to Greenland Central Bank
series dep_r_brown
dep_r_brown.label(d) Holding of money in bank deposits by capitalists in Brownland
series dep_w_brown
dep_w_brown.label(d) Holding of money in bank deposits by workers in Brownland
series dep_r_green
dep_r_green.label(d) Holding of money in bank deposits by capitalistsin Greenland
series dep_w_green
dep_w_green.label(d) Holding of money in bank deposits by workers in Greenland
series h_brown_r_h
h_brown_r_h.label(d) Holding of money in cash by capitalists in Brownland
series h_brown_w_h
h_brown_w_h.label(d) Holding of money in cash by workers in Brownland
series h_green_r_h
h_green_r_h.label(d) Holding of money in cash by capitalists in Greenland
series h_green_w_h
h_green_w_h.label(d) Holding of money in cash by workers in Greenland
series b_brown_bank_not
b_brown_bank_not.label(d) Brownland bills notionally bought by Brownland banks
series b_green_bank_not
b_green_bank_not.label(d) Greenland bills notionally bought by Greenland banks
series b_brown_bank
b_brown_bank.label(d) Brownland bills actually bought by Brownland banks
series b_green_bank
b_green_bank.label(d) Greenland bills actually bought by Greenland banks
series cab_brown
cab_brown.label(d) Current account balance in Brownland
series cab_green
cab_green.label(d) Current account balance of Greenland
series f_cb_brown
f_cb_brown.label(d) Profits of Central Bank in Brownland
series f_cb_green
f_cb_green.label(d) Profits of Central Bank of Greenland
series h_brown_s
h_brown_s.label(d) Supply of Brownland cash
series h_green_s
h_green_s.label(d) Supply of Greenland cash
series im_brown
im_brown.label(d) Imports of Brownland from Greenland
series im_green
im_green.label(d) Imports of Greenland from Brownland
series kab_brown
kab_brown.label(d) Capital account balance in Brownland
series kab_green
kab_green.label(d) Current account balance of Greenland
series psbr_brown
psbr_brown.label(d) Government deficit in Brownland
series psbr_green
psbr_green.label(d) Government deficit of Greenland
series t_brown
t_brown.label(d) Tax revenue in Brownland
series t_green
t_green.label(d) Tax revenue of Greenland
series x_brown
x_brown.label(d) Exports from Brownland to Greenland
series x_green
x_green.label(d) Exports from Greenland to Brownland
series xr_brown
xr_brown.label(d) Exchange rate: units of G currency against 1 unit of B currency
series xr_green
xr_green.label(d) Exchange rate: units of B currency against 1 unit of G currency
series y_brown
y_brown.label(d) Income in Brownland
series y_green
y_green.label(d) Income of Greenland
series h_brown_h
h_brown_h.label(d) Total holding of money in cash in Brownland
series h_green_h
h_green_h.label(d) Total holding of money in cash in Greenland
series tb_brown
tb_brown.label(d) Trade balance of Brownland
series tb_green
tb_green.label(d) Trade balance of Greenland
series bp_brown
bp_brown.label(d) Brownland balance of payment
series bp_green
bp_green.label(d) Greenland balance of payment
series z_brown
z_brown.label(d) Trigger for positive notional Brownland bills
series z_green
z_green.label(d) Trigger for positive notional Greenland bills
series a_d_brown
a_d_brown.label(d) Advances needed by Brownland banks from Brownland central bank
series a_d_green
a_d_green.label(d) Advances needed by Greenland banks from Greenland central bank
series a_s_brown
a_s_brown.label(d) Advances provided to Brownland commercial banks by Brownland central bank
series a_s_green
a_s_green.label(d) Advances provided to Greenland commercial banks by Greenland central bank
series dep_bank_brown
dep_bank_brown.label(d) Supply of deposits in Brownland (liabilities of Brownland banks)
series dep_bank_green
dep_bank_green.label(d) Supply of deposits in Greenland (liabilities of Greenland banks)
series v_r_brown
v_r_brown.label(d) Wealth accumulation of capitalists in Brownland
series v_r_green
v_r_green.label(d) Wealth accumulation of capitalists in Greenland
series v_w_brown
v_w_brown.label(d) Wealth accumulation of workers in Brownland (debt not included)
series v_w_green
v_w_green.label(d) Wealth accumulation of workers in Greenland (debt not included)
series b_brown_bank
b_brown_bank.label(d) Brownland bills bought by Brownland bank
series b_green_bank
b_green_bank.label(d) Greenland bills bought by Greenland bank
series l_s_brown
l_s_brown.label(d) Supply of loans in Brownland
series l_s_green
l_s_green.label(d) Supply of loans in Greenland
series gnp_brown
gnp_brown.label(d) Gross National product of Brownland
series gnp_green
gnp_green.label(d) Gross National product US
series yd_tot_brown
yd_tot_brown.label(d) Total disposable income in Brownland
series yd_tot_green
yd_tot_green.label(d) Total disposable income in Greenland
series gini_brown
gini_brown.label(d) Disposable income of capitalists over total disposable income in Brownland
series gini_green
gini_green.label(d) Disposable income of capitalists over total disposable income in Greenland
series v_tot_brown
v_tot_brown.label(d) Total net wealth in Brownland
series v_tot_green
v_tot_green.label(d) Total net wealth in Greenland
series giniw_brown
giniw_brown.label(d) Net wealth of capitalists over total wealth in Brownland
series giniw_green
giniw_green.label(d) Net wealth of capitalists over total wealth in Greenland
series y_tr_brown
y_tr_brown.label(d) Total Brownland income for capital target equation
series y_tr_green
y_tr_brown.label(d) Total Greenland income for capital target equation
series l_firm_brown
l_firm_brown.label(d) Demand for bank loans by Brownland firms
series l_firm_green
l_firm_green.label(d) Demand for bank loans by Greenland firms
series k_brown
k_brown.label(d) Total accumulation of capital in Brownland
series k_green
k_green.label(d) Total accumulation of capital in Greenland
series k_gr_brown
k_gr_brown.label(d) Accumulation of green capital in Brownland
series k_gr_green
k_gr_green.label(d) Accumulation of green capital in Greenland
series k_con_brown
k_con_brown.label(d) Accumulation of conventional capital in Brownland
series k_con_green
k_con_green.label(d) Accumulation of conventional capital in Greenland
series da_brown
da_brown.label(d) Total depreciation allowances in Brownland
series da_green
da_green.label(d) Total depreciation allowances in Greenland
series da_gr_brown
da_gr_brown.label(d) Depreciation allowances green capital in Brownland
series da_gr_green
da_gr_green.label(d) Depreciation allowances green capital in Greenland
series da_con_brown
da_gr_brown.label(d) Depreciation allowances conventional capital in Brownland
series da_con_green
da_gr_green.label(d) Depreciation allowances conventional capital in Greenland
series af_brown
af_brown.label(d) Amortization funds in Brownland
series af_green
af_green.label(d) Amortization funds in Greenland
series inv_brown
inv_brown.label(d) Investment in Brownland
series inv_green
inv_green.label(d) Investment in Greenland
series inv_gr_brown_t
inv_gr_brown_t.label(d) Potential demand for green investment in Brownland
series inv_gr_green_t
inv_gr_green_t.label(d) Potential demand for green investment in Greenland
series inv_gr_brown
inv_gr_brown.label(d) Demand for green investment in Brownland
series inv_gr_green
inv_gr_green.label(d) Demand for green investment in Greenland
series inv_con_brown
inv_con_brown.label(d) Conventional investment in Brownland
series inv_con_green
inv_con_green.label(d) Conventional investment in Greenland
'Exogenous variables for the open economy
series r_brown
r_brown.label(d) Interest rate on Brownland bills
series r_green
r_green.label(d) Interest rate on Greenland bills
series gov_tot_brown
gov_tot_brown.label(d) Government expenditure in Brownland (total)
series gov_tot_green
gov_tot_green.label(d) Government expenditure of Greenland (total)
series gov_gr_brown
gov_gr_brown.label(d) Green government expenditure in Brownland
series gov_gr_green
gov_gr_green.label(d) Green government expenditure of Greenland
series gov_con_brown
gov_con_brown.label(d) Conventional government expenditure in Brownland
series gov_con_green
gov_con_green.label(d) Conventional government expenditure of Greenland
series gov_con_brown_init
gov_con_brown_init.label(d) Initial value of conventional government expenditure in Brownland
series gov_con_green_init
gov_con_green_init.label(d) Initial value of conventional government expenditure of Greenland
' Parameters for the open economy
series alpha1_r_brown
alpha1_r_brown.label(d) Propensity to consume out of income for Brownland capitalists
series alpha1_w_brown
alpha1_w_brown.label(d) Propensity to consume out of income for Brownland workers
series alpha2_r_brown
alpha2_r_brown.label(d) Propensity to consume out of capitalists wealth in Brownland
series alpha2_w_brown
alpha2_w_brown.label(d) Propensity to consume out of workers wealth in Brownland
series alpha1_r_green
alpha1_r_green.label(d) Propensity to consume out of income for Greenland capitalists
series alpha1_w_green
alpha1_w_green.label(d) Propensity to consume out of income for Greenland workers
series alpha2_r_green
alpha2_r_green.label(d) Propensity to consume out of capitalists wealth of Greenland
series alpha2_w_green
alpha2_w_green.label(d) Propensity to consume out of workers wealth of Greenland
series eps0
eps0.label(d) Parameter determining real exports in Brownland
series eps1
eps1.label(d) Parameter determining real exports in Brownland
series eps2
eps2.label(d) Parameter determining real exports in Brownland
series lambda10
lambda10.label(d) Parameter defining demand for B bills by B capitalists
series lambda11
lambda11.label(d) Parameter defining demand for B bills by B capitalists
series lambda12
lambda12.label(d) Parameter defining demand for B bills by B capitalists
series lambda13
lambda13.label(d) Parameter defining demand for B bills by B capitalists
series lambda14
lambda14.label(d) Parameter defining demand for B bills by B capitalists
series lambda20
lambda20.label(d) Parameter defining demand for G bills by B capitalists
series lambda21
lambda21.label(d) Parameter defining demand for G bills by B capitalists
series lambda22
lambda22.label(d) Parameter defining demand for G bills by B capitalists
series lambda23
lambda23.label(d) Parameter defining demand for G bills by B capitalists
series lambda24
lambda24.label(d) Parameter defining demand for G bills by B capitalists
series lambda40
lambda40.label(d) Parameter defining demand for G bills by G capitalists
series lambda41
lambda41.label(d) Parameter defining demand for G bills by G capitalists
series lambda42
lambda42.label(d) Parameter defining demand for G bills by G capitalists
series lambda43
lambda43.label(d) Parameter defining demand for G bills by G capitalists
series lambda44
lambda44.label(d) Parameter defining demand for G bills by G capitalists
series lambda50
lambda50.label(d) Parameter defining demand for B bills by G capitalists
series lambda51
lambda51.label(d) Parameter defining demand for B bills by G capitalists
series lambda52
lambda52.label(d) Parameter defining demand for B bills by G capitalists
series lambda53
lambda53.label(d) Parameter defining demand for B bills by G capitalists
series lambda54
lambda54.label(d) Parameter defining demand for B bills by G capitalists
series lambda70
lambda70.label(d) Parameter defining demand for G shares by B capitalists
series lambda71
lambda71.label(d) Parameter defining demand for G shares by B capitalists
series lambda72
lambda72.label(d) Parameter defining demand for G shares by B capitalists
series lambda73
lambda73.label(d) Parameter defining demand for G shares by B capitalists
series lambda74
lambda74.label(d) Parameter defining demand for G shares by B capitalists
series lambda80
lambda80.label(d) Parameter defining demand for B shares by G capitalists
series lambda81
lambda81.label(d) Parameter defining demand for B shares by G capitalists
series lambda82
lambda82.label(d) Parameter defining demand for B shares by G capitalists
series lambda83
lambda83.label(d) Parameter defining demand for B shares by G capitalists
series lambda84
lambda84.label(d) Parameter defining demand for B shares by G capitalists
series lambda90
lambda90.label(d) Parameter defining demand for B shares by B capitalists
series lambda91
lambda91.label(d) Parameter defining demand for B shares by B capitalists
series lambda92
lambda92.label(d) Parameter defining demand for B shares by B capitalists
series lambda93
lambda93.label(d) Parameter defining demand for B shares by B capitalists
series lambda94
lambda94.label(d) Parameter defining demand for B shares by B capitalists
series lambda100
lambda100.label(d) Parameter defining demand for G shares by G capitalists
series lambda101
lambda101.label(d) Parameter defining demand for G shares by G capitalists
series lambda102
lambda102.label(d) Parameter defining demand for G shares by G capitalists
series lambda103
lambda103.label(d) Parameter defining demand for G shares by G capitalists
series lambda104
lambda104.label(d) Parameter defining demand for G shares by G capitalists
series mu0
mu0.label(d) Parameter determining real imports in Brownland
series mu1
mu1.label(d) Parameter determining real imports in Brownland
series mu2
mu2.label(d) Parameter determining real imports in Brownland
series theta_brown
theta_brown.label(d) Tax rate in Brownland
series theta_green
theta_green.label(d) Tax rate of Greenland
series omega_brown
omega_brown.label(d) Wage share in Brownland
series omega_green
omega_green.label(d) Wage share in Greenland
series depsh_brown
depsh_brown.label(d) Percentage of money held as deposits in Brownland
series depsh_green
depsh_green.label(d) Percentage of money held as deposits in Greenland
series delta_brown
delta_brown.label(d) Depreciation rate in Brownland
series delta_green
delta_green.label(d) Depreciation rate in Greenland
series delta0_brown
delta0_brown.label(d) Initial value of depreciation rate in Brownland
series ad_k_brown
ad_k_brown.label(d) Adaptation coefficient of capital in Brownland
series delta0_green
delta0_green.label(d) Initial value of depreciation rate in Greenland
series ad_k_green
ad_k_green.label(d) Adaptation coefficient of capital in Greenland
series gamma1_green
gamma1_green.label(d) Parameter of investment function of Greenland
series gamma1_brown
gamma1_brown.label(d) Parameter of investment function of Brownland
series gamma2_green
gamma2_green.label(d) Parameter of investment function of Greenland
series gamma2_brown
gamma2_brown.label(d) Parameter of investment function of Brownland
series kappa
kappa.label(d) Capital-output ratio
series chi1_brown
chi1_brown.label(d) Sensibility of Brownland green investment to green government spending
series chi1_green
chi1_green.label(d) Sensibility of Greenland green investment to green government spending
series chi2_brown
chi2_brown.label(d) Sensibility of Brownland green investment to GDP
series chi2_green
chi2_green.label(d) Sensibility of Greenland green investment to GDP
series chi3_brown
chi3_brown.label(d) Sensibility of Brownland green investment to damages
series chi3_green
chi3_green.label(d) Sensibility of Greenland green investment to damages
'Variables and parameters for the ecosystem
series y_mat_brown
y_mat_brown.label(d) Production of material goods in Brownland
series y_mat_green
y_mat_green.label(d) Production of material goods in Greenland
series mat_brown
mat_brown.label(d) Extraction of matter in Brownland
series mat_green
mat_green.label(d) Extraction of matter in Greenland
series rec_brown
rec_brown.label(d) Recycled socio-economic stock in Brownland
series rho_brown
rho_brown.label(d) Percentage of recycling in Brownland
series rec_green
rec_green.label(d) Recycled socio-economic stock in Greenland
series rho_green
rho_green.label(d) Percentage of recycling in Greenland
series dis_brown
dis_brown.label(d) Discarded socio-economic stock in Brownland
series dis_green
dis_green.label(d) Discarded socio-economic stock in Greenland
series k_se_brown
k_se_brown.label(d) Socio-economic stock in Brownland
series k_se_green
k_se_green.label(d) Socio-economic stock in Greenland
series wa_brown
wa_brown.label(d) Waste generated by production activities in Brownland
series wa_green
wa_green.label(d) Waste generated by production activities in Greenland
series k_m_brown
k_m_brown.label(d) Stock of material reserves in Brownland
series k_m_green
k_m_green.label(d) Stock of material reserves in Greenland
series k_m
k_m.label(d) World-wide stock of material reserves
series conv_m_brown
conv_m_brown.label(d) Material resources converted to reserves in Brownland
series sigma_m_brown
sigma_m_brown.label(d) Percentage of material resources converted to reserves in Brownland
series conv_m_green
conv_m_green.label(d) Material resources converted to reserves in Greenland
series sigma_m_green
sigma_m_green.label(d) Percentage of material resources converted to reserves in Greenland
series res_m_brown
res_m_brown.label(d) Stock of material resources in Brownland
series res_m_green
res_m_green.label(d) Stock of material resources in Greenland
series res_m
res_m.label(d) World-wide stock of material resources
series cen_brown
cen_brown.label(d) Carbon mass of (non-renewable) energy in Brownland
series cen_green
cen_green.label(d) Carbon mass of (non-renewable) energy in Greenland
series car
car.label(d) Coefficient defining carbon mass of energy
series o2_brown
o2_brown.label(d) Mass of oxygen in Brownland
series o2_green
o2_green.label(d) Mass of oxygen in Greenland
series en_brown
en_brown.label(d) Energy required for production in Brownland
series en_green
en_green.label(d) Energy required for production in Greenland
series ed_brown
ed_brown.label(d) Dissipated energy at the end of the period in Brownland
series ed_green
ed_green.label(d) Dissipated energy at the end of the period in Greenland
series k_e_brown
k_e_brown.label(d) Stock of energy reserves in Brownland
series k_e_green
k_e_green.label(d) Stock of energy reserves in Greenland
series k_e
k_e.label(d) World-wide stock of energy reserves
series conv_e_brown
conv_e_brown.label(d) Energy resources converted to reserves in Brownland
series sigma_e_brown
sigma_e_brown.label(d) Percentage of energy resources converted to reserves in Brownland
series conv_e_green
conv_e_green.label(d) Energy resources converted to reserves in Greenland
series sigma_e_green
sigma_e_green.label(d) Percentage of energy resources converted to reserves in Greenland
series res_e_brown
res_e_brown.label(d) Stock of energy resources in Brownland
series res_e_green
res_e_green.label(d) Stock of energy resources in Greenland
series res_e
res_e.label(d) World-wide stock of energy resources
series emis_brown
emis_brown.label(d) Industrial emissions of CO2 in Brownland
series emis_green
emis_green.label(d) Industrial emissions of CO2 in Greenland
series emis
emis.label(d) World-wide industrial emissions of CO2
series mu_brown
mu_brown.label(d) Matter intensity coefficient in Brownland
series mu_gr_brown
mu_gr_brown.label(d) Matter intensity coefficient of green production in Brownland
series mu_con_brown
mu_brown.label(d) Matter intensity coefficient of conventional production in Brownland
series mu_green
mu_green.label(d) Matter intensity coefficient in Greenland
series mu_gr_green
mu_gr_green.label(d) Matter intensity coefficient of green production in Greenland
series mu_con_green
mu_con_green.label(d) Matter intensity coefficient of conventional production in Greenland
series epsilon_brown
epsilon_brown.label(d) Average energy intensity coefficient in Brownland
series epsilon_gr_brown
epsilon_gr_brown.label(d) Energy intensity coefficient of green production in Brownland
series epsilon_con_brown
epsilon_con_brown.label(d) Energy intensity coefficient of conventional production in Brownland
series epsilon_green
epsilon_green.label(d) Average energy intensity coefficient in Greenland
series epsilon_gr_green
epsilon_gr_green.label(d) Energy intensity coefficient of green production in Greenland
series epsilon_con_green
epsilon_con_green.label(d) Average energy intensity coefficient of conventional production in Greenland
series beta_brown
beta_brown.label(d) Average CO2 intensity coefficient in Brownland
series beta_brown0
beta_brown0.label(d) Initial value of CO2 emissions in Brownland
series beta_gr_brown
beta_gr_brown.label(d) CO2 intensity coefficient of green production in Brownland
series beta_con_brown
beta_con_brown.label(d) CO2 intensity coefficient of conventional production in Brownland
series beta_green
beta_green.label(d) Average CO2 intensity coefficient in Greenland
series beta_green0
beta_green0.label(d) Initial value of CO2 emissions in Greenland
series beta_gr_green
beta_gr_green.label(d) CO2 intensity coefficient of green production in Greenland
series beta_con_green
beta_con_green.label(d) CO2 intensity coefficient of conventional production in Greenland
series depl_m_brown
depl_m_brown.label(d) Matter depletion ratio in Brownland
series depl_m_green
depl_m_green.label(d) Matter depletion ratio in Greenland
series depl_e_brown
depl_e_brown.label(d) Energy depletion ratio in Brownland
series depl_e_green
depl_e_green.label(d) Energy depletion ratio in Greenland
series delta_brown
delta_brown.label(d) Ecological impact on depreciation of capital stock in Brownland
series delta11
delta11.label(d) Sensitivity of capital depreciation to matter depletion in Brownland
series delta12
delta12.label(d) Sensitivity of capital depreciation to energy depletion in Brownland
series delta13
delta13.label(d) Sensitivity of capital depreciation to climate change in Brownland
series delta_green
delta_green.label(d) Ecological impact on depreciation of capital stock in Greenland
series delta21
delta21.label(d) Sensitivity of capital depreciation to matter depletion in Greenland
series delta22
delta22.label(d) Sensitivity of capital depreciation to energy depletion in Greenland
series delta23
delta23.label(d) Sensitivity of capital depreciation to climate change in Greenland
series alpha1_w_brown
alpha1_w_brown.label(d) Ecological impact on propensity to consume of workers in Brownland
series alpha11
alpha11.label(d) Sensitivity of Brownland workers propensity to consume to matter depletion
series alpha12
alpha12.label(d) Sensitivity of Brownland workers propensity to consume to energy depletion
series alpha13
alpha13.label(d) Sensitivity of Brownland workers propensity to consume to climate change
series alpha1_w_green
alpha1_w_green.label(d) Ecological impact on propensity to consume of workers in Greenland
series alpha21
alpha21.label(d) Sensitivity of Greenland workers propensity to consume to matter depletion
series alpha22
alpha22.label(d) Sensitivity of Greenland workers propensity to consume to energy depletion
series alpha23
alpha23.label(d) Sensitivity of Greenland workers propensity to consume to climate change
series y_k_brown
y_k_brown.label(d) Capital-determined real potential output in Brownland
series a_brown
a_brown.label(d) Product per unit of capital in Brownland
series y_k_green
y_k_green.label(d) Capital-determined real potential output in Greenland
series a_green
a_green.label(d) Product per unit of capital in Greenland
series y_m_brown
y_m_brown.label(d) Matter-determined potential output in Brownland
series y_m_green
y_m_green.label(d) Matter-determined potential output in Greenland
series y_e_brown
y_e_brown.label(d) Energy-determined potential output in Brownland
series y_e_green
y_e_green.label(d) Energy-determined potential output in Greenland
series y_s_brown
y_s_brown.label(d) Potential output (Leonfief function) in Brownland
series y_s_green
y_s_green.label(d) Potential output (Leonfief function) in Greenland
series p_brown
p_brown.label(d) Unit price of output in Brownland
series p_green
p_green.label(d) Unit price of output in Greenland
series g_beta_brown
g_beta_brown.label(d) Rate of decline of CO2 intensity in Brownland
series g_beta_green
g_beta_green.label(d) Rate of decline of CO2 intensity in Greenland
series iota_brown
iota_brown.label(d) Sensitivity of Brownland price level to output gap
series iota_green
iota_green.label(d) Sensitivity of Greenland price level to output gap
series eta_brown
eta_brown.label(d) Share of renewable energy to total energy in Brownland
series eta_con_brown
eta_con_brown.label(d) Share of renewable energy to total energy in Brownland, conventional capital
series eta_gr_brown
eta_gr_brown.label(d) Share of renewable energy to total energy in Brownland, green capital
series er_brown
er_brown.label(d) Renewable energy in Brownland
series eta_green
eta_green.label(d) Share of renewable energy to total energy in Greenland
series eta_con_green
eta_con_green.label(d) Share of renewable energy to total energy in Greenland, conventional capital
series eta_gr_green
eta_gr_green.label(d) Share of renewable energy to total energy in Greenland, green capital
series eta_world
eta_world.label(d) Average share of renewable energy to total energy worldwide
series mu_world
mu_world.label(d) Average matter-intensity coefficient worldwide
series epsilon_world
epsilon_world.label(d) Average energy-intensity coefficient worldwide
series beta_world
beta_world.label(d) Average share of renewable energy sources worldwide
series er_green
er_green.label(d) Renewable energy in Greenland
series en_brown
en_brown.label(d) Non-renewable energy in Brownland
series en_green
en_green.label(d) Non-renewable energy in Greenland
' Variables and parameters for the stock market
series p_b_brown
p_b_brown.label(d) Implicit unit price of Brownland T-bonds
series p_b_green
p_b_green.label(d) Implicit unit price of Greenland T-bonds
series e_greengreen_d
e_greengreen_d.label(d) Greenland shares held by Greenland capitalists
series e_browngreen_d
e_browngreen_d.label(d) Greenland shares held by Brownland capitalists
series e_greengreen_s
e_greengreen_s.label(d) Real issues of Greenland shares to Greenland
series e_browngreen_s
e_browngreen_s.label(d) Real issues of Greenland shares to Brownland
series p_e_green
p_e_green.label(d) Unit price of Greenland shares
series e_brownbrown_d
e_brownbrown_d.label(d) Brownland shares held by Brownland capitalists
series e_greenbrown_d
e_greenbrown_d.label(d) Brownland shares held by Greenland capitalists
series e_brownbrown_s
e_brownbrown_s.label(d) Issues of Brownland shares to Brownland
series e_greenbrown_s
e_greenbrown_s.label(d) Issues of Brownland shares to Greenland
series p_e_brown
p_e_brown.label(d) Unit price of Brownland shares
series r_e_green
r_e_green.label(d) Actual dividend yield of Greenland firms
series r_e_green_t
r_e_green_t.label(d) Notional dividend yield of Greenland firms
series r_e_brown
r_e_brown.label(d) Actual dividend yields of Brownland firms
series r_e_brown_t
r_e_brown_t.label(d) Notional dividend yields of Brownland firms
series e_brown_real_s
e_brown_real_s.label(d) Total issues of Brownland shares
series e_green_real_s
e_green_real_s.label(d) Total issues of Brownland shares
series xi_green
xi_green.label(d) Shares issues to investment ratio in Greenland
series xi_brown
xi_brown.label(d) Shares issues to investment ratio in Brownland
series f_d_greengreen
f_d_greengreen.label(d) Dividends paid by Greenland firms to Greenland shareholders
series f_d_brownbrown
f_d_brownbrown.label(d) Dividends paid by Brownland firms to Brownland shareholders
series f_d_browngreen
f_d_browngreen.label(d) Dividends paid by Greenland firms to Brownland shareholders
series f_d_greenbrown
f_d_greenbrown.label(d) Dividends paid by Brownland firms to Greenland shareholders
series f_brown
f_brown.label(d) Profits made by Brownland firms
series fu_brown
fu_brown.label(d) Brownland firms retained profits
series fd_brown
fd_brown.label(d) Brownland firms distributed profits (dividends)
series f_green
f_green.label(d) Profits made by Greenland firms
series fu_green
fu_green.label(d) Greenland firms retained profits
series fd_green
fd_green.label(d) Greenland firms distributed profits (dividends)
series ret_brown
ret_brown.label(d) Profit retention rate of Brownland firms
series ret_green
ret_green.label(d) Profit retention rate of Greenland firms
series cg_b_green
cg_b_green.label(d) Total capital gains on bills in Greenland
series cg_e_green
cg_e_green.label(d) Total capital gains on shares in Greenland
series cg_b_brown
cg_b_brown.label(d) Total capital gains on bills in Brownland
series cg_e_brown
cg_e_brown.label(d) Total capital gains on shares in Brownland
series q_green
q_green.label(d) Tobin q ratio of Greenland firms
series q_brown
q_brown.label(d) Tobin q ratio of Brownland firms
series lev_f_green
lev_f_green.label(d) Leverage ratio of Greenland firms
series lev_f_brown
lev_f_brown.label(d) Leverage ratio of Brownland firms
series liq_b_green
liq_b_green.label(d) Liquidity ratio of Greenland banks
series liq_b_brown
liq_b_brown.label(d) Liquidity ratio of Brownland banks
series per_green
per_green.label(d) Price earnings ratio of Greenland firms
series per_brown
per_brown.label(d) Price earnings ratio of Brownland firms
series pi_dy_green
pi_dy_green.label(d) Parameter of dividend yield in Greenland
series pi_dy_brown
pi_dy_brown.label(d) Parameter of dividend yield in Brownland
series f_m_green
f_m_green.label(d) Salary of Greenland firms managers
series f_m_brown
f_m_brown.label(d) Salary of Brownland firms managers
series mu2_par
mu2_par.label(d) Parameter defining Brownland propensity to import
series r_l_green
r_l_green.label(d) Interest rate of bank loans in Greenland
series r_l_brown
r_l_brown.label(d) Interest rate of bank loans in Brownland
'New series for estimation
series y
y.label(d) Total output
series cons
cons.label(d) Total consumption
series inv
inv.label(d) Total investment
series gov
gov.label(d) Total government spending
series yd
yd.label(d) Total disposable income
series v
v.label(d) Total stock of wealth
series k
k.label(d) Total stock of fixed capital
series alpha0_r_brown
alpha0_r_brown.label(d) Trend component of capitalists consumption in Brownland
series alpha0_w_brown
alpha0_w_brown.label(d) Trend component of workers consumption in Brownland
series alpha0_r_green
alpha0_r_green.label(d) Trend component of capitalists consumption in Greenland
series alpha0_w_green
alpha0_w_green.label(d) Trend component of workers consumption in Greenland
series gamma0_brown
gamma0_brown.label(d) Trend component in Brownland investment
series gamma0_green
gamma0_green.label(d) Trend component in Greenland investment
series parg0_brown
parg0_brown.label(d) Coefficient in government conventional spending in Brownland
series parg1_brown
parg1_brown.label(d) Coefficient in government conventional spending in Brownland
series parg0_green
parg0_green.label(d) Coefficient in government conventional spending in Greenland
series parg1_green
parg1_green.label(d) Coefficient in government conventional spending in Greenland
'Additional series for fixed exchange rate
series or_brown
or_brown.label(d) Gold reserves of Brownland
series or_green
or_green.label(d) Gold reserves of Greenland
'New ecological series
series emis_l
emis_l.label(d) Annual land emissions of CO2
series g_land
g_land.label(d) Rate of decline of land-use CO2 emissions
series co2_at
co2_at.label(d) Atmospheric CO2 concentration
series phi11
phi11.label(d) CO2 transfer coefficient
series phi21
phi21.label(d) CO2 transfer coefficient
series co2_up
co2_up.label(d) Upper ocean/biosphere CO2 concentration
series phi12
phi12.label(d) CO2 transfer coefficient
series phi22
phi22.label(d) CO2 transfer coefficient
series phi32
phi32.label(d) CO2 transfer coefficient
series co2_lo
co2_lo.label(d) Lower ocean CO2 concentration
series phi23
phi23.label(d) CO2 transfer coefficient
series phi33
phi33.label(d) CO2 transfer coefficient
series temp_at
temp_at.label(d) Atmosferic temperature
series temp_lo
temp_lo.label(d) Temperature of the lower ocean
series f
f.label(d) Radiative forcing over pre-industrial levels (W/m^2)
series f2
f2.label(d) Increase in radiative forcing due to doubling of CO2 concentraton \n since pre-industrial levels (W/m^2)
series co2_at_pre
co2_at_pre.label(d) Pre-industrial CO2 concentration in atmosphere (Gt)
series co2_lo_pre
co2_lo_pre.label(d) Pre-industrial CO2 concentration in lower ocean (Gt)
series co2_up_pre
co2_up_pre.label(d) Pre-industrial CO2 concentration in upper ocean/biosphere (Gt) (Gt)
series f_ex
f_ex.label(d) Radiative forcing over pre-industrial levels (W/m^2) \n due to non-CO2 greenhouse gases (W/m^2)
series fex
fex.label(d) Annual increase in radiative forcing due to non-CO2 greenhouse \n gas emissions (W/m^2)
series t1
t1.label(d) Speed of adjustment parameter in atmospheric temperature function
series t2
t2.label(d) Coefficient of heat loss from the atmosphere to the lower ocean in \n atmospheric temperature function
series t3
t3.label(d) Coefficient of heat loss from the atmosphere to the lower ocean in \n lower ocean temperature function
series sens
sens.label(d) Equilibrium climate sensitivity
series d_t_brown
d_t_brown.label(d) Proportional gross damage (0 = no damage; 1 = catastrophe)
series dam1_brown
dam1_brown.label(d) Parameter in damage function
series dam2_brown
dam2_brown.label(d) Parameter in damage function
series dam3_brown
dam3_brown.label(d) Parameter in damage function
series dam4_brown
dam4_brown.label(d) Parameter in damage function
series d_t_green
d_t_green.label(d) Proportional gross damage (0 = no damage; 1 = catastrophe)
series dam1_green
dam1_green.label(d) Parameter in damage function
series dam2_green
dam2_green.label(d) Parameter in damage function
series dam3_green
dam3_green.label(d) Parameter in damage function
series dam4_green
dam4_green.label(d) Parameter in damage function
series ad_exp
ad_exp.label(d) Parameter in Brownland export tuning damage impact
series ad_im
ad_im.label(d) Parameter in Brownland import tuning damage impact
series dc_brown
dc_brown.label(d) Stock of durable consumption goods in Brownland
series dc_green
dc_green.label(d) Stock of durable consumption goods in Greenland
series zeta_brown
zeta_brown.label(d) Proportion of durable discarded in Brownland every year
series zeta_green
zeta_green.label(d) Proportion of durable discard in Greenland every year
'**********************************************************************************************************************************************************************************************
'Re-set sample
smpl @all
'Starting values for coefficients and related variables
omega_brown = 0.62
omega_green = 0.62
cons_brown = cons_ob/2
cons_green = cons_ob/2
cons_w_brown = cons_brown*omega_brown
cons_r_brown = cons_brown - cons_w_brown
cons_w_green = cons_green*omega_green
cons_r_green = cons_green - cons_w_green
h_brown_r_h=@recode(er_regime1=0,0,5)
h_brown_w_h = 0
h_brown_h = h_brown_r_h + h_brown_w_h
h_green_r_h=@recode(er_regime1=0,0,5)
h_green_w_h= 0
h_green_h = h_green_r_h + h_green_w_h
h_brown_s = @recode(er_regime1=0,h_brown_h,5)
h_green_s = @recode(er_regime1=0,h_green_h,5)
or_brown=5
or_green=5
a_s_brown = 0
a_s_green = 0
v_w_brown = 0
v_w_green = 0
v_r_brown = @recode(er_regime1=0,0,5)
v_r_green = @recode(er_regime1=0,0,5)
theta_brown = @recode(@date<@dateval("2018"),theta_ob/100,@mean(theta_ob/100,"2002 2017"))
theta_green = @recode(@date<@dateval("2018"),theta_ob/100,@mean(theta_ob/100,"2002 2017"))
k_gr_brown = 0
k_gr_green = 0
k_con_brown = k_ob/2
k_con_green = k_ob/2
k_brown = k_con_brown + k_gr_brown
k_green = k_con_green + k_gr_green
delta0_brown = @recode(@date<@dateval("2018"),delta_ob,@mean(delta_ob,"2002 2017"))
delta0_green = @recode(@date<@dateval("2018"),delta_ob,@mean(delta_ob,"2002 2017"))
delta_brown = delta0_brown
delta_green = delta0_green
ad_k_green = 0.75
ad_k_brown = 0.75
kappa = @recode(@date<@dateval("2018"),kappa_ob,@mean(kappa_ob,"2002 2017"))
gov_gr_brown = 1
gov_gr_green = 1
gov_con_brown_init = (gov_ob/2) - 1
gov_con_green_init = (gov_ob/2) - 1
gov_con_brown = gov_con_brown_init
gov_con_green = gov_con_green_init
gov_tot_brown = gov_ob/2
gov_tot_green = gov_ob/2
gov = gov_ob
emis_l = 4
g_land = @recode(@date<@dateval("2015"),0,0.044)
emis_brown = (emis_ob-emis_l)/2
emis_green = (emis_ob-emis_l)/2
inv_brown = inv_ob/2
inv_green = inv_ob/2
inv = inv_ob
y_brown = y_ob/2
y_green = y_ob/2
y = y_ob
v = y_ob
cons = cons_ob
yd = yd_ob
alpha1_w_brown = 0.790919
alpha1_r_brown = 0.490919
alpha1_w_green = 0.790919