Model parameters#
This section contains documentation of the models parameters in a format
that is easy to search and print.
The model parameters are grouped here roughly in line with the
organization of the theory in the OG-Core documentation.
Household Parameters#
Behavioral Assumptions#
frisch#
Description: Frisch elasticity of labor supply.
Notes: See Altonji (JPE, 1986) and Peterman (Econ Inquiry, 2016) for estimates of the Frisch elasticity.
Value Type: float
Valid Range: min = 0.2 and max = 0.62
Out-of-Range Action: error
beta_annual#
Description: Annual rate of time preference for households.
Notes: Default value from Carroll (JME, 2009). Allows for each type to have a different value.
Value Type: float
Valid Range: min = 0.0 and max = 0.9999
Out-of-Range Action: error
sigma#
Description: Coefficient of relative risk aversion in household utility function.
Notes: Default value from Attanasio, Banks, Meghir and Weber (JEBS, 1999).
Value Type: float
Valid Range: min = 1.0 and max = 2.0
Out-of-Range Action: error
alpha_c#
Description: Share parameters for each good in the composite consumption good.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
chi_b#
Description: Household utility weight on bequests.
Value Type: float
Valid Range: min = 0.0 and max = 10000.0
Out-of-Range Action: error
chi_n#
Description: Household utility weight on on disutility of labor supply.
Value Type: float
Valid Range: min = 0.0 and max = 10000.0
Out-of-Range Action: error
Endowments#
e#
Description: Effective labor hours matrix.
Value Type: float
Valid Range: min = 0.0 and max = 9e+99
Out-of-Range Action: error
ltilde#
Description: Total time endowment of household.
Notes: Can be normalized to 1.0 without loss of generality.
Value Type: float
Valid Range: min = 0.01 and max = 5.0
Out-of-Range Action: error
alpha_RM_1#
Description: Exogenous ratio of aggregate remittances to GDP in current period (t=1).
Value Type: float
Valid Range: min = -0.05 and max = 0.4
Out-of-Range Action: error
alpha_RM_T#
Description: Exogenous ratio of aggregate remittances to GDP in the long run/steady state (t>T).
Value Type: float
Valid Range: min = -0.05 and max = 0.4
Out-of-Range Action: error
g_RM#
Description: Growth rate of aggregate remittances between periods tG1 and tG2
Value Type: float
Valid Range: min = -0.02 and max = 0.15
Out-of-Range Action: error
eta_RM#
Description: Matrix that allocates aggregate remittances across households.
Notes: This SxJ matrix gives the fraction of total aggregate remittances going to each age s and ability type j.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
zeta#
Description: Matrix that describes the bequest distribution process.
Notes: This SxJ matrix gives the fraction of total aggregate bequests going to each age s and ability type j.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
use_zeta#
Description: Indicator variable for whether or not to use the zeta matrix to distribute bequests.
Value Type: bool
Model Dimensions#
S#
Description: Maximum number of periods of economic life of model agent.
Value Type: int
Valid Range: min = 3 and max = 80
Out-of-Range Action: error
J#
Description: Number of different labor productivity types of agents.
Value Type: int
Valid Range: min = 1 and max = 100
Out-of-Range Action: error
T#
Description: Number of periods until it is assumed that the model reaches its steady state.
Value Type: int
Valid Range: min = 3 and max = 1000
Out-of-Range Action: error
I#
Description: Number of different consumption goods.
Value Type: int
Valid Range: min = 1 and max = 50
Out-of-Range Action: error
lambdas#
Description: Fraction of population of each labor productivity type.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
starting_age#
Description: Age at which households become economically active.
Value Type: int
Valid Range: min = 0 and max = ending_age
Out-of-Range Action: error
ending_age#
Description: Maximum age a household can live until.
Value Type: int
Valid Range: min = starting_age and max = 120
Out-of-Range Action: error
Firm Parameters#
Capital Accumulation#
delta_annual#
Description: Annual rate of economic depreciation of capital.
Notes: Approximately the value from Kehoe calibration exercise: http://www.econ.umn.edu/~tkehoe/classes/calibration-04.pdf.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
Model Dimensions#
M#
Description: Number of different production industries.
Value Type: int
Valid Range: min = 1 and max = 50
Out-of-Range Action: error
Production Function#
gamma#
Description: Capital’s share of output in firm production function.
Notes: Historical value in U.S. is about 0.33, but Elsby, Hobijn, and Sahin (BPEA, 2013) find capital’s share is increasing, so default value is above this.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
gamma_g#
Description: Public capital’s share of output in firm production function.
Value Type: float
epsilon#
Description: Elasticity of substitution among private capital, public capital, and labor in firm production function.
Notes: If epsilon=1, then production function is Cobb-Douglas. If epsilon=0, then production function is perfect substitutes.
Value Type: float
Valid Range: min = 0.2 and max = 10.0
Out-of-Range Action: error
io_matrix#
Description: Input-output matrix used to map production outputs into consumption goods using a fixed coefficient model. This matrix has dimensions I x M, where I is the number of distinct consumption goods and M is the number of distinct production goods. The sum each row of this matrix must be 1.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
Z#
Description: Total factor productivity in firm production function. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Value Type: float
Valid Range: min = 0.0 and max = 5.0
Out-of-Range Action: error
Government Parameters#
delta_g_annual#
Description: Annual rate of economic depreciation of public capital.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
Fiscal Policy Parameters#
Fiscal Closure Rules#
tG1#
Description: Number of model periods until budget closure rule kicks in.
Notes: It may make sense for this tG1 to exceed the length of the budget window one is looking at. But it must also not be too late into the time path that a steady-state won’t be reached by time T.
Value Type: int
Valid Range: min = 0 and max = tG2
Out-of-Range Action: error
tG2#
Description: Number of model periods until budget closure ends and budgetary variables jump to steady-state values.
Notes: The number of periods until the closure rule ends must not exceed T, the time at which the model is assumed to reach the steady-state.
Value Type: int
Valid Range: min = tG1 and max = T
Out-of-Range Action: error
rho_G#
Description: Speed of convergence to a stable government budget deficit for periods [tG1, tG2-1].
Notes: Lower rho_G => slower convergence.
Value Type: float
Valid Range: min = 0.01 and max = 0.9
Out-of-Range Action: error
debt_ratio_ss#
Description: Debt to GDP ratio to be achieved in the steady state.
Notes: Note that depending upon the tax policy parameters, some debt to GDP ratios may not be achievable with positive government spending.
Value Type: float
Valid Range: min = 0.0 and max = 5.0
Out-of-Range Action: error
Government Pension Parameters#
retirement_age#
Description: Age at which agents can collect Social Security benefits. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Value Type: int
Valid Range: min = 0 and max = 100
Out-of-Range Action: error
pension_system#
Description: Pension system.
Value Type: str
Valid Choices:[‘US-Style Social Security’, ‘Defined Benefits’, ‘Notional Defined Contribution’, ‘Points System’]
tau_p#
Description: Pension system contribution tax rate under a notional defined contribution system.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
indR#
Description: Adjustment for survivor benefits under a notional defined contribution system.
Notes: indR = 0.0 for no survivor benefits, indR = 0.5 for survivor benefits
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
k_ret#
Description: Adjustment for frequency of pension payments under a notional defined contribution system.
Notes: k = 0.5 - (6/13n), where n is the number of payments per year
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
alpha_db#
Description: Replacement rate under a defined contribution system.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
vpoint#
Description: The value of a point under a points system pension.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
yr_contrib#
Description: Number of years of contributions made to defined benefits pension system.
Notes: Since there is not exit from the labor force in the model, the number of years of contributions is set exogenously.
Value Type: int
Valid Range: min = 0 and max = retirement_age
Out-of-Range Action: error
avg_earn_num_years#
Description: Number of years used to compute average earnings for pension benefits.
Notes: US-styel Social Security AIME is computed using average earnings from the highest earnings years for the number of years specified here.
Value Type: int
Valid Range: min = 1 and max = retirement_age
Out-of-Range Action: error
AIME_bkt_1#
Description: Upper bound to the first average index monthly earnings (AIME) bracket.
Value Type: float
Valid Range: min = 0.0 and max = 9999999999.0
Out-of-Range Action: error
AIME_bkt_2#
Description: Upper bound to the second average index monthly earnings (AIME) bracket.
Value Type: float
Valid Range: min = 0.0 and max = 9999999999999.9
Out-of-Range Action: error
PIA_rate_bkt_1#
Description: The rate used to determine the primary insurance amount (PIA) in the first bracket for average index monthly earnings (AIME).
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
PIA_rate_bkt_2#
Description: The rate used to determine the primary insurance amount (PIA) in the second bracket for average index monthly earnings (AIME).
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
PIA_rate_bkt_3#
Description: The rate used to determine the primary insurance amount (PIA) in the third bracket for average index monthly earnings (AIME).
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
PIA_maxpayment#
Description: The maximum primary insurance amount (PIA) payment.
Value Type: float
Valid Range: min = PIA_minpayment and max = 9999999999999.9
Out-of-Range Action: error
PIA_minpayment#
Description: The minimum primary insurance amount (PIA) payment.
Value Type: float
Valid Range: min = 0.0 and max = PIA_maxpayment
Out-of-Range Action: error
replacement_rate_adjust#
Description: Adjustment to the Social Security retirement benefits replacement rate. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Notes: This parameter willy only vary along the time path. It is assumed to be one in the steady state. The steady state retirement rate can be adjusted by changing the parameters of the retirement benefits function.
Value Type: float
Valid Range: min = 0.0 and max = 10.0
Out-of-Range Action: error
Spending#
alpha_T#
Description: Exogenous ratio of government transfers to GDP when budget balance is false. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Value Type: float
Valid Range: min = 0.0 and max = 0.3
Out-of-Range Action: error
alpha_G#
Description: Exogenous ratio of government spending to GDP when budget balance is false. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Value Type: float
Valid Range: min = 0.0 and max = 0.3
Out-of-Range Action: error
alpha_I#
Description: Exogenous fraction of GDP that goes towards government investment in infrastructure (public capital) when balanced budget is false.
Value Type: float
Valid Range: min = 0.0 and max = 0.3
Out-of-Range Action: error
alpha_bs_T#
Description: Proportional adjustment to government transfers relative to baseline amount when budget balance is true. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Value Type: float
Valid Range: min = 0.0 and max = 9.9999e+103
Out-of-Range Action: error
alpha_bs_G#
Description: Proportional adjustment to government consumption expenditures relative to baseline amount when budget balance is true. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Value Type: float
Valid Range: min = 0.0 and max = 9.9999e+103
Out-of-Range Action: error
alpha_bs_I#
Description: Proportional adjustment to infrastructure (public capital) spending relative to baseline amount when balanced budget is true.
Value Type: float
Valid Range: min = 0.0 and max = 9.9999e+103
Out-of-Range Action: error
ubi_growthadj#
Description: Boolean indicator variable for whether or not to growth adjust universal basic income transfer.
Notes: When this Boolean = True, the ubi_{j,s,t} matrix is stationary because it is multiplied by e^{g_y t} in the nonstationary household budget constraint. When this Boolean = False, the ubi_{j,s,t} is not multiplied by e^{g_y t} and the steady-state value is a matrix of zeros.
Value Type: bool
ubi_nom_017#
Description: Dollar (nominal) amount of universal basic income (UBI) per child age 0 through 17.
Notes: The universal basic income (UBI) per child ages 0 through 17 can take positive or negative values (e.g., a negative value may be used to implement a head tax).
Value Type: float
Valid Range: min = -99000000000.0 and max = 99000000000.0
Out-of-Range Action: error
ubi_nom_1864#
Description: Dollar (nominal) amount of universal basic income (UBI) per adult age 18 to 64.
Notes: The universal basic income (UBI) per adult age 18 through 64 can take positive or negative values (e.g., a negative value may be used to implement a head tax).
Value Type: float
Valid Range: min = -99000000000.0 and max = 99000000000.0
Out-of-Range Action: error
ubi_nom_65p#
Description: Dollar (nominal) amount of universal basic income (UBI) per adult age 65 and over.
Notes: The universal basic income (UBI) per adult age 65 can take positive or negative values (e.g., a negative value may be used to implement a head tax).
Value Type: float
Valid Range: min = -99000000000.0 and max = 99000000000.0
Out-of-Range Action: error
ubi_nom_max#
Description: Maximum dollar (nominal) amount of universal basic income (UBI) per household when all UBI allowances are added up.
Notes: The maximum dollar (nominal) amount of universal basic income (UBI) per household can range from \(0 per year to \)40,000 per year ($3,333 per month).
Value Type: float
Valid Range: min = 0.0 and max = 40000.0
Out-of-Range Action: error
eta#
Description: Matrix that allocated government transfers across households.
Notes: This SxJ matrix gives the fraction of total aggregate transfers going to each age s and ability type j.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
budget_balance#
Description: Flag to balance government budget in each period.
Value Type: bool
baseline_spending#
Description: Flag for use in reform simulations to keep level of government spending and transfers constant between baseline and reform runs.
Value Type: bool
Taxes#
cit_rate#
Description: Corporate income tax rate. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Notes: This is the top marginal corporate income tax rate.
Value Type: float
Valid Range: min = 0.0 and max = 0.99
Out-of-Range Action: error
adjustment_factor_for_cit_receipts#
Description: Adjustment to the statutory CIT rate to match effective rate on corporations
Notes: This adjustment is necessary to match corporate income tax receipts found in the data. It is computed as the ratio of the CIT/GDP from US data to CIT/GDP in the model (with this parameter =1)
Value Type: float
Valid Range: min = 0.0 and max = 2.0
Out-of-Range Action: error
inv_tax_credit#
Description: Investment tax credit rate. This credit reduced the cost of new investment by the specified rate.
Notes: This credit reduced the cost of new investment by the specified rate
Value Type: float
Valid Range: min = -1.0 and max = 1.0
Out-of-Range Action: error
tau_c#
Description: Consumption tax rate. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Notes: This policy parameter represents the effective consumption tax rate from sales taxes, VATs, and excise taxes by consumption good. Tax rates cab vary over time. It is thus a TxI array.
Value Type: float
Valid Range: min = 0.0 and max = 5.0
Out-of-Range Action: error
delta_tau_annual#
Description: Annual rate of depreciation of capital for tax purposes. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Notes: Cost-of-Capital-Calculator can help to calibrate this parameter.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
h_wealth#
Description: Numerator in wealth tax function. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Value Type: float
Valid Range: min = 1e-08 and max = 10.0
Out-of-Range Action: error
m_wealth#
Description: Term in denominator in wealth tax function. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Notes: Must be positive to avoid division by zero when computing ETR and MTR for wealth tax
Value Type: float
Valid Range: min = 0.0 and max = 10.0
Out-of-Range Action: error
p_wealth#
Description: Scale parameter in wealth tax function. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Notes: Set to 0 to have no wealth tax.
Value Type: float
Valid Range: min = 0.0 and max = 10.0
Out-of-Range Action: error
tau_bq#
Description: Linear tax rate on bequests. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Value Type: float
Valid Range: min = 0.0 and max = 0.99
Out-of-Range Action: error
tau_payroll#
Description: Linear payroll tax rate. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Notes: Set to zero as default since tax functions include income and payroll taxes.
Value Type: float
Valid Range: min = 0.0 and max = 0.99
Out-of-Range Action: error
constant_rates#
Description: Flag to use linear tax functions.
Value Type: bool
zero_taxes#
Description: Flag to run model without any individual income taxes.
Value Type: bool
analytical_mtrs#
Description: Flag to use analytically derived marginal tax rates in tax functions.
Value Type: bool
age_specific#
Description: Flag to use analytically derived marginal tax rates in tax functions.
Value Type: bool
tax_func_type#
Description: Functional form for individual income tax functions.
Value Type: str
Valid Choices:[‘DEP’, ‘DEP_totalinc’, ‘GS’, ‘HSV’, ‘linear’, ‘mono’, ‘mono2D’]
labor_income_tax_noncompliance_rate#
Description: Labor income tax noncompliance rate, the ratio of taxes paid to taxes owed.
Notes: Can be specified to vary by type J and over year T
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
capital_income_tax_noncompliance_rate#
Description: Capital income tax noncompliance rate, the ratio of taxes paid to taxes owed.
Notes: Can be specified to vary by type J and over year T
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
etr_params#
Description: Effective tax rate function parameters.
Value Type: float
Valid Range: min = -100.0 and max = 10000.0
Out-of-Range Action: error
mtrx_params#
Description: Marginal tax rate on labor income function parameters.
Value Type: float
Valid Range: min = -100.0 and max = 10000.0
Out-of-Range Action: error
mtry_params#
Description: Marginal tax rate on capital income function parameters.
Value Type: float
Valid Range: min = -100.0 and max = 20000.0
Out-of-Range Action: error
frac_tax_payroll#
Description: Fraction of IIT+Payroll tax revenue that is attributable to payroll taxes.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
initial_debt_ratio#
Description: Debt to GDP ratio in the initial period.
Notes: Should be calibrated based on government debt held by the public to GDP in the model start year.
Value Type: float
Valid Range: min = 0.0 and max = 2.0
Out-of-Range Action: error
initial_Kg_ratio#
Description: Government capital (aka infrastructure) to GDP ratio in the initial period.
Notes: Should be calibrated based on the value of public infrastructure to GDP in the model start year.
Value Type: float
Valid Range: min = 0.0 and max = 50.0
Out-of-Range Action: error
r_gov_scale#
Description: Parameter to scale the market interest rate to find interest rate on government debt.
Value Type: float
Valid Range: min = 0.0 and max = 4.0
Out-of-Range Action: error
r_gov_shift#
Description: Parameter to shift the market interest rate to find interest rate on government debt.
Value Type: float
Valid Range: min = -0.3 and max = 0.3
Out-of-Range Action: error
Open Economy Parameters#
world_int_rate_annual#
Description: Exogenous annual world interest rate to be used when modeling a small open economy. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Value Type: float
Valid Range: min = 0.01 and max = 0.08
Out-of-Range Action: error
initial_foreign_debt_ratio#
Description: Share of government debt held by foreigners in model start year.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
zeta_D#
Description: Share of new debt issues from government that are purchased by foreigners. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Notes: This value is about 0.4 historically for the U.S., set to zero to have closed econ as default.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
zeta_K#
Description: Share of excess demand for capital that is supplied by foreigners. Set value for base year, click ‘+’ to add value for next year. All future years not specified are set to last value entered.
Notes: Set to 0.1 when running large-open verion of US economy, but hard to find data to pin this down.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
Economic Assumptions#
g_y_annual#
Description: Growth rate of labor augmenting technological change.
Value Type: float
Valid Range: min = -0.01 and max = 0.08
Out-of-Range Action: error
Demographic Parameters#
constant_demographics#
Description: Use constant demographics.
Notes: This boolean allows one to use empirical mortality rates, but keep the population distribution constant across periods. Note that immigration is shut off when this is true.
Value Type: bool
omega#
Description: Population distribution (fraction at each age) over the time path.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
omega_SS#
Description: Population distribution (fraction at each age) in the steady-state.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
omega_S_preTP#
Description: Population distribution (fraction at each age) in the period before the transition path begins.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
g_n#
Description: Population growth rate over the time path.
Value Type: float
Valid Range: min = -1.0 and max = 1.0
Out-of-Range Action: error
g_n_ss#
Description: Population growth rate in the steady-state.
Value Type: float
Valid Range: min = -1.0 and max = 1.0
Out-of-Range Action: error
imm_rates#
Description: Immigration rates over the time path.
Value Type: float
Valid Range: min = -1.0 and max = 1.0
Out-of-Range Action: error
rho#
Description: Age-specific mortality rates.
Value Type: float
Valid Range: min = 0.0 and max = 1.0
Out-of-Range Action: error
Model Solution Parameters#
nu#
Description: Parameter for convergence rate of functional iteration.
Value Type: float
Valid Range: min = 0.01 and max = 0.5
Out-of-Range Action: error
SS_root_method#
Description: Root finding algorithm for outer loop of the SS solution.
Notes: Uses scipy.optimize.root, please see scipy documentation for description of methods. Note that some methods may require more arguments than are in the function calls in SS.py and TPI.py and will therefore break without modifications of the source code.
Value Type: str
Valid Choices:[‘hybr’, ‘lm’, ‘broyden1’, ‘broyden2’, ‘anderson’, ‘linearmixing’, ‘diagbroyden’, ‘excitingmixing’, ‘krylov’, ‘df-sane’]
FOC_root_method#
Description: Root finding algorithm for solving household first order conditions.
Notes: Uses scipy.optimize.root, please see scipy documentation for description of methods. Note that some methods may require more arguments than are in the function calls in SS.py and TPI.py and will therefore break without modifications of the source code.
Value Type: str
Valid Choices:[‘hybr’, ‘lm’, ‘broyden1’, ‘broyden2’, ‘anderson’, ‘linearmixing’, ‘diagbroyden’, ‘excitingmixing’, ‘krylov’, ‘df-sane’]
maxiter#
Description: Max iterations for time path iteration.
Value Type: int
Valid Range: min = 2 and max = 500
Out-of-Range Action: error
mindist_SS#
Description: Tolerance for convergence of steady state solution.
Value Type: float
Valid Range: min = 1e-13 and max = 0.001
Out-of-Range Action: error
mindist_TPI#
Description: Tolerance for convergence of time path solution.
Value Type: float
Valid Range: min = 1e-13 and max = 0.001
Out-of-Range Action: error
RC_SS#
Description: Tolerance for the resource constraint in the steady state solution.
Value Type: float
Valid Range: min = 1e-13 and max = 0.001
Out-of-Range Action: error
RC_TPI#
Description: Tolerance for the resource constraint in the time path solution.
Value Type: float
Valid Range: min = 1e-13 and max = 0.01
Out-of-Range Action: error
reform_use_baseline_solution#
Description: Whether or not the baseline SS solution is used for starting values when solving the reform.
Value Type: bool
initial_guess_r_SS#
Description: Initial guess of r for the SS solution.
Value Type: float
Valid Range: min = 0.01 and max = 0.25
Out-of-Range Action: error
initial_guess_w_SS#
Description: Initial guess of w for the SS solution.
Value Type: float
Valid Range: min = 0.01 and max = 5.15
Out-of-Range Action: error
initial_guess_TR_SS#
Description: Initial guess of TR for the SS solution.
Value Type: float
Valid Range: min = 0.0 and max = 0.2
Out-of-Range Action: error
initial_guess_factor_SS#
Description: Initial guess of factor for the SS solution.
Value Type: float
Valid Range: min = 1.0 and max = 500000
Out-of-Range Action: error
Other Parameters#
start_year#
Description: Calendar year in which to start model analysis.
Notes: Calendar year for initial model period
Value Type: int
Valid Range: min = 2013 and max = 2100
Out-of-Range Action: error
mean_income_data#
Description: Mean income (in current dollars) from the microdata used for tax function estimation.
Value Type: float
Valid Range: min = 0.0 and max = 9.9e+100
Out-of-Range Action: error