Table 5 List of parameters and variables
Parameters | ||
t | Time periods | |
T | Terminal period | |
ρ | Individual time-preference parameter | |
γ | Interest rate | |
τ | Growth rate | |
δ | Depreciation rate | |
ξ l | Share of consumption by Inst. Sector | |
j | Commodities | |
f | Financial Instruments | |
l | Institutional sectors - including Rest of World | |
\( {X}_0^j \) | Total output by commodity in the benchmark | |
I 0 | Total Investment in the benchmark | |
\( {U}_0^l \) | Utility by Inst. Sectors in the benchmark | |
\( {C}_0^l \) | Consumption by Inst. Sectors in the benchmark | |
L 0 | Labour supply/demand in the benchmark | |
KS 0 | Initial Stock of capital | |
\( {K}_0^l \) | Capital endowment by Inst. Sector in the benchmark | |
\( {L}_0^l \) | Labour endowment by Inst. Sector in the benchmark | |
\( {\mathrm{Mix}}_0^l \) | Mixed Income endowment by Inst. Sector in the benchmark | |
IM 0 | Total Imports in the benchmark | |
\( {B}_0^j \) | Intermediate consumption in the benchmark | |
\( V{A}_0^j \) | Value Added by commodity in the benchmark | |
\( GO{S}_0^j \) | Gross Operating Surplus by commodity in the benchmark | |
Ta l | Income tax rate by Inst. Sector | |
Ta j | Tax rate on output | |
Tr l | Transfers received by Inst. Sector from other Inst. Sectors | |
Endogenous variables | ||
\( {X}_t^j \) | Output by commodity in t | |
I t | Investment in t | |
U l | Inter-temporal well-being by Inst. Sectors | |
\( {C}_t^l \) | Consumption by Inst. Sectors in t | |
\( {S}_t^l \) | Saving by Inst. Sectors in t | |
KS t | Capital stock in t | |
\( {M}_t^j \) | Imports by commodity in t | |
L t | Demand of labour in t | |
Mix t | Demand of mixed income in t | |
K t | Demand of capital in t | |
Pl t | Price of labour in t | |
Pmix t | Price of mixed income in t | |
\( Pv{a}_t^j \) | Price of Value Added by commodity in t | |
\( P{b}_t^j \) | Average cost of domestic production in t | |
\( {P}_t^j \) | Price of each commodity in t | |
RK t | Rental of capital in t | |
Pk t | Price of capital in t | |
Pu l | Intertemporal price of Utility by Inst. Sect. | |
\( P{c}_t^l \) | Price of consumption by Inst. Sect. | |
RA l | Intertemporal disposable income by Inst. Sect. | |
A l | Deposits by Institutional Sector | |
E l | Loans by Institutional Sector | |
\( {P}_t^f \) | Price of financial instruments in t | |
Exogenous variables and parameters | ||
\( {Exp}_t^j \) | Exports by commodity in t | |
\( {L}_t^s \) | Labour supply in t | |
\( {Mix}_t^s \) | Mixed Income supply in t | |
\( P{m}_t^j \) | Price of imports in t | |
σ IM | El. of substitution between domestic goods and imports | |
σ Lmix | El. of substitution between labour and mixed income | |
σ VA | El. of substitution between Lmix and GOS in VA | |
σ U | El. of substitution in the consumption function | |