From e8c83dd05bff19c4bfbf74b69c78c59528b6bdfc Mon Sep 17 00:00:00 2001 From: jdebacker Date: Thu, 1 Feb 2018 18:21:30 -0500 Subject: [PATCH] set range for exogensou rate of growth --- webapp/apps/dynamic/ogusa_parameters.json | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/webapp/apps/dynamic/ogusa_parameters.json b/webapp/apps/dynamic/ogusa_parameters.json index 2572d61a..8306d526 100644 --- a/webapp/apps/dynamic/ogusa_parameters.json +++ b/webapp/apps/dynamic/ogusa_parameters.json @@ -1 +1 @@ -{"g_y_annual": {"col_label": ["Growth rate of technology"], "description": "This parameter gives the underlying growth rate for labor augmenting technological change. The growth rate determines long-run economic growth in OG-USA.", "irs_ref": "", "notes": "", "value": 0.03, "long_name": "Growth rate of technology"}, "frisch": {"col_label": ["Frisch elasticity"], "description": "The Frisch elasticity gives the elasticity of labor supply to changes in the net of tax wage rate, holding wealth constant. This means that the Frisch elasticity captures the substitution effects, but not the income effects, of a change in the net of tax wage rate. A Frisch elasticity of 0.4 would indicate that if the net of tax wage rate increases by 10% then hours worked would increase by 4%, if wealth were held constant. Note that OG-USA uses an elliptical utility function for labor supply. We parameterize this function to fit a constant Frisch elasticity function with a Frisch elasticity as input here.", "irs_ref": "", "notes": "", "validations": {"max": 0.8, "min": 0.1}, "value": 0.4, "long_name": "Frisch elastictiy of labor supply used to fit elliptical utility"}} \ No newline at end of file +{"g_y_annual": {"col_label": ["Growth rate of technology"], "description": "This parameter gives the underlying growth rate for labor augmenting technological change. The growth rate determines long-run economic growth in OG-USA.", "irs_ref": "", "notes": "", "validations": {"max": 0.05, "min": -0.01}, "value": 0.03, "long_name": "Growth rate of technology"}, "frisch": {"col_label": ["Frisch elasticity"], "description": "The Frisch elasticity gives the elasticity of labor supply to changes in the net of tax wage rate, holding wealth constant. This means that the Frisch elasticity captures the substitution effects, but not the income effects, of a change in the net of tax wage rate. A Frisch elasticity of 0.4 would indicate that if the net of tax wage rate increases by 10% then hours worked would increase by 4%, if wealth were held constant. Note that OG-USA uses an elliptical utility function for labor supply. We parameterize this function to fit a constant Frisch elasticity function with a Frisch elasticity as input here.", "irs_ref": "", "notes": "", "validations": {"max": 0.8, "min": 0.1}, "value": 0.4, "long_name": "Frisch elastictiy of labor supply used to fit elliptical utility"}}