Code files for "Revisiting the Welfare Effects of Eliminating Business Cycles"
Fortran codes to replicate results in the article. The programs are divided into two folders. One contains the two-employment-state case, and the other contains the three-employment-state case. Each contains a subfolder for the benchmark economy with fluctuations and a subfolder for one transition experiment: starting from (k=11.2 & z=b) for the two-state case and (k=11.3 & z=b) for the three-state case. The input files for the experiments are also contained. We include only one transition experiment to reduce the file size---the codes for all the other experiments are almost identical.
|Date of creation:||2008|
|Date of revision:|
|Note:||We would like to acknowledge that some routines are taken from the Numerical Recipes for Fortran 77 and some routines are given to us from Sun-Bin Kim (and possibly modified by us). All errors are ours.|
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