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ed7d493 | 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 | % Table 5
clear,clc
load('model')
addpath('files')
Parameters;
% make the vector of parameters
params = eval(symparams);
% distribution of hatyp
nodes = exp([G,G-B]); % hatyp
weights = [1-P,P]; % corresponding probabilities
T = 2000/period_length; % simulate 2000 years
% disaster shock
rng('default')
disaster = double(rand(1,T+1)<P) + 1; % 1 for normal, 2 for disaster
GAMMA1 = 3.85;
GAMMA2 = GAMMA1;
params(logical(symparams==sym('GAMMA1')))=GAMMA1;
params(logical(symparams==sym('GAMMA2')))=GAMMA2;
step_size=1;
% tolerance for the Newton solver
tolX = 1e-5; tolF = 1e-5; maxiter = 10; testF = 1e-5;
% tolerance for the least squares solver (if a simple Newton fails)
OPTIONS = optimoptions('lsqnonlin','TolX',tolX,'TolF',tolF,'MaxIter',100,'display','iter-detailed'); % use lsqnonlin if a simple Newton algorithm fails
solve_and_simulate;
simulate_with_disasters; % This file simulates the model with disasters.
summarize_results;
Table = [GAMMA1,GAMMA2,RHO,mean_roe,mean_rb,mean_equity,mean_W1_share,mean_debt_to_assets,mean_debt_to_GDP,mean(abs(R_results(:))),max(abs(R_results(:)))];
Table_labor = [GAMMA1,GAMMA2,mean_equity_excluding_labor,mean_W1_share_excluding_labor,mean_debt_to_assets_excluding_labor,mean_debt_to_GDP];
Table_vol = [vol_roe,vol_rb];
%%
GAMMA1 = 3.3;
GAMMA2 = 3.89;
burn=1;
newparams = params;
newparams(logical(symparams==sym('GAMMA1'))) = GAMMA1;
newparams(logical(symparams==sym('GAMMA2'))) = GAMMA2;
correct_params;
simulate_with_disasters;
summarize_results;
Table = [Table;GAMMA1,GAMMA2,RHO,mean_roe,mean_rb,mean_equity,mean_W1_share,mean_debt_to_assets,mean_debt_to_GDP,mean(abs(R_results(:))),max(abs(R_results(:)))];
Table_labor = [Table_labor;GAMMA1,GAMMA2,mean_equity_excluding_labor,mean_W1_share_excluding_labor,mean_debt_to_assets_excluding_labor,mean_debt_to_GDP];
Table_vol = [Table_vol;vol_roe,vol_rb];
%%
GAMMA1 = 2.9;
GAMMA2 = 3.98;
burn=5;
newparams = params;
newparams(logical(symparams==sym('GAMMA1'))) = GAMMA1;
newparams(logical(symparams==sym('GAMMA2'))) = GAMMA2;
correct_params;
simulate_with_disasters;
summarize_results;
Table = [Table;GAMMA1,GAMMA2,RHO,mean_roe,mean_rb,mean_equity,mean_W1_share,mean_debt_to_assets,mean_debt_to_GDP,mean(abs(R_results(:))),max(abs(R_results(:)))];
Table_labor = [Table_labor;GAMMA1,GAMMA2,mean_equity_excluding_labor,mean_W1_share_excluding_labor,mean_debt_to_assets_excluding_labor,mean_debt_to_GDP];
Table_vol = [Table_vol;vol_roe,vol_rb];
%%
GAMMA1 = 2.8;
GAMMA2 = 4.02;
burn = 5;
newparams = params;
newparams(logical(symparams==sym('GAMMA1'))) = GAMMA1;
newparams(logical(symparams==sym('GAMMA2'))) = GAMMA2;
correct_params;
simulate_with_disasters;
summarize_results;
Table = [Table;GAMMA1,GAMMA2,RHO,mean_roe,mean_rb,mean_equity,mean_W1_share,mean_debt_to_assets,mean_debt_to_GDP,mean(abs(R_results(:))),max(abs(R_results(:)))];
Table_labor = [Table_labor;GAMMA1,GAMMA2,mean_equity_excluding_labor,mean_W1_share_excluding_labor,mean_debt_to_assets_excluding_labor,mean_debt_to_GDP];
Table_vol = [Table_vol;vol_roe,vol_rb];
%%
GAMMA1 = 2.7;
GAMMA2 = 4.07;
burn = 5;
newparams = params;
newparams(logical(symparams==sym('GAMMA1'))) = GAMMA1;
newparams(logical(symparams==sym('GAMMA2'))) = GAMMA2;
correct_params;
simulate_with_disasters;
summarize_results;
Table = [Table;GAMMA1,GAMMA2,RHO,mean_roe,mean_rb,mean_equity,mean_W1_share,mean_debt_to_assets,mean_debt_to_GDP,mean(abs(R_results(:))),max(abs(R_results(:)))];
Table_labor = [Table_labor;GAMMA1,GAMMA2,mean_equity_excluding_labor,mean_W1_share_excluding_labor,mean_debt_to_assets_excluding_labor,mean_debt_to_GDP];
Table_vol = [Table_vol;vol_roe,vol_rb];
%%
GAMMA1 = 2.6;
GAMMA2 = 4.15;
burn = 5;
newparams = params;
newparams(logical(symparams==sym('GAMMA1'))) = GAMMA1;
newparams(logical(symparams==sym('GAMMA2'))) = GAMMA2;
correct_params;
simulate_with_disasters;
summarize_results;
Table = [Table;GAMMA1,GAMMA2,RHO,mean_roe,mean_rb,mean_equity,mean_W1_share,mean_debt_to_assets,mean_debt_to_GDP,mean(abs(R_results(:))),max(abs(R_results(:)))];
Table_labor = [Table_labor;GAMMA1,GAMMA2,mean_equity_excluding_labor,mean_W1_share_excluding_labor,mean_debt_to_assets_excluding_labor,mean_debt_to_GDP];
Table_vol = [Table_vol;vol_roe,vol_rb];
%%
GAMMA1 = 2.5;
GAMMA2 = 4.29;
burn=5;
newparams = params;
newparams(logical(symparams==sym('GAMMA1'))) = GAMMA1;
newparams(logical(symparams==sym('GAMMA2'))) = GAMMA2;
correct_params;
simulate_with_disasters;
summarize_results;
Table = [Table;GAMMA1,GAMMA2,RHO,mean_roe,mean_rb,mean_equity,mean_W1_share,mean_debt_to_assets,mean_debt_to_GDP,mean(abs(R_results(:))),max(abs(R_results(:)))];
Table_labor = [Table_labor;GAMMA1,GAMMA2,mean_equity_excluding_labor,mean_W1_share_excluding_labor,mean_debt_to_assets_excluding_labor,mean_debt_to_GDP];
Table_vol = [Table_vol;vol_roe,vol_rb];
%%
GAMMA1 = 2.4;
GAMMA2 = 4.54;
burn=5;
newparams = params;
newparams(logical(symparams==sym('GAMMA1'))) = GAMMA1;
newparams(logical(symparams==sym('GAMMA2'))) = GAMMA2;
correct_params;
simulate_with_disasters;
summarize_results;
Table = [Table;GAMMA1,GAMMA2,RHO,mean_roe,mean_rb,mean_equity,mean_W1_share,mean_debt_to_assets,mean_debt_to_GDP,mean(abs(R_results(:))),max(abs(R_results(:)))];
Table_labor = [Table_labor;GAMMA1,GAMMA2,mean_equity_excluding_labor,mean_W1_share_excluding_labor,mean_debt_to_assets_excluding_labor,mean_debt_to_GDP];
Table_vol = [Table_vol;vol_roe,vol_rb];
save('benchmark')
%%
GAMMA1 = 2.3;
GAMMA2 = 5.50;
burn=5;
newparams = params;
newparams(logical(symparams==sym('GAMMA1'))) = GAMMA1;
newparams(logical(symparams==sym('GAMMA2'))) = GAMMA2;
correct_params;
simulate_with_disasters;
summarize_results;
Table = [Table;GAMMA1,GAMMA2,RHO,mean_roe,mean_rb,mean_equity,mean_W1_share,mean_debt_to_assets,mean_debt_to_GDP,mean(abs(R_results(:))),max(abs(R_results(:)))];
Table_labor = [Table_labor;GAMMA1,GAMMA2,mean_equity_excluding_labor,mean_W1_share_excluding_labor,mean_debt_to_assets_excluding_labor,mean_debt_to_GDP];
Table_vol = [Table_vol;vol_roe,vol_rb];
%% display Table 5
clc
homefolder = pwd;
cd ..
diary on
disp('********** Table 5 **********')
Table_5 = [round(Table(:,[1,2,4,5]),3),Table_vol,round(Table_labor(:,[3,4,5]),3),round(Table_labor(:,[6]),2)]
%% display accuracy measure
disp('Appendix Table 1: Accuracy Measures for Table 5')
Accuracy = [round(Table(:,1),3),round(log10(Table(:,end-1:end)),1)]
diary off
cd(homefolder) |