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Copy file name to clipboardExpand all lines: CHANGELOG.md
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The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
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and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
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## [0.15.3] - 2025-01-24 12:00:00
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### Added
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- Two new parameters, `income_tax_filer` and `wealth_tax_filer`, that determine whether certain types `j` pay income or wealth taxes, respectively. See PR [#1084](https://github.com/PSLmodels/OG-Core/pull/1084)
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## [0.15.2] - 2025-01-22 12:00:00
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### Added
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- Two new parameters, `r_gov_DY` and `r_gov_DY2`, that allow the government interest rate to be a function of the debt-to-GDP ratio. See PR [#1037](https://github.com/PSLmodels/OG-Core/pull/1037)
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## [0.15.1] - 2026-01-19 12:00:00
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### Added
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- A new parameter `c_min` to the `Parameters` class that allows the user to specify minium consumption amounts by consumption good. See PR [#1085](https://github.com/PSLmodels/OG-Core/pull/1085)
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## [0.15.0] - 2025-12-03 12:00:00
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### Added
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- A new parameter `baseline_theta` to the `Parameters` class that allows the user to specify whether to use the steady-state replacement rate parameters from the baseline solution in a reform run. See PR [#1077](https://github.com/PSLmodels/OG-Core/pull/1077)
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## [0.14.14] - 2025-11-24 12:00:00
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### Added
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- Create `SS.SS_initial_guesses` function to allow more flexible initial guesses for steady state solution ((PR #1061)[https://github.com/PSLmodels/OG-Core/pull/1061])
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- Robust steady-state solution used for reform solution ((PR #1061)[https://github.com/PSLmodels/OG-Core/pull/1061])
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- Test of `SS.solve_for_j` function ((PR #1061)[https://github.com/PSLmodels/OG-Core/pull/1061])
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### Bug Fix
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- Fixes to deprecated API calls avoid many warnings during testing ((PR #1061)[https://github.com/PSLmodels/OG-Core/pull/1061])
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## [0.14.13] - 2025-11-21 12:00:00
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### Bug Fix
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- Fix calculation of consumption tax revenue with differentiated goods ((PR #1074)[https://github.com/PSLmodels/OG-Core/pull/1074])
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## [0.14.12] - 2025-11-07 12:00:00
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### Bug Fix
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- Use data for pre-time path population distribution (rather than inferring it) ([PR #1071](https://github.com/PSLmodels/OG-Core/pull/1071))
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## [0.14.11] - 2025-11-07 12:00:00
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### Added
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- Adds Ethiopia demographic data mapping ((PR #1063)[https://github.com/PSLmodels/OG-Core/pull/1063])
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-
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## [0.14.10] - 2025-09-11 12:00:00
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### Added
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- Any earlier versions of OG-USA can be found in the [`OG-Core`](https://github.com/PSLmodels/OG-Core) repository [release history](https://github.com/PSLmodels/OG-Core/releases) from [v.0.6.4](https://github.com/PSLmodels/OG-Core/releases/tag/v0.6.4) (Jul. 20, 2021) or earlier.
| United States, [OG-USA](https://github.com/PSLmodels/OG-USA)| United Kingdom, [OG-UK](https://github.com/PSLmodels/OG-USA)|Phillipines, [OG-PHL](https://github.com/EAPD-DRB/OG-PHL)|
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| South Africa, [OG-ZAF](https://github.com/EAPD-DRB/OG-ZAF)|Indonesia, [OG-IDN](https://github.com/EAPD-DRB/OG-IDN)|Ethiopia, [OG-ETH](https://github.com/EAPD-DRB/OG-ETH)|
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| India, [OG-IND](https://github.com/OpenSourceEcon/OG-IND)| Malaysia, [OG-MYS](https://github.com/OpenSourceEcon/OG-MYS)||
| United States, [OG-USA](https://github.com/PSLmodels/OG-USA)| United Kingdom, [OG-UK](https://github.com/PSLmodels/OG-USA)|Phillipines, [OG-PHL](https://github.com/EAPD-DRB/OG-PHL)|
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| South Africa, [OG-ZAF](https://github.com/EAPD-DRB/OG-ZAF)|Indonesia, [OG-IDN](https://github.com/EAPD-DRB/OG-IDN)|Ethiopia, [OG-ETH](https://github.com/EAPD-DRB/OG-ETH)|
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| India, [OG-IND](https://github.com/OpenSourceEcon/OG-IND)| Malaysia, [OG-MYS](https://github.com/OpenSourceEcon/OG-MYS)||
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The model output focuses changes in macroeconomic aggregates (GDP, investment, consumption), wages, interest rates, and the stream of tax revenues over time. Although `OG-Core` can be run independently based on default parameter values (currently representing something similar to the United States), it is meant to be a dependency of a country-specific calibration. This documentation contains the following major sections, which are regularly updated.
_Description:_ Flag to run model without any individual income taxes.
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_Value Type:_ bool
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_Valid Choices:_[True, False]
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#### `analytical_mtrs`
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_Description:_ Flag to use analytically derived marginal tax rates in tax functions.
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_Value Type:_ bool
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_Valid Choices:_[True, False]
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#### `age_specific`
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_Description:_ Flag to use analytically derived marginal tax rates in tax functions.
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_Value Type:_ bool
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_Valid Choices:_[True, False]
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#### `tax_func_type`
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_Description:_ Use constant demographics.
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_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.
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_Value Type:_ bool
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_Valid Choices:_[True, False]
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#### `omega`
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#### `reform_use_baseline_solution`
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_Description:_ Whether or not the baseline SS solution is used for starting values when solving the reform.
Copy file name to clipboardExpand all lines: docs/book/content/theory/government.md
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(SecUBI_NonGrowthAdj)=
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###### UBI specification not adjusted for economic growth
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A non-growth adjusted UBI (`ubi_growthadj = False`) is one in which the initial nonstationary nominal-valued $t=0$ UBI matrix $ubi^{\$}_{j,s,t=0}$ does not grow, while the economy's long-run growth rate is $g_y$ for the most common parameterization is positive ($g_y>0$).
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A non-growth adjusted UBI (`ubi_growthadj = False`) is one in which the initial nonstationary nominal-valued $t=0$ UBI matrix $ubi^{nom}_{j,s,t=0}$ does not grow, while the economy's long-run growth rate is $g_y$ for the most common parameterization is positive ($g_y>0$).
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```{math}
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:label: EqUBIubi_nom_NonGrwAdj_jst
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(SecRateWedge)=
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## Interest Rate on Government Debt and Household Savings
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Despite the model having no aggregate risk, it may be helpful to build in an interest rate differential between the rate of return on private capital and the interest rate on government debt. Doing so helps to add realism by including a risk premium. `OG-Core` allows users to set an exogenous wedge between these two rates. The interest rate on government debt,
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Despite the model having no aggregate risk, it may be helpful to build in an interest rate differential between the rate of return on private capital and the interest rate on government debt. Doing so helps to add realism by including a risk premium. `OG-Core` allows users to set an exogenous wedge between these two rates. `OG-Core` also allows for the risk premium on debt to be a quadratic function of the debt-to-GDP ratio. The interest rate on government debt is given by:
where $r_t$ is the marginal product of capital faced by firms. The two parameters, $\tau_{d,t}$ and $\mu_{d,t}$ can be used to allow for a government interest rate that is a percentage hair cut from the market rate or a government interest rate with a constant risk premium.
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where $r_t$ is the marginal product of capital faced by firms. The two parameters, $\tau_{d,t}$ and $\mu_{d,t}$ can be used to allow for a government interest rate that is a percentage hair cut from the market rate or a government interest rate with a constant risk premium. The parameters $\beta_1$ and $\beta_2$ can be used to allow for a quadratic risk premium on government debt that is a function of the debt-to-GDP ratio.
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