Finance and Economics Discussion Series: Data for paper 000983
♣
General-Equilibrium Effects of Investment Tax Incentives
Figure 1A
| Capital: Capital Adjustment Costs (blue, solid) | Capital: Investment Adjustment Costs (red, solid) | Investment: Capital Adjustment Costs (blue, solid) | Investment: Investment Adjustment Costs (red, solid) | Rental Rate: Capital Adjustment Costs (blue, solid) | Rental Rate: Investment Adjustment Costs (red, solid) | |
|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 19.99 | 4.24 | 0.00 | 0.00 | |
| 1 | 0.68 | 0.15 | 19.10 | 7.81 | -0.04 | -0.01 |
| 2 | 1.31 | 0.41 | 18.28 | 10.78 | -0.07 | -0.02 |
| 3 | 1.89 | 0.76 | 17.52 | 13.20 | -0.10 | -0.04 |
| 4 | 2.43 | 1.19 | 16.83 | 15.12 | -0.13 | -0.06 |
| 5 | 2.92 | 1.66 | 16.19 | 16.60 | -0.16 | -0.09 |
| 6 | 3.38 | 2.18 | 15.60 | 17.70 | -0.18 | -0.12 |
| 7 | 3.79 | 2.71 | 15.05 | 18.45 | -0.20 | -0.15 |
| 8 | 4.18 | 3.25 | 14.55 | 18.91 | -0.22 | -0.17 |
| 9 | 4.53 | 3.78 | 14.09 | 19.12 | -0.24 | -0.20 |
| 10 | 4.86 | 4.31 | 13.67 | 19.11 | -0.26 | -0.23 |
| 11 | 5.16 | 4.81 | 13.28 | 18.94 | -0.28 | -0.26 |
| 12 | 5.44 | 5.30 | 12.92 | 18.62 | -0.29 | -0.28 |
| 13 | 5.70 | 5.75 | 12.58 | 18.20 | -0.31 | -0.31 |
| 14 | 5.93 | 6.18 | 12.28 | 17.69 | -0.32 | -0.33 |
| 15 | 6.15 | 6.57 | 11.99 | 17.11 | -0.33 | -0.35 |
| 16 | 6.35 | 6.93 | 11.73 | 16.50 | -0.34 | -0.37 |
| 17 | 6.53 | 7.26 | 11.50 | 15.86 | -0.35 | -0.39 |
| 18 | 6.70 | 7.55 | 11.27 | 15.22 | -0.36 | -0.41 |
| 19 | 6.86 | 7.82 | 11.07 | 14.58 | -0.37 | -0.42 |
| 20 | 7.00 | 8.05 | 10.88 | 13.95 | -0.38 | -0.43 |
Figure 1B
| Capital: Capital Adjustment Costs (blue, solid) | Capital: Investment Adjustment Costs (red, solid) | Investment: Capital Adjustment Costs (blue, solid) | Investment: Investment Adjustment Costs (red, solid) | Rental Rate: Capital Adjustment Costs (blue, solid) | Rental Rate: Investment Adjustment Costs (red, solid) | |
|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 19.99 | 4.24 | 0.00 | 0.00 | |
| 1 | 0.68 | 0.15 | 19.10 | 7.81 | -0.04 | -0.01 |
| 2 | 1.31 | 0.41 | 18.28 | 10.78 | -0.07 | -0.02 |
| 3 | 1.89 | 0.76 | 17.52 | 13.20 | -0.10 | -0.04 |
| 4 | 2.43 | 1.19 | 16.83 | 15.12 | -0.13 | -0.06 |
| 5 | 2.92 | 1.66 | 16.19 | 16.60 | -0.16 | -0.09 |
| 6 | 3.38 | 2.18 | 15.60 | 17.70 | -0.18 | -0.12 |
| 7 | 3.79 | 2.71 | 15.05 | 18.45 | -0.20 | -0.15 |
| 8 | 4.18 | 3.25 | 14.55 | 18.91 | -0.22 | -0.17 |
| 9 | 4.53 | 3.78 | 14.09 | 19.12 | -0.24 | -0.20 |
| 10 | 4.86 | 4.31 | 13.67 | 19.11 | -0.26 | -0.23 |
| 11 | 5.16 | 4.81 | 13.28 | 18.94 | -0.28 | -0.26 |
| 12 | 5.44 | 5.30 | 12.92 | 18.62 | -0.29 | -0.28 |
| 13 | 5.70 | 5.75 | 12.58 | 18.20 | -0.31 | -0.31 |
| 14 | 5.93 | 6.18 | 12.28 | 17.69 | -0.32 | -0.33 |
| 15 | 6.15 | 6.57 | 11.99 | 17.11 | -0.33 | -0.35 |
| 16 | 6.35 | 6.93 | 11.73 | 16.50 | -0.34 | -0.37 |
| 17 | 6.53 | 7.26 | 11.50 | 15.86 | -0.35 | -0.39 |
| 18 | 6.70 | 7.55 | 11.27 | 15.22 | -0.36 | -0.41 |
| 19 | 6.86 | 7.82 | 11.07 | 14.58 | -0.37 | -0.42 |
| 20 | 7.00 | 8.05 | 10.88 | 13.95 | -0.38 | -0.43 |
| 21 | 7.14 | 8.25 | 10.71 | 13.34 | -0.38 | -0.44 |
| 22 | 7.26 | 8.42 | 10.55 | 12.76 | -0.39 | -0.45 |
| 23 | 7.37 | 8.57 | 10.41 | 12.21 | -0.40 | -0.46 |
| 24 | 7.48 | 8.70 | 10.27 | 11.70 | -0.40 | -0.47 |
| 25 | 7.57 | 8.80 | 10.15 | 11.23 | -0.41 | -0.47 |
| 26 | 7.66 | 8.88 | 10.03 | 10.80 | -0.41 | -0.48 |
| 27 | 7.74 | 8.95 | 9.93 | 10.40 | -0.42 | -0.48 |
| 28 | 7.81 | 9.00 | 9.83 | 10.05 | -0.42 | -0.48 |
| 29 | 7.88 | 9.03 | 9.74 | 9.74 | -0.42 | -0.48 |
| 30 | 7.95 | 9.06 | 9.66 | 9.46 | -0.43 | -0.49 |
| 31 | 8.01 | 9.07 | 9.58 | 9.22 | -0.43 | -0.49 |
| 32 | 8.06 | 9.08 | 9.51 | 9.01 | -0.43 | -0.49 |
| 33 | 8.11 | 9.07 | 9.45 | 8.83 | -0.44 | -0.49 |
| 34 | 8.16 | 9.07 | 9.39 | 8.68 | -0.44 | -0.49 |
| 35 | 8.20 | 9.05 | 9.33 | 8.56 | -0.44 | -0.49 |
| 36 | 8.24 | 9.04 | 9.28 | 8.46 | -0.44 | -0.48 |
| 37 | 8.27 | 9.02 | 9.24 | 8.38 | -0.44 | -0.48 |
| 38 | 8.31 | 9.00 | 9.19 | 8.32 | -0.45 | -0.48 |
| 39 | 8.34 | 8.97 | 9.15 | 8.28 | -0.45 | -0.48 |
| 40 | 8.36 | 8.95 | 9.12 | 8.25 | -0.45 | -0.48 |
| 41 | 8.39 | 8.92 | 9.08 | 8.23 | -0.45 | -0.48 |
| 42 | 8.41 | 8.90 | 9.05 | 8.23 | -0.45 | -0.48 |
| 43 | 8.43 | 8.88 | 9.02 | 8.23 | -0.45 | -0.48 |
| 44 | 8.45 | 8.86 | 9.00 | 8.24 | -0.45 | -0.48 |
| 45 | 8.47 | 8.83 | 8.97 | 8.26 | -0.45 | -0.47 |
| 46 | 8.49 | 8.81 | 8.95 | 8.28 | -0.46 | -0.47 |
| 47 | 8.51 | 8.80 | 8.93 | 8.30 | -0.46 | -0.47 |
| 48 | 8.52 | 8.78 | 8.91 | 8.33 | -0.46 | -0.47 |
| 49 | 8.53 | 8.76 | 8.89 | 8.35 | -0.46 | -0.47 |
| 50 | 8.55 | 8.75 | 8.88 | 8.38 | -0.46 | -0.47 |
| 51 | 8.56 | 8.74 | 8.86 | 8.41 | -0.46 | -0.47 |
| 52 | 8.57 | 8.73 | 8.85 | 8.44 | -0.46 | -0.47 |
| 53 | 8.58 | 8.72 | 8.84 | 8.47 | -0.46 | -0.47 |
| 54 | 8.59 | 8.71 | 8.83 | 8.49 | -0.46 | -0.47 |
| 55 | 8.60 | 8.70 | 8.82 | 8.52 | -0.46 | -0.47 |
| 56 | 8.60 | 8.69 | 8.81 | 8.54 | -0.46 | -0.47 |
| 57 | 8.61 | 8.69 | 8.80 | 8.56 | -0.46 | -0.47 |
| 58 | 8.62 | 8.68 | 8.79 | 8.59 | -0.46 | -0.47 |
| 59 | 8.62 | 8.68 | 8.78 | 8.60 | -0.46 | -0.47 |
| 60 | 8.63 | 8.68 | 8.77 | 8.62 | -0.46 | -0.47 |
| 61 | 8.63 | 8.68 | 8.77 | 8.64 | -0.46 | -0.47 |
| 62 | 8.64 | 8.68 | 8.76 | 8.65 | -0.46 | -0.47 |
| 63 | 8.64 | 8.67 | 8.76 | 8.66 | -0.46 | -0.47 |
| 64 | 8.65 | 8.67 | 8.75 | 8.67 | -0.46 | -0.47 |
| 65 | 8.65 | 8.67 | 8.75 | 8.68 | -0.46 | -0.47 |
| 66 | 8.65 | 8.67 | 8.74 | 8.69 | -0.46 | -0.47 |
| 67 | 8.66 | 8.67 | 8.74 | 8.69 | -0.46 | -0.47 |
| 68 | 8.66 | 8.68 | 8.73 | 8.70 | -0.46 | -0.47 |
| 69 | 8.66 | 8.68 | 8.73 | 8.70 | -0.46 | -0.47 |
| 70 | 8.66 | 8.68 | 8.73 | 8.71 | -0.46 | -0.47 |
| 71 | 8.67 | 8.68 | 8.72 | 8.71 | -0.46 | -0.47 |
| 72 | 8.67 | 8.68 | 8.72 | 8.71 | -0.46 | -0.47 |
| 73 | 8.67 | 8.68 | 8.72 | 8.71 | -0.47 | -0.47 |
| 74 | 8.67 | 8.68 | 8.72 | 8.71 | -0.47 | -0.47 |
| 75 | 8.67 | 8.68 | 8.72 | 8.71 | -0.47 | -0.47 |
| 76 | 8.67 | 8.68 | 8.71 | 8.71 | -0.47 | -0.47 |
| 77 | 8.68 | 8.68 | 8.71 | 8.71 | -0.47 | -0.47 |
| 78 | 8.68 | 8.69 | 8.71 | 8.71 | -0.47 | -0.47 |
| 79 | 8.68 | 8.69 | 8.71 | 8.71 | -0.47 | -0.47 |
| 80 | 8.68 | 8.69 | 8.71 | 8.71 | -0.47 | -0.47 |
| 81 | 8.68 | 8.69 | 8.71 | 8.71 | -0.47 | -0.47 |
| 82 | 8.68 | 8.69 | 8.70 | 8.71 | -0.47 | -0.47 |
| 83 | 8.68 | 8.69 | 8.70 | 8.70 | -0.47 | -0.47 |
| 84 | 8.68 | 8.69 | 8.70 | 8.70 | -0.47 | -0.47 |
| 85 | 8.68 | 8.69 | 8.70 | 8.70 | -0.47 | -0.47 |
| 86 | 8.68 | 8.69 | 8.70 | 8.70 | -0.47 | -0.47 |
| 87 | 8.68 | 8.69 | 8.70 | 8.70 | -0.47 | -0.47 |
| 88 | 8.68 | 8.69 | 8.70 | 8.70 | -0.47 | -0.47 |
| 89 | 8.69 | 8.69 | 8.70 | 8.70 | -0.47 | -0.47 |
| 90 | 8.69 | 8.69 | 8.70 | 8.70 | -0.47 | -0.47 |
| 91 | 8.69 | 8.69 | 8.70 | 8.70 | -0.47 | -0.47 |
| 92 | 8.69 | 8.69 | 8.70 | 8.69 | -0.47 | -0.47 |
| 93 | 8.69 | 8.69 | 8.70 | 8.69 | -0.47 | -0.47 |
| 94 | 8.69 | 8.69 | 8.70 | 8.69 | -0.47 | -0.47 |
| 95 | 8.69 | 8.69 | 8.70 | 8.69 | -0.47 | -0.47 |
| 96 | 8.69 | 8.69 | 8.70 | 8.69 | -0.47 | -0.47 |
| 97 | 8.69 | 8.69 | 8.70 | 8.69 | -0.47 | -0.47 |
| 98 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 99 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 100 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 101 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 102 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 103 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 104 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 105 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 106 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 107 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 108 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 109 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 110 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 111 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 112 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 113 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 114 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 115 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 116 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 117 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 118 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 119 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 120 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 121 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 122 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 123 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 124 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 125 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 126 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 127 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 128 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 129 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 130 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 131 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 132 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 133 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 134 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 135 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 136 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 137 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 138 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 139 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 140 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 141 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 142 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 143 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 144 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 145 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 146 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 147 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 148 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 149 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 150 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 151 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 152 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 153 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 154 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 155 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 156 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 157 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 158 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 159 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 160 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 161 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 162 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 163 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 164 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 165 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 166 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 167 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 168 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 169 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 170 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 171 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 172 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 173 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 174 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 175 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 176 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 177 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 178 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 179 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 180 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 181 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 182 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 183 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 184 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 185 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 186 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 187 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 188 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 189 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 190 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 191 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 192 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 193 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 194 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 195 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 196 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 197 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 198 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 199 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
| 200 | 8.69 | 8.69 | 8.69 | 8.69 | -0.47 | -0.47 |
Figure 2A
| Capital: Capital Adjustment Costs (blue, solid) | Capital: Investment Adjustment Costs (red, solid) | Investment: Capital Adjustment Costs (blue, solid) | Investment: Investment Adjustment Costs (red, solid) | Consumption: Capital Adjustment Costs (blue, dotted) | Consumption: Investment Adjustment Costs (red, dotted) | Rental Rate: Capital Adjustment Costs (blue, solid) | Rental Rate: Investment Adjustment Costs (red, solid) | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 7.88 | 3.07 | -0.73 | -0.28 | 0.04 | 0.02 | |
| 1 | 0.27 | 0.11 | 7.96 | 5.09 | -0.68 | -0.45 | 0.03 | 0.02 |
| 2 | 0.53 | 0.28 | 8.05 | 6.42 | -0.64 | -0.54 | 0.02 | 0.02 |
| 3 | 0.79 | 0.49 | 8.13 | 7.31 | -0.60 | -0.58 | 0.01 | 0.02 |
| 4 | 1.04 | 0.72 | 8.21 | 7.91 | -0.55 | -0.59 | -0.00 | 0.01 |
| 5 | 1.29 | 0.97 | 8.29 | 8.32 | -0.51 | -0.58 | -0.01 | 0.00 |
| 6 | 1.53 | 1.22 | 8.37 | 8.61 | -0.47 | -0.56 | -0.02 | -0.01 |
| 7 | 1.76 | 1.47 | 8.44 | 8.81 | -0.44 | -0.53 | -0.03 | -0.02 |
| 8 | 1.99 | 1.72 | 8.52 | 8.97 | -0.40 | -0.49 | -0.04 | -0.03 |
| 9 | 2.21 | 1.97 | 8.59 | 9.10 | -0.36 | -0.45 | -0.05 | -0.04 |
| 10 | 2.43 | 2.21 | 8.66 | 9.20 | -0.32 | -0.42 | -0.06 | -0.05 |
| 11 | 2.64 | 2.45 | 8.72 | 9.28 | -0.29 | -0.38 | -0.07 | -0.06 |
| 12 | 2.85 | 2.69 | 8.79 | 9.36 | -0.25 | -0.34 | -0.08 | -0.07 |
| 13 | 3.05 | 2.91 | 8.86 | 9.42 | -0.22 | -0.30 | -0.09 | -0.08 |
| 14 | 3.25 | 3.14 | 8.92 | 9.48 | -0.19 | -0.26 | -0.10 | -0.09 |
| 15 | 3.45 | 3.35 | 8.98 | 9.54 | -0.15 | -0.22 | -0.11 | -0.10 |
| 16 | 3.64 | 3.57 | 9.04 | 9.60 | -0.12 | -0.19 | -0.12 | -0.11 |
| 17 | 3.82 | 3.77 | 9.10 | 9.65 | -0.09 | -0.15 | -0.12 | -0.12 |
| 18 | 4.00 | 3.97 | 9.16 | 9.70 | -0.06 | -0.12 | -0.13 | -0.13 |
| 19 | 4.18 | 4.17 | 9.22 | 9.75 | -0.03 | -0.08 | -0.14 | -0.14 |
| 20 | 4.35 | 4.36 | 9.27 | 9.80 | -0.00 | -0.05 | -0.15 | -0.14 |
Figure 2B
| Capital: Capital Adjustment Costs (blue, solid) | Capital: Investment Adjustment Costs (red, solid) | Investment: Capital Adjustment Costs (blue, solid) | Investment: Investment Adjustment Costs (red, solid) | Consumption: Capital Adjustment Costs (blue, dotted) | Consumption: Investment Adjustment Costs (red, dotted) | Rental Rate: Capital Adjustment Costs (blue, solid) | Rental Rate: Investment Adjustment Costs (red, solid) | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 7.88 | 3.07 | -0.73 | -0.28 | 0.04 | 0.02 | |
| 1 | 0.27 | 0.11 | 7.96 | 5.09 | -0.68 | -0.45 | 0.03 | 0.02 |
| 2 | 0.53 | 0.28 | 8.05 | 6.42 | -0.64 | -0.54 | 0.02 | 0.02 |
| 3 | 0.79 | 0.49 | 8.13 | 7.31 | -0.60 | -0.58 | 0.01 | 0.02 |
| 4 | 1.04 | 0.72 | 8.21 | 7.91 | -0.55 | -0.59 | -0.00 | 0.01 |
| 5 | 1.29 | 0.97 | 8.29 | 8.32 | -0.51 | -0.58 | -0.01 | 0.00 |
| 6 | 1.53 | 1.22 | 8.37 | 8.61 | -0.47 | -0.56 | -0.02 | -0.01 |
| 7 | 1.76 | 1.47 | 8.44 | 8.81 | -0.44 | -0.53 | -0.03 | -0.02 |
| 8 | 1.99 | 1.72 | 8.52 | 8.97 | -0.40 | -0.49 | -0.04 | -0.03 |
| 9 | 2.21 | 1.97 | 8.59 | 9.10 | -0.36 | -0.45 | -0.05 | -0.04 |
| 10 | 2.43 | 2.21 | 8.66 | 9.20 | -0.32 | -0.42 | -0.06 | -0.05 |
| 11 | 2.64 | 2.45 | 8.72 | 9.28 | -0.29 | -0.38 | -0.07 | -0.06 |
| 12 | 2.85 | 2.69 | 8.79 | 9.36 | -0.25 | -0.34 | -0.08 | -0.07 |
| 13 | 3.05 | 2.91 | 8.86 | 9.42 | -0.22 | -0.30 | -0.09 | -0.08 |
| 14 | 3.25 | 3.14 | 8.92 | 9.48 | -0.19 | -0.26 | -0.10 | -0.09 |
| 15 | 3.45 | 3.35 | 8.98 | 9.54 | -0.15 | -0.22 | -0.11 | -0.10 |
| 16 | 3.64 | 3.57 | 9.04 | 9.60 | -0.12 | -0.19 | -0.12 | -0.11 |
| 17 | 3.82 | 3.77 | 9.10 | 9.65 | -0.09 | -0.15 | -0.12 | -0.12 |
| 18 | 4.00 | 3.97 | 9.16 | 9.70 | -0.06 | -0.12 | -0.13 | -0.13 |
| 19 | 4.18 | 4.17 | 9.22 | 9.75 | -0.03 | -0.08 | -0.14 | -0.14 |
| 20 | 4.35 | 4.36 | 9.27 | 9.80 | -0.00 | -0.05 | -0.15 | -0.14 |
| 21 | 4.52 | 4.55 | 9.33 | 9.85 | 0.02 | -0.02 | -0.15 | -0.15 |
| 22 | 4.68 | 4.73 | 9.38 | 9.89 | 0.05 | 0.01 | -0.16 | -0.16 |
| 23 | 4.84 | 4.90 | 9.43 | 9.93 | 0.08 | 0.04 | -0.17 | -0.17 |
| 24 | 5.00 | 5.08 | 9.48 | 9.98 | 0.10 | 0.07 | -0.18 | -0.18 |
| 25 | 5.15 | 5.24 | 9.53 | 10.02 | 0.13 | 0.10 | -0.18 | -0.18 |
| 26 | 5.30 | 5.41 | 9.58 | 10.06 | 0.15 | 0.13 | -0.19 | -0.19 |
| 27 | 5.45 | 5.57 | 9.62 | 10.10 | 0.18 | 0.16 | -0.20 | -0.20 |
| 28 | 5.59 | 5.72 | 9.67 | 10.14 | 0.20 | 0.18 | -0.20 | -0.21 |
| 29 | 5.73 | 5.87 | 9.71 | 10.17 | 0.23 | 0.21 | -0.21 | -0.21 |
| 30 | 5.87 | 6.02 | 9.76 | 10.21 | 0.25 | 0.24 | -0.21 | -0.22 |
| 31 | 6.00 | 6.16 | 9.80 | 10.25 | 0.27 | 0.26 | -0.22 | -0.22 |
| 32 | 6.13 | 6.30 | 9.84 | 10.28 | 0.29 | 0.28 | -0.23 | -0.23 |
| 33 | 6.26 | 6.44 | 9.88 | 10.31 | 0.31 | 0.31 | -0.23 | -0.24 |
| 34 | 6.38 | 6.57 | 9.92 | 10.35 | 0.33 | 0.33 | -0.24 | -0.24 |
| 35 | 6.50 | 6.70 | 9.96 | 10.38 | 0.35 | 0.35 | -0.24 | -0.25 |
| 36 | 6.62 | 6.83 | 10.00 | 10.41 | 0.37 | 0.38 | -0.25 | -0.25 |
| 37 | 6.74 | 6.95 | 10.04 | 10.44 | 0.39 | 0.40 | -0.25 | -0.26 |
| 38 | 6.85 | 7.07 | 10.07 | 10.47 | 0.41 | 0.42 | -0.26 | -0.27 |
| 39 | 6.96 | 7.19 | 10.11 | 10.50 | 0.43 | 0.44 | -0.26 | -0.27 |
| 40 | 7.07 | 7.30 | 10.14 | 10.53 | 0.45 | 0.46 | -0.27 | -0.28 |
| 41 | 7.17 | 7.41 | 10.18 | 10.55 | 0.47 | 0.48 | -0.27 | -0.28 |
| 42 | 7.28 | 7.52 | 10.21 | 10.58 | 0.48 | 0.49 | -0.28 | -0.28 |
| 43 | 7.38 | 7.62 | 10.24 | 10.61 | 0.50 | 0.51 | -0.28 | -0.29 |
| 44 | 7.47 | 7.72 | 10.27 | 10.63 | 0.52 | 0.53 | -0.28 | -0.29 |
| 45 | 7.57 | 7.82 | 10.30 | 10.66 | 0.53 | 0.55 | -0.29 | -0.30 |
| 46 | 7.66 | 7.92 | 10.33 | 10.68 | 0.55 | 0.56 | -0.29 | -0.30 |
| 47 | 7.76 | 8.01 | 10.36 | 10.70 | 0.56 | 0.58 | -0.30 | -0.31 |
| 48 | 7.84 | 8.11 | 10.39 | 10.73 | 0.58 | 0.60 | -0.30 | -0.31 |
| 49 | 7.93 | 8.20 | 10.42 | 10.75 | 0.59 | 0.61 | -0.30 | -0.32 |
| 50 | 8.02 | 8.28 | 10.45 | 10.77 | 0.61 | 0.63 | -0.31 | -0.32 |
| 51 | 8.10 | 8.37 | 10.47 | 10.79 | 0.62 | 0.64 | -0.31 | -0.32 |
| 52 | 8.18 | 8.45 | 10.50 | 10.81 | 0.63 | 0.66 | -0.32 | -0.33 |
| 53 | 8.26 | 8.53 | 10.52 | 10.83 | 0.65 | 0.67 | -0.32 | -0.33 |
| 54 | 8.34 | 8.61 | 10.55 | 10.85 | 0.66 | 0.68 | -0.32 | -0.33 |
| 55 | 8.41 | 8.69 | 10.57 | 10.87 | 0.67 | 0.70 | -0.33 | -0.34 |
| 56 | 8.49 | 8.76 | 10.60 | 10.89 | 0.68 | 0.71 | -0.33 | -0.34 |
| 57 | 8.56 | 8.84 | 10.62 | 10.91 | 0.70 | 0.72 | -0.33 | -0.34 |
| 58 | 8.63 | 8.91 | 10.64 | 10.93 | 0.71 | 0.74 | -0.34 | -0.35 |
| 59 | 8.70 | 8.98 | 10.66 | 10.94 | 0.72 | 0.75 | -0.34 | -0.35 |
| 60 | 8.77 | 9.04 | 10.69 | 10.96 | 0.73 | 0.76 | -0.34 | -0.35 |
| 61 | 8.83 | 9.11 | 10.71 | 10.98 | 0.74 | 0.77 | -0.34 | -0.36 |
| 62 | 8.90 | 9.17 | 10.73 | 10.99 | 0.75 | 0.78 | -0.35 | -0.36 |
| 63 | 8.96 | 9.23 | 10.75 | 11.01 | 0.76 | 0.79 | -0.35 | -0.36 |
| 64 | 9.02 | 9.30 | 10.77 | 11.02 | 0.77 | 0.80 | -0.35 | -0.36 |
| 65 | 9.08 | 9.35 | 10.79 | 11.04 | 0.78 | 0.81 | -0.36 | -0.37 |
| 66 | 9.14 | 9.41 | 10.80 | 11.05 | 0.79 | 0.82 | -0.36 | -0.37 |
| 67 | 9.19 | 9.47 | 10.82 | 11.06 | 0.80 | 0.83 | -0.36 | -0.37 |
| 68 | 9.25 | 9.52 | 10.84 | 11.08 | 0.81 | 0.84 | -0.36 | -0.37 |
| 69 | 9.30 | 9.58 | 10.86 | 11.09 | 0.82 | 0.85 | -0.37 | -0.38 |
| 70 | 9.36 | 9.63 | 10.87 | 11.10 | 0.83 | 0.86 | -0.37 | -0.38 |
| 71 | 9.41 | 9.68 | 10.89 | 11.12 | 0.84 | 0.87 | -0.37 | -0.38 |
| 72 | 9.46 | 9.73 | 10.91 | 11.13 | 0.85 | 0.88 | -0.37 | -0.38 |
| 73 | 9.51 | 9.78 | 10.92 | 11.14 | 0.85 | 0.89 | -0.37 | -0.39 |
| 74 | 9.56 | 9.82 | 10.94 | 11.15 | 0.86 | 0.89 | -0.38 | -0.39 |
| 75 | 9.61 | 9.87 | 10.95 | 11.16 | 0.87 | 0.90 | -0.38 | -0.39 |
| 76 | 9.65 | 9.91 | 10.97 | 11.17 | 0.88 | 0.91 | -0.38 | -0.39 |
| 77 | 9.70 | 9.95 | 10.98 | 11.18 | 0.88 | 0.92 | -0.38 | -0.39 |
| 78 | 9.74 | 10.00 | 11.00 | 11.20 | 0.89 | 0.92 | -0.38 | -0.40 |
| 79 | 9.78 | 10.04 | 11.01 | 11.21 | 0.90 | 0.93 | -0.39 | -0.40 |
| 80 | 9.83 | 10.08 | 11.02 | 11.22 | 0.91 | 0.94 | -0.39 | -0.40 |
| 81 | 9.87 | 10.12 | 11.04 | 11.22 | 0.91 | 0.94 | -0.39 | -0.40 |
| 82 | 9.91 | 10.15 | 11.05 | 11.23 | 0.92 | 0.95 | -0.39 | -0.40 |
| 83 | 9.95 | 10.19 | 11.06 | 11.24 | 0.93 | 0.96 | -0.39 | -0.40 |
| 84 | 9.98 | 10.23 | 11.08 | 11.25 | 0.93 | 0.96 | -0.40 | -0.41 |
| 85 | 10.02 | 10.26 | 11.09 | 11.26 | 0.94 | 0.97 | -0.40 | -0.41 |
| 86 | 10.06 | 10.30 | 11.10 | 11.27 | 0.95 | 0.98 | -0.40 | -0.41 |
| 87 | 10.09 | 10.33 | 11.11 | 11.28 | 0.95 | 0.98 | -0.40 | -0.41 |
| 88 | 10.13 | 10.36 | 11.12 | 11.29 | 0.96 | 0.99 | -0.40 | -0.41 |
| 89 | 10.16 | 10.39 | 11.13 | 11.29 | 0.96 | 0.99 | -0.40 | -0.41 |
| 90 | 10.20 | 10.42 | 11.14 | 11.30 | 0.97 | 1.00 | -0.40 | -0.41 |
| 91 | 10.23 | 10.45 | 11.15 | 11.31 | 0.97 | 1.00 | -0.41 | -0.42 |
| 92 | 10.26 | 10.48 | 11.16 | 11.32 | 0.98 | 1.01 | -0.41 | -0.42 |
| 93 | 10.29 | 10.51 | 11.17 | 11.32 | 0.98 | 1.01 | -0.41 | -0.42 |
| 94 | 10.32 | 10.54 | 11.18 | 11.33 | 0.99 | 1.02 | -0.41 | -0.42 |
| 95 | 10.35 | 10.57 | 11.19 | 11.34 | 0.99 | 1.02 | -0.41 | -0.42 |
| 96 | 10.38 | 10.59 | 11.20 | 11.34 | 1.00 | 1.03 | -0.41 | -0.42 |
| 97 | 10.41 | 10.62 | 11.21 | 11.35 | 1.00 | 1.03 | -0.41 | -0.42 |
| 98 | 10.43 | 10.64 | 11.22 | 11.36 | 1.01 | 1.04 | -0.42 | -0.42 |
| 99 | 10.46 | 10.67 | 11.23 | 11.36 | 1.01 | 1.04 | -0.42 | -0.43 |
| 100 | 10.49 | 10.69 | 11.24 | 11.37 | 1.02 | 1.04 | -0.42 | -0.43 |
| 101 | 10.51 | 10.72 | 11.24 | 11.37 | 1.02 | 1.05 | -0.42 | -0.43 |
| 102 | 10.54 | 10.74 | 11.25 | 11.38 | 1.02 | 1.05 | -0.42 | -0.43 |
| 103 | 10.56 | 10.76 | 11.26 | 11.38 | 1.03 | 1.06 | -0.42 | -0.43 |
| 104 | 10.59 | 10.78 | 11.27 | 11.39 | 1.03 | 1.06 | -0.42 | -0.43 |
| 105 | 10.61 | 10.80 | 11.28 | 11.39 | 1.04 | 1.06 | -0.42 | -0.43 |
| 106 | 10.63 | 10.82 | 11.28 | 11.40 | 1.04 | 1.07 | -0.42 | -0.43 |
| 107 | 10.66 | 10.84 | 11.29 | 11.40 | 1.04 | 1.07 | -0.43 | -0.43 |
| 108 | 10.68 | 10.86 | 11.30 | 11.41 | 1.05 | 1.07 | -0.43 | -0.43 |
| 109 | 10.70 | 10.88 | 11.30 | 11.41 | 1.05 | 1.08 | -0.43 | -0.43 |
| 110 | 10.72 | 10.90 | 11.31 | 11.42 | 1.05 | 1.08 | -0.43 | -0.44 |
| 111 | 10.74 | 10.92 | 11.32 | 11.42 | 1.06 | 1.08 | -0.43 | -0.44 |
| 112 | 10.76 | 10.93 | 11.32 | 11.43 | 1.06 | 1.09 | -0.43 | -0.44 |
| 113 | 10.78 | 10.95 | 11.33 | 11.43 | 1.06 | 1.09 | -0.43 | -0.44 |
| 114 | 10.80 | 10.97 | 11.34 | 11.44 | 1.07 | 1.09 | -0.43 | -0.44 |
| 115 | 10.82 | 10.98 | 11.34 | 11.44 | 1.07 | 1.09 | -0.43 | -0.44 |
| 116 | 10.83 | 11.00 | 11.35 | 11.44 | 1.07 | 1.10 | -0.43 | -0.44 |
| 117 | 10.85 | 11.01 | 11.35 | 11.45 | 1.08 | 1.10 | -0.43 | -0.44 |
| 118 | 10.87 | 11.03 | 11.36 | 11.45 | 1.08 | 1.10 | -0.43 | -0.44 |
| 119 | 10.88 | 11.04 | 11.36 | 11.45 | 1.08 | 1.11 | -0.44 | -0.44 |
| 120 | 10.90 | 11.06 | 11.37 | 11.46 | 1.09 | 1.11 | -0.44 | -0.44 |
| 121 | 10.92 | 11.07 | 11.37 | 11.46 | 1.09 | 1.11 | -0.44 | -0.44 |
| 122 | 10.93 | 11.08 | 11.38 | 11.46 | 1.09 | 1.11 | -0.44 | -0.44 |
| 123 | 10.95 | 11.10 | 11.38 | 11.47 | 1.09 | 1.11 | -0.44 | -0.44 |
| 124 | 10.96 | 11.11 | 11.39 | 11.47 | 1.10 | 1.12 | -0.44 | -0.44 |
| 125 | 10.98 | 11.12 | 11.39 | 11.47 | 1.10 | 1.12 | -0.44 | -0.45 |
| 126 | 10.99 | 11.13 | 11.40 | 11.48 | 1.10 | 1.12 | -0.44 | -0.45 |
| 127 | 11.01 | 11.15 | 11.40 | 11.48 | 1.10 | 1.12 | -0.44 | -0.45 |
| 128 | 11.02 | 11.16 | 11.41 | 11.48 | 1.10 | 1.12 | -0.44 | -0.45 |
| 129 | 11.03 | 11.17 | 11.41 | 11.48 | 1.11 | 1.13 | -0.44 | -0.45 |
| 130 | 11.05 | 11.18 | 11.42 | 11.49 | 1.11 | 1.13 | -0.44 | -0.45 |
| 131 | 11.06 | 11.19 | 11.42 | 11.49 | 1.11 | 1.13 | -0.44 | -0.45 |
| 132 | 11.07 | 11.20 | 11.42 | 11.49 | 1.11 | 1.13 | -0.44 | -0.45 |
| 133 | 11.08 | 11.21 | 11.43 | 11.50 | 1.12 | 1.13 | -0.44 | -0.45 |
| 134 | 11.09 | 11.22 | 11.43 | 11.50 | 1.12 | 1.14 | -0.44 | -0.45 |
| 135 | 11.11 | 11.23 | 11.43 | 11.50 | 1.12 | 1.14 | -0.44 | -0.45 |
| 136 | 11.12 | 11.24 | 11.44 | 11.50 | 1.12 | 1.14 | -0.45 | -0.45 |
| 137 | 11.13 | 11.25 | 11.44 | 11.50 | 1.12 | 1.14 | -0.45 | -0.45 |
| 138 | 11.14 | 11.26 | 11.44 | 11.51 | 1.12 | 1.14 | -0.45 | -0.45 |
| 139 | 11.15 | 11.26 | 11.45 | 11.51 | 1.13 | 1.14 | -0.45 | -0.45 |
| 140 | 11.16 | 11.27 | 11.45 | 11.51 | 1.13 | 1.15 | -0.45 | -0.45 |
| 141 | 11.17 | 11.28 | 11.45 | 11.51 | 1.13 | 1.15 | -0.45 | -0.45 |
| 142 | 11.18 | 11.29 | 11.46 | 11.51 | 1.13 | 1.15 | -0.45 | -0.45 |
| 143 | 11.19 | 11.30 | 11.46 | 11.52 | 1.13 | 1.15 | -0.45 | -0.45 |
| 144 | 11.20 | 11.30 | 11.46 | 11.52 | 1.13 | 1.15 | -0.45 | -0.45 |
| 145 | 11.21 | 11.31 | 11.47 | 11.52 | 1.14 | 1.15 | -0.45 | -0.45 |
| 146 | 11.22 | 11.32 | 11.47 | 11.52 | 1.14 | 1.15 | -0.45 | -0.45 |
| 147 | 11.22 | 11.33 | 11.47 | 11.52 | 1.14 | 1.15 | -0.45 | -0.45 |
| 148 | 11.23 | 11.33 | 11.48 | 11.53 | 1.14 | 1.16 | -0.45 | -0.45 |
| 149 | 11.24 | 11.34 | 11.48 | 11.53 | 1.14 | 1.16 | -0.45 | -0.46 |
| 150 | 11.25 | 11.35 | 11.48 | 11.53 | 1.14 | 1.16 | -0.45 | -0.46 |
| 151 | 11.26 | 11.35 | 11.48 | 11.53 | 1.14 | 1.16 | -0.45 | -0.46 |
| 152 | 11.27 | 11.36 | 11.49 | 11.53 | 1.15 | 1.16 | -0.45 | -0.46 |
| 153 | 11.27 | 11.36 | 11.49 | 11.53 | 1.15 | 1.16 | -0.45 | -0.46 |
| 154 | 11.28 | 11.37 | 11.49 | 11.53 | 1.15 | 1.16 | -0.45 | -0.46 |
| 155 | 11.29 | 11.38 | 11.49 | 11.54 | 1.15 | 1.16 | -0.45 | -0.46 |
| 156 | 11.29 | 11.38 | 11.49 | 11.54 | 1.15 | 1.16 | -0.45 | -0.46 |
| 157 | 11.30 | 11.39 | 11.50 | 11.54 | 1.15 | 1.16 | -0.45 | -0.46 |
| 158 | 11.31 | 11.39 | 11.50 | 11.54 | 1.15 | 1.17 | -0.45 | -0.46 |
| 159 | 11.31 | 11.40 | 11.50 | 11.54 | 1.15 | 1.17 | -0.45 | -0.46 |
| 160 | 11.32 | 11.40 | 11.50 | 11.54 | 1.16 | 1.17 | -0.45 | -0.46 |
| 161 | 11.33 | 11.41 | 11.51 | 11.54 | 1.16 | 1.17 | -0.45 | -0.46 |
| 162 | 11.33 | 11.41 | 11.51 | 11.55 | 1.16 | 1.17 | -0.45 | -0.46 |
| 163 | 11.34 | 11.42 | 11.51 | 11.55 | 1.16 | 1.17 | -0.46 | -0.46 |
| 164 | 11.34 | 11.42 | 11.51 | 11.55 | 1.16 | 1.17 | -0.46 | -0.46 |
| 165 | 11.35 | 11.42 | 11.51 | 11.55 | 1.16 | 1.17 | -0.46 | -0.46 |
| 166 | 11.36 | 11.43 | 11.51 | 11.55 | 1.16 | 1.17 | -0.46 | -0.46 |
| 167 | 11.36 | 11.43 | 11.52 | 11.55 | 1.16 | 1.17 | -0.46 | -0.46 |
| 168 | 11.37 | 11.44 | 11.52 | 11.55 | 1.16 | 1.17 | -0.46 | -0.46 |
| 169 | 11.37 | 11.44 | 11.52 | 11.55 | 1.16 | 1.17 | -0.46 | -0.46 |
| 170 | 11.38 | 11.44 | 11.52 | 11.55 | 1.16 | 1.17 | -0.46 | -0.46 |
| 171 | 11.38 | 11.45 | 11.52 | 11.55 | 1.17 | 1.18 | -0.46 | -0.46 |
| 172 | 11.39 | 11.45 | 11.52 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 173 | 11.39 | 11.46 | 11.53 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 174 | 11.40 | 11.46 | 11.53 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 175 | 11.40 | 11.46 | 11.53 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 176 | 11.40 | 11.47 | 11.53 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 177 | 11.41 | 11.47 | 11.53 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 178 | 11.41 | 11.47 | 11.53 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 179 | 11.42 | 11.47 | 11.53 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 180 | 11.42 | 11.48 | 11.54 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 181 | 11.43 | 11.48 | 11.54 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 182 | 11.43 | 11.48 | 11.54 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 183 | 11.43 | 11.49 | 11.54 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 184 | 11.44 | 11.49 | 11.54 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 185 | 11.44 | 11.49 | 11.54 | 11.56 | 1.17 | 1.18 | -0.46 | -0.46 |
| 186 | 11.44 | 11.49 | 11.54 | 11.57 | 1.18 | 1.18 | -0.46 | -0.46 |
| 187 | 11.45 | 11.50 | 11.54 | 11.57 | 1.18 | 1.18 | -0.46 | -0.46 |
| 188 | 11.45 | 11.50 | 11.54 | 11.57 | 1.18 | 1.18 | -0.46 | -0.46 |
| 189 | 11.45 | 11.50 | 11.55 | 11.57 | 1.18 | 1.18 | -0.46 | -0.46 |
| 190 | 11.46 | 11.50 | 11.55 | 11.57 | 1.18 | 1.18 | -0.46 | -0.46 |
| 191 | 11.46 | 11.51 | 11.55 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
| 192 | 11.46 | 11.51 | 11.55 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
| 193 | 11.47 | 11.51 | 11.55 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
| 194 | 11.47 | 11.51 | 11.55 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
| 195 | 11.47 | 11.51 | 11.55 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
| 196 | 11.47 | 11.52 | 11.55 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
| 197 | 11.48 | 11.52 | 11.55 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
| 198 | 11.48 | 11.52 | 11.55 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
| 199 | 11.48 | 11.52 | 11.55 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
| 200 | 11.48 | 11.52 | 11.56 | 11.57 | 1.18 | 1.19 | -0.46 | -0.46 |
Figure 3
| Without capital or investment adjustment costs Costs (black, solid) | With capital adjustment costs Costs (blue, solid) | With investment adjustment costs Costs (red, solid) | |
|---|---|---|---|
| -1.02 | -0.92 | -0.36 | |
| 1 | -0.78 | -0.70 | -0.51 |
| 2 | -0.54 | -0.49 | -0.52 |
| 3 | -0.31 | -0.28 | -0.44 |
| 4 | -0.08 | -0.08 | -0.32 |
| 5 | 0.13 | 0.12 | -0.16 |
| 6 | 0.35 | 0.31 | 0.02 |
| 7 | 0.56 | 0.50 | 0.21 |
| 8 | 0.76 | 0.68 | 0.40 |
| 9 | 0.96 | 0.86 | 0.60 |
| 10 | 1.15 | 1.04 | 0.79 |
| 11 | 1.33 | 1.21 | 0.98 |
| 12 | 1.52 | 1.37 | 1.17 |
| 13 | 1.69 | 1.54 | 1.35 |
| 14 | 1.87 | 1.70 | 1.53 |
| 15 | 2.04 | 1.85 | 1.71 |
| 16 | 2.20 | 2.01 | 1.88 |
| 17 | 2.36 | 2.15 | 2.05 |
| 18 | 2.52 | 2.30 | 2.21 |
| 19 | 2.67 | 2.44 | 2.37 |
| 20 | 2.81 | 2.58 | 2.53 |
| 21 | 2.96 | 2.72 | 2.68 |
| 22 | 3.10 | 2.85 | 2.82 |
| 23 | 3.24 | 2.98 | 2.97 |
| 24 | 3.37 | 3.10 | 3.11 |
| 25 | 3.50 | 3.23 | 3.24 |
| 26 | 3.63 | 3.35 | 3.38 |
| 27 | 3.75 | 3.46 | 3.51 |
| 28 | 3.87 | 3.58 | 3.63 |
| 29 | 3.99 | 3.69 | 3.76 |
| 30 | 4.10 | 3.80 | 3.88 |
| 31 | 4.21 | 3.91 | 3.99 |
| 32 | 4.32 | 4.01 | 4.11 |
| 33 | 4.42 | 4.11 | 4.22 |
| 34 | 4.53 | 4.21 | 4.32 |
| 35 | 4.63 | 4.31 | 4.43 |
| 36 | 4.72 | 4.41 | 4.53 |
| 37 | 4.82 | 4.50 | 4.63 |
| 38 | 4.91 | 4.59 | 4.73 |
| 39 | 5.00 | 4.68 | 4.82 |
| 40 | 5.09 | 4.77 | 4.91 |
| 41 | 5.17 | 4.85 | 5.00 |
| 42 | 5.26 | 4.93 | 5.09 |
| 43 | 5.34 | 5.01 | 5.18 |
| 44 | 5.42 | 5.09 | 5.26 |
| 45 | 5.49 | 5.17 | 5.34 |
| 46 | 5.57 | 5.24 | 5.42 |
| 47 | 5.64 | 5.32 | 5.50 |
| 48 | 5.71 | 5.39 | 5.57 |
| 49 | 5.78 | 5.46 | 5.64 |
| 50 | 5.85 | 5.53 | 5.72 |
| 51 | 5.92 | 5.60 | 5.78 |
| 52 | 5.98 | 5.66 | 5.85 |
| 53 | 6.04 | 5.72 | 5.92 |
| 54 | 6.10 | 5.79 | 5.98 |
| 55 | 6.16 | 5.85 | 6.04 |
| 56 | 6.22 | 5.91 | 6.10 |
| 57 | 6.28 | 5.96 | 6.16 |
| 58 | 6.33 | 6.02 | 6.22 |
| 59 | 6.38 | 6.08 | 6.28 |
| 60 | 6.44 | 6.13 | 6.33 |
| 61 | 6.49 | 6.18 | 6.39 |
| 62 | 6.54 | 6.24 | 6.44 |
| 63 | 6.58 | 6.29 | 6.49 |
| 64 | 6.63 | 6.33 | 6.54 |
| 65 | 6.68 | 6.38 | 6.58 |
| 66 | 6.72 | 6.43 | 6.63 |
| 67 | 6.76 | 6.48 | 6.68 |
| 68 | 6.81 | 6.52 | 6.72 |
| 69 | 6.85 | 6.56 | 6.76 |
| 70 | 6.89 | 6.61 | 6.81 |
| 71 | 6.93 | 6.65 | 6.85 |
| 72 | 6.97 | 6.69 | 6.89 |
| 73 | 7.00 | 6.73 | 6.93 |
| 74 | 7.04 | 6.77 | 6.97 |
| 75 | 7.07 | 6.81 | 7.00 |
| 76 | 7.11 | 6.84 | 7.04 |
| 77 | 7.14 | 6.88 | 7.07 |
| 78 | 7.17 | 6.91 | 7.11 |
| 79 | 7.21 | 6.95 | 7.14 |
| 80 | 7.24 | 6.98 | 7.17 |
| 81 | 7.27 | 7.02 | 7.20 |
| 82 | 7.30 | 7.05 | 7.24 |
| 83 | 7.32 | 7.08 | 7.27 |
| 84 | 7.35 | 7.11 | 7.29 |
| 85 | 7.38 | 7.14 | 7.32 |
| 86 | 7.41 | 7.17 | 7.35 |
| 87 | 7.43 | 7.20 | 7.38 |
| 88 | 7.46 | 7.23 | 7.40 |
| 89 | 7.48 | 7.25 | 7.43 |
| 90 | 7.50 | 7.28 | 7.46 |
| 91 | 7.53 | 7.31 | 7.48 |
| 92 | 7.55 | 7.33 | 7.50 |
| 93 | 7.57 | 7.36 | 7.53 |
| 94 | 7.59 | 7.38 | 7.55 |
| 95 | 7.61 | 7.40 | 7.57 |
| 96 | 7.63 | 7.43 | 7.59 |
| 97 | 7.65 | 7.45 | 7.61 |
| 98 | 7.67 | 7.47 | 7.63 |
| 99 | 7.69 | 7.49 | 7.65 |
| 100 | 7.71 | 7.52 | 7.67 |
| 101 | 7.73 | 7.54 | 7.69 |
| 102 | 7.75 | 7.56 | 7.71 |
| 103 | 7.76 | 7.58 | 7.73 |
| 104 | 7.78 | 7.60 | 7.74 |
| 105 | 7.79 | 7.61 | 7.76 |
| 106 | 7.81 | 7.63 | 7.78 |
| 107 | 7.83 | 7.65 | 7.79 |
| 108 | 7.84 | 7.67 | 7.81 |
| 109 | 7.86 | 7.68 | 7.82 |
| 110 | 7.87 | 7.70 | 7.84 |
| 111 | 7.88 | 7.72 | 7.85 |
| 112 | 7.90 | 7.73 | 7.87 |
| 113 | 7.91 | 7.75 | 7.88 |
| 114 | 7.92 | 7.76 | 7.90 |
| 115 | 7.93 | 7.78 | 7.91 |
| 116 | 7.95 | 7.79 | 7.92 |
| 117 | 7.96 | 7.81 | 7.93 |
| 118 | 7.97 | 7.82 | 7.95 |
| 119 | 7.98 | 7.83 | 7.96 |
| 120 | 7.99 | 7.85 | 7.97 |
| 121 | 8.00 | 7.86 | 7.98 |
| 122 | 8.01 | 7.87 | 7.99 |
| 123 | 8.02 | 7.89 | 8.00 |
| 124 | 8.03 | 7.90 | 8.01 |
| 125 | 8.04 | 7.91 | 8.02 |
| 126 | 8.05 | 7.92 | 8.03 |
| 127 | 8.06 | 7.93 | 8.04 |
| 128 | 8.07 | 7.94 | 8.05 |
| 129 | 8.08 | 7.95 | 8.06 |
| 130 | 8.09 | 7.96 | 8.07 |
| 131 | 8.09 | 7.97 | 8.08 |
| 132 | 8.10 | 7.98 | 8.08 |
| 133 | 8.11 | 7.99 | 8.09 |
| 134 | 8.12 | 8.00 | 8.10 |
| 135 | 8.12 | 8.01 | 8.11 |
| 136 | 8.13 | 8.02 | 8.12 |
| 137 | 8.14 | 8.03 | 8.12 |
| 138 | 8.15 | 8.04 | 8.13 |
| 139 | 8.15 | 8.05 | 8.14 |
| 140 | 8.16 | 8.06 | 8.14 |
| 141 | 8.16 | 8.06 | 8.15 |
| 142 | 8.17 | 8.07 | 8.16 |
| 143 | 8.18 | 8.08 | 8.16 |
| 144 | 8.18 | 8.09 | 8.17 |
| 145 | 8.19 | 8.09 | 8.18 |
| 146 | 8.19 | 8.10 | 8.18 |
| 147 | 8.20 | 8.11 | 8.19 |
| 148 | 8.20 | 8.12 | 8.19 |
| 149 | 8.21 | 8.12 | 8.20 |
| 150 | 8.21 | 8.13 | 8.20 |
| 151 | 8.22 | 8.13 | 8.21 |
| 152 | 8.22 | 8.14 | 8.21 |
| 153 | 8.23 | 8.15 | 8.22 |
| 154 | 8.23 | 8.15 | 8.22 |
| 155 | 8.24 | 8.16 | 8.23 |
| 156 | 8.24 | 8.16 | 8.23 |
| 157 | 8.25 | 8.17 | 8.24 |
| 158 | 8.25 | 8.18 | 8.24 |
| 159 | 8.25 | 8.18 | 8.24 |
| 160 | 8.26 | 8.19 | 8.25 |
| 161 | 8.26 | 8.19 | 8.25 |
| 162 | 8.26 | 8.20 | 8.26 |
| 163 | 8.27 | 8.20 | 8.26 |
| 164 | 8.27 | 8.20 | 8.26 |
| 165 | 8.27 | 8.21 | 8.27 |
| 166 | 8.28 | 8.21 | 8.27 |
| 167 | 8.28 | 8.22 | 8.27 |
| 168 | 8.28 | 8.22 | 8.28 |
| 169 | 8.29 | 8.23 | 8.28 |
| 170 | 8.29 | 8.23 | 8.28 |
| 171 | 8.29 | 8.23 | 8.29 |
| 172 | 8.30 | 8.24 | 8.29 |
| 173 | 8.30 | 8.24 | 8.29 |
| 174 | 8.30 | 8.25 | 8.30 |
| 175 | 8.30 | 8.25 | 8.30 |
| 176 | 8.31 | 8.25 | 8.30 |
| 177 | 8.31 | 8.26 | 8.30 |
| 178 | 8.31 | 8.26 | 8.31 |
| 179 | 8.31 | 8.26 | 8.31 |
| 180 | 8.32 | 8.27 | 8.31 |
| 181 | 8.32 | 8.27 | 8.31 |
| 182 | 8.32 | 8.27 | 8.32 |
| 183 | 8.32 | 8.28 | 8.32 |
| 184 | 8.32 | 8.28 | 8.32 |
| 185 | 8.33 | 8.28 | 8.32 |
| 186 | 8.33 | 8.28 | 8.32 |
| 187 | 8.33 | 8.29 | 8.33 |
| 188 | 8.33 | 8.29 | 8.33 |
| 189 | 8.33 | 8.29 | 8.33 |
| 190 | 8.34 | 8.29 | 8.33 |
| 191 | 8.34 | 8.30 | 8.33 |
| 192 | 8.34 | 8.30 | 8.34 |
| 193 | 8.34 | 8.30 | 8.34 |
| 194 | 8.34 | 8.30 | 8.34 |
| 195 | 8.34 | 8.31 | 8.34 |
| 196 | 8.35 | 8.31 | 8.34 |
| 197 | 8.35 | 8.31 | 8.34 |
| 198 | 8.35 | 8.31 | 8.34 |
| 199 | 8.35 | 8.32 | 8.35 |
| 200 | 8.35 | 8.32 | 8.35 |
Figure 4A: Partial Equilibrium Model
| Capital Temporary Capital Adjustment Costs (blue, thick) | Capital Temporary Investment Adjustment Costs (red, thick) | Capital Permanent Capital Adjustment Costs (blue, thin) | Capital Permanent Investment Adjustment Costs (red, thin) | Investment Temporary Capital Adjustment Costs (blue, thick) | Investment Temporary Investment Adjustment Costs (red, thick) | Rental Rate Temporary Capital Adjustment Costs (blue, thick) | Rental Rate Temporary Investment Adjustment Costs (red, thick) | Rental Rate Permanent Capital Adjustment Costs (blue, thin) | Rental Rate Permanent Investment Adjustment Costs (red, thin) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 0.00 | 27.27 | 7.72 | 0.00 | 0.00 | 0.00 | 0.00 | |
| 1 | 0.26 | 0.93 | 0.68 | 0.15 | 26.76 | 14.30 | -0.05 | -0.01 | -0.04 | -0.01 |
| 2 | 0.74 | 1.82 | 1.31 | 0.41 | 26.38 | 19.76 | -0.10 | -0.04 | -0.07 | -0.02 |
| 3 | 1.40 | 2.66 | 1.89 | 0.76 | 26.14 | 24.14 | -0.14 | -0.07 | -0.10 | -0.04 |
| 4 | 2.17 | 3.46 | 2.43 | 1.19 | 26.02 | 27.43 | -0.19 | -0.12 | -0.13 | -0.06 |
| 5 | 3.04 | 4.23 | 2.92 | 1.66 | 26.03 | 29.67 | -0.23 | -0.16 | -0.16 | -0.09 |
| 6 | 3.95 | 4.98 | 3.38 | 2.18 | 26.17 | 30.83 | -0.27 | -0.21 | -0.18 | -0.12 |
| 7 | 4.87 | 5.70 | 3.79 | 2.71 | 26.45 | 30.93 | -0.31 | -0.26 | -0.20 | -0.15 |
| 8 | 5.76 | 6.41 | 4.18 | 3.25 | 26.87 | 29.93 | -0.34 | -0.31 | -0.22 | -0.17 |
| 9 | 6.59 | 7.11 | 4.53 | 3.78 | 27.42 | 27.81 | -0.38 | -0.35 | -0.24 | -0.20 |
| 10 | 7.31 | 7.81 | 4.86 | 4.31 | 28.13 | 24.54 | -0.42 | -0.39 | -0.26 | -0.23 |
| 11 | 7.90 | 8.50 | 5.16 | 4.81 | 28.99 | 20.05 | -0.46 | -0.42 | -0.28 | -0.26 |
| 12 | 8.32 | 9.20 | 5.44 | 5.30 | -11.96 | 14.30 | -0.49 | -0.45 | -0.29 | -0.28 |
| 13 | 8.52 | 8.48 | 5.70 | 5.75 | -11.02 | 9.31 | -0.45 | -0.46 | -0.31 | -0.31 |
| 14 | 8.55 | 7.81 | 5.93 | 6.18 | -10.15 | 5.03 | -0.42 | -0.46 | -0.32 | -0.33 |
| 15 | 8.43 | 7.20 | 6.15 | 6.57 | -9.35 | 1.41 | -0.39 | -0.45 | -0.33 | -0.35 |
| 16 | 8.19 | 6.63 | 6.35 | 6.93 | -8.62 | -1.60 | -0.36 | -0.44 | -0.34 | -0.37 |
| 17 | 7.85 | 6.11 | 6.53 | 7.26 | -7.94 | -4.06 | -0.33 | -0.42 | -0.35 | -0.39 |
| 18 | 7.45 | 5.63 | 6.70 | 7.55 | -7.32 | -6.03 | -0.30 | -0.40 | -0.36 | -0.41 |
| 19 | 6.99 | 5.19 | 6.86 | 7.82 | -6.74 | -7.56 | -0.28 | -0.37 | -0.37 | -0.42 |
| 20 | 6.49 | 4.78 | 7.00 | 8.05 | -6.21 | -8.69 | -0.26 | -0.35 | -0.38 | -0.43 |
Figure 4B: General Equilibrium Flexible-price and Flexible-wage Model
| Capital Temporary Capital Adjustment Costs (blue, thick) | Capital Temporary Investment Adjustment Costs (red, thick) | Capital Permanent Capital Adjustment Costs (blue, thin) | Capital Permanent Investment Adjustment Costs (red, thin) | Investment Temporary Capital Adjustment Costs (blue, thick, solid) | Investment Temporary Investment Adjustment Costs (red, thick, solid) | Consumption Temporary Capital Adjustment Costs (blue, thick, dotted) | Consumption Temporary Investment Adjustment Costs (red, thick, dotted) | Rental Rate Temporary Capital Adjustment Costs (blue, thick) | Rental Rate Temporary Investment Adjustment Costs (red, thick) | Rental Rate Permanent Capital Adjustment Costs (blue, thin) | Rental Rate Permanent Investment Adjustment Costs (red, thin) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 0.00 | 8.42 | 3.55 | -0.78 | -0.33 | 0.05 | 0.02 | 0.04 | 0.02 | |
| 1 | 0.29 | 0.12 | 0.27 | 0.11 | 8.54 | 5.90 | -0.73 | -0.52 | 0.04 | 0.03 | 0.03 | 0.02 |
| 2 | 0.57 | 0.32 | 0.53 | 0.28 | 8.66 | 7.47 | -0.69 | -0.63 | 0.02 | 0.03 | 0.02 | 0.02 |
| 3 | 0.85 | 0.56 | 0.79 | 0.49 | 8.78 | 8.51 | -0.65 | -0.68 | 0.01 | 0.02 | 0.01 | 0.02 |
| 4 | 1.12 | 0.84 | 1.04 | 0.72 | 8.90 | 9.20 | -0.60 | -0.69 | -0.00 | 0.01 | -0.00 | 0.01 |
| 5 | 1.39 | 1.12 | 1.29 | 0.97 | 9.02 | 9.64 | -0.56 | -0.67 | -0.01 | 0.00 | -0.01 | 0.00 |
| 6 | 1.65 | 1.41 | 1.53 | 1.22 | 9.14 | 9.88 | -0.52 | -0.64 | -0.02 | -0.01 | -0.02 | -0.01 |
| 7 | 1.90 | 1.70 | 1.76 | 1.47 | 9.26 | 9.93 | -0.48 | -0.58 | -0.03 | -0.02 | -0.03 | -0.02 |
| 8 | 2.15 | 1.98 | 1.99 | 1.72 | 9.38 | 9.78 | -0.44 | -0.51 | -0.05 | -0.04 | -0.04 | -0.03 |
| 9 | 2.40 | 2.25 | 2.21 | 1.97 | 9.50 | 9.35 | -0.41 | -0.42 | -0.06 | -0.05 | -0.05 | -0.04 |
| 10 | 2.64 | 2.49 | 2.43 | 2.21 | 9.62 | 8.53 | -0.37 | -0.30 | -0.07 | -0.07 | -0.06 | -0.05 |
| 11 | 2.88 | 2.70 | 2.64 | 2.45 | 9.75 | 7.15 | -0.34 | -0.13 | -0.08 | -0.08 | -0.07 | -0.06 |
| 12 | 3.12 | 2.85 | 2.85 | 2.69 | 1.00 | 4.90 | 0.52 | 0.11 | -0.14 | -0.10 | -0.08 | -0.07 |
| 13 | 3.05 | 2.92 | 3.05 | 2.91 | 0.98 | 3.44 | 0.51 | 0.25 | -0.13 | -0.11 | -0.09 | -0.08 |
| 14 | 2.97 | 2.94 | 3.25 | 3.14 | 0.95 | 2.49 | 0.49 | 0.35 | -0.13 | -0.12 | -0.10 | -0.09 |
| 15 | 2.91 | 2.93 | 3.45 | 3.35 | 0.93 | 1.86 | 0.48 | 0.40 | -0.13 | -0.12 | -0.11 | -0.10 |
| 16 | 2.84 | 2.89 | 3.64 | 3.57 | 0.91 | 1.45 | 0.47 | 0.43 | -0.13 | -0.12 | -0.12 | -0.11 |
| 17 | 2.77 | 2.84 | 3.82 | 3.77 | 0.89 | 1.18 | 0.46 | 0.45 | -0.12 | -0.12 | -0.12 | -0.12 |
| 18 | 2.71 | 2.78 | 4.00 | 3.97 | 0.87 | 1.00 | 0.45 | 0.45 | -0.12 | -0.12 | -0.13 | -0.13 |
| 19 | 2.64 | 2.72 | 4.18 | 4.17 | 0.85 | 0.87 | 0.44 | 0.45 | -0.12 | -0.12 | -0.14 | -0.14 |
| 20 | 2.58 | 2.66 | 4.35 | 4.36 | 0.83 | 0.79 | 0.43 | 0.45 | -0.11 | -0.12 | -0.15 | -0.14 |
Figure 4C: General Equilibrium Sticky-price and Sticky-wage Model
| Capital Temporary Capital Adjustment Costs (blue, thick) | Capital Temporary Investment Adjustment Costs (red, thick) | Investment Temporary Capital Adjustment Costs (blue, thick, solid) | Investment Temporary Investment Adjustment Costs (red, thick, solid) | Consumption Temporary Capital Adjustment Costs (blue, thick, dotted) | Consumption Temporary Investment Adjustment Costs (red, thick, dotted) | Rental Rate Temporary Capital Adjustment Costs (blue, thick) | Rental Rate Temporary Investment Adjustment Costs (red, thick) | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 30.43 | 7.67 | -0.04 | -0.05 | 0.40 | 0.09 | |
| 1 | 1.04 | 0.26 | 29.21 | 14.39 | -0.03 | -0.08 | 0.30 | 0.16 |
| 2 | 2.01 | 0.75 | 29.26 | 20.25 | 0.01 | -0.07 | 0.23 | 0.20 |
| 3 | 2.94 | 1.41 | 30.07 | 25.33 | 0.08 | -0.05 | 0.18 | 0.22 |
| 4 | 3.87 | 2.23 | 31.33 | 29.65 | 0.16 | 0.00 | 0.14 | 0.22 |
| 5 | 4.81 | 3.17 | 32.86 | 33.21 | 0.26 | 0.07 | 0.11 | 0.21 |
| 6 | 5.77 | 4.20 | 34.56 | 35.99 | 0.35 | 0.16 | 0.07 | 0.18 |
| 7 | 6.75 | 5.28 | 36.37 | 37.93 | 0.46 | 0.27 | 0.04 | 0.14 |
| 8 | 7.76 | 6.40 | 38.27 | 38.96 | 0.56 | 0.38 | 0.01 | 0.09 |
| 9 | 8.81 | 7.52 | 40.22 | 39.00 | 0.67 | 0.49 | -0.02 | 0.03 |
| 10 | 9.88 | 8.59 | 42.24 | 37.91 | 0.79 | 0.61 | -0.05 | -0.04 |
| 11 | 10.99 | 9.60 | 44.31 | 35.60 | 0.91 | 0.73 | -0.08 | -0.13 |
| 12 | 12.13 | 10.49 | 6.67 | 31.93 | 1.03 | 0.84 | -0.64 | -0.22 |
| 13 | 11.94 | 11.22 | 8.93 | 28.87 | 1.10 | 0.94 | -0.57 | -0.29 |
| 14 | 11.84 | 11.82 | 10.01 | 26.30 | 1.13 | 1.02 | -0.54 | -0.35 |
| 15 | 11.78 | 12.32 | 10.41 | 24.14 | 1.14 | 1.09 | -0.52 | -0.40 |
| 16 | 11.73 | 12.72 | 10.43 | 22.31 | 1.14 | 1.14 | -0.51 | -0.44 |
| 17 | 11.69 | 13.05 | 10.25 | 20.75 | 1.13 | 1.19 | -0.50 | -0.47 |
| 18 | 11.64 | 13.31 | 9.97 | 19.40 | 1.11 | 1.22 | -0.50 | -0.50 |
| 19 | 11.58 | 13.52 | 9.66 | 18.23 | 1.10 | 1.25 | -0.50 | -0.52 |
| 20 | 11.51 | 13.68 | 9.33 | 17.20 | 1.08 | 1.27 | -0.50 | -0.54 |
Figure 5A: Model with Sticky-prices and Sticky-wages
| Capital Unindexed Depreciation Allowances (blue solid) | Capital Indexed Depreciation Allowances (blue dotted) | Capital Partial Equilibrium (black dashed) | Investment Unindexed Depreciation Allowances (blue solid) | Investment Indexed Depreciation Allowances (blue dotted) | Investment Partial Equilibrium (black dashed) | Unindexed Depreciation Allowances (blue solid) | Rental Rate Indexed Depreciation Allowances (blue dotted) | Rental Rate Partial Equilibrium (black dashed) | |
|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 30.43 | 20.94 | 27.27 | 0.40 | 0.27 | 0.00 | |
| 1 | 1.04 | 0.72 | 0.93 | 29.21 | 19.52 | 26.76 | 0.30 | 0.20 | -0.05 |
| 2 | 2.01 | 1.36 | 1.82 | 29.26 | 19.16 | 26.38 | 0.23 | 0.15 | -0.10 |
| 3 | 2.94 | 1.97 | 2.66 | 30.07 | 19.46 | 26.14 | 0.18 | 0.12 | -0.14 |
| 4 | 3.87 | 2.57 | 3.46 | 31.33 | 20.19 | 26.02 | 0.14 | 0.09 | -0.19 |
| 5 | 4.81 | 3.17 | 4.23 | 32.86 | 21.21 | 26.03 | 0.11 | 0.07 | -0.23 |
| 6 | 5.77 | 3.79 | 4.98 | 34.56 | 22.47 | 26.17 | 0.07 | 0.05 | -0.27 |
| 7 | 6.75 | 4.43 | 5.70 | 36.37 | 23.94 | 26.45 | 0.04 | 0.03 | -0.31 |
| 8 | 7.76 | 5.09 | 6.41 | 38.27 | 25.63 | 26.87 | 0.01 | 0.02 | -0.34 |
| 9 | 8.81 | 5.80 | 7.11 | 40.22 | 27.56 | 27.42 | -0.02 | 0.01 | -0.38 |
| 10 | 9.88 | 6.54 | 7.81 | 42.24 | 29.77 | 28.13 | -0.05 | -0.00 | -0.42 |
| 11 | 10.99 | 7.34 | 8.50 | 44.31 | 32.32 | 28.99 | -0.08 | -0.01 | -0.46 |
| 12 | 12.13 | 8.19 | 9.20 | 6.67 | -4.52 | -11.96 | -0.64 | -0.55 | -0.49 |
| 13 | 11.94 | 7.76 | 8.48 | 8.93 | -1.75 | -11.02 | -0.57 | -0.46 | -0.45 |
| 14 | 11.84 | 7.43 | 7.81 | 10.01 | -0.33 | -10.15 | -0.54 | -0.41 | -0.42 |
| 15 | 11.78 | 7.17 | 7.20 | 10.41 | 0.33 | -9.35 | -0.52 | -0.38 | -0.39 |
| 16 | 11.73 | 6.93 | 6.63 | 10.43 | 0.58 | -8.62 | -0.51 | -0.36 | -0.36 |
| 17 | 11.69 | 6.71 | 6.11 | 10.25 | 0.60 | -7.94 | -0.50 | -0.34 | -0.33 |
| 18 | 11.64 | 6.50 | 5.63 | 9.97 | 0.51 | -7.32 | -0.50 | -0.33 | -0.30 |
| 19 | 11.58 | 6.30 | 5.19 | 9.66 | 0.38 | -6.74 | -0.50 | -0.32 | -0.28 |
| 20 | 11.51 | 6.10 | 4.78 | 9.33 | 0.23 | -6.21 | -0.50 | -0.31 | -0.26 |
Figure 5B: Model with Sticky-prices Only
| Capital Unindexed Depreciation Allowances (blue solid) | Capital Indexed Depreciation Allowances (blue dotted) | Capital Partial Equilibrium (black dashed) | Investment Unindexed Depreciation Allowances (blue solid) | Investment Indexed Depreciation Allowances (blue dotted) | Investment Partial Equilibrium (black dashed) | Rental Rate Unindexed Depreciation Allowances (blue solid) | Rental Rate Indexed Depreciation Allowances (blue dotted) | Rental Rate Partial Equilibrium (black dashed) | |
|---|---|---|---|---|---|---|---|---|---|
| 13.0117 | 17.621 | 27.2735 | 0.4072 | 0.6471 | |||||
| 1 | 0.4452 | 0.6029 | 0.9332 | 9.8233 | 11.8473 | 26.7632 | 0.1406 | 0.2302 | -0.0501 |
| 2 | 0.7661 | 0.9877 | 1.817 | 8.9287 | 9.9451 | 26.3847 | 0.0356 | 0.0795 | -0.0975 |
| 3 | 1.0454 | 1.2942 | 2.6576 | 8.95 | 9.3882 | 26.1366 | -0.0076 | 0.0215 | -0.1426 |
| 4 | 1.3159 | 1.5711 | 3.461 | 9.4023 | 9.3201 | 26.0182 | -0.0244 | -0.0029 | -0.1857 |
| 5 | 1.5926 | 1.8363 | 4.2328 | 10.1402 | 9.468 | 26.03 | -0.0257 | -0.0125 | -0.2271 |
| 6 | 1.885 | 2.0974 | 4.9786 | 11.1575 | 9.7763 | 26.1733 | -0.0123 | -0.0115 | -0.2671 |
| 7 | 2.2023 | 2.3601 | 5.7039 | 12.5171 | 10.2946 | 26.4507 | 0.0205 | 0.0029 | -0.306 |
| 8 | 2.5552 | 2.6316 | 6.4137 | 14.333 | 11.1624 | 26.8655 | 0.0813 | 0.0395 | -0.344 |
| 9 | 2.9582 | 2.9235 | 7.1135 | 16.7734 | 12.6473 | 27.4223 | 0.184 | 0.1148 | -0.3816 |
| 10 | 3.4309 | 3.2562 | 7.8084 | 20.0757 | 15.2339 | 28.1268 | 0.3491 | 0.2591 | -0.4189 |
| 11 | 4.0005 | 3.6661 | 8.5036 | 24.5722 | 19.7917 | 28.9857 | 0.6065 | 0.5268 | -0.4561 |
| 12 | 4.7043 | 4.2178 | 9.2045 | -4.0577 | -6.9072 | -11.9612 | -0.7394 | -0.7238 | -0.4937 |
| 13 | 4.4045 | 3.8372 | 8.4803 | 0.8694 | -1.6762 | -11.02 | -0.3837 | -0.3584 | -0.4549 |
| 14 | 4.2836 | 3.6485 | 7.813 | 2.6838 | 0.1049 | -10.153 | -0.2517 | -0.2301 | -0.4191 |
| 15 | 4.2288 | 3.5273 | 7.1983 | 3.3463 | 0.7006 | -9.3541 | -0.2024 | -0.1834 | -0.3861 |
| 16 | 4.1986 | 3.4305 | 6.6319 | 3.5826 | 0.8892 | -8.6182 | -0.1838 | -0.1649 | -0.3557 |
| 17 | 4.1776 | 3.3436 | 6.1101 | 3.6613 | 0.9384 | -7.9401 | -0.1764 | -0.156 | -0.3278 |
| 18 | 4.1599 | 3.2613 | 5.6294 | 3.6816 | 0.94 | -7.3153 | -0.1733 | -0.1506 | -0.302 |
| 19 | 4.1435 | 3.1819 | 5.1865 | 3.6804 | 0.9255 | -6.7398 | -0.1718 | -0.1464 | -0.2782 |
| 20 | 4.1277 | 3.1047 | 4.7784 | 3.6712 | 0.906 | -6.2095 | -0.1708 | -0.1426 | -0.2563 |
Figure 5C: Model with Sticky-wages Only
| Capital Unindexed Depreciation Allowances (blue solid) | Capital Indexed Depreciation Allowances (blue dotted) | Capital Partial Equilibrium (black dashed) | Investment Unindexed Depreciation Allowances (blue solid) | Investment Indexed Depreciation Allowances (blue dotted) | Investment Partial Equilibrium (black dashed) | Rental Rate Unindexed Depreciation Allowances (blue solid) | Rental Rate Indexed Depreciation Allowances (blue dotted) | Rental Rate Partial Equilibrium (black dashed) | |
|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 20.89 | 14.11 | 27.27 | 0.18 | 0.12 | 0.00 | |
| 1 | 0.71 | 0.48 | 0.93 | 22.95 | 15.23 | 26.76 | 0.17 | 0.11 | -0.05 |
| 2 | 1.48 | 0.99 | 1.82 | 24.99 | 16.33 | 26.38 | 0.15 | 0.10 | -0.10 |
| 3 | 2.28 | 1.51 | 2.66 | 27.03 | 17.45 | 26.14 | 0.13 | 0.08 | -0.14 |
| 4 | 3.13 | 2.06 | 3.46 | 29.09 | 18.60 | 26.02 | 0.11 | 0.07 | -0.19 |
| 5 | 4.02 | 2.62 | 4.23 | 31.17 | 19.81 | 26.03 | 0.08 | 0.05 | -0.23 |
| 6 | 4.94 | 3.21 | 4.98 | 33.30 | 21.10 | 26.17 | 0.06 | 0.03 | -0.27 |
| 7 | 5.91 | 3.82 | 5.70 | 35.48 | 22.49 | 26.45 | 0.03 | 0.02 | -0.31 |
| 8 | 6.93 | 4.46 | 6.41 | 37.73 | 24.00 | 26.87 | -0.00 | -0.00 | -0.34 |
| 9 | 7.98 | 5.13 | 7.11 | 40.05 | 25.66 | 27.42 | -0.03 | -0.02 | -0.38 |
| 10 | 9.08 | 5.83 | 7.81 | 42.45 | 27.50 | 28.13 | -0.06 | -0.04 | -0.42 |
| 11 | 10.22 | 6.57 | 8.50 | 44.95 | 29.54 | 28.99 | -0.10 | -0.06 | -0.46 |
| 12 | 11.41 | 7.36 | 9.20 | 17.36 | 5.57 | -11.96 | -0.40 | -0.30 | -0.49 |
| 13 | 11.61 | 7.30 | 8.48 | 16.01 | 4.51 | -11.02 | -0.42 | -0.31 | -0.45 |
| 14 | 11.76 | 7.20 | 7.81 | 14.84 | 3.62 | -10.15 | -0.44 | -0.32 | -0.42 |
| 15 | 11.87 | 7.08 | 7.20 | 13.84 | 2.88 | -9.35 | -0.46 | -0.32 | -0.39 |
| 16 | 11.93 | 6.94 | 6.63 | 12.98 | 2.26 | -8.62 | -0.47 | -0.32 | -0.36 |
| 17 | 11.97 | 6.78 | 6.11 | 12.23 | 1.75 | -7.94 | -0.48 | -0.32 | -0.33 |
| 18 | 11.98 | 6.61 | 5.63 | 11.58 | 1.32 | -7.32 | -0.49 | -0.31 | -0.30 |
| 19 | 11.97 | 6.42 | 5.19 | 11.02 | 0.96 | -6.74 | -0.49 | -0.31 | -0.28 |
| 20 | 11.93 | 6.24 | 4.78 | 10.53 | 0.67 | -6.21 | -0.50 | -0.30 | -0.26 |
Figure 6A: Model with Sticky-prices and Sticky-wages
| Capital Unindexed Depreciation Allowances (red solid) | Capital Indexed Depreciation Allowances (red dotted) | Capital Partial Equilibrium (black dashed) | Investment Unindexed Depreciation Allowances (red solid) | Investment Indexed Depreciation Allowances (red dotted) | Investment Partial Equilibrium (black dashed) | Rental Rate Unindexed Depreciation Allowances (red solid) | Rental Rate Indexed Depreciation Allowances (red dotted) | Rental Rate Partial Equilibrium (black dashed) | |
|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 7.67 | 5.71 | 7.72 | 0.09 | 0.07 | 0.00 | |
| 1 | 0.26 | 0.20 | 0.26 | 14.39 | 10.58 | 14.30 | 0.16 | 0.12 | -0.01 |
| 2 | 0.75 | 0.55 | 0.74 | 20.25 | 14.71 | 19.76 | 0.20 | 0.15 | -0.04 |
| 3 | 1.41 | 1.04 | 1.40 | 25.33 | 18.17 | 24.14 | 0.22 | 0.16 | -0.07 |
| 4 | 2.23 | 1.62 | 2.17 | 29.65 | 21.00 | 27.43 | 0.22 | 0.16 | -0.12 |
| 5 | 3.17 | 2.28 | 3.04 | 33.21 | 23.21 | 29.67 | 0.21 | 0.14 | -0.16 |
| 6 | 4.20 | 3.00 | 3.95 | 35.99 | 24.77 | 30.83 | 0.18 | 0.12 | -0.21 |
| 7 | 5.28 | 3.75 | 4.87 | 37.93 | 25.66 | 30.93 | 0.14 | 0.09 | -0.26 |
| 8 | 6.40 | 4.50 | 5.76 | 38.96 | 25.79 | 29.93 | 0.09 | 0.05 | -0.31 |
| 9 | 7.52 | 5.22 | 6.59 | 39.00 | 25.07 | 27.81 | 0.03 | 0.00 | -0.35 |
| 10 | 8.59 | 5.90 | 7.31 | 37.91 | 23.39 | 24.54 | -0.04 | -0.06 | -0.39 |
| 11 | 9.60 | 6.50 | 7.90 | 35.60 | 20.61 | 20.05 | -0.13 | -0.12 | -0.42 |
| 12 | 10.49 | 6.98 | 8.32 | 31.93 | 16.61 | 14.30 | -0.22 | -0.20 | -0.45 |
| 13 | 11.22 | 7.31 | 8.52 | 28.87 | 13.32 | 9.31 | -0.29 | -0.25 | -0.46 |
| 14 | 11.82 | 7.52 | 8.55 | 26.30 | 10.63 | 5.03 | -0.35 | -0.29 | -0.46 |
| 15 | 12.32 | 7.63 | 8.43 | 24.14 | 8.43 | 1.41 | -0.40 | -0.32 | -0.45 |
| 16 | 12.72 | 7.65 | 8.19 | 22.31 | 6.62 | -1.60 | -0.44 | -0.34 | -0.44 |
| 17 | 13.05 | 7.62 | 7.85 | 20.75 | 5.14 | -4.06 | -0.47 | -0.35 | -0.42 |
| 18 | 13.31 | 7.53 | 7.45 | 19.40 | 3.91 | -6.03 | -0.50 | -0.36 | -0.40 |
| 19 | 13.52 | 7.41 | 6.99 | 18.23 | 2.90 | -7.56 | -0.52 | -0.36 | -0.37 |
| 20 | 13.68 | 7.25 | 6.49 | 17.20 | 2.06 | -8.69 | -0.54 | -0.36 | -0.35 |
Figure 6B: Model with Sticky-prices Only
| Capital Unindexed Depreciation Allowances (red solid) | Capital Indexed Depreciation Allowances (red dotted) | Capital Partial Equilibrium (black dashed) | Investment Unindexed Depreciation Allowances (red solid) | Investment Indexed Depreciation Allowances (red dotted) | Investment Partial Equilibrium (black dashed) | Rental Rate Unindexed Depreciation Allowances (red solid) | Rental Rate Indexed Depreciation Allowances (red dotted) | Rental Rate Partial Equilibrium (black dashed) | |
|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 3.05 | 3.80 | 7.72 | -0.04 | 0.02 | 0.00 | |
| 1 | 0.10 | 0.13 | 0.26 | 5.45 | 6.46 | 14.30 | 0.01 | 0.07 | -0.01 |
| 2 | 0.29 | 0.35 | 0.74 | 7.39 | 8.31 | 19.76 | 0.03 | 0.08 | -0.04 |
| 3 | 0.53 | 0.62 | 1.40 | 9.01 | 9.61 | 24.14 | 0.05 | 0.09 | -0.07 |
| 4 | 0.82 | 0.93 | 2.17 | 10.41 | 10.54 | 27.43 | 0.06 | 0.09 | -0.12 |
| 5 | 1.15 | 1.26 | 3.04 | 11.61 | 11.19 | 29.67 | 0.07 | 0.09 | -0.16 |
| 6 | 1.51 | 1.60 | 3.95 | 12.62 | 11.62 | 30.83 | 0.08 | 0.08 | -0.21 |
| 7 | 1.89 | 1.94 | 4.87 | 13.39 | 11.83 | 30.93 | 0.09 | 0.08 | -0.26 |
| 8 | 2.28 | 2.28 | 5.76 | 13.82 | 11.76 | 29.93 | 0.10 | 0.08 | -0.31 |
| 9 | 2.67 | 2.60 | 6.59 | 13.78 | 11.30 | 27.81 | 0.09 | 0.07 | -0.35 |
| 10 | 3.05 | 2.90 | 7.31 | 13.10 | 10.31 | 24.54 | 0.07 | 0.05 | -0.39 |
| 11 | 3.40 | 3.15 | 7.90 | 11.59 | 8.58 | 20.05 | 0.02 | -0.00 | -0.42 |
| 12 | 3.68 | 3.34 | 8.32 | 9.00 | 5.87 | 14.30 | -0.08 | -0.10 | -0.45 |
| 13 | 3.86 | 3.42 | 8.52 | 7.18 | 4.00 | 9.31 | -0.13 | -0.14 | -0.46 |
| 14 | 3.97 | 3.44 | 8.55 | 5.93 | 2.74 | 5.03 | -0.16 | -0.16 | -0.46 |
| 15 | 4.04 | 3.42 | 8.43 | 5.09 | 1.92 | 1.41 | -0.17 | -0.17 | -0.45 |
| 16 | 4.08 | 3.37 | 8.19 | 4.54 | 1.40 | -1.60 | -0.18 | -0.17 | -0.44 |
| 17 | 4.09 | 3.30 | 7.85 | 4.18 | 1.07 | -4.06 | -0.18 | -0.17 | -0.42 |
| 18 | 4.10 | 3.22 | 7.45 | 3.94 | 0.87 | -6.03 | -0.18 | -0.16 | -0.40 |
| 19 | 4.09 | 3.14 | 6.99 | 3.80 | 0.75 | -7.56 | -0.18 | -0.15 | -0.37 |
| 20 | 4.08 | 3.06 | 6.49 | 3.70 | 0.68 | -8.69 | -0.17 | -0.15 | -0.35 |
Figure 6C: Model with Sticky-wages Only
| Capital Unindexed Depreciation Allowances (red solid) | Capital Indexed Depreciation Allowances (red dotted) | Capital Partial Equilibrium (black dashed) | Investment Unindexed Depreciation Allowances (red solid) | Investment Indexed Depreciation Allowances (red dotted) | Investment Partial Equilibrium (black dashed) | Rental Rate Unindexed Depreciation Allowances (red solid) | Rental Rate Indexed Depreciation Allowances (red dotted) | Rental Rate Partial Equilibrium (black dashed) | |
|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 6.41 | 4.91 | 7.72 | 0.05 | 0.04 | 0.00 | |
| 1 | 0.22 | 0.17 | 0.26 | 12.13 | 9.11 | 14.30 | 0.09 | 0.07 | -0.01 |
| 2 | 0.63 | 0.47 | 0.74 | 17.29 | 12.74 | 19.76 | 0.12 | 0.09 | -0.04 |
| 3 | 1.20 | 0.89 | 1.40 | 21.94 | 15.90 | 24.14 | 0.13 | 0.10 | -0.07 |
| 4 | 1.91 | 1.41 | 2.17 | 26.11 | 18.61 | 27.43 | 0.14 | 0.10 | -0.12 |
| 5 | 2.73 | 2.00 | 3.04 | 29.76 | 20.86 | 29.67 | 0.13 | 0.09 | -0.16 |
| 6 | 3.66 | 2.64 | 3.95 | 32.82 | 22.63 | 30.83 | 0.11 | 0.07 | -0.21 |
| 7 | 4.66 | 3.33 | 4.87 | 35.21 | 23.85 | 30.93 | 0.08 | 0.05 | -0.26 |
| 8 | 5.70 | 4.03 | 5.76 | 36.81 | 24.41 | 29.93 | 0.05 | 0.02 | -0.31 |
| 9 | 6.77 | 4.72 | 6.59 | 37.48 | 24.21 | 27.81 | 0.00 | -0.01 | -0.35 |
| 10 | 7.82 | 5.39 | 7.31 | 37.08 | 23.09 | 24.54 | -0.05 | -0.05 | -0.39 |
| 11 | 8.82 | 6.00 | 7.90 | 35.43 | 20.88 | 20.05 | -0.11 | -0.10 | -0.42 |
| 12 | 9.73 | 6.51 | 8.32 | 32.38 | 17.41 | 14.30 | -0.19 | -0.16 | -0.45 |
| 13 | 10.50 | 6.88 | 8.52 | 29.82 | 14.54 | 9.31 | -0.25 | -0.20 | -0.46 |
| 14 | 11.17 | 7.14 | 8.55 | 27.65 | 12.16 | 5.03 | -0.30 | -0.24 | -0.46 |
| 15 | 11.73 | 7.31 | 8.43 | 25.78 | 10.15 | 1.41 | -0.34 | -0.27 | -0.45 |
| 16 | 12.21 | 7.41 | 8.19 | 24.15 | 8.44 | -1.60 | -0.38 | -0.29 | -0.44 |
| 17 | 12.62 | 7.45 | 7.85 | 22.71 | 6.98 | -4.06 | -0.42 | -0.30 | -0.42 |
| 18 | 12.96 | 7.43 | 7.45 | 21.43 | 5.73 | -6.03 | -0.45 | -0.31 | -0.40 |
| 19 | 13.25 | 7.37 | 6.99 | 20.28 | 4.64 | -7.56 | -0.47 | -0.32 | -0.37 |
| 20 | 13.49 | 7.28 | 6.49 | 19.24 | 3.71 | -8.69 | -0.49 | -0.32 | -0.35 |
Figure 7
| Capital Unindexed Depreciation Allowances (blue solid) | Capital Indexed Depreciation Allowances (blue dotted) | Capital Partial Equilibrium w/Capital Adjustment Costs (black dashed) | Investment Unindexed Depreciation Allowances (blue solid) | Investment Indexed Depreciation Allowances (blue dotted) | Investment Partial Equilibrium w/Capital Adjustment Costs (black dashed) | Consumption Unindexed Depreciation Allowances (blue solid) | Consumption Indexed Depreciation Allowances (blue dotted) | Labor Unindexed Depreciation Allowances (blue solid) | Labor Indexed Depreciation Allowances (blue dotted) | Post-Tax Nominal Rate Unindexed Depreciation Allowances (blue solid) | Post-Tax Nominal Rate Indexed Depreciation Allowances (blue dotted) | Post-Tax Real Interest Rate Unindexed Depreciation Allowances (blue solid) | Post-Tax Real Interest Rate Indexed Depreciation Allowances (blue dotted) | Inflation Unindexed Depreciation Allowances (blue solid) | Inflation Indexed Depreciation Allowances (blue dotted) | Rental Rate Unindexed Depreciation Allowances (blue solid) | Rental Rate Indexed Depreciation Allowances (blue dotted) | Rental Rate Partial Equilibrium w/Capital Adjustment Costs (black dashed) | Wage Rate Unindexed Depreciation Allowances (blue solid) | Wage Rate Indexed Depreciation Allowances (blue dotted) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 30.43 | 20.94 | 27.27 | -0.04 | 0.00 | 7.52 | 5.20 | 0.13 | 0.08 | 0.04 | 0.05 | 0.27 | 0.16 | 0.40 | 0.27 | 0.00 | -0.14 | -0.09 | |
| 1 | 1.04 | 0.72 | 0.93 | 29.21 | 19.52 | 26.76 | -0.03 | 0.01 | 6.78 | 4.55 | 0.18 | 0.11 | 0.23 | 0.17 | 0.09 | 0.03 | 0.30 | 0.20 | -0.05 | -0.15 | -0.10 |
| 2 | 2.01 | 1.36 | 1.82 | 29.26 | 19.16 | 26.38 | 0.01 | 0.04 | 6.43 | 4.23 | 0.19 | 0.11 | 0.34 | 0.24 | -0.05 | -0.06 | 0.23 | 0.15 | -0.10 | -0.08 | -0.05 |
| 3 | 2.94 | 1.97 | 2.66 | 30.07 | 19.46 | 26.14 | 0.08 | 0.09 | 6.30 | 4.09 | 0.16 | 0.09 | 0.41 | 0.28 | -0.16 | -0.13 | 0.18 | 0.12 | -0.14 | 0.05 | 0.04 |
| 4 | 3.87 | 2.57 | 3.46 | 31.33 | 20.19 | 26.02 | 0.16 | 0.15 | 6.30 | 4.07 | 0.12 | 0.06 | 0.46 | 0.30 | -0.25 | -0.19 | 0.14 | 0.09 | -0.19 | 0.22 | 0.16 |
| 5 | 4.81 | 3.17 | 4.23 | 32.86 | 21.21 | 26.03 | 0.26 | 0.21 | 6.38 | 4.13 | 0.07 | 0.02 | 0.49 | 0.32 | -0.33 | -0.25 | 0.11 | 0.07 | -0.23 | 0.43 | 0.30 |
| 6 | 5.77 | 3.79 | 4.98 | 34.56 | 22.47 | 26.17 | 0.35 | 0.27 | 6.49 | 4.25 | 0.02 | -0.02 | 0.51 | 0.34 | -0.42 | -0.30 | 0.07 | 0.05 | -0.27 | 0.67 | 0.45 |
| 7 | 6.75 | 4.43 | 5.70 | 36.37 | 23.94 | 26.45 | 0.46 | 0.34 | 6.63 | 4.41 | -0.05 | -0.06 | 0.53 | 0.35 | -0.50 | -0.35 | 0.04 | 0.03 | -0.31 | 0.94 | 0.63 |
| 8 | 7.76 | 5.09 | 6.41 | 38.27 | 25.63 | 26.87 | 0.56 | 0.41 | 6.77 | 4.62 | -0.11 | -0.10 | 0.55 | 0.37 | -0.58 | -0.41 | 0.01 | 0.02 | -0.34 | 1.23 | 0.82 |
| 9 | 8.81 | 5.80 | 7.11 | 40.22 | 27.56 | 27.42 | 0.67 | 0.49 | 6.93 | 4.88 | -0.18 | -0.15 | 0.57 | 0.39 | -0.67 | -0.47 | -0.02 | 0.01 | -0.38 | 1.55 | 1.03 |
| 10 | 9.88 | 6.54 | 7.81 | 42.24 | 29.77 | 28.13 | 0.79 | 0.56 | 7.09 | 5.19 | -0.26 | -0.20 | 0.60 | 0.42 | -0.76 | -0.54 | -0.05 | -0.00 | -0.42 | 1.89 | 1.27 |
| 11 | 10.99 | 7.34 | 8.50 | 44.31 | 32.32 | 28.99 | 0.91 | 0.65 | 7.26 | 5.57 | -0.34 | -0.26 | 0.63 | 0.46 | -0.86 | -0.62 | -0.08 | -0.01 | -0.46 | 2.28 | 1.55 |
| 12 | 12.13 | 8.19 | 9.20 | 6.67 | -4.52 | -11.96 | 1.03 | 0.74 | -2.46 | -3.86 | -0.51 | -0.40 | 0.33 | 0.18 | -0.97 | -0.72 | -0.64 | -0.55 | -0.49 | 2.71 | 1.87 |
| 13 | 11.94 | 7.76 | 8.48 | 8.93 | -1.75 | -11.02 | 1.10 | 0.78 | -1.74 | -2.94 | -0.60 | -0.46 | 0.15 | 0.02 | -0.83 | -0.58 | -0.57 | -0.46 | -0.45 | 3.01 | 2.06 |
| 14 | 11.84 | 7.43 | 7.81 | 10.01 | -0.33 | -10.15 | 1.13 | 0.78 | -1.40 | -2.45 | -0.64 | -0.49 | 0.05 | -0.07 | -0.75 | -0.48 | -0.54 | -0.41 | -0.42 | 3.22 | 2.18 |
| 15 | 11.78 | 7.17 | 7.20 | 10.41 | 0.33 | -9.35 | 1.14 | 0.77 | -1.27 | -2.18 | -0.66 | -0.49 | -0.01 | -0.12 | -0.69 | -0.42 | -0.52 | -0.38 | -0.39 | 3.37 | 2.24 |
| 16 | 11.73 | 6.93 | 6.63 | 10.43 | 0.58 | -8.62 | 1.14 | 0.74 | -1.24 | -2.05 | -0.66 | -0.48 | -0.05 | -0.14 | -0.65 | -0.37 | -0.51 | -0.36 | -0.36 | 3.48 | 2.27 |
| 17 | 11.69 | 6.71 | 6.11 | 10.25 | 0.60 | -7.94 | 1.13 | 0.71 | -1.28 | -1.98 | -0.66 | -0.46 | -0.06 | -0.15 | -0.62 | -0.34 | -0.50 | -0.34 | -0.33 | 3.57 | 2.27 |
| 18 | 11.64 | 6.50 | 5.63 | 9.97 | 0.51 | -7.32 | 1.11 | 0.68 | -1.34 | -1.94 | -0.65 | -0.44 | -0.07 | -0.15 | -0.60 | -0.32 | -0.50 | -0.33 | -0.30 | 3.62 | 2.25 |
| 19 | 11.58 | 6.30 | 5.19 | 9.66 | 0.38 | -6.74 | 1.10 | 0.66 | -1.41 | -1.92 | -0.64 | -0.42 | -0.08 | -0.15 | -0.58 | -0.29 | -0.50 | -0.32 | -0.28 | 3.66 | 2.22 |
| 20 | 11.51 | 6.10 | 4.78 | 9.33 | 0.23 | -6.21 | 1.08 | 0.63 | -1.48 | -1.90 | -0.63 | -0.40 | -0.08 | -0.14 | -0.57 | -0.28 | -0.50 | -0.31 | -0.26 | 3.69 | 2.19 |
Figure 8
| Capital Unindexed Depreciation Allowances (red solid) | Capital Indexed Depreciation Allowances (red dotted) | Capital Partial Equilibrium w/Investment Adjustment Costs (black dashed) | Investment Unindexed Depreciation Allowances (red solid) | Investment Indexed Depreciation Allowances (red dotted) | Investment Partial Equilibrium w/Investment Adjustment Costs (black dashed) | Consumption Unindexed Depreciation Allowances (red solid) | Consumption Indexed Depreciation Allowances (red dotted) | Labor Unindexed Depreciation Allowances (red solid) | Labor Indexed Depreciation Allowances (red dotted) | Post-Tax Nominal Rate Unindexed Depreciation Allowances (red solid) | Post-Tax Nominal Rate Indexed Depreciation Allowances (red dotted) | Post-Tax Real Interest Rate Unindexed Depreciation Allowances (red solid) | Post-Tax Real Interest Rate Indexed Depreciation Allowances (red dotted) | Inflation Unindexed Depreciation Allowances (red solid) | Inflation Indexed Depreciation Allowances (red dotted) | Rental Rate Unindexed Depreciation Allowances (red solid) | Rental Rate Indexed Depreciation Allowances (red dotted) | Rental Rate Partial Equilibrium w/Investment Adjustment Costs (black dashed) | Wage Rate Unindexed Depreciation Allowances (red solid) | Wage Rate Indexed Depreciation Allowances (red dotted) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 7.67 | 5.71 | 7.72 | -0.05 | 0.01 | 1.85 | 1.42 | 0.08 | 0.05 | -0.13 | -0.06 | 0.24 | 0.13 | 0.09 | 0.07 | 0.00 | -0.09 | -0.06 | |
| 1 | 0.26 | 0.20 | 0.26 | 14.39 | 10.58 | 14.30 | -0.08 | -0.01 | 3.38 | 2.54 | 0.14 | 0.08 | 0.00 | 0.03 | 0.20 | 0.10 | 0.16 | 0.12 | -0.01 | -0.16 | -0.11 |
| 2 | 0.75 | 0.55 | 0.74 | 20.25 | 14.71 | 19.76 | -0.07 | 0.00 | 4.64 | 3.42 | 0.19 | 0.11 | 0.13 | 0.12 | 0.14 | 0.05 | 0.20 | 0.15 | -0.04 | -0.18 | -0.12 |
| 3 | 1.41 | 1.04 | 1.40 | 25.33 | 18.17 | 24.14 | -0.05 | 0.02 | 5.64 | 4.10 | 0.21 | 0.12 | 0.25 | 0.20 | 0.05 | -0.01 | 0.22 | 0.16 | -0.07 | -0.15 | -0.10 |
| 4 | 2.23 | 1.62 | 2.17 | 29.65 | 21.00 | 27.43 | 0.00 | 0.06 | 6.41 | 4.59 | 0.21 | 0.11 | 0.36 | 0.27 | -0.04 | -0.08 | 0.22 | 0.16 | -0.12 | -0.07 | -0.03 |
| 5 | 3.17 | 2.28 | 3.04 | 33.21 | 23.21 | 29.67 | 0.07 | 0.12 | 6.97 | 4.91 | 0.19 | 0.09 | 0.44 | 0.33 | -0.15 | -0.16 | 0.21 | 0.14 | -0.16 | 0.06 | 0.07 |
| 6 | 4.20 | 3.00 | 3.95 | 35.99 | 24.77 | 30.83 | 0.16 | 0.18 | 7.32 | 5.06 | 0.16 | 0.06 | 0.51 | 0.37 | -0.25 | -0.23 | 0.18 | 0.12 | -0.21 | 0.25 | 0.21 |
| 7 | 5.28 | 3.75 | 4.87 | 37.93 | 25.66 | 30.93 | 0.27 | 0.26 | 7.44 | 5.04 | 0.10 | 0.02 | 0.56 | 0.39 | -0.36 | -0.31 | 0.14 | 0.09 | -0.26 | 0.48 | 0.38 |
| 8 | 6.40 | 4.50 | 5.76 | 38.96 | 25.79 | 29.93 | 0.38 | 0.34 | 7.34 | 4.83 | 0.04 | -0.04 | 0.59 | 0.40 | -0.46 | -0.38 | 0.09 | 0.05 | -0.31 | 0.75 | 0.58 |
| 9 | 7.52 | 5.22 | 6.59 | 39.00 | 25.07 | 27.81 | 0.49 | 0.42 | 6.99 | 4.43 | -0.04 | -0.09 | 0.60 | 0.40 | -0.55 | -0.44 | 0.03 | 0.00 | -0.35 | 1.06 | 0.80 |
| 10 | 8.59 | 5.90 | 7.31 | 37.91 | 23.39 | 24.54 | 0.61 | 0.50 | 6.38 | 3.80 | -0.12 | -0.16 | 0.58 | 0.38 | -0.64 | -0.49 | -0.04 | -0.06 | -0.39 | 1.39 | 1.03 |
| 11 | 9.60 | 6.50 | 7.90 | 35.60 | 20.61 | 20.05 | 0.73 | 0.57 | 5.50 | 2.94 | -0.21 | -0.22 | 0.55 | 0.33 | -0.71 | -0.53 | -0.13 | -0.12 | -0.42 | 1.74 | 1.27 |
| 12 | 10.49 | 6.98 | 8.32 | 31.93 | 16.61 | 14.30 | 0.84 | 0.64 | 4.32 | 1.81 | -0.30 | -0.29 | 0.49 | 0.27 | -0.76 | -0.56 | -0.22 | -0.20 | -0.45 | 2.09 | 1.50 |
| 13 | 11.22 | 7.31 | 8.52 | 28.87 | 13.32 | 9.31 | 0.94 | 0.69 | 3.35 | 0.90 | -0.38 | -0.34 | 0.41 | 0.20 | -0.78 | -0.56 | -0.29 | -0.25 | -0.46 | 2.42 | 1.71 |
| 14 | 11.82 | 7.52 | 8.55 | 26.30 | 10.63 | 5.03 | 1.02 | 0.73 | 2.54 | 0.19 | -0.46 | -0.39 | 0.34 | 0.13 | -0.80 | -0.55 | -0.35 | -0.29 | -0.46 | 2.72 | 1.90 |
| 15 | 12.32 | 7.63 | 8.43 | 24.14 | 8.43 | 1.41 | 1.09 | 0.76 | 1.86 | -0.38 | -0.52 | -0.43 | 0.28 | 0.07 | -0.80 | -0.53 | -0.40 | -0.32 | -0.45 | 3.00 | 2.05 |
| 16 | 12.72 | 7.65 | 8.19 | 22.31 | 6.62 | -1.60 | 1.14 | 0.77 | 1.29 | -0.82 | -0.57 | -0.45 | 0.22 | 0.02 | -0.80 | -0.50 | -0.44 | -0.34 | -0.44 | 3.25 | 2.17 |
| 17 | 13.05 | 7.62 | 7.85 | 20.75 | 5.14 | -4.06 | 1.19 | 0.78 | 0.81 | -1.17 | -0.61 | -0.47 | 0.17 | -0.02 | -0.79 | -0.47 | -0.47 | -0.35 | -0.42 | 3.47 | 2.26 |
| 18 | 13.31 | 7.53 | 7.45 | 19.40 | 3.91 | -6.03 | 1.22 | 0.78 | 0.40 | -1.44 | -0.64 | -0.47 | 0.13 | -0.05 | -0.78 | -0.45 | -0.50 | -0.36 | -0.40 | 3.66 | 2.33 |
| 19 | 13.52 | 7.41 | 6.99 | 18.23 | 2.90 | -7.56 | 1.25 | 0.76 | 0.04 | -1.65 | -0.67 | -0.47 | 0.09 | -0.08 | -0.77 | -0.42 | -0.52 | -0.36 | -0.37 | 3.83 | 2.37 |
| 20 | 13.68 | 7.25 | 6.49 | 17.20 | 2.06 | -8.69 | 1.27 | 0.75 | -0.26 | -1.81 | -0.69 | -0.47 | 0.06 | -0.10 | -0.76 | -0.39 | -0.54 | -0.36 | -0.35 | 3.97 | 2.39 |
Figure 9
| Investment Spending Response to a Temporary Partial Expensing Allowance Anticipated in One Year's Time Model with Capital Adjustment Costs | Investment Spending Response to a Temporary Partial Expensing Allowance Anticipated in One Year's Time Model with Investment Adjustment Costs | Investment Spending Response to an Adverse Capital Efficiency Shock Model with Capital Adjustment Costs With an Anticipated Partial Expensing Allowance Response (solid) | Investment Spending Response to an Adverse Capital Efficiency Shock Model with Capital Adjustment Costs Without an Anticipated Partial Expensing Allowance Response (dotted) | Investment Spending Response to an Adverse Capital Efficiency Shock Model with Investment Adjustment Costs With an Anticipated Partial Expensing Allowance Response (solid) | Investment Spending Response to an Adverse Capital Efficiency Shock Model with Investment Adjustment Costs Without an Anticipated Partial Expensing Allowance Response (dotted) | |
|---|---|---|---|---|---|---|
| -8.18 | 0.89 | -62.97 | -54.79 | -6.73 | -7.62 | |
| 1 | -8.85 | 2.92 | -50.37 | -41.52 | -9.75 | -12.67 |
| 2 | -9.64 | 6.18 | -42.38 | -32.73 | -9.65 | -15.83 |
| 3 | -10.51 | 10.77 | -37.24 | -26.73 | -6.85 | -17.61 |
| 4 | 28.35 | 16.75 | 5.87 | -22.48 | -1.67 | -18.43 |
| 5 | 27.33 | 22.13 | 7.97 | -19.36 | 3.56 | -18.57 |
| 6 | 27.55 | 26.92 | 10.56 | -16.99 | 8.64 | -18.28 |
| 7 | 28.49 | 31.15 | 13.36 | -15.12 | 13.44 | -17.71 |
| 8 | 29.86 | 34.79 | 16.24 | -13.62 | 17.82 | -16.97 |
| 9 | 31.48 | 37.81 | 19.10 | -12.38 | 21.66 | -16.14 |
| 10 | 33.27 | 40.15 | 21.93 | -11.34 | 24.86 | -15.29 |
| 11 | 35.15 | 41.73 | 24.69 | -10.45 | 27.30 | -14.44 |
| 12 | 37.10 | 42.47 | 27.41 | -9.69 | 28.86 | -13.61 |
| 13 | 39.11 | 42.26 | 30.08 | -9.04 | 29.43 | -12.83 |
| 14 | 41.18 | 40.96 | 32.71 | -8.46 | 28.87 | -12.09 |
| 15 | 43.29 | 38.47 | 35.33 | -7.96 | 27.07 | -11.40 |
| 16 | 5.68 | 34.64 | -1.84 | -7.52 | 23.88 | -10.76 |
| 17 | 7.98 | 31.43 | 0.85 | -7.13 | 21.26 | -10.17 |
| 18 | 9.09 | 28.73 | 2.29 | -6.79 | 19.11 | -9.63 |
| 19 | 9.51 | 26.46 | 3.02 | -6.49 | 17.33 | -9.12 |
| 20 | 9.56 | 24.52 | 3.34 | -6.22 | 15.86 | -8.66 |
Figure 10A: Temporary Capital Tax Cut Partial-Equilibrium Model
| Capital Capital Adjustment Costs (blue) | Capital Investment Adjustment Costs (red) | Investment Capital Adjustment Costs (blue) | Investment Investment Adjustment Costs (red) | Rental Rate Capital Adjustment Costs (blue) | Rental Rate Investment Adjustment Costs (red) | |
|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 30.58 | 5.85 | 0.00 | 0.00 | |
| 1 | 1.05 | 0.20 | 27.54 | 10.20 | -0.06 | -0.01 |
| 2 | 1.95 | 0.54 | 24.51 | 13.19 | -0.10 | -0.03 |
| 3 | 2.72 | 0.98 | 21.49 | 14.95 | -0.15 | -0.05 |
| 4 | 3.37 | 1.45 | 18.44 | 15.66 | -0.18 | -0.08 |
| 5 | 3.88 | 1.94 | 15.33 | 15.45 | -0.21 | -0.10 |
| 6 | 4.27 | 2.40 | 12.16 | 14.48 | -0.23 | -0.13 |
| 7 | 4.54 | 2.81 | 8.89 | 12.93 | -0.24 | -0.15 |
| 8 | 4.69 | 3.16 | 5.49 | 10.94 | -0.25 | -0.17 |
| 9 | 4.72 | 3.43 | 1.94 | 8.71 | -0.25 | -0.18 |
| 10 | 4.62 | 3.61 | -1.79 | 6.40 | -0.25 | -0.19 |
| 11 | 4.41 | 3.70 | -5.72 | 4.21 | -0.24 | -0.20 |
| 12 | 4.06 | 3.72 | -5.27 | 2.32 | -0.22 | -0.20 |
| 13 | 3.74 | 3.67 | -4.86 | 0.73 | -0.20 | -0.20 |
| 14 | 3.45 | 3.57 | -4.48 | -0.60 | -0.18 | -0.19 |
| 15 | 3.17 | 3.43 | -4.12 | -1.69 | -0.17 | -0.18 |
| 16 | 2.92 | 3.25 | -3.80 | -2.57 | -0.16 | -0.17 |
| 17 | 2.69 | 3.05 | -3.50 | -3.24 | -0.14 | -0.16 |
| 18 | 2.48 | 2.84 | -3.23 | -3.75 | -0.13 | -0.15 |
| 19 | 2.29 | 2.61 | -2.97 | -4.10 | -0.12 | -0.14 |
| 20 | 2.11 | 2.38 | -2.74 | -4.33 | -0.11 | -0.13 |
Figure 10B: Temporary Capital Tax Cut General-Equilibrium Flexible-price and Flexible-wage Model
| Capital: Capital Adjustment Costs (blue) | Capital:Investment Adjustment Costs (red) | Investment: Capital Adjustment Costs (blue) | Investment: Investment Adjustment Costs (red) | Rental Rate: Capital Adjustment Costs (blue) | Rental Rate: Investment Adjustment Costs (red) | |
|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 8.06 | 2.98 | 0.05 | 0.02 | |
| 1 | 0.28 | 0.10 | 7.58 | 4.68 | 0.03 | 0.02 |
| 2 | 0.53 | 0.26 | 7.07 | 5.53 | 0.02 | 0.02 |
| 3 | 0.75 | 0.44 | 6.52 | 5.82 | 0.00 | 0.01 |
| 4 | 0.95 | 0.62 | 5.93 | 5.72 | -0.01 | 0.00 |
| 5 | 1.12 | 0.80 | 5.30 | 5.37 | -0.02 | -0.01 |
| 6 | 1.26 | 0.95 | 4.62 | 4.85 | -0.03 | -0.02 |
| 7 | 1.38 | 1.09 | 3.90 | 4.20 | -0.04 | -0.03 |
| 8 | 1.46 | 1.19 | 3.12 | 3.49 | -0.05 | -0.03 |
| 9 | 1.52 | 1.27 | 2.30 | 2.76 | -0.06 | -0.04 |
| 10 | 1.55 | 1.32 | 1.43 | 2.05 | -0.06 | -0.05 |
| 11 | 1.54 | 1.35 | 0.49 | 1.45 | -0.07 | -0.05 |
| 12 | 1.51 | 1.35 | 0.48 | 1.06 | -0.07 | -0.06 |
| 13 | 1.47 | 1.34 | 0.47 | 0.80 | -0.06 | -0.06 |
| 14 | 1.44 | 1.32 | 0.46 | 0.63 | -0.06 | -0.06 |
| 15 | 1.40 | 1.30 | 0.45 | 0.52 | -0.06 | -0.06 |
| 16 | 1.37 | 1.27 | 0.44 | 0.44 | -0.06 | -0.06 |
| 17 | 1.34 | 1.24 | 0.43 | 0.39 | -0.06 | -0.05 |
| 18 | 1.31 | 1.22 | 0.42 | 0.35 | -0.06 | -0.05 |
| 19 | 1.28 | 1.19 | 0.41 | 0.33 | -0.06 | -0.05 |
| 20 | 1.25 | 1.16 | 0.40 | 0.31 | -0.06 | -0.05 |
Figure 10C: Temporary Capital Tax Cut General-Equilibrium Sticky-price and Sticky-wage Model
| Capital: Capital Adjustment Costs (blue) | Capital: Investment Adjustment Costs (red) | Investment: Capital Adjustment Costs (blue) | Investment: Investment Adjustment Costs (red) | Rental Rate: Capital Adjustment Costs (blue) | Rental Rate: Investment Adjustment Costs (red) | |
|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 32.26 | 6.00 | 0.11 | 0.04 | |
| 1 | 1.10 | 0.21 | 28.78 | 10.58 | 0.14 | 0.08 |
| 2 | 2.05 | 0.56 | 26.41 | 13.92 | 0.12 | 0.10 |
| 3 | 2.88 | 1.02 | 24.57 | 16.19 | 0.08 | 0.10 |
| 4 | 3.63 | 1.54 | 22.90 | 17.53 | 0.03 | 0.09 |
| 5 | 4.29 | 2.08 | 21.19 | 18.10 | -0.03 | 0.07 |
| 6 | 4.86 | 2.63 | 19.31 | 18.01 | -0.10 | 0.04 |
| 7 | 5.36 | 3.16 | 17.17 | 17.41 | -0.15 | -0.00 |
| 8 | 5.76 | 3.65 | 14.71 | 16.41 | -0.21 | -0.04 |
| 9 | 6.07 | 4.08 | 11.91 | 15.16 | -0.26 | -0.08 |
| 10 | 6.27 | 4.46 | 8.72 | 13.79 | -0.30 | -0.12 |
| 11 | 6.35 | 4.78 | 5.12 | 12.47 | -0.33 | -0.16 |
| 12 | 6.31 | 5.04 | 5.48 | 11.36 | -0.35 | -0.19 |
| 13 | 6.28 | 5.26 | 5.57 | 10.43 | -0.35 | -0.22 |
| 14 | 6.26 | 5.44 | 5.52 | 9.64 | -0.35 | -0.24 |
| 15 | 6.23 | 5.58 | 5.39 | 8.97 | -0.35 | -0.26 |
| 16 | 6.20 | 5.70 | 5.23 | 8.39 | -0.35 | -0.28 |
| 17 | 6.17 | 5.79 | 5.06 | 7.88 | -0.34 | -0.29 |
| 18 | 6.13 | 5.86 | 4.89 | 7.44 | -0.33 | -0.29 |
| 19 | 6.09 | 5.91 | 4.73 | 7.04 | -0.33 | -0.30 |
| 20 | 6.04 | 5.95 | 4.58 | 6.68 | -0.32 | -0.30 |
Figure 11
| Capital Partial Expensing Allowance (blue solid) | Capital Cut in the Capital Tax Rate (blue dotted) | Investment Partial Expensing Allowance (blue solid) | Investment Cut in the Capital Tax Rate (blue dotted) | Tax Revenue Partial Expensing Allowance (blue solid) | Tax Revenue Cut in the Capital Tax Rate (blue dotted) | Output Partial Expensing Allowance (blue solid) | Output Cut in the Capital Tax Rate (blue dotted) | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 30.43 | 32.23 | -10.74 | -5.31 | 5.79 | 6.15 | |
| 1 | 1.04 | 1.10 | 29.21 | 28.75 | -10.90 | -6.14 | 5.56 | 5.50 |
| 2 | 2.01 | 2.05 | 29.26 | 26.39 | -10.80 | -6.74 | 5.61 | 5.10 |
| 3 | 2.94 | 2.88 | 30.07 | 24.55 | -10.56 | -7.22 | 5.82 | 4.80 |
| 4 | 3.87 | 3.62 | 31.33 | 22.89 | -10.24 | -7.68 | 6.13 | 4.55 |
| 5 | 4.81 | 4.28 | 32.86 | 21.18 | -9.88 | -8.16 | 6.49 | 4.29 |
| 6 | 5.77 | 4.86 | 34.56 | 19.29 | -9.51 | -8.67 | 6.90 | 3.99 |
| 7 | 6.75 | 5.35 | 36.37 | 17.15 | -9.14 | -9.25 | 7.33 | 3.63 |
| 8 | 7.76 | 5.76 | 38.27 | 14.70 | -8.79 | -9.89 | 7.78 | 3.21 |
| 9 | 8.81 | 6.06 | 40.22 | 11.90 | -8.44 | -10.61 | 8.24 | 2.71 |
| 10 | 9.88 | 6.26 | 42.24 | 8.71 | -8.11 | -11.40 | 8.72 | 2.13 |
| 11 | 10.99 | 6.35 | 44.31 | 5.12 | -7.79 | -12.27 | 9.21 | 1.46 |
| 12 | 12.13 | 6.31 | 6.67 | 5.48 | 1.19 | -0.02 | 2.11 | 1.54 |
| 13 | 11.94 | 6.28 | 8.93 | 5.57 | 1.48 | -0.08 | 2.60 | 1.56 |
| 14 | 11.84 | 6.25 | 10.01 | 5.51 | 1.51 | -0.16 | 2.83 | 1.54 |
| 15 | 11.78 | 6.23 | 10.41 | 5.39 | 1.39 | -0.26 | 2.91 | 1.51 |
| 16 | 11.73 | 6.20 | 10.43 | 5.23 | 1.21 | -0.35 | 2.91 | 1.48 |
| 17 | 11.69 | 6.17 | 10.25 | 5.06 | 0.99 | -0.45 | 2.87 | 1.44 |
| 18 | 11.64 | 6.13 | 9.97 | 4.89 | 0.76 | -0.54 | 2.81 | 1.40 |
| 19 | 11.58 | 6.09 | 9.66 | 4.72 | 0.54 | -0.62 | 2.74 | 1.36 |
| 20 | 11.51 | 6.04 | 9.33 | 4.57 | 0.32 | -0.70 | 2.66 | 1.33 |
Figure 12
| Capital Partial Expensing Allowance (red solid) | Capital Cut in the Capital Tax Rate (red dotted) | Investment Partial Expensing Allowance (red solid) | Investment Cut in the Capital Tax Rate (red dotted) | Tax Revenue Partial Expensing Allowance (red solid) | Tax Revenue Cut in the Capital Tax Rate (red dotted) | Output Partial Expensing Allowance (red solid) | Output Cut in the Capital Tax Rate (red dotted) | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 7.67 | 5.08 | -15.66 | -9.29 | 1.43 | 0.96 | |
| 1 | 0.26 | 0.17 | 14.39 | 8.95 | -14.03 | -8.46 | 2.69 | 1.69 |
| 2 | 0.75 | 0.47 | 20.25 | 11.78 | -12.61 | -7.86 | 3.82 | 2.24 |
| 3 | 1.41 | 0.86 | 25.33 | 13.70 | -11.39 | -7.47 | 4.81 | 2.62 |
| 4 | 2.23 | 1.30 | 29.65 | 14.84 | -10.36 | -7.26 | 5.68 | 2.87 |
| 5 | 3.17 | 1.76 | 33.21 | 15.32 | -9.53 | -7.20 | 6.41 | 2.99 |
| 6 | 4.20 | 2.23 | 35.99 | 15.25 | -8.90 | -7.27 | 7.02 | 3.01 |
| 7 | 5.28 | 2.67 | 37.93 | 14.74 | -8.48 | -7.45 | 7.47 | 2.96 |
| 8 | 6.40 | 3.09 | 38.96 | 13.89 | -8.28 | -7.70 | 7.76 | 2.83 |
| 9 | 7.52 | 3.46 | 39.00 | 12.83 | -8.32 | -8.00 | 7.86 | 2.67 |
| 10 | 8.59 | 3.78 | 37.91 | 11.68 | -8.63 | -8.33 | 7.75 | 2.48 |
| 11 | 9.60 | 4.05 | 35.60 | 10.56 | -9.22 | -8.64 | 7.40 | 2.29 |
| 12 | 10.49 | 4.27 | 31.93 | 9.62 | 7.16 | 1.45 | 6.79 | 2.14 |
| 13 | 11.22 | 4.45 | 28.87 | 8.83 | 6.24 | 1.21 | 6.28 | 2.01 |
| 14 | 11.82 | 4.60 | 26.30 | 8.16 | 5.43 | 1.00 | 5.86 | 1.90 |
| 15 | 12.32 | 4.72 | 24.14 | 7.59 | 4.71 | 0.81 | 5.50 | 1.80 |
| 16 | 12.72 | 4.82 | 22.31 | 7.10 | 4.07 | 0.63 | 5.19 | 1.72 |
| 17 | 13.05 | 4.90 | 20.75 | 6.67 | 3.50 | 0.48 | 4.93 | 1.64 |
| 18 | 13.31 | 4.96 | 19.40 | 6.30 | 2.98 | 0.34 | 4.70 | 1.58 |
| 19 | 13.52 | 5.01 | 18.23 | 5.96 | 2.51 | 0.20 | 4.50 | 1.52 |
| 20 | 13.68 | 5.04 | 17.20 | 5.66 | 2.08 | 0.08 | 4.31 | 1.46 |