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Update documentation to remove OG-USA-Calibration references
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jdebacker authored Aug 30, 2021
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13 changes: 12 additions & 1 deletion .gitignore
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*.pyc
MANIFEST
build/*
dist/*
*.cache/
.coverage
.coveragerc
htmlcov/*
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*/OUTPUT/*
envs/
*.egg-info/
dask-worker-space/
*dask-worker-space*
.ipynb_checkpoints*
*/__pycache__/*
docs/book/_build/*
docs/build*
examples/OG-USA_example_plots/*
examples/ogusa_example_output.csv
examples/OG-USA-Example/*
2 changes: 1 addition & 1 deletion PSL_catalog.json
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"core_maintainers": {
"start_header": null,
"end_header": null,
"data": "<ul><li><a href=\"https://sites.google.com/site/rickecon/\">Richard Evans</a></li><li><a href=\"http://jasondebacker.com\">Jason DeBacker</a></li></ul>",
"data": "<ul><li><a href=\"https://sites.google.com/site/rickecon/\">Richard W. Evans</a></li><li><a href=\"http://jasondebacker.com\">Jason DeBacker</a></li></ul>",
"source": null,
"type": "html"
},
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21 changes: 14 additions & 7 deletions README.md
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[![Codecov](https://codecov.io/gh/PSLmodels/OG-USA/branch/master/graph/badge.svg)](https://codecov.io/gh/PSLmodels/OG-USA)

# OG-USA
OG-USA is an overlapping-generations (OG) model that allows for dynamic general equilibrium analysis of fiscal policy for the United States. OG-USA is build on the [OG-Core](https://github.com/PSLmodels/OG-Core) framework. The model output includes changes in macroeconomic aggregates (GDP, investment, consumption), wages, interest rates, and the stream of tax revenues over time. Regularly updated documentation of the model theory--its output, and solution method--and the Python API is available at [https://pslmodels.github.io/OG-Core](https://pslmodels.github.io/OG-Core) and documentation of the specific United States calibration of the model is available at [https://pslmodels.github.io/OG-USA](https://pslmodels.github.io/OG-USA).
OG-USA is an overlapping-generations (OG) model that allows for dynamic general equilibrium analysis of fiscal policy for the United States. OG-USA is built on the [OG-Core](https://github.com/PSLmodels/OG-Core) framework. The model output includes changes in macroeconomic aggregates (GDP, investment, consumption), wages, interest rates, and the stream of tax revenues over time. Regularly updated documentation of the model theory--its output, and solution method--and the Python API is available at [https://pslmodels.github.io/OG-Core](https://pslmodels.github.io/OG-Core) and documentation of the specific United States calibration of the model is available at [https://pslmodels.github.io/OG-USA](https://pslmodels.github.io/OG-USA).



## Using/contributing to OG-USA

* Install the [Anaconda distribution](https://www.anaconda.com/distribution/) of Python
* Clone this repository to a directory on your computer
* From the terminal (or Conda command prompt), navigate to the directory to which you cloned this repository and run `conda env create -f environment.yml`
* From the terminal (or Conda command prompt), navigate to the directory to which you cloned this repository and run `conda env create -f environment.yml`. The process of creating the `ogusa-dev` conda environment can take more than 20 minutes. The pip install of the `OG-Core` dependency from GitHub takes most of the time.
* Then, `conda activate ogusa-dev`
* Then install by `pip install -e .`
* Navigate to `./examples`
Expand All @@ -24,13 +24,13 @@ OG-USA is an overlapping-generations (OG) model that allows for dynamic general
* This is a summary of the percentage changes in macro variables over the first ten years and in the steady-state.
* `./examples/OG-USA-Example/OUTPUT_BASELINE/model_params.pkl`
* Model parameters used in the baseline run
* See `ogcore.execute.py` for items in the dictionary object in this pickle file
* See [`ogcore.execute.py`](https://github.com/PSLmodels/OG-Core/blob/master/ogcore/execute.py) for items in the dictionary object in this pickle file
* `./examples/OG-USA-Example/OUTPUT_BASELINE/SS/SS_vars.pkl`
* Outputs from the model steady state solution under the baseline policy
* See `ogcore.SS.py` for what is in the dictionary object in this pickle file
* See [`ogcore.SS.py`](https://github.com/PSLmodels/OG-Core/blob/master/ogcore/SS.py) for what is in the dictionary object in this pickle file
* `./examples/OG-USA-Example/OUTPUT_BASELINE/TPI/TPI_vars.pkl`
* Outputs from the model timepath solution under the baseline policy
* See `ogcore.TPI.py` for what is in the dictionary object in this pickle file
* See [`ogcore.TPI.py`](https://github.com/PSLmodels/OG-Core/blob/master/ogcore/TPI.py) for what is in the dictionary object in this pickle file
* An analogous set of files in the `./examples/OUTPUT_REFORM` directory, which represent objects from the simulation of the reform policy

Note that, depending on your machine, a full model run (solving for the full time path equilibrium for the baseline and reform policies) can take more than two hours of compute time.
Expand All @@ -47,9 +47,16 @@ c = Calibration(p)
updated_params = c.get_dict()
p.update_specifications({'initial_debt_ratio': updated_params['initial_debt_ratio']})
```
# Disclaimer
## Disclaimer
The organization of this repository will be changing rapidly, but the `OG-USA/examples/run_og_usa.py` script will be kept up to date to run with the master branch of this repo.

# Citing OG-USA
## Core Maintainers

The core maintainers of the OG-Core repository are:

* [Jason DeBacker](https://www.jasondebacker.com/) (GitHub handle: [jdebacker](https://github.com/jdebacker)), Associate Professor, Department of Economics, Darla Moore School of Business, University of South Carolina; President, PSL Foundation; Vice President of Research and Co-founder, Open Research Group, Inc.
* [Richard W. Evans](https://sites.google.com/site/rickecon/) (GitHub handle: [rickecon](https://github.com/rickecon)), Advisory Board Visiting Fellow, Center for Public Finance, Baker Institute for Public Policy at Rice University; President, Open Research Group, Inc.; Director, Open Source Economics Laboratory

## Citing OG-USA

OG-USA (Version 0.0.0)[Source code], https://github.com/PSLmodels/OG-USA
7 changes: 4 additions & 3 deletions docs/book/_config.yml
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####################################################
# Book settings
title : OG-USA-Calibration
title : OG-USA
author : Jason DeBacker and Richard W. Evans
copyright : '2021'
logo : '..//OG-USA_logo.png'
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####################################################
# Information about where the book exists on the web
repository:
url : https://github.com/PSLmodels/OG-USA-Calibration
url : https://github.com/PSLmodels/OG-USA
path_to_book : 'book'

#######################################################################################
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latex_documents:
targetname : book.tex
bibtex_bibfiles:
- OGUSA_references.bib
- OGUSA_references.bib
- citations.bib
19 changes: 4 additions & 15 deletions docs/book/_toc.yml
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format: jb-book
root: content/intro/intro
parts:
- caption: Contributing to OG-USA-Calibration
- caption: Contributing to OG-USA
chapters:
- file: content/contributing/contributor_guide
- caption: OG-USA-Calibration API
- caption: OG-USA API
chapters:
- file: content/api/public_api
sections:
- file: content/api/bequest_transmission
- file: content/api/calibrate
- file: content/api/demographics
- file: content/api/deterministic_profiles
- file: content/api/estimate_beta_j
- file: content/api/get_micro_data
- file: content/api/income
- file: content/api/macro_params
- file: content/api/transfer_distribution
- file: content/api/txfunc
- caption: Calibration
chapters:
- file: content/calibration/exogenous_parameters
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- file: content/calibration/matching_lwi
- caption: References
chapters:
- file: content/calibration/references
- caption: Citations of OG-USA-Calibration
- file: content/OGUSA_references
- caption: Citations of OG-USA
chapters:
- file: content/citations
207 changes: 207 additions & 0 deletions docs/book/citations.bib
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@TECHREPORT{DeBackerEtAl:2017b,
AUTHOR = {Jason DeBacker and Richard W. Evans and Evan Magnusson and Kerk L. Phillips and Shanthi Ramnath and Isaac Swift},
TITLE = {The Distributional Effects of Redistributional Tax Policy},
INSTITUTION = {Open Source Macroeconomics Laboratory},
YEAR = {2017b},
type = {mimeo},
month = {January},
}

@Article{DEP:2019,
author={Jason DeBacker and Richard W. Evans and Kerk L. Phillips},
title={{Integrating Microsimulation Models of Tax Policy into a DGE Macroeconomic Model}},
journal={Public Finance Review},
year=2019,
volume={47},
number={2},
pages={207-275},
month={March},
keywords={microsimulation; effective tax rates; marginal tax rates; dynamic general equilibrium; dynamic scori},
doi={},
abstract={This article proposes a method for integrating individual effective tax rates and marginal tax rates computed from a microsimulation (partial equilibrium) model of tax policy with a dynamic general equilibrium model of tax policy that can provide macroeconomic analysis or dynamic scores of tax reforms. Our approach captures the rich heterogeneity, realistic demographics, and tax-code detail of the microsimulation model and allows this detail to inform a general equilibrium model with a relatively high degree of heterogeneity. In addition, we propose a functional form in which tax rates depend jointly on the levels of both capital income and labor income.},
url={https://ideas.repec.org/a/sae/pubfin/v47y2019i2p207-275.html}
}

@TECHREPORT{Pomerleau2020b,
AUTHOR = {Kyle Pomerleau},
TITLE = {An analysis of Joe Biden’s tax proposals, October 2020 update},
INSTITUTION = {American Enterprise Institute},
YEAR = {2020},
type = {AEI Report},
month = {October},
url = {https://www.aei.org/research-products/report/an-analysis-of-joe-bidens-tax-proposals-october-2020-update/}
}

@TECHREPORT{DEP2020,
AUTHOR = {Jason DeBacker and Richard Evans and Kyle Pomerleau},
TITLE = {An analysis of Joe Biden’s tax proposals},
INSTITUTION = {American Enterprise Institute},
YEAR = {2020},
type = {AEI Report},
month = {June},
url = {https://www.aei.org/research-products/report/an-analysis-of-joe-bidens-tax-proposals/}
}

@Article{DeBackerFrailey:2019,
author={Jason DeBacker and Anderson Frailey},
title={Revenue and Macroeconomic Effects of a 70% Marginal Tax Rate},
journal={Quantitative Notes},
year=2019,
volume={},
number={2019-1},
pages={},
month={March},
keywords={},
doi={},
abstract={Recently, there has been considerable dis- cussion of a significant increase in the top marginal income tax rate. A salient top marginal tax rate is 70%. This note simulates the effects of a 70% top rate on different groups of filers and shows the im- pacts on revenue and macroeconomic aggregates. We find that an increase in the top marginal tax rate to 70% raises between $5 billion and $250 billion per year over the first 10 years, depending on the size of the top bracket to which this rate is applied. However, our macroeconomic simulations show that a 70% top rate lowers GDP by between 1.7% and 0.1% in the near term, although there may be posi- tive effects on GDP in the longer term.},
url={https://www.openrg.com/reports/70pctMTR_QN.pdf}
}

@Article{Evans:2018,
author={Richard W. Evans},
title={Dynamic Analysis of EITC Expansion},
journal={Quantitative Notes},
year=2018,
volume={},
number={2018-2},
pages={},
month={May},
keywords={},
doi={},
abstract={This Quantitative Note uses the OG-USA open source dynamic general equilibrium overlap- ping generations model to perform a dynamic analy- sis of the Brown-Khanna Grow American Incomes Now (GAIN) Act, which proposes to increase the generosity and scope of the earned income tax credit (EITC) in the United States. I show a simulation of the macroeconomic effects as well as distributional analysis resulting from the GAIN Act. I also sim- ulate the effects of a revenue neutral GAIN Act in which an increase in the marginal income tax rates in the top two personal income brackets exactly off- sets the reduction in total federal tax revenue from the EITC expansion. In the case of the GAIN Act alone, the economy experiences short-run gains, but the increased government debt quickly crowds out in- vestment and causes the economy to start shrinking significantly. In the revenue neutral case, the cost is primarily in terms of large labor supply frictions and a reallocation of the household labor-leisure and consumption-savings decisions.},
url={https://www.openrg.com/reports/QN_EITC_v1.1.pdf}
}

@Article{DeBackerEvans:2018,
author={Jason DeBacker and Richard W. Evans},
title={Dynamic Analysis of Tax Cuts and Jobs Act},
journal={Quantitative Notes},
year=2018,
volume={},
number={2018-1},
pages={},
month={February},
keywords={},
doi={},
abstract={This Quantitative Note uses the OG-USA open source dynamic general equilibrium overlap- ping generations model to simulate the effect of the Tax Cuts and Jobs Act. We simulate this reform under the assumptions of a closed economy and small open economy. In both cases, the TCJA reform causes significant growth in GDP and employment between 1% and 2% per year in the first 8 years. However, the increasing debt-to-GDP ratio quickly crowds out investment and causes a drag on the economy. Wage growth can range from nearly nonexistent to a mod- est 0.6%, depending critically on the assumption of how much capital will flow into the country.},
url={https://www.openrg.com/reports/QN_ogusa_TCJA.pdf}
}

@Article{Evans:2017,
author={Richard W. Evans},
title={Dynamic Analysis of Corporate Income Tax Rate Cut},
journal={Quantitative Notes},
year=2017,
volume={},
number={2017-4},
pages={},
month={November},
keywords={},
doi={},
abstract={This Quantitative Note uses the OG-USA open source dynamic general equilibrium overlap- ping generations model to simulate the effect of cut- ting the U.S. corporate income tax rate from 35% to 20%. I simulate this rate cut under the assump- tions of a closed economy and small open economy, respectively. In both cases, the corporate rate cut causes government revenues to decrease and the debt-to-GDP ratio to increase. In the small open economy scenario, GDP and wages increase by around 3.0%, and 2.5%, respectively. However, in the closed economy setting in which the increased debt service must be satisfied by domestic savings (crowding out), the GDP and wage gains are much smaller and short lived.},
url={https://www.openrg.com/reports/QN_CorpCut.pdf}
}

@TECHREPORT{DEP:2015,
AUTHOR = {Jason DeBacker and Richard W. Evans and Kerk L. Phillips},
TITLE = {Macroeconomic effects of a 10% cut in statutory marginal income tax rates on ordinary income},
INSTITUTION = {American Enterprise Institute},
YEAR = {2015},
type = {AEI Economic Policy Working Paper Series},
month = {December},
}

@Article{Ferenstein:2018,
author={Gregory Ferenstein},
title={Can The U.S. Afford A Massive Wage Subsidy? A Macroeconomic Simulation},
journal={Forbes},
year=2018,
volume={},
number={},
pages={},
month={September},
keywords={},
doi={},
abstract={},
url={https://www.forbes.com/sites/gregoryferenstein/2018/09/30/can-the-us-afford-a-massive-wage-subsidy-a-macroeconomic-simulation/#614ea9032502}
}

@TECHREPORT{MichelFurth:2017b,
AUTHOR = {Adam Michel and Salim Furth},
TITLE = {For Pro-Growth Tax Reform, Expensing Should Be the Focus},
INSTITUTION = {The Heritage Foundation},
YEAR = {2017},
type = {Taxes Report},
month = {August},
url = {https://www.heritage.org/taxes/report/pro-growth-tax-reform-expensing-should-be-the-focus}
}

@TECHREPORT{MichelFurth:2017a,
AUTHOR = {Norbert Michel and Salim Furth},
TITLE = {The Macroeconomic Impact of Dodd Frank—and of Its Repeal},
INSTITUTION = {The Heritage Foundation},
YEAR = {2017},
type = {Taxes Report},
month = {April},
url = {https://www.heritage.org/markets-and-finance/report/the-macroeconomic-impact-dodd-frank-and-its-repeal}
}

@TECHREPORT{Hassett:2015,
AUTHOR = {Kevin A. Hassett},
TITLE = {On the Dynamic Scoring of Fiscal Policy},
INSTITUTION = {},
YEAR = {2015},
type = {Congressional Testimony},
month = {July},
url = {https://www.aei.org/wp-content/uploads/2015/07/Hassett_DynamicScoring_final-00000002.pdf}
}

@TECHREPORT{Hassett:2016,
AUTHOR = {Kevin A. Hassett},
TITLE = {Statement before the House Ways and Means Committee: Reaching America’s Potential: Delivering Growth and Opportunity for All Americans},
INSTITUTION = {},
YEAR = {2016},
type = {Congressional Testimony},
month = {February},
url = {https://www.aei.org/wp-content/uploads/2016/02/KHtestimony.pdf}
}

@TECHREPORT{DEP:2021a,
AUTHOR = {Jason DeBacker and Richard W. Evans and Benjamin R. Page},
TITLE = {A Detailed Macroeconomic Analysis of President Biden's 2020 Campaign Tax Proposals},
INSTITUTION = {Tax Policy Center},
YEAR = {2021},
type = {Working Paper},
month = {July},
url = {https://www.taxpolicycenter.org/publications/detailed-macroeconomic-analysis-president-bidens-2020-campaign-tax-proposals}
}

@TECHREPORT{DEP:2021b,
AUTHOR = {Jason DeBacker and Richard W. Evans and Benjamin R. Page},
TITLE = {A Sensitivity Analysis of a Detailed Macroeconomic Analysis of President Biden's 2020 Campaign Tax Proposals},
INSTITUTION = {Tax Policy Center},
YEAR = {2021},
type = {Working Paper},
month = {July},
url = {https://www.taxpolicycenter.org/publications/sensitivity-analysis-detailed-macroeconomic-analysis-president-bidens-2020-campaign-tax}
}

@TECHREPORT{DEP:2021c,
AUTHOR = {Benjamin R. Page and Jeffrey Rohaly and Thornton Matheson and Gordon B. Mermin and Jason DeBacker and Richard W. Evans},
TITLE = {Macroeconomic Analysis of Former Vice President Biden's Tax Proposals},
INSTITUTION = {Tax Policy Center},
YEAR = {2021},
type = {Brief},
month = {July},
url = {https://www.taxpolicycenter.org/publications/macroeconomic-analysis-former-vice-president-bidens-tax-proposals}
}

@TECHREPORT{Page:2021,
AUTHOR = {Benjamin R. Page},
TITLE = {TPC Experiments with Another Model to Estimate the Economic Effects of Tax Law Changes},
INSTITUTION = {Tax Policy Center},
YEAR = {2021},
type = {TaxVox: Campaigns, Proposals, and Reforms},
month = {July},
url = {https://www.taxpolicycenter.org/taxvox/tpc-experiments-another-model-estimate-economic-effects-tax-law-changes}
}
5 changes: 5 additions & 0 deletions docs/book/content/OGUSA_references.md
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# References

```{bibliography} ../OGUSA_references.bib
:style: plain
```
8 changes: 3 additions & 5 deletions docs/book/content/api/bequest_transmission.rst
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Bequest Transmission Process Estimation Functions
=================================================

**Bequest Transmission Process Estimation Functions**
**bequest_transmission.py modules**

ogusa_calibrate.bequest_transmission
ogusa.bequest_transmission
------------------------------------------

.. currentmodule:: ogusa_calibrate.bequest_transmission

.. automodule:: ogusa_calibrate.bequest_transmission
.. automodule:: ogusa.bequest_transmission
:members: MVKDE, get_bequest_matrix
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Main Calibration Functions
=================================================

**Main Calibration Functions**
**calibrate.py classes, methods, and modules**

ogusa_calibrate.calibrate
ogusa.calibrate
------------------------------------------

.. currentmodule:: ogusa_calibrate.calibrate
.. currentmodule:: ogusa.calibrate

.. automodule:: Calibrate
.. autoclass:: Calibration
:members: get_tax_function_parameters, read_tax_func_estimate, get_dict
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