     
     MODEL > gary
     
     ENDOG >   
     
               pdotgdp  
               rff      
               m2       
               m2q      
               m2USp     
		       lgdpn    
               ygapgdp  
               contr    
               price    
               vbar     
               pdotUS    
               rffUS     
               ygapUS    
               m2US      
               rho40    
               tymeq    
               one      
     
     EQUATION > pdotgdp
     EQ >       pdotgdp = 4.0*(price - LAG(price,1))
     
     EQUATION > rff
     EQ >       rff =
                      rl11    * LAG(rff,1) 
                    + rl21    * LAG(rff,2) 
                    + rl31    * LAG(rff,3)
                    + am11    * LAG(m2q,1)
               + am21    * LAG(m2q,2)
                    + ay01    *     ygapgdp
                    + cUSr1    *     one
                    +               rffUS
      
     EQUATION > m2USp
     EQ >       m2USp = m2 - price
     
     EQUATION > m2q
     EQ >       m2q = 4.0 * (m2 - LAG(m2,1))
     
     EQUATION > m2
     EQ >       m2USp - LAG(m2USp,1) = 
                      ec     *  ( LAG(m2USp,1) 
                                - cm2y*LAG(lgdpn,1) - cm2r*LAG(rff,1) - 
     cm2c*one)
                     +     m2dm21 *  (LAG(m2USp,1) - LAG(m2USp,2))
                +     m2dr1  *  (LAG(rff,1) - LAG(rff,2))
                +     cUSm2   *      one
                +                   m2US
     
     EQUATION > lgdpn
     EQ >       ygapgdp = lgdpn - 0.00443571635291 * tymeq - 
     2.41663747917695*one
     
     EQUATION > ygapgdp
     EQ >       ygapgdp = 
                       yl11   * LAG(ygapgdp,1)
                     + yl21   * LAG(ygapgdp,2)
                     - yrho   * LAG(rho40,1) 
                     + cUSy    *     one
                     +             ygapUS
      
     EQUATION > contr
     EQ >       contr - price = 
               (.25 + 1.5 * slope) * (     vbar    + cy *      ygapgdp   
     )
             + (.25 +  .5 * slope) * (LEAD(vbar,1) + cy * 
     LEAD(ygapgdp,1))
             + (.25 -  .5 * slope) * (LEAD(vbar,2) + cy * 
     LEAD(ygapgdp,2))
             + (.25 - 1.5 * slope) * (LEAD(vbar,3) + cy  * 
     LEAD(ygapgdp,3))
             +      pdotUS
     
     EQUATION > price
     EQ >       price =  (.25 + 1.5 * slope) *     contr 
                       + (.25 +  .5 * slope) * LAG(contr,1) 
                       + (.25 -  .5 * slope) * LAG(contr,2) 
                       + (.25 - 1.5 * slope) * LAG(contr,3) 
     
     EQUATION > vbar
     EQ >       vbar =   
           (.25 + 1.5 * slope) * (    contr    -     price   )
         + (.25 +  .5 * slope) * (LAG(contr,1) - LAG(price,1))
         + (.25 -  .5 * slope) * (LAG(contr,2) - LAG(price,2)) 
         + (.25 - 1.5 * slope) * (LAG(contr,3) - LAG(price,3)) 
     
     
     EQUATION > pdotUS
     EQ >       pdotUS = 0*one
     
     EQUATION > rffUS
     EQ >       rffUS = 0*one
     
     EQUATION > ygapUS
     EQ >       ygapUS = 0*one
     
     EQUATION > m2US
     EQ >       m2US = 0*one
     
     EQUATION > rho40
     EQ >       rff - LEAD(pdotgdp,1) = rho40 - 40.0*(LEAD(rho40,1) - 
     rho40)
     
     EQUATION > tymeq
     EQ >       tymeq = LAG(tymeq,1) + 1.0*one
     
     EQUATION > one
     EQ >       one = LAG(one,1)
     
     END
     
