The Ramsey Steady State under Optimal Monetary and Fiscal Policy for Small Open Economies
Banco Central do Brasil
Medium-scale DSGE model for small open economies with Calvo price and wage stickiness, habit persistence in consumption, investment adjustment costs, capital utilization costs, cash-in-advance constraint, portfolio adjustment costs for domestic
monopolistic competition with Calvo pricing in all sectors, local currency pricing for imports and exports
Table 4.1 line 1
Baseline scenario with complete set of instruments (consumption, labor, capital taxes), Calvo prices αn=0.6, αm=0.6
Authors describe as baseline scenario in Table 4.1 line 1 and Section 4.1