Global code - #32
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…TATE.md Relocates all standalone Python model files into code/global/ and removes the old flat code/ layout. Updates STATE.md with the full fix log (BUG-1 through ISSUE-5), post-fix Walras residuals, BD mechanism results, and the W-G1 structural limitation explanation. Co-Authored-By: Claude Sonnet 4.6 <noreply@anthropic.com>
Introduces risk_branch.py (two-branch expectations, bond decomposition), full test suite under tests/, and calibration/bank/transition/government updates supporting the CK–Bocola pass-through experiment. Co-Authored-By: Claude Sonnet 4.6 <noreply@anthropic.com>
…mprovements in clarity Co-Authored-By: Claude Sonnet 4.6 <noreply@anthropic.com>
Co-Authored-By: Claude Sonnet 4.6 <noreply@anthropic.com>
Comment out the Cole-Kehoe sunspot section in main.py (flag off, call and CLI override disabled) so the default pipeline runs SS + TFP only. Includes accumulated model/calibration/plot refinements and the sunspot transition study notes. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
The Cole-Kehoe/Bocola risk-only experiment was near-inert and wrong-signed:
a persistent rise in priced default probability RAISED consumption and barely
moved output. Forensics (docs/sunspot_transition_study.md §8) traced this to
three compounding causes, each fixed here.
1. Priced event was ~6x too mild. delta_b/recovery had been reverted to
0.25/0.80 (~1y duration, 20% haircut); pure repricing was -5.3% vs -30.1%
at the documented 0.036/0.45 (7y GR/DE duration, Greek PSI haircut).
-> calibration.py: restored delta_b=0.036, recovery_rate=0.45.
2. The GK bank block ABSORBED the shock instead of amplifying it. In the
feared default branch capital lost far less than bonds, so capital was the
"safe haven", two-branch pricing drove the IC multiplier mu NEGATIVE (the
always-binding IC violated in equilibrium), the pricing wedge lambda*mu/Omega
collapsed and propped bond prices up, and the imposed IC equality with
alpha falling forced an equilibrium bank-RECAPITALIZATION boom (n, I, Q up).
-> capital.py: def_capital_quality_D (GK capital-quality loss, quality0
hook applied once at branch h=0) so capital is NOT the branch safe
haven; base-path mu_D is positive again. xi_K=0.05 (0.10 tested/rejected:
over-compresses mu, flips C_D[0] positive).
3. Output had no transmission channel. Impact Y is pinned by the static GHH
labour identity; no spread ever entered production (a -30% bond crash /
-20% bank equity moved Y_D only -0.2%).
-> firms.py + transition.py: Neumeyer-Perri working-capital wedge
(zeta_wc=1), firms pre-finance the wage bill at rdep(-1)+lambda*mu/Omega;
the wedge enters labour demand, financing income routes to household
dividends (goods-market identity preserved; zeta=0 nests exactly).
Branch feasibility (the documented PSI event wipes out bank equity):
- risk_branch.py: restored the haircut feasibility ladder (as homotopy /
fallback) AND a contingent government recapitalization (recap_share_D=0.5,
HFSF/EFSF analogue) financed by branch issuance; attempt order
full -> full+recap -> ladder(+recap); branch["rescue_mode"] reports which.
The full PSI event is now priced. _shifted_y0 scales the Kap block by the
capital-quality profile so branch probes clear the Jermann penalty wall.
- government.py: recap_path plumbing; Bohn rule now responds to the SURVIVING
stock (taxing the pre-haircut stock was a ~31%-of-GDP one-quarter tax spike
that alone made full-event branches infeasible; a no-op when def_real=0).
- bank.py: recap_D/F equity injection added to retained net worth (not gross
income); threaded through transition._inner_economy.
Guardrails / calibration:
- transition.py: mu-monitor warns when the IC multiplier goes negative on a
solved path (out["mu_min_D/F"]); surfaced in main.py's CK table.
- calibration.py: T back to 200; centerpiece sunspot 1%*0.95^t.
- steady_state.py/firms.py: SS working-capital dividend routing (SS Walras 2e-10).
Results (sunspot 1%*0.95^t, T=200): 12/13 CLAUDE.md sign criteria pass -
Q_bD[0] -5.7%, n_D[0] -3.4%, n_F[0] -2.4%, Y_D[0] down, C_D[0] down, lending
spread +343bp, risk premium +73bp, base-path mu_D=+0.010>0, rescue full+recap.
Remaining item (risk-on n_D[0] above risk-off) is the M1 deposit-rate channel,
kept as a test warning pending the deferred union deposit market.
Tests: test_risk_channel re-promotes the two directional asserts (risk-on
Q_bD[0]<off, mu_D>0) and adds branch-budget/surv_d and quality0/zeta nesting
asserts; all of test_ss_identities, test_bank_block, test_fast_kernels,
test_signs_bocola, test_transition_walras, test_risk_channel pass.
Docs: CLAUDE.md, docs/STATE.md, docs/sunspot_transition_study.md §8 updated.
This commit also lands accumulated standalone-model infrastructure that was
already uncommitted in the working tree (solvers.py parallel-FD-Jacobian
Newton + jac_cache, fast_kernels.py numba EGM/distribution kernels with numpy
fallback, and the distribution/household/plots/trade refinements they depend
on) — transition.py imports solvers.py, so these are required for a working
build.
Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Make solve_default_branch price a single fixed feared event instead of searching, and update the runtime function reference to match this and the rest of the 2026-07-15 rework. Branch behaviour (risk_branch.py, calibration.py): - The branch now does ONE deterministic solve of a fixed event: branch_haircut_scale (new, default 1.0 = full Greek-PSI haircut) with the government recap on (recap_share_D > 0). No search on the common path. - The old feasibility ladder (scan over scales 0.075…1.0) is demoted to an opt-in fallback, branch_use_ladder (new, default False). If the fixed event is infeasible the branch RAISES with an actionable hint (raise recap_share_D, lower branch_haircut_scale, or enable the ladder) instead of silently searching. - Removes a wasted probe: the previous attempt order tried the full event WITHOUT recap first, which always failed at the PSI calibration and burned a full transition solve every risk round. - Drops the now-unused target_scale/target_mode plumbing from solve_default_branch and its caller. Verified identical to the previous behaviour: rescue_mode=full+recap, scale=1.0, Q_bD[0] -5.67%, n_D[0] -3.44%, n_F[0] -2.39%, min mu_D +0.010 — the full+recap event is exactly what the old ladder landed on. Docs (docs/function_reference.md + rebuilt .pdf): updated every entry the 2026-07-15 rework touched — solve_default_branch (was still stating "the feasibility ladder was removed … recapitalization is not modelled"), solve_capital_path (quality0 capital-quality loss), govt_transition (recap outlays + Bohn rule on the surviving stock), steady_state_firm/solve_firm_path (working-capital wedge), _inner_economy (wedge, recap threading, mu-monitor), and solve_transition (accept_tol, mu_min returns, and the actual Newton + jac_cache solver, which the doc still described as the old hybr/krylov path). CLAUDE.md and docs/sunspot_transition_study.md note the ladder is now opt-in. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Codebase-wide readability pass across every module in code/global/, plus a small correctness fix for an edge case the previous commit (d1bd6eb) missed. Comment/docstring cleanup (behaviour-preserving): - Every function now opens with a single one-line summary comment; the long multi-line explanations were trimmed to short inline notes only where the logic is non-obvious. - Removed all triple-quoted docstrings (module + function). - Removed stale objects: beta_guess_D/F and the rk_D/F_guess seeds (always overwritten in solve_steady_state before use), recap_share_F (no F default branch — only recap_share_D is read), the T_arr duplicate of T in transition.py, and the dead ss["ss_cap_D"] guard in plots.py. - Executable code preserved line-for-line. Verified byte-identical: SS (Y_ss=1, Q_bD_ss=0.8780, n_ss=3.2476), TFP transition (goods_D=2.16e-13, min_mu_D=-0.0307), and the sunspot risk-ON path (Q_bD[0]=-5.67%, n_D[0]=-3.44%, min_mu_D=+0.0101) all match the pre-cleanup values exactly. ~1,400 comment lines removed (files ~20-30% shorter). Zero-shock branch guard (risk_branch.solve_transition_ck_risk): - When there is no priced risk anywhere (def_price ≡ 0), return the risk-off path and skip the default-branch solve. This is exactly correct — pi ≡ 0 nests the risk-neutral model — and avoids a fragile branch solve from the healthy SS state, which needs the (now off-by-default) feasibility ladder as a homotopy. Fixes test_zero_shock_with_risk_machinery, which regressed when d1bd6eb turned the ladder off (that commit was validated only on the sunspot path, missing this edge case). Tests: test_ss_identities, test_bank_block, test_fast_kernels, test_signs_bocola, test_transition_walras, and all of test_risk_channel (incl. the re-enabled zero-shock test) pass. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>
…ut branch - Fix Ω-kernel weight swap: Ω = β[f + (1−f)α′] (Bocola Prop. 1; f = exit share, weight 1−f ≈ 0.95 on the franchise value — was 0.05). beta_inter 0.96 → 0.99 (≈ β_hh); recalibrated SS: α_ss = 1.24, λ = 0.31. - Occasionally-binding IC: capital-market residual is now the Fischer-Burmeister complementarity 0 ≤ μ ⊥ αn − λ·assets ≥ 0; portfolio shares and branch inits on actual net worth. No new unknowns. - Default risk is exogenous (Bocola eqs. 11-12): π_t is an input path; Cole-Kehoe zones, zone iterations, and solve_transition_ck deleted. - Pure-haircut feared event (recovery 0.45 on the whole claim): output-cost, ξ_K, and recap patches now diagnostic flags, all 0. Feasible via a numerical recap-share warm-start continuation; branch rk_d < 0 without ξ_K (capital no longer the safe haven), branch μ > 0 throughout. - Removed: F-side default machinery, chi_tilt, sdf_mode empirical/model + kappa_d, branch ladder/haircut scale, anchored entrant mode. - solve_transition_ck_risk → solve_transition_risk(pi_D_path=...); tests and CLAUDE.md updated. Full pipeline 66s; risk fixed point converges in 7 rounds; complementarity ~1e-12 on all solved paths. Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>
- Production uses the stock carried into t: Y_t = Z_t K_{t-1}^a N_t^{1-a};
mpk on the lagged vintage, matching the bank claim return
rk_t = (mpk_t + (1-d)Q_t)/Q_{t-1} exactly. Impact output moves through
hours alone (identity Y^_0 = (1-a)N^_0, tested to 1e-12).
- quality0 (branch capital-quality loss) now hits Y_0 directly (GK11).
- cap_profit re-derived: pure Jermann rents Q(K_t-(1-d)K_lag) - I; the mpk
reconciliation term existed only for the old contemporaneous timing.
- Headline experiment (pi = 1%*0.95^t): Y_D[0] -0.32% (was +0.07%),
I_D[0] -1.16% (was +1.77%) - the impact investment boom is gone.
- New tests: impact-composition identity + headline comovement case.
Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>
- The two national deposit clearings become (i) ONE union-wide clearing in D-good units and (ii) deposit-UIP (1+rdep_D) = (1+rdep_F)p'/p - the flexible-price image of a single union rate with national inflation differentials (BKK/Baxter-Crucini single-traded-bond margin; integrated GK bank funding as in Dedola-Karadi-Lombardo 2013). Zero-profit interbank pass-through -> no Walras leak (goods_F stays at the grid floor). - Cross-border deposit position out['nfa_dep_D'] is the new absorption margin (breaks the national S=I trap behind the M1 comovement problem). - Stage-2 SS: beta_F = beta_D (symmetric-SS doctrine) with an F-market clearing assert; beta value unchanged. - Unknown layout unchanged (7T); bank and household blocks untouched. - Headline experiment (pi = 1%*0.95^t, risk-neutral): Y_D[0] -0.22%, I_D[0] -1.00%; income-SDF sign gate no longer trips in the risk suite. Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>
Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>
… flags Reduce comment noise and dead code across code/global/ without changing model behavior (arithmetic verified bit-identical on every hot path: steady_state_bank over 1980 inputs, bank_backward on the TPI floor path, the CB price floor over 20k draws). - Comment convention: every module and function carries exactly one leading ALL-CAPS comment; further explanation is lowercase # notes on the specific hard line. Docstrings and **bold** markers removed. - New prints.py: all console reporting (SS table, residual checks, risk and TPI diagnostic tables, lending_spread_bps). main.py is now orchestration only; model blocks no longer format output. - market_residuals moved into transition.py as the single definition of the clearing diagnostics, shared by prints.py and the tests (was duplicated in tests/common.py as transition_residuals). - Removed switched-off machinery that was all 0/inert at the baseline: def_output_cost_D, def_output_rho_D, def_capital_quality_D and its quality0 capital plumbing, recap_share_D, the pin_rdep deposit-rate diagnostic, the hybr_factor argument, capital_branch_summary, and the standalone hm_bond_price_ss/hm_bond_return_ss helpers (inlined). The recap continuation survives as _RECAP_LADDER (numerical warm-start scaffolding only). - Docs (CLAUDE.md, function_reference.md, STATE.md) updated to match. Tests: ss_identities, bank_block, fast_kernels, transition_walras, signs_bocola, risk_channel all pass. Full main.py pipeline (SS -> TFP -> risk -> TPI) converges at the documented 1% headline. The pre-existing TPI solver fragility at larger shocks is unchanged (test_tpi on_date=5 and main.py at PI_SHOCK=0.02 stall in the base solve). Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
…nel opt-in code/global's two-branch risk channel produces an expansionary artifact (the crisis-state bank levers into capital as a safe haven); code/bocola2016/ builds a standalone reference solution — Smolyak time-iteration over the true recursive competitive equilibrium — to validate against instead of the finite-horizon branch approximation. main.py now defaults to the liquidity- channel-only headline (RUN_RISK_TWO_BRANCH=False, RUN_TPI=False) with the two-branch run kept available behind a flag; prints.py handles both modes. Co-Authored-By: Claude Sonnet 5 <noreply@anthropic.com>
…alibration fixes Add a recursive global equilibrium solve for the frozen two-country model, replacing the perfect-foresight MIT transition + representative post-default branch with a genuine recursive law of motion: - state_grid.py: Smolyak sparse grid + Chebyshev basis (Krueger-Kubler 2004), square collocation, agreed 8-state box builder. - point_map.py: single-point period map -- the per-period image of transition.py's 7-unknown stacked system; P sufficient for N (no separate household-wealth state). - expectations.py: two-branch Gauss-Hermite quadrature over (eps_s, d') that replaces risk_branch.py's representative branch -- the bad state is the SAME fitted rules at a reachable point. - decision_rules.py: per-regime Chebyshev coefficient layer (SOLVE7 + DERIVED4). - household_ks.py: 1-moment Krusell-Smith household layer over the aggregate state, internally consistent (no separate perceived law of motion). - recursive_residual.py / recursive_main.py: pointwise time-iteration driver (Coleman operator, not a monolithic Newton -- far less stiff at the occasionally-binding kink). - recursive_experiment.py: the pass-through experiment -- elevated priced default probability lowers Y_D and C_D persistently, the sign the representative branch could not deliver. - tests/: state-grid exactness + recursive nesting regression. Calibration realignment to Bocola (2016) Tables 1-2: - leverage^bg 4.0 -> 5.0 and spread 200bp -> 8bp (mu^bg = 0.001, barely-binding SS); the fold that blocked lev 5 was a high-spread artifact. - delta_b 0.036 -> 0.056 (Bocola's pi, HM/CE perpetuity maturing fraction). - B_gov set so D-bank D-sovereign holdings are 7.6% of assets (Bocola exp^bg, Table B1). The old 3.722 misread "93% of bank EQUITY" as debt/GDP, tripling exposure and making default expansionary via a huge fiscal windfall. - phi_lamb -> gamma_tau = 1.0 (Bocola's debt-level tax rule). Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Push the standalone Bocola (2016) reference solve toward his Figure-5 magnitudes and document the residual numerical obstacle honestly. - full_rotated.py / simulate_full.py: PCA-decorrelated 6-state grid + best- iterate tracking. Cuts the infeasible-corner fraction 53% -> 13% and strengthens the pass-through (Q_b -19% at p^d 2.5%, near Bocola's ~-15%). - rotated_grid.py: generalise rotated_from_path to any number of trailing exogenous dims, with optional exog_lo/exog_hi box overrides. - time_iteration_full.py: warm start from saved coefficients + best-iterate return (the two-regime near-unit-root iteration is not globally contractive -- it reaches a good near-fixed-point then oscillates away). - expectations.py: softplus floor on next-period investment so Q_K' is differentiable everywhere (the hard np.where(I'>0) kink made the FD Jacobian noisy); BGP stays a rest point to 1e-12. - newton_collocation.py / full_continue.py: Newton on the stacked collocation residual with Fischer-Burmeister complementarity smoothing (mu an explicit unknown). FB-Newton unstalls where the axis-aligned solve was stuck (residual 0.037 -> 0.0053) but floors at ~5e-3 on a handful of hard anchored corners coupled to the interior through the global fit. - docs: honest state of the replication -- the financial pass-through is replicated and correctly signed; matching the real-side magnitudes needs a corner-decoupling solver (local/FE basis or tuned Smolyak+filter) plus the Neumeyer-Perri working-capital wedge. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
…h, TFP as 7th state - Reorganize code/global into config/ blocks/ solver_recursive/ reporting/ with main.py at the root (absolute imports from the package root). - Delete the perfect-foresight stack (transition.py, solvers.py, risk_branch.py) and its tests; the Chebyshev-Smolyak projection solver is now the ONLY machinery. - Port the TFP shock to a deterministic 7th state Z_D; main.py is the projection driver: SS -> TFP -> sovereign-risk pass-through -> OMT/TPI, all recursive. - Rework OMT/TPI as a genuine three-branch quadrature in point_map.py (tpi_activation / recovery_tpi_D / tpi_real_shield; default off, nests exactly). - Standard Bocola-grounded calibration (leverage 4.0, 200bp spread, mu_ss~0.02); bond_decomposition moved to prints.py; reporting slimmed to the SS table + the activation-IRF figure. - Opt-in numerical infra (default off, main path unchanged): masked/ridge-LS fit (state_grid.fit_weighted, cal["fit_mask"]); crash-proof solve_point. - Update CLAUDE.md for the projection-only solver. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
- solver_recursive/eds.py: Maliar-Maliar EDS grid -- arbitrary collocation points + complete-polynomial Chebyshev least-squares fit (drop-in for SmolyakGrid), forward-simulated ergodic cloud (clipped to the seed box), farthest-point selection, and the solve_eds driver. Solves the infeasible-corner problem at mu=2 (sweep 1: 1e-12 residual, 0 fails); full mu=2 convergence remains open (degenerate risk-shock ergodic set + iteration instability -- see memory). - docs/methods_note_global: computational methods note for the recursive solver (Chebyshev interpolation, Smolyak grids, the multi-branch expectation). Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
…h floor, anisotropic grids Root-cause work against the Bocola (2016) replication code showed the mu=2 "harder-binding" detour (f=0.16 / 720bp spread) was a self-inflicted artifact: Bocola's own mu^bg ~ 0.001 is far below it, and his large pass-through comes from a WELL-RESOLVED risk dimension (bond reprices -> net worth crashes -> occasionally-binding mu spikes endogenously), not a high steady-state spread. - main.py: revert to the reasoned standard calibration (leverage 4, 200bp, mu_ss~0.02) at MU=1; the 720bp/f=0.16 override is removed. TPI activation knobs (RUN_TPI / TPI_ACTIVATIONS / MU_TPI) exposed and documented. - steady_state.py: hard guard on the stage-1 n_IC/n_ACCUM residual so a fold-blocked calibration (target on the franchise fold's upper root) fails loudly instead of silently propagating a ~19%-off steady state. - point_map.py: Bocola feasibility floor on net worth (his N_tom=max(.,0.65)), smooth for the FD-Jacobian, gated by nw_floor_frac (0=off, baseline unchanged). Removes the d=1 default-regime corner poisoning that stalled mu=2 (joint 1.0). - recursive_experiment.py: mu_vec passthrough for anisotropic Smolyak grids (concentrate resolution in s + net worth, Bocola's low-dimensional approach). - tpi_recursive_experiment.py: run() takes mu + selectable activations, with auto-generated labels/colors. RESULT: at the REALISTIC 200bp calibration the anisotropic (s + net-worth) grid gives a correctly-signed pass-through (Y_D<0, mu up, spread up, monotone IRF) with the bond repricing -4.75% vs the flat -1.3% of the mu=1 isotropic grid, on a machine-precision steady state (n_IC/n_ACCUM ~ 8e-15). Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
…ion solver main.py now solves the sovereign-risk (and OMT/TPI) channels on the anisotropic Smolyak grid RISK_MU_VEC=[0,0,1,1,0,3,0] (resolve the risk state s + both banks' net worth, stocks fixed) with Bocola's net-worth floor NW_FLOOR=0.15. TFP stays on the isotropic MU grid. Verified: `python3 main.py` reproduces the correctly- signed pass-through at the realistic 200bp SS (Y_D<0, mu up, spread up, bond -4%, per-point resid ~3e-4), vs the flat/wrong-signed mu=1 isotropic grid. tpi_recursive_experiment.run() gains a mu_vec argument so the activation overlay runs on the same grid. Documented known limit: output pass-through ~0 (financing income to households offsets the investment contraction). Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
…ated, default off) Bocola's only foreign friction (residual_model_open.m) is a Schmitt-Grohe-Uribe debt-elastic interest premium on the economy's net external position, R = 1/beta + 0.01*(B_for/gdp) -- NOT a bank foreign-bond cost (his banks hold no foreign bonds). Numerically verified (scratchpad/verify_debt_elastic.py) that his coefficient 0.01 turns our documented F-side wealth quasi-unit-root into a stationary AR(1) (root ~0.92, half-life ~2y) with a tiny premium (40bp at a 10%-of-GDP position) and zero distortion at the symmetric SS. The recursive solver has no explicit cross-border NFA stock (national deposit balance + pure rate-parity UIP), so this ports the premium into the deposit-UIP residual keyed to the P_D-P_F wealth imbalance as a PROXY for the net external position. kappa_nfa=0 (default) nests the frictionless UIP exactly; the term is identically 0 at the symmetric SS (P_D=P_F verified), so it cannot perturb the steady state. PROXY pending validation: sign is stabilizing by construction, but the stationarity gain + exact Bocola calibration need a forward-simulation check; the faithful alternative is a true NFA 8th state. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
The author's official MATLAB package, unmodified, kept in its own top-level folder so third-party code is clearly separated from this project's own code/ and docs/. It is the reference implementation for the default mechanism described in CLAUDE.md. Matfiles/ (165 MB of solved-model output, one file over GitHub's 100 MB per-file limit) is gitignored; the package's own Model/*.m scripts regenerate it. replication/README.md documents the layout and the omission. Co-Authored-By: Claude Opus 5 <noreply@anthropic.com>
…a2016 port Working-tree snapshot of the projection-solver work described in CLAUDE.md: - solver_recursive/collocation.py: global damped-Newton collocation (port of Bocola's residual_model.m + parsolve.m) replaces time iteration, which survives only as the warm start. - solver_recursive/ltro_experiment.py: stochastic LTRO backstop as the TPI instrument, with the never-fired-path read; retires the yield-peg predecessor (liquidity_ceiling_report kept as the diagnostic). - New experiment/diagnostic modules: accuracy, bond_spread_experiment, calibrate_stochastic, decomposition_experiment, output_decomposition, welfare_quintiles; tests for collocation, decision rules and unbound names. - Calibration: credit spread 8 -> 100 bp/yr and asymmetric country size, which collapse the KKT-kink identification gap; s-refined Smolyak grid. - Removes the code/bocola2016 Python port, superseded by the author's own package now vendored under replication/bocola2016/. - Docs: methods notes, computational appendix, model equations, LTRO plan. Co-Authored-By: Claude Opus 5 <noreply@anthropic.com>
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