Hi everyone,
I am running model of Uribe. In simulation, I obtain the same results with Uribe. But estimation does not work even if I use the same priors with the paper and mode-compute-6. The problem may be related to measurement errors equation. But i dont know how to deal with this. Estimation works when i am estimating 16 parameters. But if i include parameter gd and estimate 17 paramaters, it fails. It gives me this results:
Configuring Dynare …
[mex] Generalized QZ.
[mex] Sylvester equation solution.
[mex] Kronecker products.
[mex] Sparse kronecker products.
[mex] Local state space iteration (second order).
[mex] Bytecode evaluation.
[mex] k-order perturbation solver.
[mex] k-order solution simulation.
[mex] Quasi Monte-Carlo sequence (Sobol).
[mex] Markov Switching SBVAR.
Starting Dynare (version 4.3.1).
Starting preprocessing of the model file …
Found 23 equation(s).
Evaluating expressions…done
Computing static model derivatives:
- order 1
Computing dynamic model derivatives: - order 1
Processing outputs …done
Preprocessing completed.
Starting MATLAB/Octave computing.
STEADY-STATE RESULTS:
c 0.150095
h 0.179761
lamda 275.756
a 1
g 1.01
k 0.292417
d 0.007
i 0.0396226
r 0.105919
y 0.211472
k_over_gh 1.61059
v 1
s 0.0211472
mu 1
gy 1.01
gc 1.01
gi 1.01
tb 0.000607129
tby 0.00287096
gy_obs 0.00995033
gc_obs 0.00995033
gi_obs 0.00995033
tby_obs 0.00287096
Loading 105 observations from arj_data.m
SOLVE: maxit has been reached
Warning: File ‘mh_scale_fname’ not found.
In dynare_estimation_1 at 119
In dynare_estimation at 70
In uribefinansesty at 327
In dynare at 120
SOLVE: maxit has been reached
SOLVE: maxit has been reached
Error in computing likelihood for initial parameter values
Error using print_info (line 57)
Impossible to find the steady state. Either the model doesn’t have a unique
steady state of the guess values are too far from the solution
Error in initial_estimation_checks (line 69)
print_info(info, DynareOptions.noprint)
Error in dynare_estimation_1 (line 147)
oo_ =
initial_estimation_checks(objective_function,xparam1,dataset_,M_,estim_params_,options_,bayestopt_,oo_);
Error in dynare_estimation (line 70)
dynare_estimation_1(var_list,dname);
Error in uribefinansesty (line 327)
dynare_estimation(var_list_);
Error in dynare (line 120)
evalin(‘base’,fname) ;
Another question is: i am making first order approximation and working with nonlinear model. ı did not loglinearize the model. Why do variables dynare names as smoothed variables take negative values?
I will really appreaciate your help. Thanks!