Dear Johannes,
My post is lengthy, sorry about that and please read when you have time.
1.Is using mode_file option in estimation with a mode file from a previous estimation same as using estimated_params_init(use_calibration) with calibrated values in parameter block taken from modes of a previous estimation?
2. Using filename_mode.mat file from the previous round estimation sequentially in mode_file option in current round estimation should produce different results? I read previous discussion [A question on mode_file option in Dynare) but not sure.
3. Someone told me to use higher value for investment adj cost parameter to reduce investment volatility. So I wanted to use:
instead of tau, normal_pdf, 0.67, 0.05;. It returns an error Error using check_prior_bounds (line 39)
Initial value(s) of tau are outside parameter bounds. Potentially, you should set prior_trunc=0. If you used the mode_file-option, check whether your mode-file is consistent with the priors. So I set options_.prior_trunc=0;. Although it runs, but says parameter values are not compatible with some equations: [code]"STEADY: numerical initial values or parameters incompatible with the following equations
17 23
Check whether your model is truly linear. Put “resid(1);” before “steady;” to see the problematic equations.\n[/code].
I guess this is due to using prior_trunc=0?
- When observing wage price index, w_obs, that has missing values with endogenous_prior option, I get
[code]Error using print_info (line 114)
Prior density is not a number (NaN)
Error in print_info (line 114)
error(‘Prior density is not a number (NaN)’);
Error in initial_estimation_checks (line 169)
print_info(info, DynareOptions.noprint, DynareOptions)
Error in dynare_estimation_1 (line 149)
oo_ =
initial_estimation_checks(objective_function,xparam1,dataset_,dataset_info,M_,estim_params_,options_,bayestopt_,bounds,oo_);
Error in dynare_estimation (line 105)
dynare_estimation_1(var_list,dname);
Error in model (line 901)
oo_recursive_=dynare_estimation(var_list_);
Error in dynare (line 223)
evalin(‘base’,fname) ;
[/code]
But estimation works without any trouble with w_obs if I don’t use endogenous_prior option. Is missing value in a series can be a problem with this option?
Thanks,
Sadia