Hello Prof. I am new to Dynare and DSGE. I am attempting to replicate a paper by Fève, Moura and Pierrard for Indian economy. As written a in paper I am trying to run bayesian estimation of DSGE RBC Model. But I am getting persistent error of the steady state has NaNs or Inf. I am unable to figure out why this is so. Kindly help me out. I am attaching the relevant paper, my mod file and data file respectively.
Paper.pdf (2 MB)
DSGEM.mod (3.5 KB)
DSGE.csv (1.0 KB)
I am gettting following results:
Residuals of the static equations:
Equation number 1 : NaN : y
Equation number 2 : NaN : rk
Equation number 3 : NaN : w
Equation number 4 : NaN : pc
Equation number 5 : NaN : x
Equation number 6 : NaN : cc
Equation number 7 : NaN : 7
Equation number 8 : NaN : 8
Equation number 9 : NaN : 9
Equation number 10 : NaN : t
Equation number 11 : NaN : 11
Equation number 12 : NaN : 12
Equation number 13 : NaN : 13
Equation number 14 : NaN : z
Equation number 15 : 0 : g
Equation number 16 : NaN : 16
Equation number 17 : NaN : sh
Equation number 18 : NaN : le
Equation number 19 : NaN : sp
Equation number 20 : NaN : 20
Equation number 21 : NaN : eps_l
Equation number 22 : NaN : eps_a
Equation number 23 : NaN : 23
Equation number 24 : NaN : 24
Equation number 25 : NaN : 25
error: The steady state has NaNs or Inf.
error: called from
print_info at line 32 column 5
steady at line 102 column 5
driver at line 554 column 1
dynare at line 281 column 5