Search the forum, there must be dozens of posts on this. The most common problem is that the data treatment does not match the observables defined in the model. See Pfeifer(2013): “A Guide to Specifying Observation Equations for the Estimation of DSGE Models” sites.google.com/site/pfeiferecon/Pfeifer_2013_Observation_Equations.pdf

Hi, Professor Pfeifer,
Thanks for your answer; I’ve fixed the problem now and got the estimation result. A question relevant to the estimation results is that, there’re two estimation results, the first is RESULTS from POSTERIOR MAXIMIZATION (which comes before MCMC) and the second one is ESTIMATION RESULTS (which is based on MCMC); in the table of my paper, I should report the second result rather than the first one, is it correct?