Bayseian estimation: dynare_estimation_init:: The steady state at the initial parameters cannot be computed

Dear all,
I receive the error message, when doing a bayseian estimation.
"dynare_estimation_init:: The steady state at the initial parameters cannot be computed.
错误使用 print_info (line 32)
The steadystate file did not compute the steady state

出错 dynare_estimation_init (line 607)
print_info(info, 0, options_);

出错 dynare_estimation_1 (line 112)
dynare_estimation_init(var_list_, dname, [], M_, options_, oo_, estim_params_, bayestopt_);

出错 dynare_estimation (line 105)

出错 Baseline_Ramsey0808.driver (line 440)

出错 dynare (line 293)
evalin(‘base’,[fname ‘.driver’]) ; "
My code and data is attached below.
Baseline_Ramsey0808.mod (9.1 KB)
China_realdata.xlsx (14.2 KB)
Plus, this model runs without Bayseian estimation, so I cannot figure out where is the problem.
Any help is appreciated, thank you in advance!

That’s because you decreased the tolerance of the steady state computation. But putting steady clearly shows that there is a residual in the steady state equation for marginal costs. Are you sure they are e.g. independent of the taxes?

Dear professor jpfeifer,
Thank you so much for the enlightment! I guess maybe the expression of marginal cost is not appropriate. Should I change the form of NKPC curve? or the form of expression of the steady-state of marginal cost? Many much thanks!
Best reguard

You are the only one who can know the answer. If your NKPC is correct based on your model, then obviously the steady state equation is wrong.

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Dear professor jpfeifer,
Thank you again for the help! I change the expression as well as parameter of NKPC, and it works finally!
Best reguard