Can't find a steady state

Steady state
1

I’m trying to run a model but Dynare keeps giving me the following error: “Impossible to find the steady state. Either the model doesn’t have a steady state, there are an infinity of steady states, or the guess values are too far from the solution.”

Residuals of the static equations:

Equation number 1 : 0
Equation number 2 : 0
Equation number 3 : 0.00033133
Equation number 4 : 0
Equation number 5 : 0
Equation number 6 : 0
Equation number 7 : 0
Equation number 8 : 0
Equation number 9 : -0.00010132
Equation number 10 : 0.006758
Equation number 11 : 0.006009
Equation number 12 : 0
Equation number 13 : 0
Equation number 14 : -0.016835
Equation number 15 : 0.016283
Equation number 16 : 0.0042489
Equation number 17 : -0.0014301
Equation number 18 : 0.0010395
Equation number 19 : -0.002195
Equation number 20 : 0.001046
Equation number 21 : 0
Equation number 22 : 0
Equation number 23 : 0
Equation number 24 : 0
Equation number 25 : 0
Equation number 26 : 0
Equation number 27 : 0
Equation number 28 : 0
Equation number 29 : 0
Equation number 30 : 0.081967

I’ve derived analytical expressions for the steady states of the various variables of the model but still Dynare can’t seem to find the steady state. Any help would be greatly appreciated. The mod file for the model is linked below.

NK_model_3rd.mod (4.9 KB)

2

Put resid before steady to see the residuals given your starting values. Focus on the equations with big residuals. There may be a problem in these equations. In general, only do exp()-substitutions after the model runs. They make it harder to debug. Your steady state may not work if you forgot a substitution somewhere.