Correlation among observables in DSGE models

Dear Johannes,
Thank you for your previous help, I am grateful.
I have a question about correlations among observables in estimating DSGE models. Is there any criteria/requirement for correlations among observables? For instance, correlations among observables should not be greater than 0.5? Otherwise, it may affect efficiency of estimation/identification?
Thank you and look forward to hearing from you.
Best regards,

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