I’m a beginner in Dynare and I’m trying to estimate a small-open-economy model. But the error that shows up on dynare is as below:
"Error using print_info (line 32)
Impossible to find the steady state (the sum of square residuals of the static
equations is 6409.7154). 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
Error in steady (line 102)
Error in T1F1.driver (line 878)
Error in dynare (line 281)
Do I need to make the residuals of all the equation zero?
Is there any way I can do to solve this problem?
Attached is the code. Thank you for your time and assistance.
T1F1.mod (8.2 KB)