Hey,

I am trying to replicate the dynare code for the model of Erceg, Henderson and Levin (2000) with the calibration from the textbook of Gali “Monetary Policy, Inflation and the Business Cycle” 2008

If i try to compute the parameter for an optimal monetary policy by inserting this passage

**optim_weights;
pip ep/lambdap;
piw ew*(1-alpha)/lambdaw;

x sigma+(phi+alpha)/(1-alpha);

end;

osr_params phip;

phip = 1.5;

osr(irf=20) pip pip x;**

I always get the error message:

**OPTIMAL SIMPLE RULE

??? Reference to non-existent field ‘ys’.

Error in ==> osr1 at 67

[dr.ys,check1] = dynare_solve(fh,dr.ys,options_.jacobian_flag,…

Error in ==> osr at 47

osr1(i_params,i_var,W);

Error in ==> stickywages3osr at 199

osr(var_list_,osr_params_,obj_var_,optim_weights_);

Error in ==> dynare at 132

evalin(‘base’,fname) ;**

I think, there is something wrong with my original model (not the osr-part i added). I attached the original model file too. This mod.file can be calculated with dynare without problems, but i still think there is something wrong with it, because it depicts a negative output gap and in Gali (2008) the output gap is positive.

I hope someone can help me.

Best regard

Tina

stickywages3.mod (1.26 KB)

stickywages3osr.mod (1.42 KB)