Estimating DSGE model for small open economy

Estimation ML/Bayesian estimation
1

Hello I’m new to Dynare and I’ve started programming only recently. Unfortunately
the following message continues to appear.
Can someone help me this is very important to me. Thanks
Error using load_xls_file_data (line 127)
load_xls_file_data: I am not able to read the dates!

Error in dseries (line 130)
[freq,init,data,varlist] = load_xls_file_data(varargin{1}, sheet, range);

Error in makedataset (line 121)
DynareDataset = dseries(datafile);

Error in dynare_estimation_init (line 538)
[dataset_, dataset_info, newdatainterfaceflag] = makedataset(options_, options_.dsge_var*options_.dsge_varlag,
gsa_flag);

Error in dynare_estimation_1 (line 115)
[dataset_, dataset_info, xparam1, hh, M_, options_, oo_, estim_params_, bayestopt_, bounds] = …

Error in dynare_estimation (line 105)
dynare_estimation_1(var_list,dname);

Error in rbcmodel (line 321)
oo_recursive_=dynare_estimation(var_list_);

Error in dynare (line 235)
evalin(‘base’,fname) ;

2

mydatathesis.xlsx (16.6 KB)rbcmodel.mod (4.9 KB)

3

Try specifying the xls_range to select only the data without the leading column of dates.

4

thanks but this show now
initial_estimation_checks:: The forecast error variance in the multivariate Kalman filter became singular.
initial_estimation_checks:: This is often a sign of stochastic singularity, but can also sometimes happen by chance
initial_estimation_checks:: for a particular combination of parameters and data realizations.
initial_estimation_checks:: If you think the latter is the case, you should try with different initial values for the estimated parameters.

ESTIMATION_CHECKS: There was an error in computing the likelihood for initial parameter values.
ESTIMATION_CHECKS: If this is not a problem with the setting of options (check the error message below),
ESTIMATION_CHECKS: you should try using the calibrated version of the model as starting values. To do
ESTIMATION_CHECKS: this, add an empty estimated_params_init-block with use_calibration option immediately before the estimation
ESTIMATION_CHECKS: command (and after the estimated_params-block so that it does not get overwritten):

Error using initial_estimation_checks (line 143)
initial_estimation_checks:: The forecast error variance in the multivariate
Kalman filter became singular.

Error in initial_estimation_checks (line 143)
error(‘initial_estimation_checks:: The forecast error variance in the
multivariate Kalman filter became singular.’)

Error in dynare_estimation_1 (line 165)
oo_ =
initial_estimation_checks(objective_function,xparam1,dataset_,dataset_info,M_,estim_params_,options_,bayestopt_,bounds,oo_);

Error in dynare_estimation (line 105)
dynare_estimation_1(var_list,dname);

Error in LAKMODEL_NEW19092014 (line 325)
oo_recursive_=dynare_estimation(var_list_);

Error in dynare (line 235)
evalin(‘base’,fname) ;

5

Search the forum on this error message. In a nutshell, rotate out one observable at a time to see when the problem disappears.