I am new to dynare. I use it as part of my master’s thesis. I really need your help. I don’t know why this error happens.The estimate run shows me the following error:
ESTIMATION_CHECKS: There was an error in computing the likelihood for initial parameter values.
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): benindata.xls (35 KB) code.mod (56.9 KB)