Prior distribution for parameter rhoApound has unbounded density!

Prior distribution for parameter rhoR has unbounded density!

Prior distribution for parameter rhoRpound has unbounded density!

Prior distribution for parameter rhoY has unbounded density!

Prior distribution for parameter rhoYpound has unbounded density!

PARAMETER INITIALIZATION: Some standard deviations of shocks of the calibrated model are 0 and

PARAMETER INITIALIZATION: violate the inverse gamma prior. They will instead be initialized with the prior mean.

Error in computing likelihood for initial parameter values

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):

print_info (line 32)

Blanchard & Kahn conditions are not satisfied: no stable equilibrium.