Estimation with different Dynare versions

Dear all,

since a while I was estimating my models with Version 4.4.3. I recently discovered that the same model estimated with the newer versions of Dynare (actually, I am now using version 4.5.4) gives very different results in terms of convergence and posterior shapes. In particular, results with version 4.4.3 seemed to be good while with version 4.5.4 they worsen.

I found the following item on the forum: Same machine/Matlab, Different Versions of Dynare/Estimation Results and I already checked the list of bugs which were fixed since version 4.4.3.

However, I could not figure out what fundamentally changes results so much. Secondly, and most importantly, I wonder if results obtained with version 4.4.3 are still reliable.

I attach the .mod file with data and some of the graphical results obtained. The model is a sort of Smets and Wouters (2007) with rule of thumb consumers estimated for the Euro area. Just tell me if you need any other file.

I would be extremely grateful if you could clarify me about this.

Thank you so much
files (361.2 KB)

I think the defaults of mode_compute=6 have changed. Have you compared the two modes found? If the one in 4.4.3 has a higher density, then that would explain why 4.5.4 shows slower convergence.