How to solve this probelm? What error is it?

Hi, ereryone!
I met some problems. It is always wrong when I used bayesian estimation to solve model. I don’t know why.
The errors are follows:
dynare_estimation_init:: The steady state at the initial parameters cannot be computed.
错误使用 print_info (line 32)
Impossible to find the steady state (the sum of square residuals of the static equations is
1.6801). Either the model doesn’t have a steady state, there are an infinity of steady
states, or the guess values are too far from the solution
出错 dynare_estimation_init (line 619)
print_info(info, 0, options_);
出错 dynare_estimation_1 (line 112)
dynare_estimation_init(var_list_, dname, [], M_, options_, oo_, estim_params_,
出错 dynare_estimation (line 105)
出错 hujitudi1124_bayes.driver (line 635)
出错 dynare (line 293)
evalin(‘base’,[fname ‘.driver’]) ;

This is my code.
hujitudi1124_bayes.mod (4.7 KB)

Thank you for help.


What meaning is it?


Ideally, you solve for the steady state analytically. That way, it will work regardless of the underlying parameters chosen.