Hello,I constructed a model about CBDC to study the monetary policy of CBDC. CBDC joins consumers’ budget constraints as money. The model includes households, intermediate producers, final producers, commercial banks and central banks. xi is the multiplier of the CBDC budget constraint, which appears in the FOC where consumption utility is optimized; nb is the central bank’s net asset, which appears in the balance sheet condition of the central bank.

I get the following error message when I run the model

```
resid: The initial values for the steady state of the following variables are complex:
nb
xi
```

In addition, there is no steady-state information, as follows:

```
Residuals of the static equations:
Equation number 1 : 0.00019044 : 1
Equation number 2 : 0 : 2
Equation number 3 : 0.00019054 : 3
Equation number 4 : 0 : 4
Equation number 5 : 0 : 5
Equation number 6 : 0 : 6
Equation number 7 : 0 : 7
Equation number 8 : 0 : 8
Equation number 9 : 0 : 9
Equation number 10 : 0 : 10
Equation number 11 : 0 : 11
Equation number 12 : 0 : 12
Equation number 13 : 0 : 13
Equation number 14 : 0 : 14
Equation number 15 : 0 : 15
Equation number 16 : 0 : 16
Equation number 17 : 0 : 17
Equation number 18 : 0 : 18
Equation number 19 : 0 : 19
Equation number 20 : 0 : 20
Equation number 21 : 0 : 21
Equation number 22 : 0 : 22
Equation number 23 : 0 : 23
Equation number 24 : 0 : 24
Equation number 25 : 0 : 25
错误使用 print_info (line 32)
Impossible to find the steady state (the sum of square residuals of the static equations is 0.0000). 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
```

and the resid of Eq1 and Eq3 is not zero,both equations contain variable xi, which I know should be related to the initial value of xi, but I don’t know how to solve .

Please any comments or advices are very welcome. I am grateful for your help!

CBDC_paper1.m (1.6 KB)

CBDC_paper1.mod (5.1 KB)