Impossible to find the steady state and variables are complex

Steady state
1

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)

3

Your parameters nbss and xiss are negative, then you are taking their logs. My recommendation is

5

Thank you very much for reply!
I have adjusted the values of parameters a and b to make xiss and nbss positive, and the initial value of parameter phi_d has been changed from direct assignment to a steady state formula, so the steady state problem and the problem of negative parameters can be solved. But there is a new problem about “The generalized Schur (QZ) decomposition failed” with the following error message:

Blockquote

STEADY-STATE RESULTS:

c 1.10738
mc -1.08774
d 1.38282
b -1.5284
m 0.921063
n -1.10866
y 1.58184
k 4.27235
l 1.43486
i 0.583468
pi 0.00498754
cp -7.90082
ck -Inf
nb -5.5393
btao 1.21274
w 1.98697
Rhat 1.01812
RD 1.01713
RL 1.0242
xi -0.00117912
lambda 0.336941
a 0
alpha -0.0304592
X1 -4.96901
R 1.01018
wrong using print_info (line 32)
The generalized Schur (QZ) decomposition failed. For more information, see the documentation for Lapack function dgges:
info=30, n=14. You can also run model_diagnostics to get more information on what may cause this problem.

Blockquote
CBDC_paper1.m (1.7 KB)
CBDC_paper1.mod (4.9 KB)

6

Your steady state is still wrong. Why is ck=-Inf?

7

ok,I will check my steady state again!
Thank you very much,professor jfeifer