I am new to Dynare and I am trying to solve rbc model with labour supply shock. Yet, it says to me that is impossible to find steady state. May you probably suggest or give me a clue what is wrong. Here is my code:

// rbc model with labour supply shock

var c i n k y theta;

varexo eps;

parameters beta alpha delta rho thetas;

// Calibration and steady state

ks = 944556

ys = 207171

kys = 4.5593;

iys = 0.2576;

alpha = 0.3842;

ns = 0.4614;

cys = 1-iys;

rho = 0.9;

cs = cys*ys;
is = iys*ys;

thetas = (1-alpha)*ys / (cs *(ns^2));

// get a value for delta from eq involving depreciation rate

delta = iys / kys;

// knowing delta we can get betta

beta = 1/((alpha/kys)- delta +1);

model;

// 1. (n) Labor market

n = (1 - alpha)*y/(n*theta*c);
// 2. © Consumption Euler equation.
1/c = beta*(alpha

*y(+1)/k+1-delta)/c(+1);*

// 3. (k) Resource constraint

y = 1(k(-1)^alpha)*(n^(1-alpha));

// 3. (k) Resource constraint

y = 1

// 4. (i) Investment

i = k-(1-delta)

*k(-1);*

// 5. (y) GDP

y = c+i;

// 6. (z) labor supply shock

theta = (thetas^(1-rho))( theta(-1)^rho)*exp(eps);

// 5. (y) GDP

y = c+i;

// 6. (z) labor supply shock

theta = (thetas^(1-rho))

end;

initval;

c = cs;

i = is;

k = ks;

y = ys;

n = ns;

theta = 1;

end;

steady;

check;

shocks;

var eps = 0.01^2;

end;

stoch_simul(order=1,periods=500,loglinear);

// extended_path(periods=500);

pause;

close;

plot(y-log(ys))

pause;

close;

Error using print_info (line 32)

Impossible to find the steady state (the sum of square residuals of the static equations is 42869001355.2616). 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

solutionrbc_practice.mod (1.1 KB)