I am working on estimating NK model with 16 secotrs.
I am trying to estimate the Calvo parameters with other parameters.
(previously, I just assigned values from the literautre for the Calvo parameters)
With mode_compute=5, I think I got decent mode, which you can check from attached file.
But the problem is the log data density if -inf (from Harmonic mean estimator), and I got following messages:
Estimation::marginal density: There’s probably a problem with the modified harmonic mean estimator.
Besides, the log density from the Laplace approximation is fine as:
Log data density [Laplace approximation] is 9397.546339.
So my question is whether the -inf log data density of Harmonic mean estimator is problem and how can I fix it.
Is it a problem of low draw? I only tried the draw of 30,000 so I’m trying more, but not sure more draws will fix this problem.
I attached mode check and prior and posterior plots, and also my mod file.
Thank you for your help.
Plots.pdf (438.2 KB)