they say: What doesn’t work
optimal policy rules using Matlab functions beyond power, log(), exp(), sqrt(), sin(), cos(), tan()
some mixing of Matlab code inside the *.mod file
the manual isn’t updated

Therefore I think that the problem is that we are using the function NORMCDF, but I’m not sure.
Can you tell me something If you’ll solve the problem ? Thank you very much
Best Regard
Fabio

Part of your problem comes from the fact that your are not using the latest Dynare release. Please upgrade to Dynare 4.0.2, and normcdf() will work as you would expect.

However, I have tested your mod-file with Dynare 4.0.2, and it fails when Dynare encounters normpdf(), which is not implemented in Dynare 4.0. You have to replace the PDF by its analytical expression, until we implement the shortcut in Dynare.