DSGEtest5.mod (7.4 KB)

obs.xlsx (16.6 KB)

Hi, Professor Pfeifer, When I was doing the bayesian estimation, I encountered the problem like this:Error in computing likelihood for initial parameter values

ESTIMATION_CHECKS: There was an error in computing the likelihood for initial parameter values.

ESTIMATION_CHECKS: If this is not a problem with the setting of options (check the error message below),

ESTIMATION_CHECKS: you should try using the calibrated version of the model as starting values. To do

ESTIMATION_CHECKS: this, add an empty estimated_params_init-block with use_calibration option immediately before the estimation

ESTIMATION_CHECKS: command (and after the estimated_params-block so that it does not get overwritten):

Error using print_info

Error using print_info

Blanchard & Kahn conditions are not satisfied: no stable equilibrium.

Error in initial_estimation_checks (line 291)

print_info(info, DynareOptions.noprint, DynareOptions)

Error in dynare_estimation_1 (line 159 )

oo_ = initial_estimation_checks(objective_function,xparam1,dataset_,dataset_info,M_,estim_params_,options_,bayestopt_,bounds,oo_);

Error in dynare_estimation (line 118 )

dynare_estimation_1(var_list,dname);

Error in DSGEtest5.driver (line 649 )

oo_recursive_=dynare_estimation(var_list_);

Error in dynare (line 281 )

evalin(‘base’,[fname ‘.driver’]);

The mod.file and the data file are attached.Thank you in advance.