OSR warning message

Dear Professor Pfeifer

I’m using OSR after DSGE estimation and get the following warning:


OSR: Initial value of the objective function: 13.8594

Warning: Initial point was out of bounds, corrected

In cmaes (line 581)
In dynare_minimize_objective (line 429)
In osr1 (line 126)
In osr (line 63)
In mofis.driver (line 415)
In dynare (line 293)

Though the message mentions “corrected” I’m still worried about the validity of the results. Besides, if the warning must not be ignored, may you provide suggestion(s) to avoid the problem?

Thank you in advance for your help.

Please provide the files

mofis.mod (5.9 KB)
Datac.xlsx (12.3 KB)

Dear Professor Pfeifer
I’ve uploaded the files. Again hank you in advance for your help

Your estimation result is

psi2            0.400       0.6456      0.1672      1.1128    gamm       0.2000

So the mean is 0.64, but you set

psi2, .75, 100;

i.e. the lower bound is 0.75.

Dear Professor Pfeifer
Thanks very much for your explanation.