I’m trying to put together a DSGE model with open economy characteristics to represent the events of the 2008-2009 recession and it’s diffusion between Canada and the US.
I know there’s a couple of things to fix in my code since I’m new to Dynare, but the first step I wanted to take was to successfully lead a ML/Bayesian estimation and then come back to correct the many shortcuts I took in my code to simplify.
I’m getting a couple of error messages:
- ‘‘ESTIMATION_CHECKS: There was an error in computing the likelihood for initial parameter values. You should try using the calibrated version of the model as starting values. To do this, add an empty estimated_params_init-block with use_calibration option immediately before the estimation command (and after the estimated_params-block so that it does not get overwritten)’’
(Doing exactly that doesn’t remove that message)
‘‘Undefined function or variable ‘isestimation’.’’
''Error in resol (line 121)
‘‘Error in dynare_resolve (line 69)
[dr,info,Model,DynareOptions,DynareResults] = resol(0,Model,DynareOptions,DynareResults);’’
''Error in dsge_likelihood (line 256)
[T,R,SteadyState,info,Model,DynareOptions,DynareResults] = dynare_resolve(Model,DynareOptions,DynareResults,‘restrict’);
‘‘Error in initial_estimation_checks (line 47)
‘‘Error in dynare_estimation_1 (line 179)
oo_ = initial_estimation_checks(objective_function,xparam1,dataset_,M_,estim_params_,options_,bayestopt_,oo_);’’
‘‘Error in dynare_estimation (line 89)
‘‘Error in code (line 309)
‘‘Error in dynare (line 180)
I haven’t found explanations as to how to fix those error messages on this website. If any of you has seen this before, you would be of a great help to me if you could guide me in the right direction. Thanks a lot!