# Problem with Chun Chang, Zheng Liu and Mark Spiegel(2015)

**URL:** <https://forum.dynare.org/t/problem-with-chun-chang-zheng-liu-and-mark-spiegel-2015/27532>\
**Category:** Replication Attempts\
**Created:** [4 May 2025 19:18 UTC](https://forum.dynare.org/t/problem-with-chun-chang-zheng-liu-and-mark-spiegel-2015/27532 "2025-05-04T19:18:48Z")\
**Posts on this page:** 3\
**Page:** 1

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**Author:** ![Jia](https://forum.dynare.org/letter_avatar_proxy/v4/letter/j/bbce88/32.png) [@Jia](https://forum.dynare.org/u/Jia)\
**Post date:** [4 May 2025 19:18 UTC](https://forum.dynare.org/t/problem-with-chun-chang-zheng-liu-and-mark-spiegel-2015/27532/1 "2025-05-04T19:18:48Z")

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[wp2012-13supplement\_replication\_files.zip](https://forum.dynare.org/uploads/short-url/AlrUkKHWrqd1rCwEwmBbX6uehpi.zip) (275.6 KB)  
Hi Professor,

I downloaded the code for the paper by Chun Chang, Zheng Liu, and Mark Spiegel (2015) from their personal website. When I ran it, I encountered the following errors:  
WARNING: Bench.mod:213.1-91: The ‘ramsey\_policy’ statement is deprecated. Please use ‘ramsey\_model’, ‘stoch\_simul’, and ‘evaluate\_planner\_objective’ instead.  
WARNING: in the ‘steady\_state\_model’ block, variable ‘by’ is not assigned a value  
Ramsey Problem: added 26 Multipliers.  
Found 26 equation(s).  
Found 53 FOC equation(s) for Ramsey Problem.  
Evaluating expressions…done  
Computing static model derivatives (order 1).  
Computing dynamic model derivatives (order 2).  
Computing static model derivatives (order 3).  
Processing outputs …  
done  
Preprocessing completed.

evaluate\_planner\_objective: the planner discount factor is not strictly smaller than 1. Unconditional welfare will not be finite.  
Unrecognized field name “ghx”.

Error in evaluate\_planner\_objective (line 142)  
Gy = dr.ghx(nstatic+(1:nspred),:);  
^^^^^^^^^^^^^^^^^^^^^^^^^^^^  
Error in ramsey\_policy (line 55)  
oo\_.planner\_objective\_value = evaluate\_planner\_objective(M\_,options\_,oo\_);  
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^  
Error in Bench.driver (line 701)  
ramsey\_policy(var\_list\_);  
^^^^^^^^^^^^^^^^^^^^^^^^  
Error in dynare (line 278)  
evalin(‘base’,[fname ‘.driver’]);  
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^  
Error in plot\_irfs (line 4)  
dynare Bench.mod  
^^^^^^  
Could you please help me check what should I do? I replaced the ramsey\_policy with ramsey\_model, but the error still persists. Thank you very much.

Best wishes,  
Jia

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<div class="post-metadata">

**Author:** ![jpfeifer](https://forum.dynare.org/user_avatar/forum.dynare.org/jpfeifer/32/5044_2.png) [@jpfeifer](https://forum.dynare.org/u/jpfeifer)\
**Post date:** [7 May 2025 12:49 UTC](https://forum.dynare.org/t/problem-with-chun-chang-zheng-liu-and-mark-spiegel-2015/27532/2 "2025-05-07T12:49:08Z")

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If you use

```auto
planner_objective(C + log(C_ss) - (Phi_l*L_ss^(1+eta)/(1+eta))*exp((1+eta)*L));
ramsey_model(planner_discount=1, instruments=(R));
steady;

```

you will see that the steady state does not solve for two equations.

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**Author:** ![Jia](https://forum.dynare.org/letter_avatar_proxy/v4/letter/j/bbce88/32.png) [@Jia](https://forum.dynare.org/u/Jia)\
**Post date:** [8 May 2025 13:30 UTC](https://forum.dynare.org/t/problem-with-chun-chang-zheng-liu-and-mark-spiegel-2015/27532/3 "2025-05-08T13:30:47Z")

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Thank you, professor. I’ll take some time to look through the code and work on resolving the issue.

Jia