Hi,

I am trying to replicate ‘On the Sources of Aggregate Fluctuations in Emerging Economies’ (Roberto Chang nad Andres Fernandez). I could not find the steady state values

and DYNARE is producing the following error:

??? Error using ==> print_info at 57

Impossible to find the steady state. Either the model doesn’t have a unique steady state

of the guess values are too far from the solution

The Residuals of the equations:

Equation number 1 : 0.00036399

Equation number 2 : 0.00052654

Equation number 3 : 3.0571e-005

Equation number 4 : -6.832e-005

Equation number 5 : 0

Equation number 6 : 0.015863

Equation number 7 : 0.00021847

Equation number 8 : -0.89417

Equation number 9 : 0

Equation number 10 : -0.2748

Equation number 11 : 0

Equation number 12 : -4.8804

Equation number 13 : -1.006

Equation number 14 : -1.006

Equation number 15 : -1.006

Equation number 16 : 0

Equation number 17 : 0

Equation number 18 : 0

Equation number 19 : -0.0020164

Equation number 20 : 0.30533

Equation number 21 : -0.39946

I would appreciate any help.

Thanks…

changandfernandezlin.mod (3.85 KB)