I am making a medium-scale model of a small open economy. I have read a little about the interpretation of mode graphs.
[To facilitate the reader, I will place the parameters in a vector and at the end after the colon I will place the figure number where the mode graphics are located.]
The questions are:
1.- Do the graphs of the parameters (SE_estarhat, SE_varepsilonhat: 1), (aleph: 2), (psi: 3), (upsilon: 4) not represent a good estimate of the mode, given that they are far from the maximum of the posterior? I understand that we have to observe the Y scale of the graph, and comparing it with others they look close only that it has some zoom.
2.- In case they are not well estimated, what is the best way to correct this? Changing the priors, the initial values, or the mode finder?