Hi professor, I was running a ramsey model and came across the following errors. It seemed like that the ramsey can not calculate the multipliers steady state. How can I solve this problem. Thanks for your help.
I am uploading the model for your reference.
test.zip (6.3 KB)
Does the model solve if you close the model yourself with an instrument rule?
Professor, do you mean that if I can solve the steady state with an instrument rule? I am not sure I understand your question correctly. I could indeed run the model with an instrument rule instead of ramsey policy.
The problem is your parameter settings. You are not properly initializing parameters when loading them from a file. That conflicts with
beta was not set. Try
test4.mod (5.8 KB)
Hi professor, thank you so much for your help. It does work! however, I came across another error as the following picture shows
I have no idea about how to solve this problem. Could you please give me a hint? And also, I have another quick question, whenever I run my ramsey model, it takes almost 20minutes. Is it usual to take so long? Any suggestions is appreciated. Thank you professor!
I upload a newly code for your reference.
test.zip (59.1 KB)
You are not using a proper conditional steady state file. In particular, you are not taking the value of the instrument as given.
Hi professor, I still cannot figure out how to properly use a conditional steady state file. Is there any example that I can refer to? I have no idea about where to start to debug. Thank you so much for your help.