Setting parameter value to match steady state target

Hi all!

I’m writing a .mod file for a stochastic DSGE model and I need to calibrate one parameter to achieve a given target for some steady state variables (in particular, I want to let a preference parameter adjust to have the steady state of labour equal 1/3).
I am currently declaring the parameter and then writing its relationship with the steady state variables under the block “steady_state_model”.

Is this correct? Dynare produces impulse responses but I get a warning about that parameter not being initialized.

What is the best way to code this calibration?

Thank you very much for helping me on this!


That is the right way to go. See e.g.
The warning that you get should be one that says

If these parameters are not initialized in a steadystate file or a steady_state_model-block
But obviously you are setting it there.

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