Smoother changes between Dynare versions!

Hi all,

I have posted previously a topic asking for clarifications on why my forecasting code based on the outcome of an estimated DSGE model gives explodig results for versions of Dynare later that 4.4.3.

I have now found the issue…is the smoother! The smoothed series and shocks are completely different between verison 4.4.3 and version 4.5.6 and the one that doesnt work is the latest one! If I replace the smoothed series with the ones estimated with 4.4.3 the code works perfectly. If I dont I get explosive forecasts!

Can anyone clarify if there is something wrong with the smoother in Dynare versions after 4.4.3 or if there is another explanation for what I obtain?

Thanks

There have been various bug-fixes associated with the smoother. In addition, there has been one important functionality change, namely that smoothed series now include the mean/steady state, while before it was in deviations from the mean.

Thank you so much for your reply, that should be it, the fact that smoothed series now include the mean/steady state! Now it makes sense why forecasts were explosive!

Thanks again!

Mirela