Steady state issue in Mimir and Sunel (2022)

Steady state
1

I am trying to replicate the results in the paper by Mimir and Sunel (2022). The link to the paper can be found here: Fear_No_More_of_Floating_APP_ER_Dynamics.pdf - Google Drive.

I tried replicating their results myself with the following code; however, it gives error when calculating the steady state. I am a beginner in Dynare and I appreciate if you could provide guidance on correcting the issue in the code.

replication code

2

In a nonlinear model, you cannot start with zero initial values for variables like prices or consumption.

3

Thank you. I do not have initial values specified for c and P, and even if I assign nonnegative initial values, it still has the issue.

4

If nothing is specified, Dynare assumes the value to be 0. You need to fully specify the initial values.