Good morning,
I hope that this is the right forum to ask this question. If not, please accept my apologies, and feel free to move this thread to a different forum as appropriate.
My question concerns the discretionary_policy
function. In the code I’m working with, this is called as
discretionary_policy(
instruments = (int),
planner_discount = 1,
irf = 100,
nograph,
noprint
);
causing Dynare to (correctly) remark that with a unity discount factor, the unconditional expected welfare will be infinite (evaluate_planner_objective: the planner discount factor is not strictly smaller than 1. Unconditional welfare will not be finite.
)
This is actually no concern (interest lies on the IRFs, not the unconditional welfare), but the call to discretionary_policy
is happening in a tight loop that runs thousands of times, and I’m wondering whether there isn’t a way to suppress this message. Looking at evaluate_planner_objective.m
, there appears to be no flag for this.
I tried wrapping the call to discretionary_policy
in MATLAB’s built-in evalc()
to redirect console output to a variable, but the Dynare preprocessor then doesn’t replace the call to discretionary_policy
anymore (sensibly, as a general matter, though I’d like for it to happen in this particular case).
Is there a way to suppress these messages, or will I have to live with them? I’ve found nothing on either these forums or Google.
Alternatively, is my assumption that the unity discount factor is truly harmless because I don’t care about unconditional welfare correct, or could this be a problem even if I only care about the IRFs?
Thank you very much for your help!