Unable to reproduce the kinks/turning points in IRFs

General DSGE Modeling Replication Attempts
1

hi everyone,

I’m attempting to replicate the IRFs in the Debortoli and Gali paper (Figure 11). However, even I tried the original equilibrium (instead of log-linear forms), applied higher order and pruning command. I was still unable to reproduce the results as seen in the paper:

  1. for the monetary policy shock, my results are consistently smaller than those reported by Debortoli and Gali’s
  2. for the technology shock, my results display no kinks/turning points.

What could be the reason for the discrepency between my results and the correct ones? Is it possible that because I do not include the wage markup? (However, if I include the wage markup in the model, I can not solve the problem or have the indeterminacy problem.)

I have attached the codes for TANK models.

Thank you very much for your help!

Best,

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image1588×958 119 KB

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image3546×1706 163 KB

TANK_II_Endo_Nonlinear.mod (4.7 KB)
TANK_III_Endo_Nonlinear.mod (5.0 KB)