Hi,
Can anyone help me? I have stuck on running my model with dynare. I have tried using either “steady_state_model” or “initval” block, It only stops and gives the following message :
Using 64-bit preprocessor
Starting Dynare (version 4.6.4).
Calling Dynare with arguments: noclearall
Starting preprocessing of the model file ...
Substitution of endo leads >= 2: added 18 auxiliary variables and equations.
Substitution of endo lags >= 2: added 19 auxiliary variables and equations.
Found 276 equation(s).
Evaluating expressions...done
Computing static model derivatives (order 2).
Computing static model derivatives w.r.t. parameters (order 2).
Computing dynamic model derivatives (order 2).
Computing dynamic model derivatives w.r.t. parameters (order 2).
Processing outputs ...
done
Preprocessing completed.
resid: The initial values for the steady state of the following variables are complex:
c_P
h_P
l_P
w_P
T_P
l_I
w_I
l_EP
l_EI
c_E
l_E
y_E
T_F
y_Z_j
y_Zstar_j
y_F
y_Z
i_K
q_K
k
k_F
l_FP
l_FI
s_F
q_H
h
l_F
y
l
c
c_P_N
h_P_N
l_P_N
w_P_N
T_P_N
l_I_N
w_I_N
l_EP_N
l_EI_N
c_E_N
l_E_N
y_E_N
T_F_N
y_Z_j_N
y_Zstar_j_N
y_F_N
y_Z_N
i_K_N
q_K_N
k_N
k_F_N
l_FP_N
l_FI_N
s_F_N
q_H_N
h_N
l_F_N
y_N
l_N
c_N
X_P
X_P_N
X_EE
X_EE_N
X651
X651_N
b_C_y_ratio
b_IF_y_ratio
b_y_ratio
AUX_ENDO_LEAD_662
AUX_ENDO_LEAD_701
AUX_ENDO_LEAD_1608
AUX_ENDO_LEAD_1637
AUX_ENDO_LEAD_2682
AUX_ENDO_LEAD_2686
AUX_ENDO_LEAD_2104
AUX_ENDO_LEAD_2714
AUX_ENDO_LEAD_2727
AUX_ENDO_LEAD_2114
Residuals of the static equations:
Equation number 1 : -8.7887e-08 : X_P
Equation number 2 : -8.7887e-08 : X_P_N
Equation number 3 : 0 : X_I
Equation number 4 : 0 : X_I_N
Equation number 5 : 0 : X_EE
Equation number 6 : 0 : X_EE_N
Equation number 7 : -1.4591e-05 : X651
Equation number 8 : -1.4591e-05 : X651_N
Equation number 9 : 0 : X29651
Equation number 10 : 0 : X29651_N
Equation number 11 : 0 : X29652
Equation number 12 : 0 : X29652_N
Equation number 13 : 0 : p_S
Equation number 14 : 0 : p_F
Equation number 15 : 0 : b_IF
Equation number 16 : -0.00026257 : b_C_y_ratio
Equation number 17 : -0.00027684 : b_IF_y_ratio
Equation number 18 : 0 : p_F_GROWTH
Equation number 19 : 0 : npl
Equation number 20 : 0 : b_A
Equation number 21 : -0.0013795 : b_y_ratio
Equation number 22 : 1.747e-07 : FOC residential housing of patient household
Equation number 23 : -6.8697 : FOC labor supply of patient household
Equation number 24 : 0 : FOC deposit of patient household
Equation number 25 : -10487983.0286 : constraint condition of patient household
Equation number 26 : 0.00064347 : FOC residential housing of impatient household
Equation number 27 : -5.1523 : FOC labor supply of impatient household
Equation number 28 : 0 : FOC consumer loan of impatient household
Equation number 29 : -587.9383 : constraint condition of impatient household
Equation number 30 : 0 : constraint condition of impatient household
Equation number 31 : 0 : constraint condition of impatient household
Equation number 32 : 149.5455 : FOC labor demand of patient household by entrepreneurs
Equation number 33 : 0.70043 : FOC labor demand of impatient household by entrepreneurs
Equation number 34 : 16.0714 : FOC capital demand by entrepreneurs
Equation number 35 : 0.6483 : FOC business loan of entrepreneurs
Equation number 36 : 0.0046253 : FOC capacity utilization of entrepreneurs
Equation number 37 : -1173.1522 : constraint condition of entrepreneurs
Equation number 38 : 0 : constraint condition of entrepreneurs
Equation number 39 : -0.041137 : aggregate production of entrepreneurs
Equation number 40 : 0 : FOC intermediate goods price setting
Equation number 41 : 91.6688 : FOC capital demand by real estate developer
Equation number 42 : 157.3063 : FOC labor demand of patient household by real estate developer
Equation number 43 : 157.3063 : FOC labor demand of impatient household by real estate developer
Equation number 44 : 0 : FOC land demand by real estate developer
Equation number 45 : -0.96916 : FOC land demand by real estate developer
Equation number 46 : -658834243.3101 : constraint condition of real estate developer
Equation number 47 : 0 : law of motion real estate
Equation number 48 : 8600622547.7568 : real estate production of real estate developer
Equation number 49 : 0 : aggregate labor demand by real estate developer
Equation number 50 : 0.0022703 : FOC goods demand and produced by capital goods producer
Equation number 51 : 0 : constraint condition of capital goods
Equation number 52 : 0 : law of motion capital goods
Equation number 53 : 0 : FOC interest rate of deposit in the jth bank
Equation number 54 : 0 : FOC interest rate of housing loan in the jth bank
Equation number 55 : 0 : FOC interest rate of consumer loan in the jth bank
Equation number 56 : 0 : FOC interest rate of business loan in the jth bank
Equation number 57 : 0 : FOC interest rate of real estate development loan in the jth bank
Equation number 58 : 0 : FOC bank assets of wholesale branch
Equation number 59 : -6.4547e-08 : FOC overall savings supply of society
Equation number 60 : -5.0095 : FOC (37)-(38)
Equation number 61 : 0 : balance sheet of bank
Equation number 62 : -723.5707 : law of motion bank capital
Equation number 63 : 717.9988 : balance sheet of bank
Equation number 64 : 0 : aggregate labor market
Equation number 65 : 0 : aggregate consumption goods
Equation number 66 : 0 : labor market of patient household
Equation number 67 : 0 : labor market of impatient household
Equation number 68 : 0 : labor market of entrepreneur
Equation number 69 : 0 : real estate market
Equation number 70 : 0 : capital goods market
Equation number 71 : 0 : overall bank edposit market
Equation number 72 : 0 : final goods aggregation
Equation number 73 : 0 : final goods relative price setting
Equation number 74 : 0 : overall bank profits
Equation number 75 : -0.00084299 : calculation overall firm profits
Equation number 76 : 0 : transfer payment from firms and banks
Equation number 77 : 0 : overall bank profits
Equation number 78 : 0 : interest rate market
Equation number 79 : 0.060948 : interest rate market
Equation number 80 : -1.8697 : transfer payment from government
Equation number 81 : 0 : wage price setting
Equation number 82 : 0 : goods market
Equation number 83 : 0 : goods market
Equation number 84 : 0 : final goods relative price setting
Equation number 85 : 0 : target final goods relative price setting
Equation number 86 : -0.017259 : final goods market
Equation number 87 : 0 : final goods relative price setting
Equation number 88 : 0 : aggregate goods market
Equation number 89 : 0 : individual bank edposit market
Equation number 90 : 0 : individual bank edposit with patient household
Equation number 91 : 0 : interest rate market
Equation number 92 : 0 : interest rate market
Equation number 93 : 0 : interest rate market
Equation number 94 : 0 : interest rate market
Equation number 95 : 0 : interest rate market
Equation number 96 : 2.2057 : interest rate market
Equation number 97 : 0 : loan market
Equation number 98 : 0 : loan market
Equation number 99 : 0 : loan market
Equation number 100 : 0 : loan market
Equation number 101 : 0 : loan market
Equation number 102 : 0 : loan market
Equation number 103 : 0.0089 : definition inflation
Equation number 104 : 1.747e-07 : FOC residential housing of patient household
Equation number 105 : -6.8697 : FOC labor supply of patient household
Equation number 106 : 0 : FOC deposit of patient household
Equation number 107 : -10487983.0286 : constraint condition of patient household
Equation number 108 : 0.00064347 : FOC residential housing of impatient household
Equation number 109 : -5.1523 : FOC labor supply of impatient household
Equation number 110 : 0 : FOC consumer loan of impatient household
Equation number 111 : -587.9383 : constraint condition of impatient household
Equation number 112 : 0 : constraint condition of impatient household
Equation number 113 : 0 : constraint condition of impatient household
Equation number 114 : 149.5455 : FOC labor demand of patient household by entrepreneurs
Equation number 115 : 0.70043 : FOC labor demand of impatient household by entrepreneurs
Equation number 116 : 16.0714 : FOC capital demand by entrepreneurs
Equation number 117 : 0.6483 : FOC business loan of entrepreneurs
Equation number 118 : 0.0046253 : FOC capacity utilization of entrepreneurs
Equation number 119 : -1173.1522 : constraint condition of entrepreneurs
Equation number 120 : 0 : constraint condition of entrepreneurs
Equation number 121 : -0.041137 : aggregate production of entrepreneurs
Equation number 122 : 0 : FOC intermediate goods price setting
Equation number 123 : 91.6688 : FOC capital demand by real estate developer
Equation number 124 : 157.3063 : FOC labor demand of patient household by real estate developer
Equation number 125 : 157.3063 : FOC labor demand of impatient household by real estate developer
Equation number 126 : 0 : FOC land demand by real estate developer
Equation number 127 : -0.96916 : FOC land demand by real estate developer
Equation number 128 : -658834243.3101 : constraint condition of real estate developer
Equation number 129 : 0 : law of motion real estate
Equation number 130 : 8600622547.7568 : real estate production of real estate developer
Equation number 131 : 0 : aggregate labor demand by real estate developer
Equation number 132 : 0 : FOC goods demand and produced by capital goods producer
Equation number 133 : 0 : constraint condition of capital goods
Equation number 134 : 0 : law of motion capital goods
Equation number 135 : 0 : FOC interest rate of deposit in the jth bank
Equation number 136 : 0 : FOC interest rate of housing loan in the jth bank
Equation number 137 : 0 : FOC interest rate of consumer loan in the jth bank
Equation number 138 : 0 : FOC interest rate of business loan in the jth bank
Equation number 139 : 0 : FOC interest rate of real estate development loan in the jth bank
Equation number 140 : 0 : FOC bank assets of wholesale branch
Equation number 141 : -6.4547e-08 : FOC overall savings supply of society
Equation number 142 : -5.0095 : FOC (37)-(38)
Equation number 143 : 0 : balance sheet of bank
Equation number 144 : -723.5707 : law of motion bank capital
Equation number 145 : 717.9988 : balance sheet of bank
Equation number 146 : 0 : aggregate labor market
Equation number 147 : 0 : aggregate consumption goods
Equation number 148 : 0 : labor market of patient household
Equation number 149 : 0 : labor market of impatient household
Equation number 150 : 0 : real estate market
Equation number 151 : 0 : capital goods market
Equation number 152 : 0 : overall bank edposit market
Equation number 153 : 0 : final goods aggregation
Equation number 154 : 0 : final goods relative price setting
Equation number 155 : 0 : overall bank profits
Equation number 156 : -0.00084299 : calculation overall firm profits
Equation number 157 : 0 : transfer payment from firms and banks
Equation number 158 : 0 : overall bank profits
Equation number 159 : 0 : interest rate market
Equation number 160 : 0.060948 : interest rate market
Equation number 161 : -1.8697 : transfer payment from government
Equation number 162 : 0 : wage price setting
Equation number 163 : 0 : goods market
Equation number 164 : -0.058203 : goods market
Equation number 165 : 0 : final goods relative price setting
Equation number 166 : 0 : target final goods relative price setting
Equation number 167 : 0 : final goods market
Equation number 168 : 0 : final goods relative price setting
Equation number 169 : 0 : aggregate goods market
Equation number 170 : 0 : individual bank edposit market
Equation number 171 : 0 : individual bank edposit with patient household
Equation number 172 : 0 : interest rate market
Equation number 173 : 0 : interest rate market
Equation number 174 : 0 : interest rate market
Equation number 175 : 0 : interest rate market
Equation number 176 : 0 : interest rate market
Equation number 177 : -2.1927 : interest rate market
Equation number 178 : 0 : loan market
Equation number 179 : 0 : loan market
Equation number 180 : 0 : loan market
Equation number 181 : 0 : loan market
Equation number 182 : 0 : loan market
Equation number 183 : 0 : loan market
Equation number 184 : 0.0089 : definition inflation
Equation number 185 : 0 : labor market of entrepreneur
Equation number 186 : 0 : calculation risk weights
Equation number 187 : 0 : calculation risk weights
Equation number 188 : 0 : calculation risk weights
Equation number 189 : 0 : calculation risk weights
Equation number 190 : 0 : consumer demand preference shock
Equation number 191 : 0 : housing demand preference shock
Equation number 192 : 0 : final goods varieties elasticity of substitution shock
Equation number 193 : 0.8 : deposit varieties elasticity of substitution shock
Equation number 194 : 0 : entrepreneurs business loan varieties elasticity of substitution shock
Equation number 195 : 0 : consumer loan varieties elasticity of substitution shock
Equation number 196 : 0 : housing loan varieties elasticity of substitution shock
Equation number 197 : 0 : real estate development loan varieties elasticity of substitution shock
Equation number 198 : 0 : bank capital shock
Equation number 199 : 0 : entrepreneurs business loan default rate shock
Equation number 200 : 0 : consumer loan default rate shock
Equation number 201 : 0 : housing loan default rate shock
Equation number 202 : 0 : real estate development loan default rate shock
Equation number 203 : 0 : housing loan to value shock
Equation number 204 : 0 : entrepreneurs business loan to value shock
Equation number 205 : 0 : entrepreneurs total factor productivity shock
Equation number 206 : 0 : real estate developer total factor productivity shock
Equation number 207 : 0 : investment efficiency shock
Equation number 208 : 20.3042 : 208
Equation number 209 : 0 : 209
Equation number 210 : 0 : monetary policy shock
Equation number 211 : 0 : 211
Equation number 212 : 0 : labor augmenting technology permanent shock
Equation number 213 : -0.38296 : output gap as the difference btw output of sticky and flexible price
Equation number 214 : 0.012223 : R
Equation number 215 : 0.079686 : nu
Equation number 216 : 0 : n
Equation number 217 : 0.00382 : 217
Equation number 218 : -1.0005 : aggregate output measurement equation
Equation number 219 : -0.99817 : aggregate consumption measurement equation
Equation number 220 : -1 : effective capital goods formation measurement equation
Equation number 221 : -1.0066 : aggregate labor measurement equation
Equation number 222 : -0.99507 : money supply measurement equation
Equation number 223 : -0.99293 : capital demand by real estate developer measurement equation
Equation number 224 : -0.00275 : Gross Inflation measurement equation
Equation number 225 : 0.82379 : inverse of ralative capital price to general price level measurement equation
Equation number 226 : -0.98678 : growth rate of inverse of ralative capital price to general price level measurement equation
Equation number 227 : -0.0774 : inverse of ralative real estate price to general price level measurement equation
Equation number 228 : -0.99572 : overall savings supply of society measurement equation
Equation number 229 : -0.99148 : overall loan demand by society measurement equation
Equation number 230 : -0.97976 : housing loan principal measurement equation
Equation number 231 : -0.9746 : consumer loan principal measurement equation
Equation number 232 : -0.99656 : business loan principal of entrepreneurs measurement equation
Equation number 233 : -0.98943 : real estate development loan principal of real estate developer measurement equation
Equation number 234 : -0.054378 : Nominal Net policy Interest rate measurement equation
Equation number 235 : -0.024944 : Nominal Net Interest rate of deposit measurement equation
Equation number 236 : -7e-05 : Nominal Net Interest rate of wholesale loan measurement equation
Equation number 237 : -64.5451 : Nominal Net Interest rate of consumer loan measurement equation
Equation number 238 : -3e-06 : trend gap of GDP measurement equation
Equation number 239 : 0 : trend gap of real estate price measurement equation
Error using print_info (line 32 )
The steadystate file did not compute the steady state
Error steady (line 102 )
print_info(info,options_.noprint, options_);
Error MY_DSGE_model.driver (line 2510 )
steady;
Error dynare (line 293 )
evalin('base',[fname '.driver']) ;
Error MY_DSGE_model_loop (line 232 )
dynare MY_DSGE_model noclearall
I don’t understand the meaning of these errors and have no idea of what to do next. Does anyone give me a hand? Thank you in advance.my_DSGE_model.mod (75.9 KB)
my_DSGE_model_loop.m (12.2 KB)
