Walras Law with four budget constraints


I am trying to replicate Fig.1 and Fig.2 of Rubio and Carrasco Gallego (2014) in an extended version of their model with 4 agents and 2 sectors. I realised that the results of the welfare analysis change considerably according to which of the four budget constraints I decide to ignore in the dynare code.

How should I choose which budget constraint to exclude? and shouldn’t the results remain the same regardless of this choice?

Thanks a lot

Rubio and Carrasco-Gallego - 2014 - Macroprudential and monetary policies Implication.pdf (437.3 KB)
Model_151221_test_steadystate.m (4.8 KB)
Model_151221_test.mod (12.5 KB)

Yes, if you need to drop one market clearing condition due to Walras Law, it should not make a difference which one. This suggests a fundamental issue.