% Versión de equilibrio competitivo de Bianchi (2011) y capital en la producción de bienes no transables
%Alvaro Sotelo
%Lima, diciembre 2017
%---------------------------------------------------------------------
% 0. Cierra todas las ventanas
%---------------------------------------------------------------------
close all;
%---------------------------------------------------------------------
% 1. Definición de variables y parámetros
%---------------------------------------------------------------------
var PP_N UU BB CC CC_T CC_N YY_T I_N AA_N KK_N YY_N COL;
varexo eps1 eps2;
parameters omega sigma alpha beta delta k_N k_T rho_T rho_AA_N rr CC_T_SS CC_N_SS YY_T_SS AA_N_SS YY_N_SS BB_SS CC_SS PP_N_SS UU_SS I_N_SS KK_N_SS;
%---------------------------------------------------------------------
% 2. Calibración
%---------------------------------------------------------------------
omega = 0.31;
sigma = 2;
alpha = 0.33;
beta = 0.91;
delta = 0.05;
k_N = 0.32;
k_T = 0.32;
rho_T = 0.9;
rho_AA_N = 0.8;
rr = 0.04;
YY_T_SS = 1;
AA_N_SS = 0.5;
%---------------------------------------------------------------------
% 3. Estado estacionario
%---------------------------------------------------------------------
CC_T_SS = ((1 - rr*k_T)/(1 + k_N*(1 - omega)/omega))*YY_T_SS;
BB_SS = (YY_T_SS - CC_T_SS)/rr;
CC_SS = (CC_T_SS^omega)*(CC_N_SS^(1 - omega));
PP_N_SS = ((1 - omega)/omega)*(CC_T_SS/CC_N_SS);
UU_SS = (1 - beta*(1 + rr))*omega*(CC_SS^(-sigma))*((CC_N_SS/CC_T_SS)^(1 - omega));
I_N_SS = delta*KK_N_SS;
YY_N_SS = AA_N_SS*(KK_N_SS)^(alpha);
CC_N_SS = YY_N_SS - I_N_SS;
KK_N_SS = ((((1 - delta)*beta - 1)*omega*(CC_SS^(-sigma))*((CC_N_SS/CC_T_SS)^(1 - omega)))/(AA_N_SS*alpha*beta*PP_N_SS*(UU_SS*k_N - omega*(CC_SS^(-sigma))*((CC_N_SS/CC_T_SS)^(1 - omega)))))^(-1/(1 - alpha));
%---------------------------------------------------------------------
% 4. Modelo
%---------------------------------------------------------------------
model;
PP_N = ((1 - omega)/omega)*(CC_T/CC_N);
UU = omega*(CC^(-sigma))*((CC_N/CC_T)^(1 - omega)) - beta*(1 + rr)*omega*(CC(1)^(-sigma))*((CC_N(1)/CC_T(1))^(1 - omega));
BB + k_N*PP_N*YY_N + k_T*YY_T = 0;
CC = (CC_T^omega)*(CC_N^(1 - omega));
CC_T = YY_T + BB*(1 + rr) - BB(1);
YY_N = AA_N*(KK_N^alpha);
I_N = KK_N - (1 - delta)*KK_N(-1);
KK_N = (beta*(1 - delta)*omega*(CC^(-sigma))*((CC_N/CC_T)^(1 - omega)) - omega*(CC(-1)^(-sigma))*((CC_N(-1)/CC_T(-1))^(1 - omega)))/(AA_N*alpha*beta*PP_N*(UU*k_N - omega*(CC^(-sigma))*((CC_N/CC_T)^(1 - omega))))^(-1/(1 - alpha));
YY_N = CC_N + I_N;
log(YY_T/YY_T_SS) = rho_T*log(YY_T(-1)/YY_T_SS) + eps1;
log(AA_N/AA_N_SS) = rho_AA_N*log(AA_N(-1)/AA_N_SS) + eps2;
COL=k_N*PP_N*YY_N+k_T*YY_T;
end;
%---------------------------------------------------------------------
% 5. Valores iniciales
%---------------------------------------------------------------------
initval;
PP_N = PP_N_SS;
UU = UU_SS;
BB = BB_SS;
CC = CC_SS;
CC_T = CC_T_SS;
CC_N = CC_N_SS;
YY_T = YY_T_SS;
I_N = I_N_SS;
AA_N = AA_N_SS;
KK_N = KK_N_SS;
YY_N = YY_N_SS;
end;
%---------------------------------------------------------------------
% 7. Choques
%---------------------------------------------------------------------
shocks;
var eps1 = 1;
var eps2 = 1;
end;
steady;
%---------------------------------------------------------------------
% 8. Simulación
%---------------------------------------------------------------------
stoch_simul(hp_filter = 1600, order = 1);
When I use
steady(maxit=1000)
I get
STEADY-STATE RESULTS:
PP_N 53.6266
UU 0.14339
BB 0.509267
CC 0.113567
CC_T 1.02037
CC_N 0.0423511
YY_T 0.999999
I_N -0.0906752
AA_N -0.0694556
KK_N -1.8135
YY_N -0.0483241
COL -0.509267
But those values do not work subsequently. You should check all equations, particularly why you get PP_N so large.
The error message itself comes from the fact that in your parameter definitions you use CC_N_SS before it is actually defined. Use F9 in Matlab to sequentially execute the parameter definitions and see the problem.
I used steady(maxit =1000), but the problem continue.
US_ACEL1m_rep.mod (20.5 KB)
ERROR: Some of the parameters have no value (eps) when using stoch_simul. If these parameters are not initialized
in a steadystate file or a steady_state_model-block, Dynare may not be able to solve the model…
how to solve this problem? thank you!
It’s only a warning. You can verify that the parameter eps does not appear anywhere in the model. So you can ignore the message.