You did not declare endogenous variables after the estimation command. This version of Dynare cannot estimate non linearized models! Set "order" equal to 1. Loading 60 observations from dsgedata.m Initial value of the log posterior (or likelihood): -88.8734 RESULTS FROM POSTERIOR MAXIMIZATION parameters prior mean mode s.d. t-stat prior pstdev tx_c 6.000 6.1698 0.9861 6.2567 gamm 1.0000 tzK 4.000 6.5757 1.1505 5.7153 norm 1.5000 lyl 0.500 0.7905 0.0606 13.0454 beta 0.1000 tx_m 14.520 14.1610 0.9807 14.4396 gamm 1.0000 h 0.555 0.6293 0.1047 6.0096 beta 0.1000 jgjc_P 1.150 1.1631 0.0982 11.8502 norm 0.1000 theta_TJP 0.750 0.3389 0.0822 4.1219 beta 0.1000 theta_P 0.565 0.4221 0.1057 3.9925 beta 0.1000 jgjc_W 1.150 1.2620 0.0780 16.1708 norm 0.1000 tx_h 37.594 37.5638 0.9996 37.5770 gamm 1.0000 theta_TJW 0.750 0.4423 0.0761 5.8134 beta 0.1000 theta_W 0.500 0.4603 0.0983 4.6835 beta 0.1000 RHO_MG 0.794 0.7369 0.0330 22.3000 beta 0.0500 RHO_CPI 1.889 1.8951 0.0499 37.9567 gamm 0.0500 RHO_GY 0.200 0.1933 0.0498 3.8784 gamm 0.0500 RHO_Z 0.410 0.3636 0.0982 3.7011 beta 0.1000 RHO_i 0.500 0.7252 0.0548 13.2439 beta 0.1000 RHO_c 0.500 0.5007 0.1066 4.6979 beta 0.1000 RHO_h 0.500 0.5000 0.1066 4.6904 beta 0.1000 RHO_mm 0.500 0.5000 0.1066 4.6904 beta 0.1000 RHO_g 0.474 0.6125 0.1010 6.0644 beta 0.1000 standard deviation of shocks prior mean mode s.d. t-stat prior pstdev e_Z 1.000 4.5757 1.8139 2.5225 invg Inf e_i 1.000 2.7277 0.4223 6.4593 invg Inf e_c 1.000 0.4582 0.1850 2.4760 invg Inf e_h 1.000 0.4607 0.1881 2.4495 invg Inf e_m 1.000 0.4606 0.1881 2.4496 invg Inf e_EM 1.000 0.4386 0.0411 10.6744 invg Inf e_g 1.000 0.1813 0.0246 7.3753 invg Inf Log data density [Laplace approximation] is -120.752640. Warning: File 'DSGE/metropolis' not found. > In CheckPath at 42 In metropolis_hastings_initialization at 46 In random_walk_metropolis_hastings at 59 In dynare_estimation_1 at 1083 In dynare_estimation at 62 In DSGE at 261 In dynare at 132 MH: Multiple chains mode. MH: Searching for initial values... MH: Initial values found! MH: Number of mh files : 1 per block. MH: Total number of generated files : 2. MH: Total number of iterations : 2000. MH: average acceptation rate per chain : 0.3293 0.3323 MCMC Diagnostics: Univariate convergence diagnostic, Brooks and Gelman (1998): Parameter 1... Done! Parameter 2... Done! Parameter 3... Done! Parameter 4... Done! Parameter 5... Done! Parameter 6... Done! Parameter 7... Done! Parameter 8... Done! Parameter 9... Done! Parameter 10... Done! Parameter 11... Done! Parameter 12... Done! Parameter 13... Done! Parameter 14... Done! Parameter 15... Done! Parameter 16... Done! Parameter 17... Done! Parameter 18... Done! Parameter 19... Done! Parameter 20... Done! Parameter 21... Done! Parameter 22... Done! Parameter 23... Done! Parameter 24... Done! Parameter 25... Done! Parameter 26... Done! Parameter 27... Done! Parameter 28... Done! MH: Total number of Mh draws: 2000. MH: Total number of generated Mh files: 1. MH: I'll use mh-files 1 to 1. MH: In mh-file number 1 i'll start at line 900. MH: Finally I keep 1100 draws. MH: I'm computing the posterior mean and covariance... Done! MH: I'm computing the posterior log marginale density (modified harmonic mean)... MH: The support of the weighting density function is not large enough... MH: I increase the variance of this distribution. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: Let me try again. MH: There's probably a problem with the modified harmonic mean estimator. ESTIMATION RESULTS Log data density is -106.120857. parameters prior mean post. mean conf. interval prior pstdev tx_c 6.000 6.5618 4.7353 8.9271 gamm 1.0000 tzK 4.000 6.8989 5.2496 8.6752 norm 1.5000 lyl 0.500 0.8041 0.7283 0.8777 beta 0.1000 tx_m 14.520 13.9789 12.4540 15.4422 gamm 1.0000 h 0.555 0.6508 0.5275 0.7852 beta 0.1000 jgjc_P 1.150 1.1905 1.0485 1.3434 norm 0.1000 theta_TJP 0.750 0.3677 0.2557 0.5050 beta 0.1000 theta_P 0.565 0.4529 0.2877 0.6015 beta 0.1000 jgjc_W 1.150 1.3054 1.1702 1.4165 norm 0.1000 tx_h 37.594 37.2509 35.8133 38.7536 gamm 1.0000 theta_TJW 0.750 0.4433 0.3481 0.5318 beta 0.1000 theta_W 0.500 0.4975 0.3373 0.6408 beta 0.1000 RHO_MG 0.794 0.7404 0.6971 0.7954 beta 0.0500 RHO_CPI 1.889 1.8971 1.8358 1.9640 gamm 0.0500 RHO_GY 0.200 0.2145 0.1156 0.3014 gamm 0.0500 RHO_Z 0.410 0.3716 0.2100 0.4960 beta 0.1000 RHO_i 0.500 0.6942 0.5770 0.7902 beta 0.1000 RHO_c 0.500 0.4958 0.3218 0.6668 beta 0.1000 RHO_h 0.500 0.5240 0.3954 0.6680 beta 0.1000 RHO_mm 0.500 0.4682 0.3034 0.6057 beta 0.1000 RHO_g 0.474 0.6091 0.4532 0.8259 beta 0.1000 standard deviation of shocks prior mean post. mean conf. interval prior pstdev e_Z 1.000 4.9504 2.1746 7.3600 invg Inf e_i 1.000 3.1881 2.0634 4.6770 invg Inf e_c 1.000 0.7142 0.3295 1.1199 invg Inf e_h 1.000 0.6550 0.2861 1.1284 invg Inf e_m 1.000 1.3600 0.3716 2.3681 invg Inf e_EM 1.000 0.4461 0.3884 0.5214 invg Inf e_g 1.000 0.1924 0.1519 0.2426 invg Inf