Starting preprocessing of the model file ... Substitution of Expectation operator: added 2 auxiliary variables and equations. Substitution of endo leads >= 2: added 2 auxiliary variables and equations. Substitution of endo lags >= 2: added 13 auxiliary variables and equations. Found 28 equation(s). Evaluating expressions...done Computing static model derivatives (order 1). Computing dynamic model derivatives (order 1). Processing outputs ... done Preprocessing completed. STEADY-STATE RESULTS: pi_p 0 pi_w 0 x_tilde 0 pi_p_bar 0 r 0 r_bar 0 mu_p 0 g 0 s 0 U 0 pi_w_bar 0 EIGENVALUES: Modulus Real Imaginary 6.61e-20 6.61e-20 0 2.007e-17 -2.007e-17 0 3.596e-17 -3.596e-17 0 5.105e-17 5.105e-17 0 0.0879 -0.011 0.08721 0.0879 -0.011 -0.08721 0.1375 -0.1375 0 0.2524 -0.2524 0 0.2905 -0.2905 0 0.5427 0.5427 0 0.5693 -0.5693 0 0.6036 -0.06731 0.5999 0.6036 -0.06731 -0.5999 0.6057 -0.6057 0 0.6426 -0.07203 0.6385 0.6426 -0.07203 -0.6385 0.7834 0.6781 0.3923 0.7834 0.6781 -0.3923 0.864 0.864 0 0.8886 0.8886 0 0.9638 0.9638 0 0.9984 0.9979 0.02918 0.9984 0.9979 -0.02918 1 1 0 1 1 0 1 1 0 1.03 1.03 0.01891 1.03 1.03 -0.01891 1.124e+22 1.124e+22 0 Inf -Inf 0 There are 4 eigenvalue(s) larger than 1 in modulus for 4 forward-looking variable(s) The rank condition is verified. MODEL SUMMARY Number of variables: 28 Number of stochastic shocks: 10 Number of state variables: 26 Number of jumpers: 4 Number of static variables: 0 MATRIX OF COVARIANCE OF EXOGENOUS SHOCKS Variables e_pi_p e_pi_w e_mu e_s e_g e_U e_x e_r e_pi_p_bar e_r_bar e_pi_p 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 e_pi_w 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 e_mu 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 e_s 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 e_g 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 e_U 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 e_x 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 e_r 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 e_pi_p_bar 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 e_r_bar 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 POLICY AND TRANSITION FUNCTIONS pi_p pi_w x_tilde pi_p_bar r r_bar mu_p g s U pi_w_bar x_tilde(-1) 0 0 1.340068 0 0.527719 0 0 0 0 -0.433692 0 pi_p_bar(-1) 0.004455 0 0.051434 1.000000 -0.091220 0 -0.000011 0 -0.000014 -0.013203 1.000000 r(-1) 0 0 -0.093015 0 1.409234 0 0 0 0 0.023876 0 r_bar(-1) 0 0 0.056990 0 0.035760 1.000000 0 0 0 -0.014629 0 mu_p(-1) 0.002965 0 0 0 0.000340 0 0.999993 0 1.249991 0 0 g(-1) 0 0 0 0 0 0 -0.002500 1.000000 -0.003125 0 1.000000 s(-1) 0 -0.001406 0 0 0 0 -0.000004 0 -0.000004 0 0 U(-1) 0 -0.027309 0 0 0 0 -0.000068 0 -0.000085 0.290350 0 pi_w_bar(-1) 0 0 -0.005238 0 -0.001064 0 0 0 0 0.001345 0 EXPECTATION(-1)(...) 0.830111 0 0 0 0.095100 0 -0.002075 0 -0.002594 0 0 EXPECTATION(-1)(...) 0 0.787149 0 0 0 0 0.001968 0 0.002460 0 0 pi_p(-2) 0.003121 0 -0.108204 0 0.002327 0 -0.000008 0 -0.000010 0.027775 0 pi_p(-3) 0.003121 0 -0.149169 0 -0.024413 0 -0.000008 0 -0.000010 0.038290 0 pi_p(-4) 0.156069 0 0.251117 0 0.068870 0 -0.000390 0 -0.000488 -0.064459 0 pi_w(-2) 0 0.004016 0.184995 0 0.037564 0 0.000010 0 0.000013 -0.047486 0 pi_w(-3) 0 0.004016 -0.040391 0 -0.008202 0 0.000010 0 0.000013 0.010368 0 pi_w(-4) 0 0.200803 -0.042870 0 -0.008705 0 0.000502 0 0.000628 0.011004 0 U(-2) 0 0 0 0 0 0 0 0 0 0.137020 0 x_tilde(-2) 0 0 -0.148829 0 -0.518390 0 0 0 0 0.038203 0 x_tilde(-3) 0 0 -0.209489 0 -0.003615 0 0 0 0 0.053774 0 x_tilde(-4) 0 0 -0.009072 0 -0.001842 0 0 0 0 0.002329 0 r(-2) 0 0 -0.159634 0 -0.491283 0 0 0 0 0.040976 0 r(-3) 0 0 0.143998 0 0.053467 0 0 0 0 -0.036963 0 r(-4) 0 0 0.051661 0 -0.007178 0 0 0 0 -0.013261 0 pi_p(-1) 0.003121 0 -0.045178 0 -0.050665 0 -0.000008 0 -0.000010 0.011597 0 pi_w(-1) 0 0.004016 -0.096496 0 -0.019594 0 0.000010 0 0.000013 0.024770 0 e_pi_p 1.000000 0 0 0 0.114563 0 -0.002500 0 -0.003125 0 0 e_pi_w 0 1.000000 0 0 0 0 0.002500 0 0.003125 0 0 e_mu 0 0 0 0 0 0 1.000000 0 1.250000 0 0 e_s 0 0 0 0 0 0 0 0 1.000000 0 0 e_g 0 0 0 0 0 0 -0.002500 1.000000 -0.003125 0 1.000000 e_U 0 0 0 0 0 0 0 0 0 1.000000 0 e_x 0 0 1.000000 0 0.203054 0 0 0 0 -0.256690 0 e_r 0 0 0 0 1.000000 0 0 0 0 0 0 e_pi_p_bar 0 0 0 1.000000 0 0 0 0 0 0 1.000000 e_r_bar 0 0 0 0 0 1.000000 0 0 0 0 0 THEORETICAL MOMENTS VARIABLE MEAN STD. DEV. VARIANCE pi_p NaN NaN NaN pi_w NaN NaN NaN x_tilde 0.0000 0.0000 0.0000 pi_p_bar NaN NaN NaN r NaN NaN NaN r_bar NaN NaN NaN mu_p 0.0000 0.0000 0.0000 g NaN NaN NaN s 0.0000 0.0000 0.0000 U 0.0000 0.0000 0.0000 pi_w_bar NaN NaN NaN VARIANCE DECOMPOSITION (in percent) e_pi_p e_pi_w e_mu e_s e_g e_U e_x e_r e_pi_p_bar e_r_bar x_tilde 3.01 0.11 67.89 0.00 0.56 0.00 4.66 15.12 6.15 2.50 mu_p 2.21 0.11 79.98 0.00 0.59 0.00 1.12 10.01 4.15 1.83 s 2.20 0.11 79.63 0.44 0.59 0.00 1.12 9.97 4.13 1.82 U 2.97 0.10 67.71 0.00 0.56 1.03 4.15 14.89 6.12 2.48 All endogenous are constant or non stationary, not displaying correlations and auto-correlations Error in computing likelihood for initial parameter values ESTIMATION_CHECKS: There was an error in computing the likelihood for initial parameter values. ESTIMATION_CHECKS: If this is not a problem with the setting of options (check the error message below), ESTIMATION_CHECKS: you should try using the calibrated version of the model as starting values. To do ESTIMATION_CHECKS: this, add an empty estimated_params_init-block with use_calibration option immediately before the estimation ESTIMATION_CHECKS: command (and after the estimated_params-block so that it does not get overwritten): {Error using print_info (line 32) Error using print_info (line 32) Blanchard & Kahn conditions are not satisfied: no stable equilibrium. Error in initial_estimation_checks (line 196) print_info(info, DynareOptions.noprint, DynareOptions) Error in dynare_estimation_1 (line 164) oo_ = initial_estimation_checks(objective_function,xparam1,dataset_,dataset_info,M_,estim_params_,options_,bayestopt_,bounds,oo_); Error in dynare_estimation (line 105) dynare_estimation_1(var_list,dname); Error in nkpc_new.driver (line 572) oo_recursive_=dynare_estimation(var_list_); Error in dynare (line 293) evalin('base',[fname '.driver']) ; }