Starting Dynare (version 5.0). Calling Dynare with arguments: none Starting preprocessing of the model file ... Found 40 equation(s). Evaluating expressions...done Computing static model derivatives (order 1). Computing dynamic model derivatives (order 1). Processing outputs ... done Preprocessing completed. Call solver on the full nonlinear problem. STEADY-STATE RESULTS: Y_F 0.709667 I_F 0.165804 L_F 0.217722 K_F 6.63216 W_F 1.82558 Q_F 1 P_F 0.861658 R_F 1.00727 S_F 6.63216 CHI_F 0.00339347 Y_L 0.894856 I_L 0.24927 K_L 9.9708 L_L 0.278788 P_L 1.08697 Q_L 1 R_L 1.00719 S_L 9.9708 W_L 2.33761 CHI_L -0.000117542 D 12.9134 C 1.1691 M 0.995 Omega 1.51148 L 0.307906 NU 1.51907 N 3.68961 MU 0.0022549 W 16.603 R 1.00503 phi 1.53403 Z -2.49868e-08 e 0.708067 s_L 0.600543 YPSILON 0.00332288 X 1102.3 Y 1.58417 d 0.014087 A_F 1 A_L 1 Residuals of the static equations: Equation number 1 : 0 : M Equation number 2 : 0 : L Equation number 3 : 0 : 3 Equation number 4 : 0 : W_F Equation number 5 : 0 : W_L Equation number 6 : 0 : W Equation number 7 : 0 : s_L Equation number 8 : 0 : CHI_F Equation number 9 : 0 : CHI_L Equation number 10 : 0 : NU Equation number 11 : 0 : Omega Equation number 12 : 0 : YPSILON Equation number 13 : 0 : phi Equation number 14 : 0 : 14 Equation number 15 : 0 : 15 Equation number 16 : 0 : N Equation number 17 : 0 : D Equation number 18 : 0 : Y Equation number 19 : 0 : Y_F Equation number 20 : 0 : Y_L Equation number 21 : 0 : P_F Equation number 22 : 0 : P_L Equation number 23 : 0 : X Equation number 24 : 1.9366e-07 : e Equation number 25 : 0 : Z Equation number 26 : 8.6334e-08 : 26 Equation number 27 : -5.0702e-06 : TAU_X Equation number 28 : 0 : R_F Equation number 29 : 0 : 29 Equation number 30 : 0 : R_L Equation number 31 : 0 : Q_F Equation number 32 : 0 : Q_L Equation number 33 : 0 : K_F Equation number 34 : 0 : K_L Equation number 35 : 0 : 35 Equation number 36 : 0 : 36 Equation number 37 : 0 : 37 Equation number 38 : 0 : 38 Equation number 39 : 0 : 39 Equation number 40 : 0 : d MODEL SUMMARY Number of variables: 40 Number of stochastic shocks: 2 Number of state variables: 16 Number of jumpers: 5 Number of static variables: 21 MATRIX OF COVARIANCE OF EXOGENOUS SHOCKS Variables eps_A_F eps_A_L eps_A_F 1.000000 0.000000 eps_A_L 0.000000 1.000000 POLICY AND TRANSITION FUNCTIONS Y_F I_F L_F K_F W_F Q_F P_F R_F S_F CHI_F Y_L I_L K_L L_L P_L Q_L R_L S_L W_L CHI_L D C M Omega L NU N MU W R phi Z e s_L YPSILON X Y d A_F A_L Constant 0.709667 0.165804 0.217722 6.632164 1.825578 1.000000 0.861658 1.007270 6.632164 0.003393 0.894856 0.249270 9.970804 0.278788 1.086971 1.000000 1.007192 9.970804 2.337608 -0.000118 12.913362 1.169098 0.995000 1.511478 0.307906 1.519073 3.689606 0.002255 16.602968 1.005025 1.534026 0 0.708067 0.600543 0.003323 1102.304850 1.584172 0.014087 1.000000 1.000000 K_F(-1) 0.048895 -0.014642 0.005402 0.960358 0.045293 -0.303998 -0.016611 -0.299662 0.960358 0.046572 0.005461 -0.000022 -0.000022 0.002540 0.013173 -0.159196 -0.154629 -0.000022 0.021298 -0.012872 0.787233 0.062731 -0.110918 1.143191 0.007639 0.995727 -3.430373 0 -2.643140 0.112035 1.182033 0 0.048784 0 0.038842 0.048784 0.048067 0.000002 0 0 Q_F(-1) 0 0.000111 0 0.000111 0 0.003099 0 -1.004248 0.000111 -0.000807 0 0.000167 0.000167 0 0 0.003099 0.003022 0.000167 0 0.000002 -0.016927 -0.000278 0.000717 -0.022988 0 -0.019909 0.068665 0 0.051738 -0.000724 -0.023769 0 0 0 -0.000806 0 0 0 0 0 S_F(-1) 0 0.005482 0 0.005482 0 0.152985 0 0.149161 0.005482 -0.039851 0 0.008241 0.008241 0 0 0.152985 0.149161 0.008241 0 0.000090 -0.835501 -0.013723 0.035390 -1.134638 0 -0.982669 3.389233 0 2.553732 -0.035747 -1.173189 0 0 0 -0.039797 0 0 0 0 0 K_L(-1) 0.004193 0.000393 0.001979 0.000393 0.016595 -0.175219 0.010574 -0.170252 0.000393 0.034777 0.041058 -0.014036 0.960964 0.005320 -0.008386 -0.271535 -0.266747 0.960964 0.044611 0.008372 0.774583 0.061885 -0.140963 1.220986 0.002799 1.071045 -3.682731 0 -2.908149 0.142383 1.262470 0 0.004184 0 0.039805 0.004184 0.048242 0 0 0 Q_L(-1) 0 0.000167 0 0.000167 0 0.004660 0 0.004543 0.000167 -0.001214 0 0.000251 0.000251 0 0 0.004660 -1.002649 0.000251 0 0.000003 -0.025448 -0.000418 0.001078 -0.034560 0 -0.029931 0.103231 0 0.077783 -0.001089 -0.035734 0 0 0 -0.001212 0 0 0 0 0 S_L(-1) 0 0.005481 0 0.005481 0 0.152973 0 0.149149 0.005481 -0.039848 0 0.008240 0.008240 0 0 0.152973 0.149149 0.008240 0 0.000090 -0.835437 -0.013722 0.035388 -1.134551 0 -0.982593 3.388972 0 2.553535 -0.035744 -1.173099 0 0 0 -0.039794 0 0 0 0 0 D(-1) 0 -0.005453 0 -0.005453 0 -0.152178 0 -0.148374 -0.005453 0.039641 0 -0.008198 -0.008198 0 0 -0.152178 -0.148374 -0.008198 0 -0.000089 0.831093 0.013650 -0.035204 1.128651 0 0.977484 -3.371349 0 -2.540256 0.035558 1.166998 0 0 0 0.039587 0 0 0 0 0 C(-1) 0 0.207554 0 0.207554 0 7.451557 0 7.265268 0.207554 -1.212746 0 0.312036 0.312036 0 0 7.451557 7.265268 0.312036 0 0.002835 6.990040 -0.519590 3.918960 -36.044400 0 -31.456176 117.247513 0 124.237552 -3.958445 -37.269062 0 0 0 -1.211043 0 0 0 0 0 M(-1) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.519073 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 L(-1) 0 -0.535853 0 -0.535853 0 -19.238113 0 -18.757160 -0.535853 3.131016 0 -0.805602 -0.805602 0 0 -19.238113 -18.757161 -0.805602 0 -0.007319 -18.046587 1.341456 -10.117803 93.057901 0 81.212218 -302.704646 0 -320.751233 10.219745 96.219680 0 0 0 3.126621 0 0 0 0 0 R(-1) 0 -0.070061 0 -0.070061 0 -1.955303 0 -1.906421 -0.070061 0.509334 0 -0.105330 -0.105330 0 0 -1.955303 -1.906421 -0.105330 0 -0.001144 10.678539 0.175390 -0.452324 14.501800 0 12.559487 -43.317768 0 -32.639230 0.456882 14.994520 0 0 0 0.508647 0 0 0 0 0 X(-1) -0.000033 0.000003 -0.000005 0.000003 -0.000043 0.000214 0 0.000207 0.000003 -0.000032 -0.000042 0.000005 0.000005 -0.000007 0 0.000214 0.000207 0.000005 -0.000055 0 0.000219 -0.000083 0.000166 -0.001026 -0.000007 -0.000906 0.003344 0 0.003563 -0.000168 -0.001061 0 -0.000033 0 -0.000032 0.996467 -0.000075 0.000031 0 0 A_F(-1) 0.880182 0.019110 0.097239 0.019110 0.815338 -0.600588 -0.299027 -0.556748 0.019110 0.066166 0.098312 0.028729 0.028729 0.045726 0.237144 -0.600595 -0.575020 0.028729 0.383406 -0.026360 -0.761841 0.817439 -1.192522 2.797306 0.137517 2.637648 -9.161931 0 -9.923772 1.204537 2.892349 0 0.878197 -0.000002 0.050336 0.878197 0.865278 0.000027 0.950000 0 A_L(-1) 0.120358 0.024663 0.056810 0.024663 0.476342 -1.874487 0.303523 -1.810785 0.024663 0.176064 1.178532 0.037079 0.037079 0.152714 -0.240710 -1.874480 -1.792349 0.037079 1.280493 0.025940 -2.016310 1.322996 -2.877023 8.903279 0.080341 8.253673 -29.043928 0 -31.060237 2.906010 9.205781 0 0.120087 0.000002 0.191642 0.120087 1.384738 0.000004 0 0.950000 I_F(-1) 0 0.834597 0 0.834597 0 0.034513 0 0.033650 0.834597 -0.038677 0 -0.067796 -0.067796 0 0 0.167197 0.163018 -0.067796 0 0.162692 0.865960 -0.766800 1.977546 -0.484574 0 -0.761769 1.796826 0 2.662786 -1.997471 -0.501038 0 0 0.000011 0.059026 0 0 0 0 0 I_L(-1) 0 -0.046859 0 -0.046859 0 0.074543 0 0.072680 -0.046859 0.141180 0 0.809243 0.809243 0 0 -0.013713 -0.013370 0.809243 0 -0.108552 0.781089 -0.762384 1.966157 -0.036208 0 -0.379022 0.338946 0 1.120035 -1.985967 -0.037438 0 0 -0.000007 0.075990 0 0 0 0 0 eps_A_F 0.006486 0.000141 0.000716 0.000141 0.006008 -0.004425 -0.002203 -0.004102 0.000141 0.000488 0.000724 0.000212 0.000212 0.000337 0.001747 -0.004425 -0.004237 0.000212 0.002825 -0.000194 -0.005614 0.006023 -0.008787 0.020612 0.001013 0.019435 -0.067509 0 -0.073123 0.008876 0.021312 0 0.006471 0 0.000371 0.006471 0.006376 0 0.007000 0 eps_A_L 0.000887 0.000182 0.000419 0.000182 0.003510 -0.013812 0.002236 -0.013343 0.000182 0.001297 0.008684 0.000273 0.000273 0.001125 -0.001774 -0.013812 -0.013207 0.000273 0.009435 0.000191 -0.014857 0.009748 -0.021199 0.065603 0.000592 0.060817 -0.214008 0 -0.228865 0.021413 0.067832 0 0.000885 0 0.001412 0.000885 0.010203 0 0 0.007000 Total computing time : 0h00m00s