Starting Dynare (version 6-unstable). Calling Dynare with arguments: none Starting preprocessing of the model file ... Substitution of endo leads >= 2: added 118 auxiliary variables and equations. Substitution of endo lags >= 2: added 57 auxiliary variables and equations. Substitution of exo lags: added 8 auxiliary variables and equations. Found 395 equation(s). Evaluating expressions...done Computing static model derivatives (order 1). Computing dynamic model derivatives (order 2). Processing outputs ... done Preprocessing completed. STEADY-STATE RESULTS: c 0.743463 cF 0.131413 cNE 0.758751 chiHy 0.000757452 chiR 0.00323898 chiT 0.00300439 chiK 0.236299 d 2.9032 De 1.0074 eEHyZ 0.28 eERZ 0.43 eETZ 0.29 fb 0.00790166 g 0.13 gam_c 1 gam_gdp 1 gam_gdp2 1 gam_i 1 gam_iHy 1 gam_ikk 1 gam_iR 1 gam_iT 1 gam_w 1 gam_g 1 gammaER_var 1 gam4_xCO 1 gam4_xFO 1 gam4_xCEC 1 gam4_xFEC 1 gam_yEC 1 gdp 1.22189 gdp2 1.22189 gdp_g 0 h 0.333333 i 0.21407 iF 0.0370761 iHy 0.000757452 ikk 0.236299 iR 0.00323898 iT 0.00300439 k 21.3186 kHy 0.152622 kk 23.6299 kR 0.259112 kT 0.189333 lambda 1.34506 lambdaHy 0.0131064 m 1 mcH 0.655233 mp 0.390803 mucF 0.909091 muH 0.773704 muiF 0.909091 mukHy 0.918582 mukR 0.899394 mukT 0.903335 muxr 0.851074 pCEB 3.47492 pCEC 0.893669 pEC 0.893669 pEHy 0.89347 pER 0.89489 pET 0.892053 pF 1 pFB 1.44773 pFEB 2.81527 pFEC 0.893669 pH 0.851074 pHexp 1.0298 piCEB 1.0074 piCEC 1.0074 piCPI 1.0074 piEC 1.0074 piF 1.0074 piFEB 1.0074 piFEC 1.0074 piH 1.0074 piHexp 1.0074 piNE 1.0074 piw 1.0074 piw_nom 1.0074 pKHy 0.89347 pKR 0.89489 pKT 0.892053 pNE 0.879454 pO 4.78265 pO_star 5.26092 proof 0 pTCo 1.53045 pTCo_star 1.68349 pTG 1.33914 pTG_star 1.47306 q 0.890577 r 1.01246 ri 0.188264 rk 0.013381 rr 1.00503 RR 0.0281393 rz 1.00503 uip 0 bdf 1 s 0.909091 tau_CEC 0 tau_CEO 0 tau_FEC 0 tau_FEO 0 tau_pO 0 tau_pTCo 0 tau_pTG 0 tb 0.0132627 tbtogdp 0.0108543 tot 0.971062 ubarR 0.0558814 w 1.84136 WaF 1 WaSt 1.05263 xCEB 0.0219217 xCEC 0.0112391 xCO 0.0138275 xEC 0.0579806 xFEB 0.0642313 xFEC 0.0467415 xFO 0.0290753 xHy 0.0162364 xi_eTG 0 xi_eTO 0 xp 0.404066 xr 0.431611 xR 0.0249146 xT 0.0168296 xTCo 0.00271185 xTG 0.00532983 xTO 3.17228e-05 xZ_tilde 1.41931 yCEB 0.0219217 yEC 0.0579806 yFEB 0.0642313 yH 1.4357 yHy 0.0162364 yR 0.0249146 ystar 1 yT 0.0168296 yZ_tilde 1.41931 zEC 1 zeta_Hy 1 zH 1 zHy 0.0194619 zR 1 zT 1 zZ 1 gam_gdpr 1 gdpr 1.22189 gam_xET 1 gam_xEHy 1 gam_xER 1 gam_xTCo 1 gam_xTG 1 gam_xTO 1 gam_YR 1 gam_Ystar 1 piOstar 1 piTGstar 1 piTCostar 1 gam_I 1 gam_H 1 piM 1 eTO_var 0.0345 eTG_var 0.5862 etCo_var 0.3793 gam_YR_obs 0 gam_C_obs 0 gam_Ystar_obs 0 R2_obs 0 Rstar2_obs 0 gam_I_obs 0 gam_G_obs 0 piOstar_obs 0 piTGstar_obs 0 piTCostar_obs 0 gam_H_obs 0 gam_xET_obs 0 gam_xEHy_obs 0 gam_xER_obs 0 gam_xTCo_obs 0 gam_xTG_obs 0 gam_xTO_obs 0 piCEC_obs 0.737275 piEC_obs 0.737275 gam_yEC_obs 0 piZ_obs 0 pi_obs 0 gam4_xCO_obs 0 gam4_xFO_obs 0 gam4_xCEC_obs 0 gam4_xFEC_obs 0 rer_obs 0 xi2_obs 0 gam_W_obs 0 piM_obs 0 omega_NE 0.897538 omega_CEB 0.102462 contrib_pi_NE 0.90418 contrib_pi_CEB 0.10322 piCPI_decomp 1.0074 omega_CEC 0.131853 omega_CO 0.868147 contrib_pi_CEC 0.132828 contrib_pi_CO 0.868147 piCEB_decomp 1.00098 piCO 1 contrib_pi_CEB_piCEC 0.0137105 contrib_pi_CEB_piCO 0.0896099 EIGENVALUES: Modulus Real Imaginary 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8.57e-22 -8.57e-22 0 2.097e-21 -2.097e-21 0 4.099e-21 -4.099e-21 0 4.509e-21 -4.509e-21 0 5.175e-21 -5.175e-21 0 5.464e-21 -5.464e-21 0 5.933e-21 -5.933e-21 0 9.555e-21 -9.555e-21 0 4.076e-17 -4.076e-17 0 4.173e-17 4.173e-17 0 4.826e-17 4.826e-17 0 7.015e-17 7.015e-17 0 7.737e-17 -7.737e-17 0 1.381e-16 -1.381e-16 0 5.897e-16 5.897e-16 0 8.286e-16 -8.286e-16 0 1.092e-15 -1.092e-15 0 1.821e-15 -1.821e-15 0 1.954e-15 -1.954e-15 0 2.008e-15 2.008e-15 0 2.858e-15 2.858e-15 0 6.206e-15 -6.206e-15 0 3.047e-14 3.047e-14 0 2.345e-13 -2.345e-13 0 3.446e-13 3.446e-13 0 4.268e-13 4.268e-13 0 4.638e-13 4.638e-13 0 7.663e-13 -7.663e-13 0 9.913e-13 9.913e-13 0 4.753e-12 -4.753e-12 0 7.939e-12 7.939e-12 0 2.256e-08 2.256e-08 0 2.257e-08 -2.257e-08 0 1.372e-06 1.372e-06 0 1.8e-06 -1.8e-06 0 0.002549 0.001382 0.002143 0.002549 0.001382 -0.002143 0.002735 -0.002735 0 0.004248 -0.003755 0.001986 0.004248 -0.003755 -0.001986 0.004255 0.002618 0.003354 0.004255 0.002618 -0.003354 0.004445 -0.001146 0.004294 0.004445 -0.001146 -0.004294 0.004538 0.004538 0 0.007891 0.00357 0.007037 0.007891 0.00357 -0.007037 0.007893 -0.003268 0.007185 0.007893 -0.003268 -0.007185 0.007893 0.00773 0.001598 0.007893 0.00773 -0.001598 0.007899 0.006076 0.005048 0.007899 0.006076 -0.005048 0.007901 -0.007662 0.001926 0.007901 -0.007662 -0.001926 0.007902 -0.0001598 0.0079 0.007902 -0.0001598 -0.0079 0.007908 -0.006286 0.004798 0.007908 -0.006286 -0.004798 0.0132 0.0132 0 0.01342 0.009719 0.009261 0.01342 0.009719 -0.009261 0.01366 0.0003002 0.01365 0.01366 0.0003002 -0.01365 0.01384 -0.009559 0.01001 0.01384 -0.009559 -0.01001 0.01413 -0.01413 0 0.0352 -0.0352 0 0.03921 0.01697 0.03534 0.03921 0.01697 -0.03534 0.05466 -0.05466 0 0.05794 -0.04788 0.03263 0.05794 -0.04788 -0.03263 0.05951 0.01535 0.0575 0.05951 0.01535 -0.0575 0.06046 -0.0224 0.05616 0.06046 -0.0224 -0.05616 0.06237 0.05079 0.0362 0.06237 0.05079 -0.0362 0.06409 0.06409 0 0.1716 -0.1716 0 0.1727 -0.1433 0.0965 0.1727 -0.1433 -0.0965 0.1779 -0.06501 0.1656 0.1779 -0.06501 -0.1656 0.1859 0.0448 0.1804 0.1859 0.0448 -0.1804 0.193 0.1513 0.1199 0.193 0.1513 -0.1199 0.1939 0.1939 0 0.2 0.2 0 0.3 0.3 0 0.3 0.3 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.6852 0.6852 0 0.7 0.7 0 0.8 0.8 0 0.8 0.8 0 0.8026 0.8026 0 0.8895 0.8895 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9147 0.9147 0 0.93 0.9274 0.06865 0.93 0.9274 -0.06865 0.9528 0.9528 0 0.9542 0.9542 0 0.9548 0.9538 0.0432 0.9548 0.9538 -0.0432 0.9579 0.9569 0.04364 0.9579 0.9569 -0.04364 0.9851 0.9851 0 0.999 0.999 0 0.999 0.999 0 0.999 0.999 0 1.017 1.017 0 1.049 1.048 0.04781 1.049 1.048 -0.04781 1.051 1.051 0.01266 1.051 1.051 -0.01266 1.053 1.052 0.05353 1.053 1.052 -0.05353 1.054 1.054 0 1.081 1.078 0.07977 1.081 1.078 -0.07977 1.117 1.117 0 1.134 1.125 0.1364 1.134 1.125 -0.1364 1.162 1.162 0 4.152 4.152 0 4.53 3.569 2.79 4.53 3.569 -2.79 4.738 1.009 4.629 4.738 1.009 -4.629 4.871 -1.759 4.542 4.871 -1.759 -4.542 5.042 -5.042 0 5.116 -4.258 2.836 5.116 -4.258 -2.836 46.63 46.63 0 46.66 37.69 27.5 46.66 37.69 -27.5 46.73 14.29 44.5 46.73 14.29 -44.5 46.84 -14.65 44.5 46.84 -14.65 -44.5 46.95 -38.05 27.5 46.95 -38.05 -27.5 46.99 -46.99 0 56.17 -56.17 0 56.28 -45.32 33.38 56.28 -45.32 -33.38 56.56 -16.9 53.97 56.56 -16.9 -53.97 56.93 18.28 53.91 56.93 18.28 -53.91 57.43 46.81 33.27 57.43 46.81 -33.27 57.75 57.75 0 95.71 -87.96 37.73 95.71 -87.96 -37.73 96.9 -33.77 90.82 96.9 -33.77 -90.82 100.1 43.1 90.39 100.1 43.1 -90.39 105.2 98.47 37.13 105.2 98.47 -37.13 196.7 -175.2 89.48 196.7 -175.2 -89.48 200.7 -31.01 198.3 200.7 -31.01 -198.3 216.8 154.8 151.7 216.8 154.8 -151.7 281.1 279.7 27.64 281.1 279.7 -27.64 367.5 149.5 335.7 367.5 149.5 -335.7 407.3 -238.2 330.3 407.3 -238.2 -330.3 412.6 -412.6 0 881.6 -245.7 846.7 881.6 -245.7 -846.7 887.3 -887.3 0 911.1 737 535.8 911.1 737 -535.8 1770 814.5 1572 1770 814.5 -1572 1833 -1254 1337 1833 -1254 -1337 1925 -1925 0 1925 1394 1327 1925 1394 -1327 1.228e+04 -8690 8674 1.228e+04 -8690 -8674 1.248e+04 8816 8833 1.248e+04 8816 -8833 1.448e+04 1.448e+04 0 1.465e+04 -227.6 1.465e+04 1.465e+04 -227.6 -1.465e+04 1.503e+04 -1.503e+04 0 1.62e+04 -1.62e+04 0 1.706e+04 331.5 1.706e+04 1.706e+04 331.5 -1.706e+04 1.793e+04 1.793e+04 0 2.256e+04 2.256e+04 0 2.326e+04 -2128 2.316e+04 2.326e+04 -2128 -2.316e+04 2.8e+04 -2.78e+04 3367 2.8e+04 -2.78e+04 -3367 3.296e+04 1.761e+04 2.786e+04 3.296e+04 1.761e+04 -2.786e+04 1.443e+05 1.443e+05 0 5.592e+05 -2.807e+05 4.836e+05 5.592e+05 -2.807e+05 -4.836e+05 6.959e+05 6.959e+05 0 8.312e+05 -8.312e+05 0 1.973e+07 1.973e+07 0 2.439e+07 -4.294e+06 2.401e+07 2.439e+07 -4.294e+06 -2.401e+07 1.083e+08 1.533e+07 1.073e+08 1.083e+08 1.533e+07 -1.073e+08 1.478e+08 -1.478e+08 0 2.024e+08 8.757e+07 1.825e+08 2.024e+08 8.757e+07 -1.825e+08 1.307e+16 -1.307e+16 0 7.138e+16 -7.138e+16 0 2.749e+17 -2.749e+17 0 3.885e+17 3.885e+17 0 3.906e+17 -3.906e+17 0 6.425e+17 -6.425e+17 0 6.499e+17 -6.499e+17 0 7.291e+17 -7.291e+17 0 7.42e+17 7.42e+17 0 8.008e+17 8.008e+17 0 8.179e+17 -8.179e+17 0 8.332e+17 8.332e+17 0 8.81e+17 8.81e+17 0 9.176e+17 -9.176e+17 0 1.009e+18 1.009e+18 0 1.101e+18 -1.101e+18 0 1.187e+18 -1.187e+18 0 1.244e+18 -1.244e+18 0 1.542e+18 -1.542e+18 0 1.769e+18 -1.769e+18 0 2.212e+18 -2.212e+18 0 2.257e+18 -2.257e+18 0 2.584e+18 -2.584e+18 0 2.823e+18 2.823e+18 0 3.26e+18 -3.26e+18 0 6.325e+18 -6.325e+18 0 6.629e+18 6.629e+18 0 6.664e+18 -6.664e+18 0 6.963e+18 -6.963e+18 0 7.214e+18 -7.214e+18 0 8.648e+18 8.648e+18 0 2.704e+19 -2.704e+19 0 4.995e+19 4.995e+19 0 5.014e+19 -5.014e+19 0 9.288e+19 -9.288e+19 0 1.135e+20 -1.135e+20 0 1.302e+24 -1.302e+24 0 1.96e+33 1.96e+33 0 There are 147 eigenvalue(s) larger than 1 in modulus for 147 forward-looking variable(s) The rank condition is verified. STEADY-STATE RESULTS: c 0.743463 cF 0.131413 cNE 0.758751 chiHy 0.000757452 chiR 0.00323898 chiT 0.00300439 chiK 0.236299 d 2.9032 De 1.0074 eEHyZ 0.28 eERZ 0.43 eETZ 0.29 fb 0.00790166 g 0.13 gam_c 1 gam_gdp 1 gam_gdp2 1 gam_i 1 gam_iHy 1 gam_ikk 1 gam_iR 1 gam_iT 1 gam_w 1 gam_g 1 gammaER_var 1 gam4_xCO 1 gam4_xFO 1 gam4_xCEC 1 gam4_xFEC 1 gam_yEC 1 gdp 1.22189 gdp2 1.22189 gdp_g 0 h 0.333333 i 0.21407 iF 0.0370761 iHy 0.000757452 ikk 0.236299 iR 0.00323898 iT 0.00300439 k 21.3186 kHy 0.152622 kk 23.6299 kR 0.259112 kT 0.189333 lambda 1.34506 lambdaHy 0.0131064 m 1 mcH 0.655233 mp 0.390803 mucF 0.909091 muH 0.773704 muiF 0.909091 mukHy 0.918582 mukR 0.899394 mukT 0.903335 muxr 0.851074 pCEB 3.47492 pCEC 0.893669 pEC 0.893669 pEHy 0.89347 pER 0.89489 pET 0.892053 pF 1 pFB 1.44773 pFEB 2.81527 pFEC 0.893669 pH 0.851074 pHexp 1.0298 piCEB 1.0074 piCEC 1.0074 piCPI 1.0074 piEC 1.0074 piF 1.0074 piFEB 1.0074 piFEC 1.0074 piH 1.0074 piHexp 1.0074 piNE 1.0074 piw 1.0074 piw_nom 1.0074 pKHy 0.89347 pKR 0.89489 pKT 0.892053 pNE 0.879454 pO 4.78265 pO_star 5.26092 proof 0 pTCo 1.53045 pTCo_star 1.68349 pTG 1.33914 pTG_star 1.47306 q 0.890577 r 1.01246 ri 0.188264 rk 0.013381 rr 1.00503 RR 0.0281393 rz 1.00503 uip 0 bdf 1 s 0.909091 tau_CEC 0 tau_CEO 0 tau_FEC 0 tau_FEO 0 tau_pO 0 tau_pTCo 0 tau_pTG 0 tb 0.0132627 tbtogdp 0.0108543 tot 0.971062 ubarR 0.0558814 w 1.84136 WaF 1 WaSt 1.05263 xCEB 0.0219217 xCEC 0.0112391 xCO 0.0138275 xEC 0.0579806 xFEB 0.0642313 xFEC 0.0467415 xFO 0.0290753 xHy 0.0162364 xi_eTG 0 xi_eTO 0 xp 0.404066 xr 0.431611 xR 0.0249146 xT 0.0168296 xTCo 0.00271185 xTG 0.00532983 xTO 3.17228e-05 xZ_tilde 1.41931 yCEB 0.0219217 yEC 0.0579806 yFEB 0.0642313 yH 1.4357 yHy 0.0162364 yR 0.0249146 ystar 1 yT 0.0168296 yZ_tilde 1.41931 zEC 1 zeta_Hy 1 zH 1 zHy 0.0194619 zR 1 zT 1 zZ 1 gam_gdpr 1 gdpr 1.22189 gam_xET 1 gam_xEHy 1 gam_xER 1 gam_xTCo 1 gam_xTG 1 gam_xTO 1 gam_YR 1 gam_Ystar 1 piOstar 1 piTGstar 1 piTCostar 1 gam_I 1 gam_H 1 piM 1 eTO_var 0.0345 eTG_var 0.5862 etCo_var 0.3793 gam_YR_obs 0 gam_C_obs 0 gam_Ystar_obs 0 R2_obs 0 Rstar2_obs 0 gam_I_obs 0 gam_G_obs 0 piOstar_obs 0 piTGstar_obs 0 piTCostar_obs 0 gam_H_obs 0 gam_xET_obs 0 gam_xEHy_obs 0 gam_xER_obs 0 gam_xTCo_obs 0 gam_xTG_obs 0 gam_xTO_obs 0 piCEC_obs 0.737275 piEC_obs 0.737275 gam_yEC_obs 0 piZ_obs 0 pi_obs 0 gam4_xCO_obs 0 gam4_xFO_obs 0 gam4_xCEC_obs 0 gam4_xFEC_obs 0 rer_obs 0 xi2_obs 0 gam_W_obs 0 piM_obs 0 omega_NE 0.897538 omega_CEB 0.102462 contrib_pi_NE 0.90418 contrib_pi_CEB 0.10322 piCPI_decomp 1.0074 omega_CEC 0.131853 omega_CO 0.868147 contrib_pi_CEC 0.132828 contrib_pi_CO 0.868147 piCEB_decomp 1.00098 piCO 1 contrib_pi_CEB_piCEC 0.0137105 contrib_pi_CEB_piCO 0.0896099 EIGENVALUES: Modulus Real Imaginary 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8.57e-22 -8.57e-22 0 2.097e-21 -2.097e-21 0 4.099e-21 -4.099e-21 0 4.509e-21 -4.509e-21 0 5.175e-21 -5.175e-21 0 5.464e-21 -5.464e-21 0 5.933e-21 -5.933e-21 0 9.555e-21 -9.555e-21 0 4.076e-17 -4.076e-17 0 4.173e-17 4.173e-17 0 4.826e-17 4.826e-17 0 7.015e-17 7.015e-17 0 7.737e-17 -7.737e-17 0 1.381e-16 -1.381e-16 0 5.897e-16 5.897e-16 0 8.286e-16 -8.286e-16 0 1.092e-15 -1.092e-15 0 1.821e-15 -1.821e-15 0 1.954e-15 -1.954e-15 0 2.008e-15 2.008e-15 0 2.858e-15 2.858e-15 0 6.206e-15 -6.206e-15 0 3.047e-14 3.047e-14 0 2.345e-13 -2.345e-13 0 3.446e-13 3.446e-13 0 4.268e-13 4.268e-13 0 4.638e-13 4.638e-13 0 7.663e-13 -7.663e-13 0 9.913e-13 9.913e-13 0 4.753e-12 -4.753e-12 0 7.939e-12 7.939e-12 0 2.256e-08 2.256e-08 0 2.257e-08 -2.257e-08 0 1.372e-06 1.372e-06 0 1.8e-06 -1.8e-06 0 0.002549 0.001382 0.002143 0.002549 0.001382 -0.002143 0.002735 -0.002735 0 0.004248 -0.003755 0.001986 0.004248 -0.003755 -0.001986 0.004255 0.002618 0.003354 0.004255 0.002618 -0.003354 0.004445 -0.001146 0.004294 0.004445 -0.001146 -0.004294 0.004538 0.004538 0 0.007891 0.00357 0.007037 0.007891 0.00357 -0.007037 0.007893 -0.003268 0.007185 0.007893 -0.003268 -0.007185 0.007893 0.00773 0.001598 0.007893 0.00773 -0.001598 0.007899 0.006076 0.005048 0.007899 0.006076 -0.005048 0.007901 -0.007662 0.001926 0.007901 -0.007662 -0.001926 0.007902 -0.0001598 0.0079 0.007902 -0.0001598 -0.0079 0.007908 -0.006286 0.004798 0.007908 -0.006286 -0.004798 0.0132 0.0132 0 0.01342 0.009719 0.009261 0.01342 0.009719 -0.009261 0.01366 0.0003002 0.01365 0.01366 0.0003002 -0.01365 0.01384 -0.009559 0.01001 0.01384 -0.009559 -0.01001 0.01413 -0.01413 0 0.0352 -0.0352 0 0.03921 0.01697 0.03534 0.03921 0.01697 -0.03534 0.05466 -0.05466 0 0.05794 -0.04788 0.03263 0.05794 -0.04788 -0.03263 0.05951 0.01535 0.0575 0.05951 0.01535 -0.0575 0.06046 -0.0224 0.05616 0.06046 -0.0224 -0.05616 0.06237 0.05079 0.0362 0.06237 0.05079 -0.0362 0.06409 0.06409 0 0.1716 -0.1716 0 0.1727 -0.1433 0.0965 0.1727 -0.1433 -0.0965 0.1779 -0.06501 0.1656 0.1779 -0.06501 -0.1656 0.1859 0.0448 0.1804 0.1859 0.0448 -0.1804 0.193 0.1513 0.1199 0.193 0.1513 -0.1199 0.1939 0.1939 0 0.2 0.2 0 0.3 0.3 0 0.3 0.3 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.5 0.5 0 0.6852 0.6852 0 0.7 0.7 0 0.8 0.8 0 0.8 0.8 0 0.8026 0.8026 0 0.8895 0.8895 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9 0.9 0 0.9147 0.9147 0 0.93 0.9274 0.06865 0.93 0.9274 -0.06865 0.9528 0.9528 0 0.9542 0.9542 0 0.9548 0.9538 0.0432 0.9548 0.9538 -0.0432 0.9579 0.9569 0.04364 0.9579 0.9569 -0.04364 0.9851 0.9851 0 0.999 0.999 0 0.999 0.999 0 0.999 0.999 0 1.017 1.017 0 1.049 1.048 0.04781 1.049 1.048 -0.04781 1.051 1.051 0.01266 1.051 1.051 -0.01266 1.053 1.052 0.05353 1.053 1.052 -0.05353 1.054 1.054 0 1.081 1.078 0.07977 1.081 1.078 -0.07977 1.117 1.117 0 1.134 1.125 0.1364 1.134 1.125 -0.1364 1.162 1.162 0 4.152 4.152 0 4.53 3.569 2.79 4.53 3.569 -2.79 4.738 1.009 4.629 4.738 1.009 -4.629 4.871 -1.759 4.542 4.871 -1.759 -4.542 5.042 -5.042 0 5.116 -4.258 2.836 5.116 -4.258 -2.836 46.63 46.63 0 46.66 37.69 27.5 46.66 37.69 -27.5 46.73 14.29 44.5 46.73 14.29 -44.5 46.84 -14.65 44.5 46.84 -14.65 -44.5 46.95 -38.05 27.5 46.95 -38.05 -27.5 46.99 -46.99 0 56.17 -56.17 0 56.28 -45.32 33.38 56.28 -45.32 -33.38 56.56 -16.9 53.97 56.56 -16.9 -53.97 56.93 18.28 53.91 56.93 18.28 -53.91 57.43 46.81 33.27 57.43 46.81 -33.27 57.75 57.75 0 95.71 -87.96 37.73 95.71 -87.96 -37.73 96.9 -33.77 90.82 96.9 -33.77 -90.82 100.1 43.1 90.39 100.1 43.1 -90.39 105.2 98.47 37.13 105.2 98.47 -37.13 196.7 -175.2 89.48 196.7 -175.2 -89.48 200.7 -31.01 198.3 200.7 -31.01 -198.3 216.8 154.8 151.7 216.8 154.8 -151.7 281.1 279.7 27.64 281.1 279.7 -27.64 367.5 149.5 335.7 367.5 149.5 -335.7 407.3 -238.2 330.3 407.3 -238.2 -330.3 412.6 -412.6 0 881.6 -245.7 846.7 881.6 -245.7 -846.7 887.3 -887.3 0 911.1 737 535.8 911.1 737 -535.8 1770 814.5 1572 1770 814.5 -1572 1833 -1254 1337 1833 -1254 -1337 1925 -1925 0 1925 1394 1327 1925 1394 -1327 1.228e+04 -8690 8674 1.228e+04 -8690 -8674 1.248e+04 8816 8833 1.248e+04 8816 -8833 1.448e+04 1.448e+04 0 1.465e+04 -227.6 1.465e+04 1.465e+04 -227.6 -1.465e+04 1.503e+04 -1.503e+04 0 1.62e+04 -1.62e+04 0 1.706e+04 331.5 1.706e+04 1.706e+04 331.5 -1.706e+04 1.793e+04 1.793e+04 0 2.256e+04 2.256e+04 0 2.326e+04 -2128 2.316e+04 2.326e+04 -2128 -2.316e+04 2.8e+04 -2.78e+04 3367 2.8e+04 -2.78e+04 -3367 3.296e+04 1.761e+04 2.786e+04 3.296e+04 1.761e+04 -2.786e+04 1.443e+05 1.443e+05 0 5.592e+05 -2.807e+05 4.836e+05 5.592e+05 -2.807e+05 -4.836e+05 6.959e+05 6.959e+05 0 8.312e+05 -8.312e+05 0 1.973e+07 1.973e+07 0 2.439e+07 -4.294e+06 2.401e+07 2.439e+07 -4.294e+06 -2.401e+07 1.083e+08 1.533e+07 1.073e+08 1.083e+08 1.533e+07 -1.073e+08 1.478e+08 -1.478e+08 0 2.024e+08 8.757e+07 1.825e+08 2.024e+08 8.757e+07 -1.825e+08 1.307e+16 -1.307e+16 0 7.138e+16 -7.138e+16 0 2.749e+17 -2.749e+17 0 3.885e+17 3.885e+17 0 3.906e+17 -3.906e+17 0 6.425e+17 -6.425e+17 0 6.499e+17 -6.499e+17 0 7.291e+17 -7.291e+17 0 7.42e+17 7.42e+17 0 8.008e+17 8.008e+17 0 8.179e+17 -8.179e+17 0 8.332e+17 8.332e+17 0 8.81e+17 8.81e+17 0 9.176e+17 -9.176e+17 0 1.009e+18 1.009e+18 0 1.101e+18 -1.101e+18 0 1.187e+18 -1.187e+18 0 1.244e+18 -1.244e+18 0 1.542e+18 -1.542e+18 0 1.769e+18 -1.769e+18 0 2.212e+18 -2.212e+18 0 2.257e+18 -2.257e+18 0 2.584e+18 -2.584e+18 0 2.823e+18 2.823e+18 0 3.26e+18 -3.26e+18 0 6.325e+18 -6.325e+18 0 6.629e+18 6.629e+18 0 6.664e+18 -6.664e+18 0 6.963e+18 -6.963e+18 0 7.214e+18 -7.214e+18 0 8.648e+18 8.648e+18 0 2.704e+19 -2.704e+19 0 4.995e+19 4.995e+19 0 5.014e+19 -5.014e+19 0 9.288e+19 -9.288e+19 0 1.135e+20 -1.135e+20 0 1.302e+24 -1.302e+24 0 1.96e+33 1.96e+33 0 There are 147 eigenvalue(s) larger than 1 in modulus for 147 forward-looking variable(s) The rank condition is verified. You did not declare endogenous variables after the estimation/calib_smoother command. Initial value of the log posterior (or likelihood): -13512.9467 RESULTS FROM POSTERIOR ESTIMATION parameters prior mean mode s.d. prior pstdev etac 0.5000 2.3020 0.0525 gamm 0.2500 etaH 0.5000 0.7002 0.0276 gamm 0.2500 etaCEB 0.5000 0.3975 0.0559 gamm 0.2500 etaFEB 0.5000 0.4719 0.0223 gamm 0.2500 etaEC 0.5000 0.5580 0.0029 gamm 0.2500 etaT 1.6000 1.9150 0.0581 gamm 0.0500 rhoRR 0.5000 0.5498 0.0770 beta 0.0750 rhopTCo 0.8500 0.9114 0.0379 beta 0.0750 rhopTG 0.8500 0.9289 0.0353 beta 0.0750 rhoPo 0.8500 0.6940 0.0750 beta 0.0750 rhozEC 0.8500 0.8331 0.0543 beta 0.0750 rhozT 0.8500 0.8494 0.0587 beta 0.0750 rhozHy 0.8500 0.7948 0.0671 beta 0.0750 rhozeta_Hy 0.8500 0.8852 0.0723 beta 0.0750 rhozR 0.8500 0.9798 0.0174 beta 0.0750 rhozZ 0.8500 0.9394 0.0027 beta 0.0750 rhom 0.7000 0.8713 0.0067 beta 0.0750 rhoy_star 0.8500 0.9444 0.0215 beta 0.0750 rhorz 0.8500 0.5081 0.0297 beta 0.0500 rho_uip 0.8500 0.9950 0.0009 beta 0.0750 standard deviation of shocks prior mean mode s.d. prior pstdev eps_zeta_Hy 0.0100 0.0073 0.0023 invg 0.0050 eps_pTCo 0.0500 0.1171 0.0093 invg Inf eps_pTG 0.0500 0.1788 0.0142 invg Inf eps_pO_star 0.5000 0.1152 0.0093 invg Inf eps_zHy 0.0500 0.3071 0.0268 invg 0.0500 eps_zR 0.0500 0.0534 0.0104 invg Inf eps_zT 0.0500 0.2463 0.0211 invg Inf eps_zEC 0.0500 0.2067 0.0194 invg Inf eps_rz 0.0500 0.0346 0.0040 invg Inf eps_uip 0.0050 0.0023 0.0002 invg Inf eps_m 0.0050 0.0022 0.0003 invg Inf eps_zZ 0.0050 0.1693 0.0289 invg Inf eps_ystar 0.0050 0.0050 0.0004 invg Inf eps_zH 0.0500 0.1644 0.0300 invg Inf Log data density [Laplace approximation] is -13631.452338. Estimation::mcmc: Multiple chains mode. Estimation::mcmc: Old mh-files successfully erased! Estimation::mcmc: Old metropolis.log file successfully erased! Estimation::mcmc: Creation of a new metropolis.log file. Estimation::mcmc: Searching for initial values... Estimation::mcmc: Initial values found! Estimation::mcmc: Write details about the MCMC... Ok! Estimation::mcmc: Details about the MCMC are available in nk_open_elec_LCP/metropolis/nk_open_elec_LCP_mh_history_0.mat Estimation::mcmc: Number of mh files: 1 per block. Estimation::mcmc: Total number of generated files: 2. Estimation::mcmc: Total number of iterations: 300000. Estimation::mcmc: Current acceptance ratio per chain: Chain 1: 24.8157% Chain 2: 24.9557% Estimation::mcmc: Total number of MH draws per chain: 300000. Estimation::mcmc: Total number of generated MH files: 1. Estimation::mcmc: I'll use mh-files 1 to 1. Estimation::mcmc: In MH-file number 1 I'll start at line 150001. Estimation::mcmc: Finally I keep 150000 draws per chain. MCMC Inefficiency factors per block Parameter Block 1 Block 2 SE_eps_zeta_Hy 537.540 289.289 SE_eps_pTCo 150.463 156.327 SE_eps_pTG 153.776 142.778 SE_eps_pO_star 157.276 156.654 SE_eps_zHy 147.267 156.584 SE_eps_zR 130.301 133.118 SE_eps_zT 129.184 153.015 SE_eps_zEC 138.305 148.124 SE_eps_rz 138.251 155.522 SE_eps_uip 177.431 157.332 SE_eps_m 163.476 201.646 SE_eps_zZ 154.320 181.647 SE_eps_ystar 148.494 154.402 SE_eps_zH 180.991 183.241 etac 151.387 137.981 etaH 188.846 198.066 etaCEB 127.671 140.427 etaFEB 133.595 133.183 etaEC 152.767 129.097 etaT 42.238 44.288 rhoRR 113.564 125.590 rhopTCo 111.995 111.613 rhopTG 127.734 115.952 rhoPo 125.323 135.567 rhozEC 143.859 135.934 rhozT 135.678 120.232 rhozHy 134.248 136.389 rhozeta_Hy 145.976 154.145 rhozR 205.414 253.266 rhozZ 223.956 216.383 rhom 142.256 114.540 rhoy_star 145.196 131.326 rhorz 136.352 125.828 rho_uip 145.749 121.004 Estimation::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! Parameter 29... Done! Parameter 30... Done! Parameter 31... Done! Parameter 32... Done! Parameter 33... Done! Parameter 34... Done! Estimation::marginal density: I'm computing the posterior mean and covariance... Done! Estimation::marginal density: I'm computing the posterior log marginal density (modified harmonic mean)... Done! ESTIMATION RESULTS Log data density is -13631.300580. parameters prior mean post. mean 90% HPD interval prior pstdev etac 0.500 2.3271 2.2365 2.4167 gamm 0.2500 etaH 0.500 0.6803 0.6303 0.7304 gamm 0.2500 etaCEB 0.500 0.4172 0.3248 0.5098 gamm 0.2500 etaFEB 0.500 0.4706 0.4351 0.5082 gamm 0.2500 etaEC 0.500 0.5581 0.5539 0.5625 gamm 0.2500 etaT 1.600 1.9031 1.8621 1.9389 gamm 0.0500 rhoRR 0.500 0.5478 0.4286 0.6752 beta 0.0750 rhopTCo 0.850 0.9043 0.8463 0.9657 beta 0.0750 rhopTG 0.850 0.9187 0.8673 0.9751 beta 0.0750 rhoPo 0.850 0.6899 0.5715 0.8126 beta 0.0750 rhozEC 0.850 0.8212 0.7294 0.9116 beta 0.0750 rhozT 0.850 0.8417 0.7502 0.9377 beta 0.0750 rhozHy 0.850 0.7842 0.6749 0.8936 beta 0.0750 rhozeta_Hy 0.850 0.8538 0.7415 0.9690 beta 0.0750 rhozR 0.850 0.9657 0.9354 0.9966 beta 0.0750 rhozZ 0.850 0.9372 0.9318 0.9424 beta 0.0750 rhom 0.700 0.8719 0.8607 0.8828 beta 0.0750 rhoy_star 0.850 0.9395 0.9056 0.9756 beta 0.0750 rhorz 0.850 0.5046 0.4566 0.5532 beta 0.0500 rho_uip 0.850 0.9949 0.9934 0.9964 beta 0.0750 standard deviation of shocks prior mean post. mean 90% HPD interval prior pstdev eps_zeta_Hy 0.010 0.0099 0.0044 0.0151 invg 0.0050 eps_pTCo 0.050 0.1194 0.1042 0.1352 invg Inf eps_pTG 0.050 0.1818 0.1574 0.2046 invg Inf eps_pO_star 0.500 0.1182 0.1024 0.1341 invg Inf eps_zHy 0.050 0.3135 0.2669 0.3605 invg 0.0500 eps_zR 0.050 0.0554 0.0381 0.0721 invg Inf eps_zT 0.050 0.2497 0.2145 0.2850 invg Inf eps_zEC 0.050 0.2072 0.1751 0.2376 invg Inf eps_rz 0.050 0.0357 0.0287 0.0420 invg Inf eps_uip 0.005 0.0023 0.0020 0.0027 invg Inf eps_m 0.005 0.0023 0.0017 0.0028 invg Inf eps_zZ 0.005 0.1595 0.1133 0.2062 invg Inf eps_ystar 0.005 0.0051 0.0044 0.0058 invg Inf eps_zH 0.050 0.1539 0.1047 0.2025 invg Inf Total computing time : 134h22m16s Note: warning(s) encountered in MATLAB/Octave code