Starting Dynare (version 5.2). Calling Dynare with arguments: none Starting preprocessing of the model file ... Found 16 equation(s). Evaluating expressions...done Computing static model derivatives (order 1). Computing dynamic model derivatives (order 2). Processing outputs ... done Preprocessing completed. Residuals of the static equations: Equation number 1 : 0.0065783 : ytld Equation number 2 : 0 : uctld Equation number 3 : 0 : 3 Equation number 4 : -0.033478 : 4 Equation number 5 : -0.033656 : 5 Equation number 6 : 0 : 6 Equation number 7 : 0.0045141 : 7 Equation number 8 : -0.25806 : 8 Equation number 9 : -0.0065783 : 9 Equation number 10 : 0 : 10 Equation number 11 : -0.0023358 : 11 Equation number 12 : -0.0049337 : 12 Equation number 13 : -0.0049337 : 13 Equation number 14 : 0 : altld Equation number 15 : 0 : vltld Equation number 16 : 0 : xitld STEADY-STATE RESULTS: ctld 3.945e-16 ktld 1.02193e-15 ytld 5.56161e-16 btld 8.6637e-15 qtld -1.54277e-18 gatld 0.00657832 gvtld 0.00657832 ltld 1.19664e-16 xtld 7.48981e-16 nxtld 8.28519e-15 altld 0 vltld 0 uctld -5.09595e-16 mutld -5.09595e-16 stld -1.51515e-16 xitld 0 MODEL SUMMARY Number of variables: 16 Number of stochastic shocks: 5 Number of state variables: 7 Number of jumpers: 7 Number of static variables: 5 MATRIX OF COVARIANCE OF EXOGENOUS SHOCKS Variables eps_ga eps_gv eps_al eps_vl eps_xi eps_ga 0.000100 0.000000 0.000000 0.000000 0.000000 eps_gv 0.000000 0.000100 0.000000 0.000000 0.000000 eps_al 0.000000 0.000000 0.000100 0.000000 0.000000 eps_vl 0.000000 0.000000 0.000000 0.000100 0.000000 eps_xi 0.000000 0.000000 0.000000 0.000000 0.000100 POLICY AND TRANSITION FUNCTIONS ytld ktld ctld xtld ltld nxtld btld(-1) 0.003819 0.000065 -0.006150 0.003116 0.007376 1.233566 altld(-1) 1.345022 0.047040 0.891261 1.419695 0.335728 50.019988 vltld(-1) 0.201109 0.061437 0.253515 0.549481 -0.038774 -26.276330 xitld(-1) -0.140349 -0.004631 0.226001 -0.144414 -0.271054 -43.612737 ktld(-1) 0.524314 0.981417 0.414418 0.471763 0.081310 16.170396 gatld(-1) 0.224296 -0.581336 0.443328 0.318119 -0.162057 -31.602171 gvtld(-1) 0.015249 -0.598077 0.127381 -0.132754 -0.082964 -4.921773 eps_ga 0.897183 -2.325342 1.773310 1.272476 -0.648229 -126.408682 eps_gv 0.060996 -2.392308 0.509524 -0.531017 -0.331857 -19.687091 eps_al 1.415812 0.049515 0.938170 1.494415 0.353397 52.652619 eps_vl 0.211694 0.064670 0.266858 0.578401 -0.040815 -27.659295 eps_xi -0.147735 -0.004875 0.237896 -0.152015 -0.285320 -45.908145 THEORETICAL MOMENTS VARIABLE MEAN STD. DEV. VARIANCE ytld 0.0000 0.1146 0.0131 ktld 0.0000 0.2305 0.0531 ctld 0.0000 0.1560 0.0243 xtld 0.0000 0.1112 0.0124 ltld 0.0000 0.0748 0.0056 nxtld 0.0000 12.2859 150.9425 VARIANCE DECOMPOSITION (in percent) eps_ga eps_gv eps_al eps_vl eps_xi ytld 33.89 37.43 19.09 8.59 1.00 ktld 44.20 47.15 2.41 6.19 0.06 ctld 39.36 39.01 16.49 4.27 0.86 xtld 30.52 33.61 22.26 12.86 0.75 ltld 36.97 35.59 18.42 2.63 6.39 nxtld 37.01 35.14 18.72 2.47 6.67 MATRIX OF CORRELATIONS Variables ytld ktld ctld xtld ltld nxtld ytld 1.0000 0.8620 0.7621 0.9905 -0.0423 -0.0208 ktld 0.8620 1.0000 0.8624 0.8406 -0.3536 -0.3234 ctld 0.7621 0.8624 1.0000 0.7713 -0.6792 -0.6616 xtld 0.9905 0.8406 0.7713 1.0000 -0.0674 -0.0556 ltld -0.0423 -0.3536 -0.6792 -0.0674 1.0000 0.9973 nxtld -0.0208 -0.3234 -0.6616 -0.0556 0.9973 1.0000 COEFFICIENTS OF AUTOCORRELATION Order 1 2 3 4 5 ytld 0.9677 0.9389 0.9115 0.8849 0.8589 ktld 0.9887 0.9720 0.9540 0.9359 0.9180 ctld 0.9749 0.9617 0.9514 0.9419 0.9325 xtld 0.9614 0.9313 0.9037 0.8773 0.8516 ltld 0.9918 0.9866 0.9819 0.9772 0.9724 nxtld 0.9906 0.9847 0.9795 0.9744 0.9693 Total computing time : 0h00m06s