Starting Dynare (version 5.4). Calling Dynare with arguments: none Starting preprocessing of the model file ... WARNING: RBC_q0_new.mod:11.5-13.22: Symbol r declared twice. WARNING: in the 'steady_state_model' block, variable 'dyA' is declared twice Substitution of endo lags >= 2: added 15 auxiliary variables and equations. Found 84 equation(s). Evaluating expressions...done Computing static model derivatives (order 1). Computing dynamic model derivatives (order 1). Processing outputs ... done Preprocessing completed. Residuals of the static equations: Equation number 1 : 0 : FOC home asset Equation number 2 : 0 : FOC foreign asset Equation number 3 : 0 : labor disutility index Equation number 4 : 0 : FOC h_N Equation number 5 : 0 : FOC h_A Equation number 6 : 0 : welfare Equation number 7 : 0 : utility Equation number 8 : 0 : Welfare loss auxiliary variable to convert welfare into unconditional consumption Equation number 9 : 0 : stochastic discount factor Equation number 10 : 0 : Marginal utility of consumption Equation number 11 : 0 : Marginal disutility of labor h_N Equation number 12 : 0 : Marginal disutility of labor h_A Equation number 13 : 0 : No arbitrage Bonds-Capital Equation number 14 : 0 : 14 Equation number 15 : 0 : Capital law of motion Equation number 16 : 0 : i_A Equation number 17 : 0 : investment equation Equation number 18 : 0 : q_A Equation number 19 : 0 : Production y_N Equation number 20 : 0 : Production y_A Equation number 21 : 0 : labor cost minimization N Equation number 22 : 0 : labor cost minimization A Equation number 23 : 0 : FOC land Equation number 24 : 0 : FOC x Equation number 25 : 0 : land cost Equation number 26 : 0 : vc Equation number 27 : 0 : Land Equation number 28 : 0 : Damage function Equation number 29 : 0 : total prod Equation number 30 : 0 : i Equation number 31 : 0 : h Equation number 32 : 0 : Reallocation shock Equation number 33 : 0 : Ressources Constraint Equation number 34 : 0 : 34 Equation number 35 : 0 : Ricardian definitions Equation number 36 : 0 : 36 Equation number 37 : 0 : Gross Domestic Product Equation number 38 : 0 : Price indexes Equation number 39 : 0 : 39 Equation number 40 : 0 : net foreign assets Equation number 41 : 0 : trade balance Equation number 42 : 0 : relative price Equation number 43 : 0 : net foreign assets Equation number 44 : 0 : uc_star Equation number 45 : 0 : 45 Equation number 46 : 0 : 46 Equation number 47 : 0 : Observables Equation number 48 : 0 : i_obs Equation number 49 : 0 : h_obs Equation number 50 : 0 : c_obs Equation number 51 : 0 : smdi_obs Equation number 52 : 0 : y_a_obs Equation number 53 : 0 : wy_obs Equation number 54 : 0 : rer_obs Equation number 55 : 0 : y_N_obs Equation number 56 : 0 : current account Equation number 57 : 0 : Shock decomposition Equation number 58 : 0 : dy Equation number 59 : 0 : dc Equation number 60 : 0 : dH Equation number 61 : 0 : welfare Equation number 62 : 0 : Expected rer Equation number 63 : 0 : shocks Equation number 64 : 0 : 64 Equation number 65 : 0 : 65 Equation number 66 : 0 : 66 Equation number 67 : 0 : 67 Equation number 68 : 0 : 68 Equation number 69 : 0 : 69 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3.434e-18 -3.434e-18 0 5.198e-15 -5.198e-15 0 5.641e-15 -5.641e-15 0 2.594e-14 2.594e-14 0 4.071e-13 4.071e-13 0 0.063 0.063 0 0.38 0.38 0 0.38 0.38 0 0.7507 0.7507 0 0.8 0.8 0 0.9198 0.9164 0.07928 0.9198 0.9164 -0.07928 0.95 0.95 0 0.95 0.95 0 0.95 0.95 0 0.95 0.95 0 0.9794 0.9794 0 1.001 1.001 0 1.004 1.004 0.008348 1.004 1.004 -0.008348 1.012 1.012 0 1.012 1.012 0 1.012 1.012 0 1.012 1.012 0 1.036 1.036 0 1.1 1.096 0.095 1.1 1.096 -0.095 2.294 2.294 0 1.282e+15 -1.282e+15 0 6.617e+15 6.617e+15 0 5.794e+16 5.794e+16 0 7.851e+16 -7.851e+16 0 2.961e+17 -2.961e+17 0 1.035e+18 -1.035e+18 0 3.363e+18 3.363e+18 0 6.309e+18 6.309e+18 0 Inf Inf 0 Inf -Inf 0 There are 21 eigenvalue(s) larger than 1 in modulus for 19 forward-looking variable(s) The rank condition ISN'T verified! You did not declare endogenous variables after the estimation/calib_smoother command. Initial value of the log posterior (or likelihood): -1446.4191 RESULTS FROM POSTERIOR ESTIMATION parameters prior mean mode s.d. prior pstdev rho_z 0.5000 0.3074 0.1101 beta 0.2000 rho_h 0.5000 0.9098 0.0389 beta 0.2000 rho_g 0.5000 0.8706 0.0342 beta 0.2000 rho_i 0.5000 0.4535 0.1069 beta 0.2000 rho_n 0.5000 0.8588 0.0417 beta 0.2000 rho_s 0.5000 0.3949 0.0910 beta 0.2000 rho_e 0.5000 0.2061 0.0907 beta 0.2000 rho_c 0.5000 0.9488 0.0167 beta 0.2000 sig_z 1.0000 2.0376 0.1990 weibl 2.0000 sig_h 1.0000 5.2280 0.8419 weibl 2.0000 sig_g 1.0000 3.9057 0.2933 weibl 2.0000 sig_i 1.0000 6.2527 0.9266 weibl 2.0000 sig_n 1.0000 12.4815 1.9703 weibl 2.0000 sig_s 1.0000 0.7999 0.0592 weibl 2.0000 sig_e 1.0000 4.8943 0.5416 weibl 2.0000 sig_c 1.0000 0.6614 0.0485 weibl 2.0000 sigmaC 1.0000 1.2627 0.2357 norm 0.3500 sigmaH 2.0000 3.6179 0.5965 norm 0.7500 psi 1.0000 2.3463 0.5802 norm 1.0000 omega 0.2000 0.1523 0.0603 beta 0.0800 delta_L 0.2500 0.0311 0.0089 beta 0.1000 b 0.7000 0.5566 0.0813 beta 0.1000 iota 1.0000 3.5294 0.5025 norm 0.7500 chi_I 4.0000 2.3978 0.6981 norm 1.5000 mu 2.0000 3.5248 0.5727 gamm 1.0000 mu_A 2.0000 1.0769 0.1507 gamm 1.0000 mu_N 2.0000 0.8366 0.0614 gamm 1.0000 Log data density [Laplace approximation] is -1478.377077. Total computing time : 0h00m03s Note: 2 warning(s) encountered in the preprocessor