Starting Dynare (version 6.1).
Calling Dynare with arguments: none
Starting preprocessing of the model file ...
WARNING: example1.mod:80.1-19: The 'dynare_sensitivity' command is deprecated. It has been renamed 'sensitivity'.
Found 6 equation(s).
Evaluating expressions...
Computing static model derivatives (order 1).
Normalizing the static model...
Finding the optimal block decomposition of the static model...
2 block(s) found:
0 recursive block(s) and 2 simultaneous block(s).
the largest simultaneous block has 4 equation(s)
and 4 feedback variable(s).
Computing dynamic model derivatives (order 2).
Normalizing the dynamic model...
Finding the optimal block decomposition of the dynamic model...
2 block(s) found:
0 recursive block(s) and 2 simultaneous block(s).
the largest simultaneous block has 4 equation(s)
and 4 feedback variable(s).
Preprocessing completed.
Preprocessing time: 0h00m00s.
STEADY-STATE RESULTS:
y 1.08068
c 0.803592
k 11.0836
a 0
h 0.291756
b 0
MODEL SUMMARY
Number of variables: 6
Number of stochastic shocks: 2
Number of state variables: 3
Number of jumpers: 3
Number of static variables: 1
MATRIX OF COVARIANCE OF EXOGENOUS SHOCKS
Variables e u
e 0.000081 0.000008
u 0.000008 0.000081
POLICY AND TRANSITION FUNCTIONS
y c k a h b
Constant 1.080953 0.803479 11.083988 0 0.291870 0
(correction) 0.000270 -0.000113 0.000383 0 0.000114 0
k(-1) 0.005358 0.038542 0.941817 0 -0.012547 0
a(-1) 1.836717 0.424583 1.419062 0.950000 0.341715 0.025000
b(-1) 0.837086 -0.318740 1.419062 0.025000 0.341715 0.950000
e 1.911522 0.456074 1.455448 1.000000 0.350477 0
u 0.830840 -0.347518 1.455448 0 0.350477 1.000000
k(-1),k(-1) -0.000693 -0.000620 -0.000072 0 0.000640 0
a(-1),k(-1) 0.031013 0.011201 0.018983 0 -0.005454 0
a(-1),a(-1) 1.354840 0.198327 1.191903 0 0.113219 0
b(-1),k(-1) 0.026057 -0.024450 0.018983 0 -0.005454 0
b(-1),a(-1) 1.010716 0.003915 2.383805 0 0.226438 0
b(-1),b(-1) 0.118206 0.149375 1.191903 0 0.113219 0
e,e 1.473867 0.220058 1.253809 0 0.119100 0
u,e 1.036212 -0.015958 2.507619 0 0.238199 0
u,u 0.102686 0.165780 1.253809 0 0.119100 0
k(-1),e 0.031946 0.012476 0.019470 0 -0.005594 0
k(-1),u 0.026588 -0.026065 0.019470 0 -0.005594 0
a(-1),e 2.826253 0.417711 2.444928 0 0.232244 0
a(-1),u 0.989536 -0.006871 2.444928 0 0.232244 0
b(-1),e 1.058095 -0.004158 2.444928 0 0.232244 0
b(-1),u 0.221009 0.314583 2.444928 0 0.232244 0
APPROXIMATED THEORETICAL MOMENTS
VARIABLE MEAN STD. DEV. VARIANCE
y 1.0847 0.0897 0.0080
c 0.8065 0.0529 0.0028
k 11.1870 1.2603 1.5883
a 0.0000 0.0340 0.0012
h 0.2917 0.0119 0.0001
b 0.0000 0.0340 0.0012
APPROXIMATED VARIANCE DECOMPOSITION (in percent)
e u
y 70.30 29.70
c 65.16 34.84
k 55.00 45.00
a 88.20 11.80
h 55.00 45.00
b 17.43 82.57
APPROXIMATED MATRIX OF CORRELATIONS
Variables y c k a h b
y 1.0000 0.8742 0.8548 0.9563 0.6237 0.7773
c 0.8742 1.0000 0.9704 0.8396 0.1656 0.6138
k 0.8548 0.9704 1.0000 0.7504 0.1739 0.7504
a 0.9563 0.8396 0.7504 1.0000 0.5906 0.5627
h 0.6237 0.1656 0.1739 0.5906 1.0000 0.5906
b 0.7773 0.6138 0.7504 0.5627 0.5906 1.0000
APPROXIMATED COEFFICIENTS OF AUTOCORRELATION
Order 1 2 3 4 5
y 0.9762 0.9530 0.9303 0.9081 0.8864
c 0.9949 0.9889 0.9819 0.9741 0.9656
k 0.9992 0.9971 0.9937 0.9891 0.9834
a 0.9641 0.9299 0.8973 0.8662 0.8365
h 0.9195 0.8442 0.7739 0.7082 0.6468
b 0.9641 0.9299 0.8973 0.8662 0.8365
[Warning: dynare_sensitivity: dynare_sensitivity does only support order=1,
resetting to order=1.]
[> In gsa.run (line 93)
In example1.driver (line 376)
In dynare (line 310)]