Optimal policy under Ramsey

[Heniz.Wu]

Dear Prof. Pfeifer and all
The original model is perfect,but i meet some questions when i Modify the model to find the maximize welfare in the ramsey_policy command.I have checked many times.

Warning: Some of the parameters have no value (chi,
Wmin, ka, TT, phi, mu_L, mu_P) when using
Stoch_simul. If these parameters are not
Initialized in a strongystate file or a
Steady_state_model-block, Dynare may not be able
To solve the model
The operands of the || and the && operator must be able to be converted to logical scalar values.
Error dynare_solve (line 88)
If (~ ismember (options.solve_algo, [10,11])) &&
(Max (abs (fvec)) <tolf)
Error dyn_ramsey_static (line 70)
        [Inst_val, info1] =
        Dynare_solve (nl_func, ys_init (k_inst), ...
Error evaluate_steady_state (line 139)
        [Ys, params, info] =
        Dyn_ramsey_static (ys_init, M, options, oo);
Wrong (line 104)
[Dr.ys, M.params, info] =
Evaluate_steady_state (oo.steady_state, M, options, oo, 0);
Error stoch_simul (line 83)
    [Oo_.dr, info, M_, options_, oo_] =
    Resol (0, M_, options_, oo_);
Error ramsey_policy (line 38)
Info = stoch_simul (var_list);
Error model (line 1009)
Ramsey_policy (var_list_);
Error dynare (line 223)
Evalin ('base', fname);

Many thanks.

[jpfeifer]

This is a bug, because Dynare does not provide a proper error message. The problem is that you specify a steady_state_model-block, but do not provide an instrument. Either delete the steady state file or provide
an instrument.

[Heniz.Wu]

This is a bug, because Dynare does not provide a proper error message. The problem is that you specify a steady_state_model-block, but do not provide an instrument. Either delete the steady state file or provide
an instrument.

Thank you very much for your reply, I have improved some of the details of the model, but it still has a problem,i want to know where the problem lies and the solution.

many thanks

Warning: Matrices are singular values, close to singular values ​​or scaling errors. The results may be inaccurate. RCOND = NaN.
> In dyn_ramsey_static> dyn_ramsey_static_1 at 167
  In dyn_ramsey_static> @ (x) dyn_ramsey_static_1 (x, M, options_, oo) at 43
  In dynare_solve at 74
  In dyn_ramsey_static at 85
  In evaluate_steady_state at 139
  In resol at 104
  In stoch_simul at 83
  In ramsey_policy at 38
  In model at 1014
  In dynare at 223
Warning: Matrices are singular values, close to singular values ​​or scaling errors. The results may be inaccurate. RCOND = NaN.
> In dyn_ramsey_static> dyn_ramsey_static_1 at 167
  In dyn_ramsey_static> @ (x) dyn_ramsey_static_1 (x, M, options_, oo) at 43
  In dyn_ramsey_static at 86
  In evaluate_steady_state at 139
  In resol at 104
  In stoch_simul at 83
  In ramsey_policy at 38
  In model at 1014
  In dynare at 223
Error using print_info (line 34)
The model does not determine the current variables
Uniquely
Error stoch_simul (line 94)
    Print_info (info, options_.noprint, options_);
Error ramsey_policy (line 38)
Info = stoch_simul (var_list);
Error model (line 1014)
Ramsey_policy (var_list_);
Error dynare (line 223)
Evalin ('base', fname);

[jpfeifer]

It is still a problem with steady state finding. I would recommed to specify an instrument and provide a conditional steady state file. Did your model work without Ramsey?

[Heniz.Wu]

It is still a problem with steady state finding. I would recommed to specify an instrument and provide a conditional steady state file. Did your model work without Ramsey?

orginalmodel.mod

original mod

(11.6 KiB) Downloaded 78 times

This is where I am puzzled, the original model is useful, steady state is also correct.The model works without Ramsey.Looking forward to your help.

[jpfeifer]

If that step works, specify an instrument and rework your steady state file to work conditional on the instrument.