There's a bug with 4.2.2 with calculating the steady state of auxiliary variables when leads are higher then 2. The bug does not appear on 4.2.1.

Here's a short model to test it. Change N to see with various leads.

- Code: Select all
`@#define N = 4`

var A B;

varexo eB;

parameters Bss rho;

Bss=1;

rho=0.9;

model;

A = B(@{N});

B = (1-rho)*Bss +rho*B(-1) +eB;

end;

steady_state_model;

A = Bss;

B = Bss;

end;

resid;

steady;

check;

shocks;

var eB ; stderr 1 ;

end;

stoch_simul(order=1,periods=300,irf=20) ;

Thanks,

Gilles