problem with Steady State

[jackf118]

I am a new user of dynare and the version is 4.3.0. I just want to replicate a paper, but fail to finish it because of the problem with steady state. I gave the initial value by computing myself according to the instructions in the paper. I think the residual is close enough but still encounter the error. I also checked the model and I think it should be the same as the one in the paper. Do I need to try to give more exact value or I can try other ways to solve the steady state? (I also try to use "solve algo" but with no success) could someone help me fix it? Thanks a lot


SOLVE: maxit has been reached


Residuals of the static equations:

Equation number 1 : -0.0005221
Equation number 2 : 0.0020082
Equation number 3 : 7.0409e-006
Equation number 4 : -0.0028293
Equation number 5 : 0
Equation number 6 : -0.0019964
Equation number 7 : 3.2e-005
Equation number 8 : -0.00014589
Equation number 9 : 9.1049e-006
Equation number 10 : 4.0672e-005
Equation number 11 : 1.4923e-005
Equation number 12 : 0
Equation number 13 : 7.2e-007
Equation number 14 : 0
Equation number 15 : -0.00010011
Equation number 16 : -6.3855e-006
Equation number 17 : -0.00015744


??? Error using ==> print_info at 57
Impossible to find the steady state. Either the model doesn't have a unique
steady state of the guess values are too far from the solution

Error in ==> steady at 92
print_info(info,options_.noprint);

Error in ==> shi at 203
steady;

Error in ==> dynare at 120
evalin('base',fname) ;

My Program:
var c k i l w r cw ce lamda q pb A phi tau se b be;
varexo zA zphi;
parameters alpha beta rho pai u0 h0 yita sigma Astar deltaA B phistar deltaphi sita g;
alpha = 0.36;
beta = 0.992;
rho = 2;
pai = 0.06;
u0 = 44.801;
h0 = 17.005;
yita = 1.5;
sigma = 0.981;
Astar = 1;
deltaA = 0.95;
B = 2.0204;
phistar = 0.276;
deltaphi = 0.9;
sita = 0.276;
g = 0.1928;
model;
yita*h0*l^(yita-1)=cw^(-rho)*w;
u0*ce^(-rho)=cw^(-rho)*(1+lamda);
q-1=(1-sita*q)*lamda;
se=(1-sita)*i+(1-phi)*sigma*k(-1);
g=tau+pb*b-b(-1);
(r+phi*sigma*q)*k(-1)+(b(-1)-pb*be)-tau=ce+(1-sita*q)*i; /*2.4*/
c=pai*ce+(1-pai)*cw;
(r+sigma*q)*k(-1)-q*k+(1-pai)*w*l+(q-1)*pai*i+(b(-1)-pb*b)-tau=c; /*2.8*/
q=beta*(cw(+1)/cw)^(-rho)*(r(+1)+sigma*q(+1)+pai*lamda(+1)*(r(+1)+phi(+1)*sigma*q(+1)));
pb=beta*(cw(+1)/cw)^(-rho)*(1+pai*lamda(+1));
c+pai*i+g=A*k(-1)^alpha*((1-pai)*l)^(1-alpha);
b=B;
k=sigma*k(-1)+pai*i;
log(A)=(1-deltaA)*log(Astar)+deltaA*log(A(-1))+zA;
-log(1/phi-1)=-(1-deltaphi)*log(1/phistar-1)-deltaphi*log(1/phi(-1)-1)+zphi;
r=A*alpha*k(-1)^(alpha-1)*((1-pai)*l)^(1-alpha);
w=A*(1-alpha)*k(-1)^alpha*((1-pai)*l)^(-alpha);
end;
initval;
c=0.6079;
k=14.22288;
i=4.5039;
l=0.265957;
w=2.7414;
r=0.0271;
cw=0.4565;
ce=2.9793;
lamda=0.0514;
q=1.0367;
pb=0.9951;
A=1;
phi=0.2758;
tau=0.2027;
se=13.3625;
b=2.0204;
be=0;
zA=0;
zphi=0;
end;
resid(1);
steady;
/*solve algo=1;*/
/*check;*/
shocks;
var zphi;
periods 1:1;
values -0.8019;
end;
simul(periods=100);

[jpfeifer]

Yes, try to provide better starting values.