Dynare forums

Hi Everyone,


I am trying to simulate and estimate an optimal monetary policy of the kind similar to Curdia and Woodford (2009). I did the simulation part using the "ramsey_policy" command and got the irfs. but i couldn't run the "discretionary_policy" command. I get this error message:

Reference to non-existent field 'instruments'.

Error in stoch_simul (line 74)
[oo_.dr,ys,info] = discretionary_policy_1(oo_,options_.instruments);

Error in discretionary_policy (line 25)
info = stoch_simul(var_list);

Error in optimalpolicy2 (line 163)
discretionary_policy(var_list_);

Error in dynare (line 120)
evalin('base',fname) ;

Also, how is it possible to estimate an optimal monetary policy model using data. Is it similar to estimating any DSGE model?

Any help is really apprecaited!!

Thanks,