Error:if all parameters occurring in these equations...

[willbecool]

Please help me! I have this basic New Keynesian model but when executing, it gives the following error:
i) if all parameters occurring in these equations are defined
ii) that no division by an endogenous variable initialized to 0 occurs
??? Error using ==> dynare_solve at 98
exiting ...

Error in ==> evaluate_steady_state at 66
[ys,check] = dynare_solve([M.fname '_static'],...

Error in ==> resol at 108
[dr.ys,M.params,info] = evaluate_steady_state(oo.steady_state,M,options,oo,0);

Error in ==> check at 71
[dr,info,M,options,oo] = resol(1,M,options,oo);

Error in ==> app at 133
check(M_,options_,oo_);

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

[jpfeifer]

As Dynare says, there is a problem with equation 4. You do not provide an initial value for pi, which is thus taken a 0. Equation 4 divides by pi which results in the error. Provide a starting value for pi.