What's wrong with my RBC code?
Posted: Mon Mar 30, 2015 2:21 pm- Code: Select all
var Y C I L K w rk R ;
varexo taul G;
parameters a beta psi eta alpha delta;
a=2;
beta=0.98;
psi=4;
eta=0.76;
alpha=0.3;
delta=0.025;
model;
1/C=beta*R/C(+1);
R=rk(+1)+(1-delta);
psi*(1+eta)*L^(eta)=(w*(1-taul))/C;
I=K-(1-delta)*K(-1);
Y=a*K(-1)^(alpha) * L^(1-alpha);
L=Y/w *(1-alpha);
K(-1)=Y/rk *(alpha);
Y=C+I+G;
end;
initval;
Y=2.1876;
C=14.4693;
I=3.6131;
L=0.8;
K=144.5260;
w=5.4689;
rk=0.04;
R=1.01;
G=0.1;
taul=0.15;
end;
steady;
check;
endval;
Y=2.1876;
C=14.4693;
I=3.6131;
L=0.8;
K=144.5260;
w=5.4689;
rk=0.04;
R=1.01;
taul=0.15;
G=0.12;
end;
steady;
check;
simul(periods=8000);
I think my equations are correct. Is that possible that my model does not reach the steady state? Are just my numbers wrong? Pls help!
Error:
??? Error using ==> print_info
Impossible to find the steady state. Either the model doesn't have a steady state, there are an infinity of steady states, or the guess values are too far from the solution
Error in ==> steady at 92
print_info(info,options_.noprint, options_);
Error in ==> rbc1 at 147
steady;
Error in ==> dynare at 180
evalin('base',fname) ;