Hi all,
I am working with a two sector model with non-homothetic preferences. Is there a way to deal with Engel Curves in dynare? I ask because there does not seem to be a unique steady state with these kind of preferences.
Thank you,
G
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Non-homothetic preferences
by growler » Fri Aug 12, 2016 6:59 pm
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Re: Non-homothetic preferences
by jpfeifer » Sun Aug 14, 2016 5:59 pm
This is the first time I encounter a question like this. Do you have some reference? A non-unique steady state (arising from a unit root) is usually handled by using a steady state file that allows you to select one of the steady states consistent with the equilibrium conditions.
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