I am trying to implement ECB's New Area Wide Model (NAWM). The model in my .mod file is already log-linearized but I have to take into account a growth rate of labour productivity of 2% at the steady state.
I tried adding equations to my model block using the STEADY_STATE() expression, but the result is that I have more equations than endogenous variables because of it. Is there any other way to use restrictions on a steady state?
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Steady state restrictions
by jefbref » Thu Mar 21, 2013 3:23 pm
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Re: Steady state restrictions
by jpfeifer » Fri Mar 22, 2013 7:51 am
I am not sure, I get the question. But in such cases, using a steady state file is often best. As a starting point, see here http://www.dynare.org/phpBB3/viewtopic.php?f=1&t=4476
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Re: Steady state restrictions
by jefbref » Fri Mar 22, 2013 3:55 pm
Thank you jpfeifer. I had some problems understanding if I can give or not a numerical solution in the steady state file.
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