Dear all,
Can anybody help me with finding out whether Dynare can compute impulse responses of variables as a percentage of the variables' own steady state values? If so, what is the option that I need to use for the stoch_simul command?
Thank you
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impulse responses
by economist » Tue Feb 18, 2014 9:57 pm
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Re: impulse responses
by jpfeifer » Wed Feb 19, 2014 6:11 am
By default, Dynare only compute linearizations and IRFs are in absolute deviations from steady state. For ways around this, see Section 4.4 "Linearization vs. Log-linearization" and Remark 17 (Dynare’s loglinear option) in https://sites.google.com/site/pfeiferecon/Pfeifer_2013_Observation_Equations.pdf
If you go for the loglinear option, you must use the recent unstable version (or for future reference anything above 4.4.1). The reason is a bug in this option in 4.4.1 that has only recently been fixed.
If you go for the loglinear option, you must use the recent unstable version (or for future reference anything above 4.4.1). The reason is a bug in this option in 4.4.1 that has only recently been fixed.
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Re: impulse responses
by economist » Thu Feb 20, 2014 2:56 pm
Thank you! This response and the document provided were very helpful.
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