Replication-Justiniano and Primiceri

[ashley674]

Hi All,
I am trying to replicate Justiano and Primiceri (2008) bayesian estimation for time-invariant posteriors. My problem is that I am able to derive the steady state without including the measurement equations but when those equations are included I am getting an error stating that the steady state contains Nan or Inf. I am not sure what I am doing wrong as I am writing the code following what the researchers uploaded online. I have uploaded my mod file so you can get a clearer picture of what I have done so far to see where I am going wrong.

Any help on this will be greatly appreciated and thank you in advance.
Ashley

[ashley674]

Hey All,
I was able to get the steady state with the measurement equations so you can disregard my first post.

Ashley

[ashley674]

Hi All,
First of all I apologize for all the messages in such a short time but I really need to get these results this week.

I am now trying to estimate posteriors for the model but I keep getting the error message below;

Error in computing likelihood for initial parameter values

ESTIMATION_CHECKS: There was an error in computing the likelihood for initial parameter values.
ESTIMATION_CHECKS: You should try using the calibrated version of the model as starting values. To do
ESTIMATION_CHECKS: this, add an empty estimated_params_init-block with use_calibration option immediately before the estimation
ESTIMATION_CHECKS: command (and after the estimated_params-block so that it does not get overwritten):


Error using print_info (line 42)
Blanchard Kahn conditions are not satisfied: no stable equilibrium

I am really lost as to what is wrong with the model now as I was able to simulate the model and get steady states.
Again any help will be greatly appreciated and thank you in advance.

[ashley674]

Hi All,
I figured out my errors and was able to get posterior results so you can ignore all my postings.
Ashley