Skip to content
GitLab
Menu
Projects
Groups
Snippets
/
Help
Help
Support
Community forum
Keyboard shortcuts
?
Submit feedback
Contribute to GitLab
Sign in / Register
Toggle navigation
Menu
Open sidebar
Dóra Kocsis
dynare
Commits
2ca595aa
Commit
2ca595aa
authored
Apr 20, 2012
by
MichelJuillard
Browse files
documenting option 'instruments' for ramsey_policy
parent
6a23afdd
Changes
1
Hide whitespace changes
Inline
Side-by-side
doc/dynare.texi
View file @
2ca595aa
...
...
@@ -1730,7 +1730,7 @@ declared as @code{AUX_EXPECT_LAG_1 = x(+2)}.
Auxiliary variables are also introduced by the preprocessor for the
@code{ramsey_policy} command. In this case, they are used to represent the Lagrange
multipliers when first order conditions of the
r
amsey problem are computed.
multipliers when first order conditions of the
R
amsey problem are computed.
The new variables take the form @code{MULT_@var{i}}, where @var{i} represents
the constraint with which the multiplier is associated (counted from the
order of declaration in the model block).
...
...
@@ -4738,6 +4738,12 @@ This command accepts all options of @code{stoch_simul}, plus:
@
item
planner_discount
=
@
var
{
EXPRESSION
}
Declares
the
discount
factor
of
the
central
planner
.
Default
:
@
code
{
1.0
}
@
item
instruments
=
(@
var
{
VARIABLE_NAME
},@
dots
{})
Declares
instrument
variables
for
the
computation
of
the
steady
state
under
optimal
policy
.
Requires
a
@
code
{
steady_state_model
}
block
or
a
@
code
{@
dots
{}
_steadystate
.
m
}
file
.
See
below
.
@
end
table
Note
that
only
first
order
approximation
is
available
(@
i
{
i
.
e
.}
...
...
@@ -4751,6 +4757,26 @@ This command generates all the output variables of @code{stoch_simul}.
In
addition
,
it
stores
the
value
of
planner
objective
function
under
Ramsey
policy
in
@
code
{
oo_
.
planner_objective_value
}.
@
customhead
{
Steay
state
}
Dynare
takes
advantage
of
the
fact
that
the
Lagrange
multipliers
appear
linearly
in
the
equations
of
the
steady
state
of
the
model
under
optimal
policy
.
Nevertheless
,
it
is
in
general
very
difficult
to
compute
the
steady
state
with
simply
a
numerical
guess
in
@
code
{
initval
}
for
the
endogenous
variables
.
It
greatly
facilitates
the
computation
,
if
the
user
provides
an
analytical
solution
for
the
steady
state
(
in
@
code
{
steady_state_model
}
block
or
in
a
@
code
{@
dots
{}
_steadystate
.
m
}
file
).
In
this
case
,
it
is
necessary
to
provide
a
steady
state
solution
CONDITIONAL
on
the
value
of
the
instruments
in
the
optimal
policy
problem
and
declared
with
option
@
code
{
instruments
}.
Note
that
choosing
the
instruments
is
partly
a
matter
of
interpretation
and
you
can
choose
instruments
that
are
handy
from
a
mathematical
point
of
view
but
different
from
the
instruments
you
would
refer
to
in
the
analysis
of
the
paper
.
Typical
example
is
choosing
inflation
or
nominal
interest
rate
as
an
instrument
.
@
end
deffn
@
anchor
{
discretionary_policy
}
...
...
Write
Preview
Supports
Markdown
0%
Try again
or
attach a new file
.
Attach a file
Cancel
You are about to add
0
people
to the discussion. Proceed with caution.
Finish editing this message first!
Cancel
Please
register
or
sign in
to comment