From 39ae080997618787ec229adeeb1a6d7364136bf6 Mon Sep 17 00:00:00 2001
From: Johannes Pfeifer <jpfeifer@gmx.de>
Date: Mon, 6 Mar 2023 10:42:48 -0500
Subject: [PATCH] model_diagnostics.m: fix logic of Ramsey instrument checks
The mapping from economic to steady state instruments is not one-to-one. Trigger warnings instead of errors.
---
matlab/model_diagnostics.m | 6 +++---
1 file changed, 3 insertions(+), 3 deletions(-)
diff --git a/matlab/model_diagnostics.m b/matlab/model_diagnostics.m
index 8336767ef7..778c33688a 100644
--- a/matlab/model_diagnostics.m
+++ b/matlab/model_diagnostics.m
@@ -45,13 +45,13 @@ if options.ramsey_policy
orig_endo_aux_nbr = M.orig_endo_nbr + min(find([M.aux_vars.type] == 6)) - 1;
implied_inst_nbr = orig_endo_aux_nbr - M.orig_eq_nbr;
if inst_nbr>implied_inst_nbr
- error('You have specified more instruments than there are omitted equations')
+ warning('You have specified more steady state instruments than there are omitted equations. While there are use cases for this setup, it is rather unusual. Check whether this is desired.')
elseif inst_nbr<implied_inst_nbr
- error('You have specified fewer instruments than there are omitted equations')
+ warning('You have specified fewer steady state instruments than there are omitted equations. While there are use cases for this setup, it is rather unusual. Check whether this is desired.')
end
else
if options.steadystate_flag
- error('You have specified a steady state file, but not provided an instrument. Either delete the steady state file or provide an instrument')
+ warning('You have specified a steady state file, but not provided steady state instruments. In this case, you typically need to make sure to provide all steady state values, including the ones for the planner''s instrument(s).')
end
end
end
--
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