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Commit 0668025f authored by Johannes Pfeifer's avatar Johannes Pfeifer
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:bug: discretionary_policy: account for case without lags

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...@@ -113,5 +113,7 @@ T=H(dr.order_var,dr.order_var); ...@@ -113,5 +113,7 @@ T=H(dr.order_var,dr.order_var);
dr.ghu=G(dr.order_var,:); dr.ghu=G(dr.order_var,:);
if M_.maximum_endo_lag if M_.maximum_endo_lag
Selection=M_.lead_lag_incidence(1,dr.order_var)>0;%select state variables Selection=M_.lead_lag_incidence(1,dr.order_var)>0;%select state variables
else
Selection=[];
end end
dr.ghx=T(:,Selection); dr.ghx=T(:,Selection);
...@@ -1069,6 +1069,7 @@ mod_and_m_tests = [ ...@@ -1069,6 +1069,7 @@ mod_and_m_tests = [
'discretionary_policy/dennis_1_estim.mod', 'discretionary_policy/dennis_1_estim.mod',
'discretionary_policy/dennis_1_estim_MoM.mod' ] }, 'discretionary_policy/dennis_1_estim_MoM.mod' ] },
{ 'test' : [ 'discretionary_policy/Gali_discretion.mod' ] }, { 'test' : [ 'discretionary_policy/Gali_discretion.mod' ] },
{ 'test' : [ 'discretionary_policy/NK_discretion_forward.mod' ] },
{ 'test' : [ 'discretionary_policy/Gali_2015_chapter_3.mod', { 'test' : [ 'discretionary_policy/Gali_2015_chapter_3.mod',
'discretionary_policy/Gali_2015_chapter_3_nonlinear.mod' ] }, 'discretionary_policy/Gali_2015_chapter_3_nonlinear.mod' ] },
{ 'test' : [ 'histval_initval_file/ramst_data_generate.mod', { 'test' : [ 'histval_initval_file/ramst_data_generate.mod',
......
var pi x R;
varexo epsilon;
parameters beta kappa lambdax lambdaR sigma;
sigma = 1;
beta = 0.99;
kappa = 0.102;
lambdax = 0.1;
model(linear);
pi = beta*pi(+1)+kappa*x+epsilon;
x = x(+1)-(1/sigma)*(R-pi(+1));
end;
shocks;
var epsilon; stderr 0.01;
end;
planner_objective (pi^2 +lambdax*x^2);
discretionary_policy(instruments=(R),irf=20,planner_discount= beta);
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