diff --git a/matlab/discretionary_policy/discretionary_policy_1.m b/matlab/discretionary_policy/discretionary_policy_1.m index 5b6313335b75b6cd07f15a0b6198beeef3ef0469..84bd00dfa68eb489aa3cbb89f3ce7dda6df76135 100644 --- a/matlab/discretionary_policy/discretionary_policy_1.m +++ b/matlab/discretionary_policy/discretionary_policy_1.m @@ -121,5 +121,7 @@ T=H(dr.order_var,dr.order_var); dr.ghu=G(dr.order_var,:); if M_.maximum_endo_lag Selection=M_.lead_lag_incidence(1,dr.order_var)>0;%select state variables +else + Selection=[]; end dr.ghx=T(:,Selection); \ No newline at end of file diff --git a/meson.build b/meson.build index 66590ae76cee6164c3bca570829811b81ab199d6..8686ceacd1a1c27513de6e0392a9272b69bb7bc6 100644 --- a/meson.build +++ b/meson.build @@ -1061,6 +1061,7 @@ mod_and_m_tests = [ { 'test' : [ 'discretionary_policy/dennis_1.mod', 'discretionary_policy/dennis_1_estim.mod' ] }, { 'test' : [ 'discretionary_policy/Gali_discretion.mod' ] }, + { 'test' : [ 'discretionary_policy/NK_discretion_forward.mod' ] }, { 'test' : [ 'discretionary_policy/Gali_2015_chapter_3.mod', 'discretionary_policy/Gali_2015_chapter_3_nonlinear.mod' ] }, { 'test' : [ 'histval_initval_file/ramst_data_generate.mod', diff --git a/tests/discretionary_policy/NK_discretion_forward.mod b/tests/discretionary_policy/NK_discretion_forward.mod new file mode 100644 index 0000000000000000000000000000000000000000..c5d36dec48a324a451ea2bf00720d3b2df11b6c3 --- /dev/null +++ b/tests/discretionary_policy/NK_discretion_forward.mod @@ -0,0 +1,27 @@ +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); + + + +