diff --git a/src/source/the-model-file.rst b/src/source/the-model-file.rst index 3c5e22807fab42e832f1d901c939bd0b39ff0a0d..647e4a1317adfdae57a30a2a6f4ef1bbed1c545a 100644 --- a/src/source/the-model-file.rst +++ b/src/source/the-model-file.rst @@ -2818,15 +2818,16 @@ Computing the stochastic solution perturbation techniques. More precisely, ``stoch_simul`` computes a Taylor approximation of - the decision and transition functions for the model. Using this, - it computes impulse response functions and various descriptive - statistics (moments, variance decomposition, correlation and - autocorrelation coefficients). For correlated shocks, the variance - decomposition is computed as in the VAR literature through a - Cholesky decomposition of the covariance matrix of the exogenous - variables. When the shocks are correlated, the variance - decomposition depends upon the order of the variables in the - ``varexo`` command. + the model around the deterministic steady state and solves of the + the decision and transition functions for the approximated + model. Using this, it computes impulse response functions and + various descriptive statistics (moments, variance decomposition, + correlation and autocorrelation coefficients). For correlated + shocks, the variance decomposition is computed as in the VAR + literature through a Cholesky decomposition of the covariance + matrix of the exogenous variables. When the shocks are correlated, + the variance decomposition depends upon the order of the variables + in the ``varexo`` command. The Taylor approximation is computed around the steady state (see :ref:`st-st`).