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Marco Ratto
dynare
Commits
2c8c1202
Commit
2c8c1202
authored
Jan 10, 2020
by
Johannes Pfeifer
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Replace various references to deprecated ramsey_policy by ramsey_model
parent
055710c9
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doc/manual/source/the-model-file.rst
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2c8c1202
...
...
@@ -8127,30 +8127,25 @@ Optimal policy
==============
Dynare
has
tools
to
compute
optimal
policies
for
various
types
of
objectives
.
``
ramsey_model
``
computes
automatically
the
First
Order
Conditions
(
FOC
)
of
a
model
,
given
the
``
planner_objective
``.
You
can
then
use
other
standard
commands
to
solve
,
estimate
or
simulate
this
new
,
expanded
model
.
Alternatively
,
you
can
either
solve
for
optimal
policy
under
commitment
with
``
ramsey_policy
``,
for
optimal
policy
under
discretion
with
``
discretionary_policy
``
or
for
optimal
simple
rule
with
``
osr
``
objectives
.
You
can
either
solve
for
optimal
policy
under
commitment
with
``
ramsey_model
``,
for
optimal
policy
under
discretion
with
``
discretionary_policy
``
or
for
optimal
simple
rules
with
``
osr
``
(
also
implying
commitment
).
..
command
::
planner_objective
MODEL_EXPRESSION
;
|
br
|
This
command
declares
the
policy
maker
objective
,
for
use
with
``
ramsey_
policy
``
or
``
discretionary_policy
``.
with
``
ramsey_
model
``
or
``
discretionary_policy
``.
You
need
to
give
the
one
-
period
objective
,
not
the
discounted
lifetime
objective
.
The
discount
factor
is
given
by
the
``
planner_discount
``
option
of
``
ramsey_
policy
``
and
``
planner_discount
``
option
of
``
ramsey_
model
``
and
``
discretionary_policy
``.
The
objective
function
can
only
contain
current
endogenous
variables
and
no
exogenous
ones
.
This
limitation
is
easily
circumvented
by
defining
an
appropriate
auxiliary
variable
in
the
model
.
With
``
ramsey_
policy
``,
you
are
not
limited
to
quadratic
With
``
ramsey_
model
``,
you
are
not
limited
to
quadratic
objectives
:
you
can
give
any
arbitrary
nonlinear
expression
.
With
``
discretionary_policy
``,
the
objective
function
must
be
quadratic
.
...
...
@@ -8354,7 +8349,7 @@ Optimal policy under discretion
*
Options
*
This
command
accepts
the
same
options
than
``
ramsey_policy
``,
plus
:
This
command
accepts
the
same
options
as
``
ramsey_policy
``,
plus
:
..
option
::
discretionary_tol
=
NON
-
NEGATIVE
DOUBLE
...
...
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