Commit 2c8c1202 authored by Johannes Pfeifer 's avatar Johannes Pfeifer
Browse files

Replace various references to deprecated ramsey_policy by ramsey_model

parent 055710c9
...@@ -8127,30 +8127,25 @@ Optimal policy ...@@ -8127,30 +8127,25 @@ Optimal policy
============== ==============
Dynare has tools to compute optimal policies for various types of Dynare has tools to compute optimal policies for various types of
objectives. ``ramsey_model`` computes automatically the First Order objectives. You can either solve for optimal policy under
Conditions (FOC) of a model, given the ``planner_objective``. You can commitment with ``ramsey_model``, for optimal policy under discretion
then use other standard commands to solve, estimate or simulate this with ``discretionary_policy`` or for optimal simple rules with ``osr``
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``
(also implying commitment). (also implying commitment).
.. command:: planner_objective MODEL_EXPRESSION ; .. command:: planner_objective MODEL_EXPRESSION ;
|br| This command declares the policy maker objective, for use |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 You need to give the one-period objective, not the discounted
lifetime objective. The discount factor is given by the 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 ``discretionary_policy``. The objective function can only contain
current endogenous variables and no exogenous ones. This current endogenous variables and no exogenous ones. This
limitation is easily circumvented by defining an appropriate limitation is easily circumvented by defining an appropriate
auxiliary variable in the model. 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. objectives: you can give any arbitrary nonlinear expression.
With ``discretionary_policy``, the objective function must be quadratic. With ``discretionary_policy``, the objective function must be quadratic.
...@@ -8354,7 +8349,7 @@ Optimal policy under discretion ...@@ -8354,7 +8349,7 @@ Optimal policy under discretion
*Options* *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 .. option:: discretionary_tol = NON-NEGATIVE DOUBLE
......
Markdown is supported
0% or .
You are about to add 0 people to the discussion. Proceed with caution.
Finish editing this message first!
Please register or to comment