diff --git a/examples/fs2000.mod b/examples/fs2000.mod index 5b7ac75b8d27cab9cb3a1796404f27d6cbbd074a..e1bdfe1ef2c59c86edc6263455af272de40ba0de 100644 --- a/examples/fs2000.mod +++ b/examples/fs2000.mod @@ -6,22 +6,26 @@ * The data are in file "fsdat_simul.m", and have been artificially generated. * They are therefore different from the original dataset used by Schorfheide. * - * The prior distribution follows the one originally specified in Schorfheide's paper. - * Note that the beta prior for rho implies an asymptote and corresponding prior mode - * for rho at 0. It is generally recommended to avoid this extreme type of prior. + * The prior distribution follows the one originally specified in Schorfheide's + * paper, except for parameter rho. In the paper, the elicited beta prior for rho + * implies an asymptote and corresponding prior mode at 0. It is generally + * recommended to avoid this extreme type of prior. Some optimizers, for instance + * mode_compute=12 (Mathworks' particleswarm algorithm) may find a posterior mode + * with rho equal to zero. We lowered the value of the prior standard deviation + * (changing .223 to .100) to remove the asymptote. * * The equations are taken from J. Nason and T. Cogley (1994): "Testing the * implications of long-run neutrality for monetary business cycle models", * Journal of Applied Econometrics, 9, S37-S70. * Note that there is an initial minus sign missing in equation (A1), p. S63. * - * This implementation was written by Michel Juillard. Please note that the + * This impglementation was originally written by Michel Juillard. Please note that the * following copyright notice only applies to this Dynare implementation of the * model. */ /* - * Copyright (C) 2004-2015 Dynare Team + * Copyright (C) 2004-2017 Dynare Team * * This file is part of Dynare. * @@ -109,7 +113,7 @@ alp, beta_pdf, 0.356, 0.02; bet, beta_pdf, 0.993, 0.002; gam, normal_pdf, 0.0085, 0.003; mst, normal_pdf, 1.0002, 0.007; -rho, beta_pdf, 0.129, 0.223; +rho, beta_pdf, 0.129, 0.100; psi, beta_pdf, 0.65, 0.05; del, beta_pdf, 0.01, 0.005; stderr e_a, inv_gamma_pdf, 0.035449, inf;