diff --git a/doc/dynare.texi b/doc/dynare.texi index 69581b0dc67396850a03b355eb99c915963c42a6..a6cb8b39a03f0b4078d231e97483bffa6da70f73 100644 --- a/doc/dynare.texi +++ b/doc/dynare.texi @@ -7059,7 +7059,7 @@ The planner objective must be declared with the @code{planner_objective} command This command only creates the expanded model, it doesn't perform any computations. It needs to be followed by other instructions to actually -perfrom desired computations. Note that it is the only way to perform +perform desired computations. Note that it is the only way to perform perfect foresight simulation of the Ramsey policy problem. @xref{Auxiliary @@ -7200,7 +7200,9 @@ In contrast, the second entry stores the value of the planner objective with initial Lagrange multipliers of the planner's problem set to 0, i.e. it is assumed that the planner succumbs to the temptation to exploit the preset private expecatations in the first period (but not in later periods due to commitment). - +Because it entails computing at least a second order approximation, this +computation is skipped with a message when the model is too large (more than 180 state +variables, including lagged Lagrange multipliers). @customhead{Steady state} @xref{Ramsey steady state}. diff --git a/matlab/evaluate_planner_objective.m b/matlab/evaluate_planner_objective.m index 9edb4002387104ee498848d08bcd07f5952de53d..bdd57d06c80ba60ee61bfb6aec586c0bb9d15a4b 100644 --- a/matlab/evaluate_planner_objective.m +++ b/matlab/evaluate_planner_objective.m @@ -34,7 +34,7 @@ nstatic = M.nstatic; nspred = M.nspred; if nspred > 180 disp(' ') - disp(['evaluate_planner_objective: model too large, can''t evaluate planner ' ... + disp(['WARNING in evaluate_planner_objective: model too large, can''t evaluate planner ' ... 'objective']) return NaN end