From cbce60943f6c1dedb2f63ed454a6594c0250922f Mon Sep 17 00:00:00 2001
From: Johannes Pfeifer <jpfeifer@gmx.de>
Date: Sun, 15 Aug 2021 18:10:28 +0200
Subject: [PATCH] Manual: document behavior of steady_state() in
 perfect_foresight_context

(@stepan removed trailing whitespaces)
---
 doc/manual/source/the-model-file.rst | 13 +++++++++++++
 1 file changed, 13 insertions(+)

diff --git a/doc/manual/source/the-model-file.rst b/doc/manual/source/the-model-file.rst
index 0ba1cdc33b..8fd30d247a 100644
--- a/doc/manual/source/the-model-file.rst
+++ b/doc/manual/source/the-model-file.rst
@@ -617,6 +617,19 @@ not in EXPRESSION):
     Exogenous and exogenous deterministic variables may not appear in
     MODEL_EXPRESSION.
 
+    .. warning::
+
+        The concept of a steady state is ambiguous in a perfect foresight
+        context with permament and potentially anticipated shocks occuring.
+        Dynare will use the contents of ``oo_.steady_state`` as its reference
+        for calls to the ``STEADY_STATE()``-operator. In the presence of
+        ``endval``, this implies that the terminal state provided by the
+        user is used. This may be a steady state computed by Dynare (if ``endval``
+        is followed by ``steady``) or simply the terminal state provided by the
+        user (if ``endval`` is not followed by ``steady``). Put differently,
+        Dynare will not automatically compute the steady state conditional on
+        the specificed value of the exogenous variables in the respective periods.
+
 .. operator:: EXPECTATION (INTEGER) (MODEL_EXPRESSION)
 
     This operator is used to take the expectation of some expression
-- 
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