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What is Dynare?
===============
Dynare is a software platform for handling a wide class of economic models, in particular dynamic stochastic general equilibrium (DSGE) and overlapping generations (OLG) models. The models solved by Dynare include those relying on the *rational expectations* hypothesis, wherein agents form their expectations about the future in a way consistent with the model. But Dynare is also able to handle models where expectations are formed differently: on one extreme, models where agents perfectly anticipate the future; on the other extreme, models where agents have limited rationality or imperfect knowledge of the state of the economy and, hence, form their expectations through a learning process. In terms of types of agents, models solved by Dynare can incorporate consumers, productive firms, governments, monetary authorities, investors and financial intermediaries. Some degree of heterogeneity can be achieved by including several distinct classes of agents in each of the aforementioned agent categories.
Dynare is a software platform for handling a wide class of economic
models, in particular dynamic stochastic general equilibrium (DSGE)
and overlapping generations (OLG) models. The models solved by Dynare
include those relying on the *rational expectations* hypothesis,
wherein agents form their expectations about the future in a way
consistent with the model. But Dynare is also able to handle models
where expectations are formed differently: on one extreme, models
where agents perfectly anticipate the future; on the other extreme,
models where agents have limited rationality or imperfect knowledge of
the state of the economy and, hence, form their expectations through a
learning process. In terms of types of agents, models solved by Dynare
can incorporate consumers, productive firms, governments, monetary
authorities, investors and financial intermediaries. Some degree of
heterogeneity can be achieved by including several distinct classes of
agents in each of the aforementioned agent categories.
Dynare offers a user-friendly and intuitive way of describing these models. It is able to perform simulations of the model given a calibration of the model parameters and is also able to estimate these parameters given a dataset. In practice, the user will write a text file containing the list of model variables, the dynamic equations linking these variables together, the computing tasks to be performed and the desired graphical or numerical outputs.
Dynare offers a user-friendly and intuitive way of describing these
models. It is able to perform simulations of the model given a
calibration of the model parameters and is also able to estimate these
parameters given a dataset. In practice, the user will write a text
file containing the list of model variables, the dynamic equations
linking these variables together, the computing tasks to be performed
and the desired graphical or numerical outputs.
A large panel of applied mathematics and computer science techniques are internally employed by Dynare: multivariate nonlinear solving and optimization, matrix factorizations, local functional approximation, Kalman filters and smoothers, MCMC techniques for Bayesian estimation, graph algorithms, optimal control, …
A large panel of applied mathematics and computer science techniques
are internally employed by Dynare: multivariate nonlinear solving and
optimization, matrix factorizations, local functional approximation,
Kalman filters and smoothers, MCMC techniques for Bayesian estimation,
graph algorithms, optimal control, …
Various public bodies (central banks, ministries of economy and finance, international organisations) and some private financial institutions use Dynare for performing policy analysis exercises and as a support tool for forecasting exercises. In the academic world, Dynare is used for research and teaching purposes in postgraduate macroeconomics courses.
Various public bodies (central banks, ministries of economy and
finance, international organisations) and some private financial
institutions use Dynare for performing policy analysis exercises and
as a support tool for forecasting exercises. In the academic world,
Dynare is used for research and teaching purposes in postgraduate
macroeconomics courses.
Dynare is a free software, which means that it can be downloaded free of charge, that its source code is freely available, and that it can be used for both non-profit and for-profit purposes. Most of the source files are covered by the GNU General Public Licence (GPL) version 3 or later (there are some exceptions to this, see the file license.txt in Dynare distribution). It is available for the Windows, macOS, and Linux platforms and is fully documented through a user guide and a reference manual. Part of Dynare is programmed in C++, while the rest is written using the `MATLAB`_ programming language. The latter implies that commercially-available MATLAB software is required in order to run Dynare. However, as an alternative to MATLAB, Dynare is also able to run on top of `GNU Octave`_ (basically a free clone of MATLAB): this possibility is particularly interesting for students or institutions who cannot afford, or do not want to pay for, MATLAB and are willing to bear the concomitant performance loss.
Dynare is a free software, which means that it can be downloaded free
of charge, that its source code is freely available, and that it can
be used for both non-profit and for-profit purposes. Most of the
source files are covered by the GNU General Public Licence (GPL)
version 3 or later (there are some exceptions to this, see the file
license.txt in Dynare distribution). It is available for the Windows,
macOS, and Linux platforms and is fully documented through a user
guide and a reference manual. Part of Dynare is programmed in C++,
while the rest is written using the `MATLAB`_ programming
language. The latter implies that commercially-available MATLAB
software is required in order to run Dynare. However, as an
alternative to MATLAB, Dynare is also able to run on top of `GNU
Octave`_ (basically a free clone of MATLAB): this possibility is
particularly interesting for students or institutions who cannot
afford, or do not want to pay for, MATLAB and are willing to bear the
concomitant performance loss.
The development of Dynare is mainly done at `CEPREMAP`_ by a core team of researchers who devote part of their time to software development. Currently the development team of Dynare is composed of Stéphane Adjemian (Université du Maine, Gains and Cepremap), Houtan Bastani (Cepremap), Michel Juillard (Banque de France), Frédéric Karamé (Université du Maine, Gains and Cepremap), Junior Maih (Norges Bank), Ferhat Mihoubi (Université Paris-Est Créteil, Érudite and Cepremap), Johannes Pfeifer (University of Cologne), Marco Ratto (European Commission, Joint Research Centre - JRC) and Sébastien Villemot (Cepremap). Increasingly, the developer base is expanding, as tools developed by researchers outside of Cepremap are integrated into Dynare. Financial support is provided by Cepremap, Banque de France and DSGE-net (an international research network for DSGE modeling).
The development of Dynare is mainly done at `CEPREMAP`_ by a core team
of researchers who devote part of their time to software
development. Currently the development team of Dynare is composed of
Stéphane Adjemian (Université du Maine, Gains and Cepremap), Houtan
Bastani (Cepremap), Michel Juillard (Banque de France), Frédéric
Karamé (Université du Maine, Gains and Cepremap), Junior Maih (Norges
Bank), Ferhat Mihoubi (Université Paris-Est Créteil, Érudite and
Cepremap), Johannes Pfeifer (University of Cologne), Marco Ratto
(European Commission, Joint Research Centre - JRC) and Sébastien
Villemot (Cepremap). Increasingly, the developer base is expanding, as
tools developed by researchers outside of Cepremap are integrated into
Dynare. Financial support is provided by Cepremap, Banque de France
and DSGE-net (an international research network for DSGE modeling).
Interaction between developers and users of Dynare is central to the project. A `web forum`_ is available for users who have questions about the usage of Dynare or who want to report bugs. Current known and fixed bugs are listed on the `Dynare wiki`_. Issues or whishes can be reported on our `Git repository`_. Training sessions are given through the Dynare Summer School, which is organized every year and is attended by about 40 people. Finally, priorities in terms of future developments and features to be added are decided in cooperation with the institutions providing financial support.
Interaction between developers and users of Dynare is central to the
project. A `web forum`_ is available for users who have questions
about the usage of Dynare or who want to report bugs. Current known
and fixed bugs are listed on the `Dynare wiki`_. Issues or whishes can
be reported on our `Git repository`_. Training sessions are given
through the Dynare Summer School, which is organized every year and is
attended by about 40 people. Finally, priorities in terms of future
developments and features to be added are decided in cooperation with
the institutions providing financial support.
Documentation sources
=====================
The present document is the reference manual for Dynare. It documents all commands and features in a systematic fashion.
The present document is the reference manual for Dynare. It documents
all commands and features in a systematic fashion.
Other useful sources of information include the `Dynare wiki`_ and the `Dynare forums`_.
Other useful sources of information include the `Dynare wiki`_ and the
`Dynare forums`_.
Citing Dynare in your research
==============================
If you would like to refer to Dynare in a research article, the recommended way is to cite the present manual, as follows:
If you would like to refer to Dynare in a research article, the
recommended way is to cite the present manual, as follows:
Stéphane Adjemian, Houtan Bastani, Michel Juillard, Frédéric Karamé, Ferhat Mihoubi, George Perendia, Johannes Pfeifer, Marco Ratto and Sébastien Villemot (2011), “Dynare: Reference Manual, Version 4,” *Dynare Working Papers*, 1, CEPREMAP
Stéphane Adjemian, Houtan Bastani, Michel Juillard, Frédéric
Karamé, Ferhat Mihoubi, George Perendia, Johannes Pfeifer, Marco
Ratto and Sébastien Villemot (2011), “Dynare: Reference Manual,
Version 4,” *Dynare Working Papers*, 1, CEPREMAP
Note that citing the Dynare Reference Manual in your research is a good way to help the Dynare project.
Note that citing the Dynare Reference Manual in your research is a
good way to help the Dynare project.
If you want to give a URL, use the address of the Dynare website:
https://www.dynare.org.
If you want to give a URL, use the address of the Dynare website: https://www.dynare.org.
.. _MATLAB: http://www.mathworks.com/products/matlab/
.. _GNU Octave: http://www.octave.org/