From 44af8d5beefe2bd65fceb6dd8f9ea7de52d0ceb2 Mon Sep 17 00:00:00 2001
From: =?UTF-8?q?St=C3=A9phane=20Adjemian=20=28Charybdis=29?=
 <stephane.adjemian@univ-lemans.fr>
Date: Wed, 24 May 2017 10:56:51 +0200
Subject: [PATCH] Updated NEWS file.

---
 NEWS | 797 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++-
 1 file changed, 793 insertions(+), 4 deletions(-)

diff --git a/NEWS b/NEWS
index 500f3e325..796078725 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,792 @@
+Announcement for Dynare 4.5.0 (on 2013-12-16)
+=============================================
+
+We are pleased to announce the release of Dynare 4.5.0.
+
+This major release adds new features and fixes various bugs.
+
+The Windows packages are already available for download at:
+
+ http://www.dynare.org/download/dynare-stable
+
+The Mac and Debian/Ubuntu packages should follow soon.
+
+All users are strongly encouraged to upgrade.
+
+This release is compatible with MATLAB versions ranging from 7.3 (R2006b) to
+9.2 (R2017a) and with GNU Octave version 4.2.
+
+Here is the list of major user-visible changes:
+
+
+ - Ramsey policy
+
+  + Added command `ramsey_model` that builds the expanded model with
+    FOC conditions for the planner's problem but doesn't perform any
+    computation. Usefull to compute Ramsey policy in a perfect
+    foresight model,
+
+  + `ramsey_policy` accepts multipliers in its variable list and
+    displays results for them.
+
+
+ - Perfect foresight models
+
+  + New commands `perfect_foresight_setup` (for preparing the
+    simulation) and `perfect_foresight_solver` (for computing it). The
+    old `simul` command still exist and is now an alias for
+    `perfect_foresight_setup` + `perfect_foresight_solver`. It is no
+    longer possible to manipulate by hand the contents of
+    `oo_.exo_simul` when using `simul`. People who want to do
+    it must first call `perfect_foresight_setup`, then do the
+    manipulations, then call `perfect_foresight_solver`,
+
+  + By default, the perfect foresight solver will try a homotopy
+    method if it fails to converge at the first try. The old behavior
+    can be restored with the `no_homotopy` option,
+
+  + New option `stack_solve_algo=7` that allows specifying a
+    `solve_algo` solver for solving the model,
+
+  + New option `solve_algo` that allows specifying a solver for
+    solving the model when using `stack_solve_algo=7`,
+
+  + New option `lmmcp` that solves the model via a Levenberg-Marquardt
+    mixed complementarity problem (LMMCP) solver,
+
+  + New option `robust_lin_solve` that triggers the use of a robust
+    linear solver for the default `solve_algo=4`,
+
+  + New options `tolf` and `tolx` to control termination criteria of
+    solvers,
+
+  + New option `endogenous_terminal_period` to `simul`,
+
+  + Added the possibility to set the initial condition of the
+    (stochastic) extended path simulations with the histval block.
+
+
+ - Optimal simple rules
+
+  + Saves the optimal value of parameters to `oo_.osr.optim_params`,
+
+  + New block `osr_params_bounds` allows specifying bounds for the
+    estimated parameters,
+
+  + New option `opt_algo` allows selecting different optimizers while
+    the new option `optim` allows specifying the optimizer options,
+
+  + The `osr` command now saves the names, bounds, and indices for the
+    estimated parameters as well as the indices and weights of the
+    variables entering the objective function into `M_.osr`.
+
+
+ - Forecasts and Smoothing
+
+  + The smoother and forecasts take uncertainty about trends and means
+    into account,
+
+  + Forecasts accounting for measurement error are now saved in fields
+    of the form `HPDinf_ME` and `HPDsup_ME`,
+
+  + New fields `oo_.Smoother.Trend` and `oo_.Smoother.Constant` that
+    save the trend and constant parts of the smoothed variables,
+
+  + new field `oo_.Smoother.TrendCoeffs` that stores the trend
+    coefficients.
+
+  + Rolling window forecasts allowed in `estimation` command by
+    passing a vector to `first_obs`,
+
+  + The `calib_smoother` command now accepts the `loglinear`,
+    `prefilter`, `first_obs` and `filter_decomposition` options.
+
+
+ - Estimation
+
+  + New options: `logdata`, `consider_all_endogenous`,
+    `consider_only_observed`, `posterior_max_subsample_draws`,
+    `mh_conf_sig`, `diffuse_kalman_tol`, `dirname`, `nodecomposition`
+
+  + `load_mh_file` and `mh_recover` now try to load chain's proposal density,
+
+  + New option `load_results_after_load_mh` that allows loading some
+    posterior results from a previous run if no new MCMC draws are
+    added,
+
+  + New option `posterior_nograph` that suppresses the generation of
+    graphs associated with Bayesian IRFs, posterior smoothed objects,
+    and posterior forecasts,
+
+  + Saves the posterior density at the mode in
+    `oo_.posterior.optimization.log_density`,
+
+  + The `filter_covariance` option now also works with posterior
+    sampling like Metropolis-Hastings,
+
+  + New option `no_posterior_kernel_density` to suppress computation
+    of kernel density of posterior objects,
+
+  + Recursive estimation and forecasting now provides the individual
+    `oo_` structures for each sample in `oo_recursive_`,
+
+  + The `trace_plot` command can now plot the posterior density,
+
+  + New command `generate_trace_plots` allows generating all trace
+    plots for one chain,
+
+  + New commands `prior_function` and `posterior_function` that
+    execute a user-defined function on parameter draws from the
+    prior/posterior distribution,
+
+  + New option `huge_number` for replacement of infinite bounds with
+    large number during `mode_compute`,
+
+  + New option `posterior_sampling_method` allows selecting the new
+    posterior sampling options:
+    `tailored_random_block_metropolis_hastings` (Tailored randomized
+    block (TaRB) Metropolis-Hastings), `slice` (Slice sampler),
+    `independent_metropolis_hastings` (Independent
+    Metropolis-Hastings),
+
+  + New option `posterior_sampler_options` that allow controlling the
+    options of the `posterior_sampling_method`, its `scale_file`-option
+    pair allows loading the `_mh_scale.mat`-file storing the tuned
+    scale factor from a previous run of `mode_compute=6`,
+
+  + New option `raftery_lewis_diagnostics` that computes Raftery/Lewis
+    (1992) convergence diagnostics,
+
+  + New option `fast_kalman_filter` that provides fast Kalman filter
+    using Chandrasekhar recursions as described in Ed Herbst (2015),
+
+  + The `dsge_var` option now saves results at the posterior mode into
+    `oo_.dsge_var`,
+
+  + New option `smoothed_state_uncertainty` to provide the uncertainty
+    estimate for the smoothed state estimate from the Kalman smoother,
+
+  + New prior density: generalized Weibull distribution,
+
+  + Option `mh_recover` now allows continuing a crashed chain at the
+    last save mh-file,
+
+  + New option `nonlinear_filter_initialization` for the
+    {{{estimation}}} command. Controls the initial covariance matrix
+    of the state variables in nonlinear filters.
+
+  + The `conditional_variance_decomposition` option now displays
+    output and stores it as a LaTeX-table when the `TeX` option is
+    invoked,
+
+  + The `use_calibration` to `estimated_params_init` now also works
+    with ML,
+
+  + Improved initial estimation checks.
+
+
+ - Steady state
+
+  + The default solver for finding the steady state is now a
+    trust-region solver (can be triggered explicitly with option
+    `solve_algo=4`),
+
+  + New options `tolf` and `tolx` to control termination criteria of
+    solver,
+
+  + The debugging mode now provides the termination values in steady
+    state finding.
+
+
+ - Stochastic simulations
+
+  + New options `nodecomposition`,
+
+  + New option `bandpass_filter` to compute bandpass-filtered
+    theoretical and simulated moments,
+
+  + New option `one_sided_hp_filter` to compute one-sided HP-filtered
+    simulated moments,
+
+  + `stoch_simul` displays a simulated variance decomposition when
+    simulated moments are requested,
+
+  + `stoch_simul` saves skewness and kurtosis into respective fields
+    of `oo_` when simulated moments have been requested,
+
+  + `stoch_simul` saves the unconditional variance decomposition in
+    `oo_.variance_decomposition`,
+
+  + New option `dr_display_tol` that governs omission of small terms
+    in display of decision rules,
+
+  + The `stoch_simul` command now prints the displayed tables as LaTeX
+    code when the new `TeX` option is enabled,
+
+  + The `loglinear` option now works with lagged and leaded exogenous
+    variables like news shocks,
+
+  + New option `spectral_density` that allows displaying the spectral
+    density of (filtered) endogenous variables,
+
+  + New option `contemporaneous_correlation` that allows saving
+    contemporaneous correlations in addition to the covariances.
+
+
+ - Identification
+
+  + New options `diffuse_filter` and `prior_trunc`,
+
+  + The `identification` command now supports correlations via
+    simulated moments,
+
+
+ - Sensitivity analysis
+
+  + New blocks `irf_calibration` and `moment_calibration`,
+
+  + Outputs LaTeX tables if the new `TeX` option is used,
+
+  + New option `relative_irf` to `irf_calibration` block.
+
+
+ - Conditional forecast
+
+  + Command `conditional_forecast` now takes into account `histval`
+    block if present.
+
+
+ - Shock decomposition
+
+  + New option `colormap` to `shocks_decomposition` for controlling
+    the color map used in the shocks decomposition graphs,
+
+  + `shocks_decomposition` now accepts the `nograph` option,
+
+  + New command `realtime_shock_decomposition` that for each period `T= [presample,...,nobs]`
+	allows computing the:
+
+   o realtime historical shock decomposition `Y(t|T)`, i.e. without observing data in `[T+1,...,nobs]`
+   o forecast shock decomposition `Y(T+k|T)`
+   o realtime conditional shock decomposition `Y(T+k|T+k)-Y(T+k|T)`
+
+  + New block `shock_groups` that allows grouping shocks for the
+    `shock_decomposition` and `realtime_shock_decomposition` commands,
+
+  + New command `plot_shock_decomposition` that allows plotting the
+    results from `shock_decomposition` and
+    `realtime_shock_decomposition` for different vintages and shock
+    groupings.
+
+
+ - Macroprocessor
+
+  + Can now pass a macro-variable to the `@#include` macro directive,
+
+  + New preprocessor flag `-I`, macro directive `@#includepath`, and
+    dynare config file block `[paths]` to pass a search path to the
+    macroprocessor to be used for file inclusion via `@#include`.
+
+
+ - Command line
+
+  + New option `onlyclearglobals` (do not clear JIT compiled functions
+    with recent versions of Matlab),
+
+  + New option `minimal_workspace` to use fewer variables in the
+    current workspace,
+
+  + New option `params_derivs_order` allows limiting the order of the
+    derivatives with respect to the parameters that are calculated by
+    the preprocessor,
+
+  + New command line option `mingw` to support the MinGW-w64 C/C++
+    Compiler from TDM-GCC for `use_dll`.
+
+
+ - dates/dseries/reporting classes
+
+  + New methods `abs`, `cumprod` and `chain`,
+
+  + New option `tableRowIndent` to `addTable`,
+
+  + Reporting system revamped and made more efficient, dependency on
+    matlab2tikz has been dropped.
+
+
+ - Optimization algorithms
+
+  + `mode_compute=2` Uses the simulated annealing as described by
+    Corana et al. (1987),
+
+  + `mode_compute=101` Uses SOLVEOPT as described by Kuntsevich and
+    Kappel (1997),
+
+  + `mode_compute=102` Uses `simulannealbnd` from Matlab's Global
+    Optimization Toolbox (if available),
+
+  + New option `silent_optimizer` to shut off output from mode
+    computing/optimization,
+
+  + New options `verbosity` and `SaveFiles` to control output and
+    saving of files during mode computing/optimization.
+
+
+ - LaTeX output
+
+  + New command `write_latex_original_model`,
+
+  + New option `write_equation_tags` to `write_latex_dynamic_model`
+    that allows printing the specified equation tags to the generate
+    LaTeX code,
+
+  + New command `write_latex_parameter_table` that writes the names and
+    values of model parameters to a LaTeX table,
+
+  + New command `write_latex_prior_table` that writes the descriptive
+    statistics about the prior distribution to a LaTeX table,
+
+  + New command `collect_latex_files` that creates one compilable LaTeX
+    file containing all TeX-output.
+
+
+ - Misc.
+
+  + Provides 64bit preprocessor,
+
+  + Introduces new path management to avoid conflicts with other
+    toolboxes,
+
+  + Full compatibility with Matlab 2014b's new graphic interface,
+
+  + When using `model(linear)`, Dynare automatically checks
+    whether the model is truly linear,
+
+  + `usedll`, the `msvc` option now supports `normcdf`, `acosh`,
+    `asinh`, and `atanh`,
+
+  + New parallel option `NumberOfThreadsPerJob` for Windows nodes that
+    sets the number of threads assigned to each remote MATLAB/Octave
+    run,
+
+  + Improved numerical performance of
+    `schur_statespace_transformation` for very large models,
+
+  + The `all_values_required` option now also works with `histval`,
+
+  + Add missing `horizon` option to `ms_forecast`,
+
+  + BVAR now saves the marginal data density in
+    `oo_.bvar.log_marginal_data_density` and stores prior and
+    posterior information in `oo_.bvar.prior` and
+    `oo_.bvar.posterior`.
+
+
+
+* Bugs and problems identified in version 4.4.3 and that have been fixed in version 4.5.0:
+
+
+ - BVAR models
+
+  + `bvar_irf` could display IRFs in an unreadable way when they moved from
+    negative to positive values,
+
+  + In contrast to what is stated in the documentation, the confidence interval
+    size `conf_sig` was 0.6 by default instead of 0.9.
+
+
+ - Conditional forecasts
+
+  + The `conditional_forecast` command produced wrong results in calibrated
+    models when used at initial values outside of the steady state (given with
+    `initval`),
+
+  + The `plot_conditional_forecast` option could produce unreadable figures if
+    the areas overlap,
+
+  + The `conditional_forecast` command after MLE crashed,
+
+  + In contrast to what is stated in the manual, the confidence interval size
+    `conf_sig` was 0.6 by default instead of 0.8.
+
+  + Conditional forecasts were wrong when the declaration of endogenous
+    variables was not preceeding the declaration of the exogenous
+    variables and parameters.
+
+
+ - Discretionary policy
+
+  + Dynare allowed running models where the number of instruments did not match
+    the number of omitted equations,
+
+  + Dynare could crash in some cases when trying to display the solution,
+
+  + Parameter dependence embedded via a `steady_state` was not taken into
+    account, typically resulting in crashes.
+
+ - dseries class
+
+  + When subtracting a dseries object from a number, the number was instead
+    subtracted from the dseries object.
+
+
+ - DSGE-VAR models
+
+  + Dynare crashed when estimation encountered non-finite values in the Jacobian
+    at the steady state,
+
+  + The presence of a constant was not considered for degrees of freedom
+    computation of the Gamma function used during the posterior computation; due
+    to only affecting the constant term, results should be be unaffected, except
+    for model_comparison when comparing models with and without.
+
+
+ - Estimation command
+
+  + In contrast to what was stated in the manual, the confidence interval size
+    `conf_sig` for `forecast` without MCMC was 0.6 by default instead of 0.9,
+
+  + Calling estimation after identification could lead to crashes,
+
+  + When using recursive estimation/forecasting and setting some elements of
+    `nobs` to be larger than the number of observations T in the data,
+    `oo_recursive_` contained additional cell entries that simply repeated the
+    results obtained for `oo_recursive_T`,
+
+  + Computation of Bayesian smoother could crash for larger models when
+    requesting `forecast` or `filtered_variables`,
+
+  + Geweke convergence diagnostics were not computed on the full MCMC chain when
+    the `load_mh_file` option was used,
+
+  + The Geweke convergence diagnostics always used the default `taper_steps` and
+  `geweke_interval`,
+
+  + Bayesian IRFs (`bayesian_irfs` option) could be displayed in an unreadable
+    way when they move from negative to positive values,
+
+  + If `bayesian_irfs` was requested when `mh_replic` was too low to compute
+    HPDIs, plotting was crashing,
+
+  + The x-axis value in `oo_.prior_density` for the standard deviation and
+    correlation of measurement errors was written into a field
+    `mearsurement_errors_*` instead of `measurement_errors_*`,
+
+  + Using a user-defined `mode_compute` crashed estimation,
+
+  + Option `mode_compute=10` did not work with infinite prior bounds,
+
+  + The posterior variances and covariances computed by `moments_varendo` were
+    wrong for very large models due to a matrix erroneously being filled up with
+    zeros,
+
+  + Using the `forecast` option with `loglinear` erroneously added the unlogged
+    steady state,
+
+  + When using the `loglinear` option the check for the presence of a constant
+    was erroneously based on the unlogged steady state,
+
+  + Estimation of `observation_trends` was broken as the trends specified as a
+    function of deep parameters were not correctly updated during estimation,
+
+  + When using `analytic_derivation`, the parameter values were not set before
+    testing whether the steady state file changes parameter values, leading to
+    subsequent crashes,
+
+  + If the steady state of an initial parameterization did not solve, the
+    observation equation could erroneously feature no constant when the
+    `use_calibration` option was used,
+
+  + When computing posterior moments, Dynare falsely displayed that moment
+    computations are skipped, although the computation was performed correctly,
+
+  + If `conditional_variance_decomposition` was requested, although all
+    variables contain unit roots, Dynare crashed instead of providing an error
+    message,
+
+  + Computation of the posterior parameter distribution was erroneously based
+    on more draws than specified (there was one additional draw for every Markov
+    chain),
+
+  + The estimation option `lyapunov=fixed_point` was broken,
+
+  + Computation of `filtered_vars` with only one requested step crashed Dynare,
+
+  + Option `kalman_algo=3` was broken with non-diagonal measurement error,
+
+  + When using the diffuse Kalman filter with missing observations, an additive
+    factor log(2*pi) was missing in the last iteration step,
+
+  + Passing of the `MaxFunEvals` and `InitialSimplexSize` options to
+    `mode_compute=8` was broken,
+
+  + Bayesian forecasts contained initial conditions and had the wrong length in
+    both plots and stored variables,
+
+  + Filtered variables obtained with `mh_replic=0`, ML, or
+    `calibrated_smoother` were padded with zeros at the beginning and end and
+    had the wrong length in stored variables,
+
+  + Computation of smoothed measurement errors in Bayesian estimation was broken,
+
+  + The `selected_variables_only` option (`mh_replic=0`, ML, or
+    `calibrated_smoother`) returned wrong results for smoothed, updated, and
+    filtered variables,
+
+  + Combining the `selected_variables_only` option with forecasts obtained
+    using `mh_replic=0`, ML, or `calibrated_smoother` leaded to crashes,
+
+  + `oo_.UpdatedVariables` was only filled when the `filtered_vars` option was specified,
+
+  + When using Bayesian estimation with `filtered_vars`, but without
+    `smoother`, then `oo_.FilteredVariables` erroneously also contained filtered
+    variables at the posterior mean as with `mh_replic=0`,
+
+  + Running an MCMC a second time in the same folder with a different number of
+    iterations could result in crashes due to the loading of stale files,
+
+  + Results displayed after Bayesian estimation when not specifying
+    the `smoother` option were based on the parameters at the mode
+    from mode finding instead of the mean parameters from the
+    posterior draws. This affected the smoother results displayed, but
+    also calls to subsequent command relying on the parameters stored
+    in `M_.params` like `stoch_simul`,
+
+  + The content of `oo_.posterior_std` after Bayesian estimation was based on
+    the standard deviation at the posterior mode, not the one from the MCMC, this
+    was not consistent with the reference manual,
+
+  + When the initialization of an MCMC run failed, the metropolis.log file was
+    locked, requiring a restart of Matlab to restart estimation,
+
+  + If the posterior mode was right at the corner of the prior bounds, the
+    initialization of the MCMC erroneously crashed,
+
+  + If the number of dropped draws via `mh_drop` coincided with the number of
+    draws in a `_mh'-file`, `oo_.posterior.metropolis.mean` and
+    `oo_.posterior.metropolis.Variance` were NaN.
+
+
+ - Estimation and calibrated smoother
+
+  + When using `observation_trends` with the `prefilter` option, the mean shift
+    due to the trend was not accounted for,
+
+  + When using `first_obs`>1, the higher trend starting point of
+    `observation_trends` was not taken into account, leading, among other things,
+    to problems in recursive forecasting,
+
+  + The diffuse Kalman smoother was crashing if the forecast error variance
+    matrix becomes singular,
+
+  + The multivariate Kalman smoother provided incorrect state estimates when
+    all data for one observation are missing,
+
+  + The multivariate diffuse Kalman smoother provided incorrect state estimates
+    when the `Finf` matrix becomes singular,
+
+  + The univariate diffuse Kalman filter was crashing if the initial covariance
+    matrix of the nonstationary state vector is singular,
+
+
+ - Forecats
+
+  + In contrast to what is stated in the manual, the confidence interval size
+    `conf_sig` was 0.6 by default instead of 0.9.
+
+  + Forecasting with exogenous deterministic variables provided wrong decision
+    rules, yielding wrong forecasts.
+
+  + Forecasting with exogenous deterministic variables crashed when the
+    `periods` option was not explicitly specified,
+
+  + Option `forecast` when used with `initval` was using the initial values in
+    the `initval` block and not the steady state computed from these initial
+    values as the starting point of forecasts.
+
+
+ - Global Sensitivity Analysis
+
+  + Sensitivity with ML estimation could result in crashes,
+
+  + Option `mc` must be forced if `neighborhood_width` is used,
+
+  + Fixed dimension of `stock_logpo` and `stock_ys`,
+
+  + Incomplete variable initialization could lead to crashes with `prior_range=1`.
+
+
+ - Indentification
+
+  + Identification did not correctly pass the `lik_init` option,
+    requiring the manual setting of `options_.diffuse_filter=1` in
+    case of unit roots,
+
+  + Testing identification of standard deviations as the only
+    parameters to be estimated with ML leaded to crashes,
+
+  + Automatic increase of the lag number for autocovariances when the
+    number of parameters is bigger than the number of non-zero moments
+    was broken
+
+  + When using ML, the asymptotic Hessian was not computed,
+
+  + Checking for singular values when the eigenvectors contained only
+    one column did not work correctly,
+
+
+ - Model comparison
+
+  + Selection of the `modifiedharmonicmean` estimator was broken,
+
+
+ - Optimal Simple Rules
+
+  + When covariances were specified, variables that only entered with
+    their variance and no covariance term obtained a wrong weight,
+    resulting in wrong results,
+
+  + Results reported for stochastic simulations after `osr` were based
+    on the last parameter vector encountered during optimization,
+    which does not necessarily coincide with the optimal parameter
+    vector,
+
+  + Using only one (co)variance in the objective function resulted in crashes,
+
+  + For models with non-stationary variables the objective function was computed wrongly.
+
+
+ - Ramsey policy
+
+  + If a Lagrange multiplier appeared in the model with a lead or a lag
+    of more than one period, the steady state could be wrong.
+
+  + When using an external steady state file, incorrect steady states
+    could be accepted,
+
+  + When using an external steady state file with more than one
+    instrument, Dynare crashed,
+
+  + When using an external steady state file and running `stoch_simul`
+    after `ramsey_planner`, an incorrect steady state was used,
+
+  + When the number of instruments was not equal to the number of
+    omitted equations, Dynare crashed with a cryptic message,
+
+  + The `planner_objective` accepted `varexo`, but ignored them for computations,
+
+
+ - Shock decomposition
+
+  + Did not work with the `parameter_set=calibration` option if an
+    `estimated_params` block is present,
+
+  + Crashed after MLE.
+
+
+ - Perfect foresight models
+
+  + The perfect foresight solver could accept a complex solution
+    instead of continuing to look for a real-valued one,
+
+  + The `initval_file` command only accepted column and not row vectors,
+
+  + The `initval_file` command did not work with Excel files,
+
+  + Deterministic simulations with one boundary condition crashed in
+    `solve_one_boundary` due to a missing underscore when passing
+    `options_.simul.maxit`,
+
+  + Deterministic simulation with exogenous variables lagged by more
+    than one period crashed,
+
+  + Termination criterion `maxit` was hard-coded for `solve_algo=0`
+    and could no be changed,
+
+  + When using `block`/`bytecode`, relational operators could not be enforced,
+
+  + When using `block` some exceptions were not properly handled,
+    leading to code crashes,
+
+  + Using `periods=1` crashed the solver (bug only partially fixed).
+
+
+ - Smoothing
+
+  + The univariate Kalman smoother returned wrong results when used
+    with correlated measurement error,
+
+  + The diffuse smoother sometimes returned linear combinations of the
+    smoothed stochastic trend estimates instead of the original trend
+    estimates.
+
+ - Perturbation reduced form
+
+  + In contrast to what is stated in the manual, the results of the
+    unconditional variance decomposition were only stored in
+    `oo_.gamma_y(nar+2)`, not in `oo_.variance_decomposition`,
+
+  + Dynare could crash when the steady state could not be computed
+    when using the `loglinear` option,
+
+  + Using `bytcode` when declared exogenous variables were not
+    used in the model leaded to crashes in stochastic simulations,
+
+  + Displaying decision rules involving lags of auxiliary variables of
+    type 0 (leads>1) crashed.
+
+  + The `relative_irf` option resulted in wrong output at `order>1` as
+    it implicitly relies on linearity.
+
+
+ - Displaying of the MH-history with the `internals` command crashed
+   if parameter names did not have same length.
+
+ - Dynare crashed when the user-defined steady state file returned an
+   error code, but not an conformable-sized steady state vector.
+
+ - Due to a bug in `mjdgges.mex` unstable parameter draws with
+   eigenvalues up to 1+1e-6 could be accepted as stable for the
+   purpose of the Blanchard-Kahn conditions, even if `qz_criterium<1`.
+
+ - The `use_dll` option on Octave for Windows required to pass a
+   compiler flag at the command line, despite the manual stating this
+   was not necessary.
+
+ - Dynare crashed for models with `block` option if the Blanchard-Kahn
+   conditions were not satisfied instead of generating an error
+   message.
+
+ - The `verbose` option did not work with `model(block)`.
+
+ - When falsely specifying the `model(linear)` for nonlinear models,
+   incorrect steady states were accepted instead of aborting.
+
+ - The `STEADY_STATE` operator called on model local variables
+   (so-called pound variables) did not work as expected.
+
+ - The substring operator in macro-processor was broken. The
+   characters of the substring could be mixed with random characters
+   from the memory space.
+
+ - Block decomposition could sometimes cause the preprocessor to crash.
+
+ - A bug when external functions were used in model local variables
+   that were contained in equations that required auxiliary
+   variable/equations led to crashes of Matlab.
+
+ - Sampling from the prior distribution for an inverse gamma II
+   distribution when `prior_trunc>0` could result in incorrect
+   sampling.
+
+ - Sampling from the prior distribution for a uniform distribution
+   when `prior_trunc>0` was ignoring the prior truncation.
+
+ - Conditional forecasts were wrong when the declaration of endogenous
+   variables was not preceeding the declaration of the exogenous
+   variables and parameters.
+
+
 Announcement for Dynare 4.4.3 (on 2014-07-31)
 =============================================
 
@@ -988,7 +1777,7 @@ Here is a list of the main bugfixes since version 4.2.0:
 
  * Option `conditional_variance_decomposition' of `stoch_simul' and
    `estimation' has been fixed
- 
+
  * Automatic detrending now works in conjunction with the `EXPECTATION'
    operator
 
@@ -1029,7 +1818,7 @@ This release is compatible with MATLAB versions ranging from 6.5 (R13) to 7.11
 
 Here is the list of major user-visible changes:
 
-* New solution algorithms: 
+* New solution algorithms:
 
   - Pruning for second order simulations has been added, as described in Kim,
     Kim, Schaumburg and Sims (2008) [1,2]
@@ -1066,7 +1855,7 @@ Here is the list of major user-visible changes:
 
   - Syntax of deterministic shocks has changed: after the values keyword,
     arbitrary expressions must be enclosed within parentheses (but numeric
-    constants are still accepted as is) 
+    constants are still accepted as is)
 
 * Various improvements:
 
@@ -1095,7 +1884,7 @@ Here is the list of major user-visible changes:
     from the console, it will replace graphical waitbars by text waitbars for
     long computations
 
-  - Steady option "solve_algo=0" (uses fsolve()) now works under Octave 
+  - Steady option "solve_algo=0" (uses fsolve()) now works under Octave
 
 * For Emacs users: