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\author{Ondra Kamen\'\i k}
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\author{Ondra Kamen\'\i k}
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\date{February 2011}
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\date{February 2011, updated August 2016}
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\maketitle
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\maketitle
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\tableofcontents
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\tableofcontents
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@ -32,7 +32,7 @@ operating system path. This ensures that your OS will find the {\tt dynare++} ex
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\section{Sample Session}
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\section{Sample Session}
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As an example, let us take a simple DSGE model whose dynamic
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As an example, let us take a simple DSGE model with time to build, whose dynamic
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equilibrium is described by the following first order conditions:
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equilibrium is described by the following first order conditions:
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\begin{align*}
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\begin{align*}
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@ -46,6 +46,10 @@ equilibrium is described by the following first order conditions:
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\end{align*}
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\end{align*}
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\label{timing}
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\label{timing}
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The convention is that the timing of a variable reflects when this variable
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is decided. Dynare++ therefore uses a ``stock at the end of the
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period'' notation for predetermined state variables (see the Dynare manual for details).
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The timing of this model is that the exogenous shocks $\epsilon_t$,
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The timing of this model is that the exogenous shocks $\epsilon_t$,
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and $\nu_t$ are observed by agents in the beginning of period $t$ and
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and $\nu_t$ are observed by agents in the beginning of period $t$ and
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before the end of period $t$ all endogenous variables with index $t$
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before the end of period $t$ all endogenous variables with index $t$
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@ -1,3 +1,10 @@
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/*
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* This Dynare++ mod-file implements the RBC model with time-to-build
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* described in Kamenik (2011): "DSGE Models with Dynare++. A Tutorial."
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* Note that Dynare++ uses the same stock-at-the-end-of-period timing convention
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* as the regular Dynare
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*/
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var Y, C, K, A, H, B;
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var Y, C, K, A, H, B;
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varexo EPS, NU;
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varexo EPS, NU;
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