NEWS.md: cosmetic fixes
Johannes Pfeifer
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NEWS.md
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NEWS.md
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@ -37,12 +37,12 @@ Major user-visible changes
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parameters by (i) Generalized Method of Moments (GMM) up to 3rd-order pruned
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perturbation approximation or (ii) Simulated Method of Moments (SMM) up to
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any perturbation approximation order. The toolbox is inspired by replication
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codes accompanied to Andreasen et al. (2018), Born and Pfeifer (2014), and
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codes accompanying Andreasen et al. (2018), Born and Pfeifer (2014), and
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Mutschler (2018). It is accessible via the new `method_of_moments` command
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and the new `matched_moments` block. Moreover, by default, a new non-linear
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least squares optimizer based on `lsqnonlin` is used for minimizing the
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method of moments objective function (available under `mode_compute=13`).
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GMM can further benefit from using Gradient-based optimizers (using
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GMM can further benefit from using gradient-based optimizers (using
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`analytic_standard_errors` option and/or passing `'Jacobian','on'` to the
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optimization options) as the Jacobian of the moment conditions can be
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computed analytically.
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@ -51,7 +51,7 @@ Major user-visible changes
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together with the inversion filter of Cuba-Borda, Guerrieri, Iacoviello, and
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Zhong (2019) and the piecewise Kalman filter of Giovannini, Pfeiffer, and
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Ratto (2021). It is available via the new block `occbin_constraints` and the
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new commands `occbin_setup`, `occbin_solver`, `occbin_graph` and
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new commands `occbin_setup`, `occbin_solver`, `occbin_graph`, and
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`occbin_write_regimes`.
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- Stochastic simulations
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@ -65,14 +65,14 @@ Major user-visible changes
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- Estimation
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- Performance optimization to pruned state space system and Lyapunov
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- Performance optimization to pruned state space systems and Lyapunov
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solvers.
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- New option `mh_posterior_mode_estimation` to `estimation` to perform
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mode-finding by running the MCMC.
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- New heteroskedastic filter and smoother, where shocks standard error may
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*unexpectedly* change in every period. Triggered by
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- New heteroskedastic filter and smoother, where shock standard errors may
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*unexpectedly* change in every period. Triggered by the
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`heteroskedastic_filter` option of the `estimation` command, and
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configured via the `heteroskedastic_shocks` block.
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@ -93,7 +93,7 @@ Major user-visible changes
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string as value. The former unquoted syntax is still accepted, but no
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longer recommended.
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- New option `particle_filter_options` to set various particle filter options
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- New option `particle_filter_options` to set various particle filter options.
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- Perfect foresight and extended path
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@ -106,9 +106,9 @@ Major user-visible changes
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- In deterministic models (perfect foresight or extended path), exogenous
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variables with lead/lags are now replaced by auxiliary variables. This
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brings those models in line with the transformation done on stochastic
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models. However note that transformation is still not exactly the same
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models. However, note that the transformation is still not exactly the same
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between the two classes of models, because there is no need to take into
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account the Jensen inequality on the latter. In deterministic models,
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account the Jensen inequality for the latter. In deterministic models,
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there is a one-to-one mapping between exogenous with lead/lags and
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auxiliaries, while in stochastic models, an auxiliary endogenous may
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correspond to a more complex nonlinear expression.
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@ -132,7 +132,7 @@ Major user-visible changes
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- Identification
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- New option `schur_vec_tol` to the `identification` command, for setting
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the tolerance level used to find nonstationary variables in Schur
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the tolerance level used to find nonstationary variables in the Schur
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decomposition of the transition matrix.
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- The `identification` command now supports optimal policy.
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@ -175,7 +175,7 @@ Major user-visible changes
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- Routines for converting between time series frequencies (e.g. daily to
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monthly) have been added.
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- dseries now support bi-annual and daily frequency data.
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- dseries now supports bi-annual and daily frequency data.
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- dseries can now import data from [DBnomics](https://db.nomics.world), via
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the [mdbnomics](https://git.dynare.org/dbnomics/mdbnomics) plugin. Note
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@ -206,7 +206,7 @@ Major user-visible changes
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parallel local clusters: when `true` (the default), use `psexec` to spawn
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processes; when `false`, use `start`.
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- when compiling from source, it is no longer necessary to pass the
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- When compiling from source, it is no longer necessary to pass the
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`MATLAB_VERSION` version to the configure script; the version is now
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automatically detected.
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@ -225,7 +225,7 @@ Incompatible changes
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now located in a dedicated `preprocessor` subdirectory.
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- The `dynare` command no longer accepts `output=dynamic` and `output=first`
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(those options actually had no effect).
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(these options actually had no effect).
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- The minimal required MATLAB version is now R2014a (8.3).
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@ -252,7 +252,7 @@ Bugs that were present in 4.6.4 and that have been fixed in 5.0
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* `estimation` would ignore the mean of non-zero observables if the mean was 0
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for the initial parameter vector
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* `mode_check` would crash if a parameter was estimated to be exactly 0
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* `load_mh_file` would not be able to load proposal density if the previous run
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* `load_mh_file` would not be able to load the proposal density if the previous run
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was done in parallel
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* `load_mh_file` would not work with MCMC runs from Dynare versions before
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4.6.2
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@ -266,7 +266,7 @@ Bugs that were present in 4.6.4 and that have been fixed in 5.0
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* The `planner_objective` values were not based on the correct initialization
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of auxiliary variables (if any were present)
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* The `nostrict` command line option was not ignoring unused endogenous
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variables in `initval`, `endval` and `histval`
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variables in `initval`, `endval`, and `histval`
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* `prior_posterior_statistics_core` could crash for models with eigenvalues
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very close to 1
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* The display of the equation numbers in `debug` mode related to issues in the
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@ -275,7 +275,7 @@ Bugs that were present in 4.6.4 and that have been fixed in 5.0
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related to optimal policy (`ramsey_model`, `discretionary_policy`) into
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account
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* `bytecode` would lock the `dynamic.bin` file upon encountering an exception,
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requiring a restart of MATLAB to able to rerun the file
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requiring a restart of MATLAB to be able to rerun the file
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* Estimation with the `block` model option would crash when calling the block
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Kalman filter
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* The `block` model option would crash if no `initval` statement was present
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@ -308,8 +308,8 @@ Bugs that were present in 4.6.4 and that have been fixed in 5.0
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References
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----------
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- Andreasen et al. (2018): “The Pruned State-Space System for Non-Linear DSGE
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Models: Theory and Empirical Applications,” Review of Economic Studies,
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- Andreasen et al. (2018): “The pruned state-space system for non-linear DSGE
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models: Theory and empirical applications,” Review of Economic Studies,
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85(1), 1–49
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- Angelini, Bokan, Christoffel, Ciccarelli and Zimic (2019): “Introducing
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@ -319,18 +319,18 @@ References
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- Born and Pfeifer (2014): “Policy risk and the business cycle,” Journal of
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Monetary Economics, 68, 68–85
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- Brayton, Davis and Tulip (2000): “Polynomial Adjustment Costs in FRB/US,”
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- Brayton, Davis and Tulip (2000): “Polynomial adjustment costs in FRB/US,”
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Unpublished manuscript
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- Brayton, Laubach and Reifschneider (2014): “The FRB/US Model: A Tool for
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Macroeconomic Policy Analysis,” FEDS Notes. Washington: Board of Governors
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- Brayton, Laubach, and Reifschneider (2014): “The FRB/US Model: A tool for
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macroeconomic policy analysis,” FEDS Notes. Washington: Board of Governors
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of the Federal Reserve System, https://doi.org/10.17016/2380-7172.0012
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- Cuba-Borda, Guerrieri, Iacoviello, and Zhong (2019): “Likelihood evaluation
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of models with occasionally binding constraints,” Journal of Applied
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Econometrics, 34(7), 1073–1085
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- Giovannini, Pfeiffer and Ratto (2021): “Efficient and robust inference of
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- Giovannini, Pfeiffer, and Ratto (2021): “Efficient and robust inference of
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models with occasionally binding constraints,” Working Paper 2021-03, Joint
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Research Centre, European Commission
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