From cbce60943f6c1dedb2f63ed454a6594c0250922f Mon Sep 17 00:00:00 2001 From: Johannes Pfeifer 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 0ba1cdc33..8fd30d247 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