40 lines
1.7 KiB
Matlab
40 lines
1.7 KiB
Matlab
function log_prior_val=Gali_2015_prior_restrictions(M_, dr, endo_steady_state, exo_steady_state, exo_det_steady_state, options_, dataset_, dataset_info);
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% function prior_val=Gali_2015_prior_restrictions(M_, dr, endo_steady_state, exo_steady_state, exo_det_steady_state, options_, dataset_, dataset_info);
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% Example of a _prior_restrictions-file automatically called during
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% estimation
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% It imposes a prior of the slope of the New Keynesian Phillips Curve of
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% 0.03. As the slope is a composite of other parameters with independent
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% priors, a separate function is required to do this.
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% Copyright © 2021-2023 Dynare Team
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%
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% This file is part of Dynare.
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%
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% Dynare is free software: you can redistribute it and/or modify
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% it under the terms of the GNU General Public License as published by
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% the Free Software Foundation, either version 3 of the License, or
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% (at your option) any later version.
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%
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% Dynare is distributed in the hope that it will be useful,
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% but WITHOUT ANY WARRANTY; without even the implied warranty of
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% MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
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% GNU General Public License for more details.
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%
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% You should have received a copy of the GNU General Public License
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% along with Dynare. If not, see <https://www.gnu.org/licenses/>.
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% read out parameters to access them with their name
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NumberOfParameters = M_.param_nbr;
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for ii = 1:NumberOfParameters
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paramname = M_.param_names{ii};
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eval([ paramname ' = M_.params(' int2str(ii) ');']);
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end
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Omega=(1-alppha)/(1-alppha+alppha*epsilon);
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lambda=(1-theta)*(1-betta*theta)/theta*Omega; %defined on page 61
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kappa=lambda*(siggma+(varphi+alppha)/(1-alppha)); %defined on page 63
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prior_mean=0.03;
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prior_std=0.02;
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log_prior_val=log(normpdf(kappa,prior_mean,prior_std)); |