I’m interested in learning how to use intermediateEqns and CustomModelStats. Could you please provide an example Aiyagari model that demonstrates these features? Thank you very much.
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Will do this in the next day or two, is easy enough.
Workshop OLG Model 2 demos intermediateEqns. They don’t let you do anything new, they just make it much cleaner/easier to write out GeneralEqmEqns and give you more feedback on what it happening in the model while you are solving for general eqm (which also helps you avoid making mistakes, and helps diagnose why the model is not working yet while you are setting it up).
CustomModelStats is there so that when you want a model statistic that is complicated and cannot just be done using ‘AllStats’ (or similar) then you can hand code that model statistic (and it can then be used in a general eqm eqn or as a calibration/estimation target).
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You can have a look at my repo on Pijoan-Mas model.
It is an Aiyagari model with endogenous labor supply. The script main.m finds values of parameters that match certain targets (in general equilibrium). I use CustomStats to compute the correlation between hours of work and productivity.
Please let me know if you find bugs!
Besides CustomStats, it also shows a bunch of other toolkit features such as Grid interpolation, Howard sparse, etc.
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Thanks so much. I have a sense of how to configure them in the toolkit, but the script returns errors when do_GE=0.
Index exceeds matrix dimension.
Error in ValueFnIter_Refine_postGI_raw (line 306)
Policy(1,:,:)=reshape(dstar(temppolicyindex),[N_a,N_z]); % note: dstar is defined on the fine grid
^^^^^^^^^^^^^^^^^^^^^^
Error in ValueFnIter_GridInterpLayer (line 149)
[V,Policy]=ValueFnIter_Refine_postGI_raw(V0, n_d, n_a, n_z, d_gridvals, a_grid, z_gridvals, pi_z, ReturnFn, DiscountFactorParamsVec, ReturnFnParamsVec, vfoptions);
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Error in ValueFnIter_Case1 (line 465)
[V,Policy]=ValueFnIter_GridInterpLayer(V0, n_d, n_a, n_z, d_gridvals, a_grid, z_gridvals, pi_z, ReturnFn, DiscountFactorParamsVec, ReturnFnParamsVec, vfoptions);
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Error in main (line 192)
[~, Policy] = ValueFnIter_Case1( ...
^^^^^^^^^^^^^^^^^^^^^^
The following error messages appeared when do_GE is equal to 1.
Index exceeds matrix dimension.
Error in ValueFnIter_Refine_postGI_raw (line 306)
Policy(1,:,:)=reshape(dstar(temppolicyindex),[N_a,N_z]); % note: dstar is defined on the fine grid
^^^^^^^^^^^^^^^^^^^^^^
Error in ValueFnIter_GridInterpLayer (line 149)
[V,Policy]=ValueFnIter_Refine_postGI_raw(V0, n_d, n_a, n_z, d_gridvals, a_grid, z_gridvals, pi_z, ReturnFn, DiscountFactorParamsVec, ReturnFnParamsVec, vfoptions);
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Error in ValueFnIter_Case1 (line 465)
[V,Policy]=ValueFnIter_GridInterpLayer(V0, n_d, n_a, n_z, d_gridvals, a_grid, z_gridvals, pi_z, ReturnFn, DiscountFactorParamsVec, ReturnFnParamsVec, vfoptions);
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Error in HeteroAgentStationaryEqm_Case1_subfn (line 29)
[V,Policy]=ValueFnIter_Case1(n_d,n_a,n_z,d_grid,a_grid,z_gridvals, pi_z, ReturnFn, Parameters, DiscountFactorParamNames,ReturnFnParamNames,vfoptions);
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Error in HeteroAgentStationaryEqm_Case1>@(p)HeteroAgentStationaryEqm_Case1_subfn(p,n_d,n_a,n_z,d_grid,a_grid,z_gridvals,pi_z,ReturnFn,FnsToEvaluate,FnsToEvaluateCell,GeneralEqmEqnsCell,Parameters,DiscountFactorParamNames,ReturnFnParamNames,FnsToEvaluateParamNames,GeneralEqmEqnParamNames,GEPriceParamNames,GEeqnNames,AggVarNames,nGEprices,heteroagentoptions,simoptions,vfoptions) (line 392)
GeneralEqmConditionsFnOpt=@(p) HeteroAgentStationaryEqm_Case1_subfn(p, n_d, n_a, n_z, d_grid, a_grid, z_gridvals, pi_z, ReturnFn, FnsToEvaluate, FnsToEvaluateCell, GeneralEqmEqnsCell, Parameters, DiscountFactorParamNames, ReturnFnParamNames, FnsToEvaluateParamNames, GeneralEqmEqnParamNames, GEPriceParamNames, GEeqnNames, AggVarNames, nGEprices, heteroagentoptions, simoptions, vfoptions);
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Error in fminsearch (line 209)
f = funfcn(x,varargin{:});
^^^^^^^^^^^^^^^^^^^^^
Error in HeteroAgentStationaryEqm_Case1 (line 422)
[p_eqm_vec,GeneralEqmConditions]=fminsearch(GeneralEqmConditionsFnOpt,GEparamsvec0,minoptions);
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Error in main (line 168)
[p_eqm, ~, GeneralEqmCondn] = HeteroAgentStationaryEqm_Case1( ...
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I also came across a note in the custom_stats file mentioning that “z_gridvals is a joint-grid rather than whatever the user set”. I’m unsure what this means exactly.
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Did you sync with the latest version of the toolkit? I pointed out this error to @robertdkirkby some time ago and I think he fixed it, see this post:
The error is still there, I ran the main file in my repo and I got the same mistake. ValueFnIter_Refine_postGI_raw still has a bug. @robertdkirkby if you run main.m of my Pijoan-Mas repo, you will see it.
I will go fix the error today (hopefully).
If you want to understand the differences between ‘stacked-column grid’ and ‘joint-grid’ see Appendix on discretizing shocks in Intro to Life-Cycle Models. [You don’t need to, just if you want to. Internally the toolkit converts everything into joint-grids as these nest all the other possibilities, but for users convenience any of these types of grid can be input.]
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Should be fixed now. [Because postGI does the VFI once and then the postGI once, the iteration counter needs to be reset between them, it wasn’t and this was the error, as it did the first, skipped the postGI, and then ended up with a result that was the wrong shape. Silly minor error, just added lines to reset counter at each stage.]
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Now it works. Is it reasonable that vfoptions.maxhowards = 500; and vfoptions.maxhowards = 0; take more or less the same time for one VFI? (this based on my Pijoan-Mas example)
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I see. Thanks for the reply.
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I would be interested in this even for models like the stochastic RBC that are infinite horizon