Dynare is a software platform for modelling, simulating and estimating dynamic economic models. It is particularly suited to dynamic stochastic general equilibrium and overlapping generations models, but also supports heterogeneous-agent, perfect-foresight and semi-structural modelling.
Models are described using variables, parameters, equations, shocks and computational tasks. Dynare then handles the numerical solution, estimation, simulation and analysis.
This is free and open source software.
Key Features
- Model dynamic stochastic general equilibrium and overlapping generations economies.
- Framework for solving and simulating heterogeneous-agent models, including HANK models.
- Supports rational expectations, perfect foresight and alternative expectation-formation mechanisms.
- Deterministic simulation with perfect foresight and expectation errors.
- Stochastic solutions using first-, second-, third- and higher-order perturbation methods.
- OccBin framework for models with occasionally binding constraints.
- Computes steady states and provides model diagnostics.
- Maximum-likelihood and Bayesian parameter estimation.
- Kalman filtering and smoothing with support for nonlinear filtering methods.
- Method-of-moments estimation using SMM, GMM and impulse-response-function matching.
- DSGE-VAR and Bayesian VAR estimation.
- Impulse response functions, theoretical and simulated moments, and variance decompositions.
- Shock decomposition and calibrated smoothing.
- Conditional and unconditional forecasting.
- Optimal-policy analysis under commitment and discretion, together with optimal simple rules.
- Sensitivity and identification analysis.
- Semi-structural modelling with auxiliary models, VAR expectations and polynomial adjustment-cost equations.
- Macro processing language for modularising and generating model definitions.
- Parallel execution for selected estimation and simulation workloads.
- Produces numerical results, reports and graphical output.
Website: git.dynare.org/Dynare/dynare
Support:
Developer: Dynare Team
License: GNU General Public License v3.0
Dynare is written in C++. Learn C++ with our recommended free books and free tutorials.
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