Dear Dynare users and friends, We are pleased to announce the release of Dynare 4.5.7. This is a bugfix release. The Windows and MacOS packages are already available for download at: https://www.dynare.org/download/ The GNU/Linux packages (for Debian and Ubuntu LTS) should follow soon. This release is compatible with MATLAB versions 7.5 (R2007b) to 9.4 (R2018b) and with GNU Octave version 4.4.1 Here is a list of the problems identified in version 4.5.6 and that have been fixed in version 4.5.7: - The mex-file conducting the QZ decomposition erroneously applied the `qz_criterium` to the square absolute value of eigenvalues instead of the absolute value itself (as done in mjdgges.m and the AIM solver). - In pathological cases, `mode_compute=5` (`newrat`) might enter an infinite loop. - `discretionary_policy` might erroneously state that the derivatives of the objective function are non-zero if there are NaN present. - Dynare++, when conducting the QZ decomposition, erroneously applied the `qz_criterium` to the square absolute value of eigenvalues instead of the absolute value itself. - Dynare++: IRFs were incorrectly computed. - `dynare_sensitivity` did not display the figures of `irf_calibration`, it only stored them on the disk. - Scatter plots generated by `dynare_sensitivity` did not correctly display LaTeX names. - Parameter updating via steady state files did not correctly work in case of using [static]/[dynamic] equation tags. - Memory leaks in `k_order_pert` (used by higher order stochastic simulations) could lead to crashes. - Predetermined variables were not properly set when used in model local variables. - Posterior moment computation did not correctly update the covariance matrix of exogenous shocks during posterior sampling. - Dynare was crashing with a cryptic message if a non estimated parameter was initialized in the `estimated_params_init` block. - The `forecast` command crashed if the model was declared as linear and contained deterministic exogenous variables. - Block decomposition is broken when used in conjunction with `varexo_det`. - The model was not correctly specified when `identification` was run without another stochastic command in the `.mod` file (e.g. `estimation`, `stoch_simul`, etc.). - Realtime annualized shock decompositions added the wrong steady state value. - `mh_recover` option crashed when using slice sampler. - x-axis values in plots of moment restrictions were wrong for autocovariances. On behalf of the Dynare Team, Stéphane.