4GM: A New Model for the Monetary Policy Analysis in Colombia
Diego Rodriguez Guzman () and
Hernando Vargas-Herrera ()
Authors registered in the RePEc Author Service: Alexander Guarín López ()
Working papers from Red Investigadores de Economía
This paper introduces 4GM, a semi-structural model for monetary policy analysis and macroeconomic forecasting in Colombia. This model is based on a New-Keynesian rational expectation framework for an oil-exporting small open economy. In this paper, we present the model structure and examine the response of its variables to domestic, foreign and oil-price shocks. Further, we assess 4GM in terms of its historical shock decomposition and its out-of-sample forecasting.
Keywords: Semi-structural model; Monetary policy; Macroeconomic forecasting (search for similar items in EconPapers)
JEL-codes: E17 E37 E47 E52 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-mac, nep-mon and nep-ore
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Working Paper: 4GM: A New Model for the Monetary Policy Analysis in Colombia (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:rie:riecdt:31
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