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4GM: A New Model for the Monetary Policy Analysis in Colombia

Andrés González-Gómez, Alexander Guarín-López, Diego Rodriguez Guzman () and Hernando Vargas-Herrera ()
Authors registered in the RePEc Author Service: Alexander Guarín López ()

Working papers from Red Investigadores de Economía

Abstract: 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)
Pages: 23
Date: 2020-02
New Economics Papers: this item is included in nep-dge, nep-mac, nep-mon and nep-ore
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