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Policy Analysis Tool Applied to Colombian Needs: PATACON Model Description

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  • Andrés González

    ()

  • Lavan Mahadeva

    ()

  • Juan D. Prada

    ()

  • Diego Rodríguez

    ()

Abstract

In this document we lay out the microeconomic foundations of a dynamic stochastic general equilibrium model designed to forecast and to advice monetary policy authorities in Colombia. The model is called Policy Analysis Tool Applied to Colombian Needs (PATACON). In companion documents we present other aspects of the model and its platform, including the estimation of the parameters that affect the dynamics and the impulse responses functions.

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File URL: http://www.banrep.gov.co/docum/ftp/borra656.pdf
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Bibliographic Info

Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 656.

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Handle: RePEc:bdr:borrec:656

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Keywords: Monetary Policy; DSGE; Small open economy. Classification JEL: E32; E52; F41.;

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References

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  1. Ana María Iregui B. & Ligia Alba Melo B. & María Teresa Ramírez G., . "Are wages rigid in Colombia?: Empirical evidence based on a sample of wages at the firm level," Borradores de Economia 571i, Banco de la Republica de Colombia.
  2. Andrés González Gómez & Lavan Mahadeva & Diego Rodríguez & Luis Eduardo Rojas, 2009. "Monetary Policy Forecasting In A Dsge Model With Data That Is Uncertain, Unbalanced And About The Future," BORRADORES DE ECONOMIA 005480, BANCO DE LA REPÚBLICA.
  3. Andrés González & Sergio Ocampo & Diego Rodríguez & Norberto Rodríguez, 2011. "Asimetrías del empleo y el producto, una aproximación de equilibrio general," BORRADORES DE ECONOMIA 008890, BANCO DE LA REPÚBLICA.
  4. Pablo Burriel & Jesús Fernández-Villaverde & Juan Rubio-Ramírez, 2010. "MEDEA: a DSGE model for the Spanish economy," SERIEs, Spanish Economic Association, Spanish Economic Association, vol. 1(1), pages 175-243, March.
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Cited by:
  1. Ramiro Rodríguez Revilla, 2011. "Modelos de equilibrio general dinámicos y estocásticos para Colombia 1995-2011," REVISTA ECOS DE ECONOMÍA, UNIVERSIDAD EAFIT, UNIVERSIDAD EAFIT.
  2. Lavan Mahadeva & Juan Carlos parra, 2008. "Testing a DSGE model and its partner database," BORRADORES DE ECONOMIA 004507, BANCO DE LA REPÚBLICA.
  3. Pietro Bonaldi & Andrés González & Diego Rodríguez, . "Importancia de las rigideces nominales y reales en Colombia: un enfoque de equilibrio general dinámico y estocástico," Borradores de Economia 591, Banco de la Republica de Colombia.
  4. Juan David Prada Sarmiento, . "Financial Intermediation and Monetary Policy in a Small Open Economy," Borradores de Economia 531, Banco de la Republica de Colombia.
  5. Johana Maritsa Hernández Henao & Last: Hernández Henao, 2013. "Demanda externa, términos de intercambio y el papel de la política monetaria durante la crisis de 2008," Documentos de Investigación - Research Papers, Centro de Estudios Monetarios Latinoamericanos, CEMLA 7, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
  6. Andrés González Gómez & Lavan Mahadeva & Diego Rodríguez & Luis Eduardo Rojas, 2009. "Monetary Policy Forecasting In A Dsge Model With Data That Is Uncertain, Unbalanced And About The Future," BORRADORES DE ECONOMIA 005480, BANCO DE LA REPÚBLICA.

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