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Policy Analysis Tool Applied to Colombian Needs: PATACON Model Description

Author

Listed:
  • 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.

Suggested Citation

  • Andrés González & Lavan Mahadeva & Juan D. Prada & Diego Rodríguez, 2011. "Policy Analysis Tool Applied to Colombian Needs: PATACON Model Description," Borradores de Economia 656, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:656
    DOI: 10.32468/be.656
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    References listed on IDEAS

    as
    1. Unknown, 1962. "Economic Development And Aid," Increasing Understanding of Public Problems and Policies:1962 17983, Farm Foundation.
    2. Andrés González & Sergio Ocampo & Diego Rodr�guez & Norberto Rodr�guez, 2012. "Asimetrías del empleo y el producto, una aproximación de equilibrio general," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 30(68), pages 218-272.
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    5. Hofstetter, Marc, 2010. "Sticky prices and moderate inflation," Economic Modelling, Elsevier, vol. 27(2), pages 535-546, March.
    6. Martha López & Juan David Prada & Norberto Rodr�guez, 2009. "Evidence for a financial accelerator in a small open economy, and implications for monetary policy," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 27(60), pages 12-45.
    7. Martha R. López & Juan David Prada, 2010. "Optimal Monetary Policy and Asset Prices: The case of Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 28(61), pages 167-197.
    8. Adolfson, Malin & Laséen, Stefan & Lindé, Jesper & Villani, Mattias, 2008. "Evaluating an estimated new Keynesian small open economy model," Journal of Economic Dynamics and Control, Elsevier, vol. 32(8), pages 2690-2721, August.
    9. Martha Misas A. & Enrique López E. & Juan Carlos Parra A., 2013. "La formación de precios en las empresas colombianas: evidencia a partir de una encuesta directa," Investigación Conjunta-Joint Research, in: Laura Inés D'Amato & Enrique López Enciso & María Teresa Ramírez Giraldo (ed.), Dinámica inflacionaria, persistencia y formación de precios y salarios, edition 1, chapter 11, pages 273-348, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
    10. Martha R. L�pez & Norberto Rodr�guez N., 2008. "Financial Accelerator Mechanism: Evidence for Colombia," Borradores de Economia 4509, Banco de la Republica.
    11. Andr�s Gonz�lez G�mez & Lavan Mahadeva & Diego Rodr�guez & Luis Eduardo Rojas, 2009. "Monetary Policy Forecasting In A Dsge Model With Data That Is Uncertain, Unbalanced And About The Future," Borradores de Economia 5480, Banco de la Republica.
    12. Pietro Bonaldi & Andr�s Gonz�lez & Diego Rodr�guez, 2011. "Importancia de las rigideces nominales y reales en Colombia: un enfoque de equilibrio general dinámico y estocástico," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 29(66), pages 48-78.
    13. Andr�s Gonz�lez G�mez & Lavan Mahadeva & Diego Rodr�guez & Luis Eduardo Rojas, 2009. "Monetary Policy Forecasting In A Dsge Model With Data That Is Uncertain, Unbalanced And About The Future," Borradores de Economia 5480, Banco de la Republica.
    14. Julio-Román, Juan Manuel, 2011. "Heterogeneidad observada y no observada en la formación de los precios del IPC colombiano," Chapters, in: López Enciso, Enrique & Ramírez Giraldo, María Teresa (ed.), Formación de precios y salarios en Colombia T.1, volume 1, chapter 7, pages 217-247, Banco de la Republica de Colombia.
    15. Unknown, 1962. "Economic Growth Through Regional Associations," Increasing Understanding of Public Problems and Policies:1962 17970, Farm Foundation.
    16. Christian Bustamante, 2011. "Política monetaria contracíclica y encaje bancario," Borradores de Economia 646, Banco de la Republica de Colombia.
    17. Martha López & Juan David Prada & Norberto Rodr�guez, 2009. "Evidence for a financial accelerator in a small open economy, and implications for monetary policy," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 27(60), pages 12-45.
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    19. Juan Manuel Julio & H�ctor Manuel Z�rate & Manuel Dario Hern�ndez, 2010. "The Stickiness of Colombian Consumer Prices," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 28(63), pages 100-153.
    20. Martha R. L�pez & Norberto Rodr�guez N., 2008. "Financial Accelerator Mechanism: Evidence for Colombia," Borradores de Economia 4509, Banco de la Republica.
    21. Juan Manuel Julio & H�ctor Manuel Z�rate & Manuel Dario Hern�ndez, 2010. "The Stickiness of Colombian Consumer Prices," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 28(63), pages 100-153.
    22. Ana María Iregui B. & Ligia Alba Melo B. & María Teresa Ramírez G., 2009. "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.
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    Keywords

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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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