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


  • Documento de trabajo RIEC


  • 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.

fecha de publicación

  • 2020

Líneas de investigación

  • Macroeconomic Forecasting
  • Macroeconomic forecasting
  • Monetary Policy
  • Monetary policy
  • Semi-structural Model
  • Semi-structural model


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