Gómez-Pineda, Javier Guillermo; Julio-Román, Juan Manuel - Banco de la Republica de Colombia - 2014
We embed a small open economy model for Colombia into the global risk model of Gómez-Pineda, Guillaume, and Tanyeri (2014). The small open economy model is estimated by Bayesian methods and used for analysis and projections. The model enable us to give a consistent treatment of shocks to global...