Abstract

RODRIGUEZ REVILLA, Ramiro. Dinamic and stochastic general equilibrium models for Colombia 1995-2011. ecos.econ. [online]. 2011, vol.15, n.33, pp.123-137. ISSN 1657-4206.

This paper shows a chronological survey of dynamic stochastic general equilibrium (DSGE) models  from 1995 until 2011 developed to Colombian economy. The DSGE models follows the stream of new neo Keynesian models which includes intertemporal optimization, rational expectations, imperfect competence, adjust prices cost and rigidities; but still it is missing heterogeneity in consumers and bounded rationality. These models are dynamic because all decisions are intertemporal and stochastic due to include perturbations with uncertainty which affect continually to economy. In Colombia almost all these models have been designed to evaluate and forecast monetary policies, issues like fiscal policy, labor market and informality have yet to be fully explored.

Keywords : DSGE; general equilibrium model; monetary policy; fiscal policy.

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