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Inflation Targeting in a Small Open Economy: The Colombian Case

Franz Alonso
Hamann-Salcedo
Juan Manuel
Julio-Román
Paulina
Restrepo-Echavarría
Viernes, 1 Octubre 2004

This paper presents a dynamic stochastic general equilibrium model of inflation targeting in small open economy. We calibrate the model to the Colombian economy and present the response of some macroeconomic variables to different types of shocks that a