Inflation Targeting in a Small Open Economy: The Colombian Case

Borradores de Economia
Number: 
308
Published: 
Classification JEL: 
E31, E2
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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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