How Uncertain are NAIRU Estimates in Colombia?

Borradores de Economia
Number: 
184
Published: 
Classification JEL: 
E31
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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Most of the proposed macro models and Phillips curves for policy design and analysis in Colombia depend on estimates of the potential output. However, it is widely known that this estimates are highly unreliable because of its level of estimation uncert