Estimations of the natural rate of interest in Colombia

Número: 
626
Publicado: 
Clasificación JEL: 
C13, C32, E43, E52
Palabras clave: 
Natural Rate of Interest, Unobserved Components Models, Hodrick-Prescott Filter, Semi-structural models

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Andrea Sofía Otero-Cortés, Karina Acosta, Luis E. Arango, Danilo Aristizábal, Oscar Iván Ávila-Montealegre, Oscar Becerra, Cristina Fernández, Luz Adriana Flórez, Luis Armando Galvis-Aponte, Anderson Grajales, Catalina Granda, Franz Alonso Hamann-Salcedo, Juliana Jaramillo-Echeverri, Carlos Medina, Jesús Enrique Morales-Piñero, Alejandra Morales, Leonardo Fabio Morales, Juan José Ospina-Tejeiro, Christian Manuel Posso-Suárez, José Pulido, Mario Andrés Ramos-Veloza, Alejandro Sarasti-Sierra
Ana María Iregui-Bohórquez, Ligia Alba Melo-Becerra, María Teresa Ramírez-Giraldo, Jorge Leonardo Rodríguez-Arenas

Three methodologies to estimate the natural interest rate, NIR, are implemented for the Colombian economy. Two methods are statistical filters and the third involves some economic theory. The first method is based on unobserved components decomposition of