Estimations of the natural rate of interest in Colombia

Borradores de Economia
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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Juliana Jaramillo-Echeverri, Karina Acosta, Olga Lucia Acosta Navarro, Oscar Iván Ávila-Montealegre, Jhorland Ayala-García, Jaime Bonet-Morón, Jesus Botero, Luz A. Flórez, Daniela Gallo, Luis Armando Galvis-Aponte, Karelys Guzmán-Finol, Eduardo A. Haddad, Ana María Iregui-Bohórquez, David Camilo López-Valenzuela, Ligia Alba Melo-Becerra, Juan J. Ospina-Tejeiro, Andrea Otero-Cortés, Julian A. Parra-Polania, Gerson Javier Pérez-Valbuena, José Pulido, María Teresa Ramírez-Giraldo, Mario A. Ramos-Veloza, Charles Rahal, Jorge Leonardo Rodríguez-Arenas, Shadia Zardibia

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