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A Macro CGE Model for the Colombian Economy

Author

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  • Andrés M. Velasco
  • Camilo A. Cárdenas Hurtado

Abstract

This paper presents the construction of a tailor-made Macro Computable General Equilibrium Model for the Colombian economy that satisfies Banco de la República's macroeconomic programming and forecasting interests. Using information on the national accounts divulged by the National Statistics Department (DANE), we set an easily updatable Macro Social Accounting Matrix that serves as a starting point for the model parameters calibration and estimation.

Suggested Citation

  • Andrés M. Velasco & Camilo A. Cárdenas Hurtado, 2015. "A Macro CGE Model for the Colombian Economy," Borradores de Economia 12426, Banco de la Republica.
    • Handle: RePEc:col:000094:012426
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    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/be_863.pdf
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    References listed on IDEAS

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    1. Maurizio Bussolo & David Roland-Holst & Dominique van der Mensbrugghe, 1998. "The technical specification of FEDESARROLLO´s : Long Run General Equilibrium Model," Working Papers Series. Documentos de Trabajo 9207, Fedesarrollo.
    2. Dixon, Peter B. & Rimmer, Maureen T., 2013. "Validation in Computable General Equilibrium Modeling," Handbook of Computable General Equilibrium Modeling, in: Peter B. Dixon & Dale Jorgenson (ed.), Handbook of Computable General Equilibrium Modeling, edition 1, volume 1, chapter 0, pages 1271-1330, Elsevier.
    3. Diego Corredor & Oliver Enrique Pardo, 2008. "Matrices de Contabilidad Social 2003, 2004 y 2005," Archivos de Economía 4582, Departamento Nacional de Planeación.
    4. Claudio René KARL ESTUPINAN, 2004. "A real Financial Social Accounting Matrix for Colombia," Archivos de Economía 1930, Departamento Nacional de Planeación.
    5. Hillberry, Russell & Hummels, David, 2013. "Trade Elasticity Parameters for a Computable General Equilibrium Model," Handbook of Computable General Equilibrium Modeling, in: Peter B. Dixon & Dale Jorgenson (ed.), Handbook of Computable General Equilibrium Modeling, edition 1, volume 1, chapter 0, pages 1213-1269, Elsevier.
    6. Maurizio Bussolo & Ricardo Correa, 1998. "A 1994 detailed Social Accounting Matrix for Colombia," Working Papers Series. Documentos de Trabajo 9201, Fedesarrollo.
    7. Claudio René KARL ESTUPINAN, 2004. "2000 Social Accounting Matrix for Colombia," Archivos de Economía 11296, Departamento Nacional de Planeación.
    8. Decaluwe, B. & Martens, A. & Monette, M., 1987. "Macroclosures in Open Economy Cge Models: a Numerical Reappraisal," Cahiers de recherche 8704, Universite de Montreal, Departement de sciences economiques.
    9. Thomas F. Rutherford & Miles K. LIGHT, 2002. "A General Equilibrium Model for Tax Policy Analysis in Colombia: The MEGATAX Model," Archivos de Economía 11291, Departamento Nacional de Planeación.
    10. Guzman, Oscar E & Prada, Sergio I, 2002. "Matriz de Contabilidad Social Tributaria 1997 [A 1997 Tax Social Accounting Matrix For Colombia]," MPRA Paper 19720, University Library of Munich, Germany.
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    Cited by:

    1. Eduardo Haddad & Weslem Faria & Luis Armando Galvis-Aponte & Lucas Wilfried Hahn-De-Castro, 2016. "Matriz insumo-producto interregional para Colombia, 2012," Documentos de Trabajo Sobre Economía Regional y Urbana 15140, Banco de la República, Economía Regional.

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    More about this item

    Keywords

    Social Accounting Matrix; Computable General Equilibrium Models; Colombian Economy; Macroeconomic Programming.;
    All these keywords.

    JEL classification:

    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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