Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/336398 
Year of Publication: 
2024
Citation: 
[Journal:] Latin American Journal of Central Banking (LAJCB) [ISSN:] 2666-1438 [Volume:] 5 [Issue:] 2 [Article No.:] 100110 [Year:] 2024 [Pages:] 1-36
Publisher: 
Elsevier, Amsterdam
Abstract: 
This paper documents the recent changes in the structure and estimation procedures of the SAMBA model, providing a complete description of the decision problems that each economic agent faces, the first order conditions that solve those problems, and the new techniques employed to estimate the model. This updated version of the model incorporates new features, such as involuntary unemployment, imported goods in the consumption bundle and a new identified vector auto-regressive process for the rest of the world. Reflecting these changes, the set of observables was expanded to include, for instance, participation rates in the labor market and an exogenous measure of output gap. In face of increased complexity and the large number of observables, the model was estimated using Sequential Monte Carlo (SMC) methods, allowing for a smaller sensitivity to the choice of priors.
Subjects: 
DSGE models
Monetary policy
Small open economies
Unemployment
JEL: 
E24
E32
E52
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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