Carlos García, Pablo Gonzalez.
Economía Chilena.
2013.
We evaluate the performance of different models projecting the inflation rate,the output gap,the real exchange rate,and the interest rate related to monetary policy. We consider linear models widely used by central banks: a BVAR,a standard reduced-form New Keynesian model,and a DSGE model-all of them estimated by Bayesian econometrics. Our benchmarks are univariate time series models (AR(1) and random walk),but estimated….