total inflation annualized=
	inflation weighting factor*inflation without food annualized+(1-inflation weighting factor\
		)*food inflation annualized
	~	
	~		|

imports inflation corrected=
	imports inflation-0.03
	~	
	~		|

policy interest rate=
	e0*"policy interest rate t-1"+(1-e0)*(long term policy interest rate+e1*("expected inflation t+k"\
		-"inflation target t+k"
	)+e2*GDP gap)
	~	
	~		|

nominal depreciation=
	expected depreciation+nominal dep shock*nom dep shock switch
	~	
	~		|

risk premium shock time=
	1
	~	
	~		|

risk premium shock:TEST INPUT:
	risk premium=RC STEP(risk premium+0.01, 1,1,risk premium shock time )
	~	
	~		|

nominal dep shock=
	0.01*PULSE(1, 0)
	~	
	~		|

nom dep shock switch=
	0
	~	
	~		|

food inflation=
	c1*"food inflation t-1"+c2*(imports inflation-equlibrium real exchange rate depreciation\
		)+c0*inflation without food+
	c3*GDP gap+food supply shock*food supply shock switch
	~	
	~		|

monetary policy shock:TEST INPUT:
	policy interest rate=RC STEP( policy interest rate+0.01, 1,1,mon policy shock time )
	~	
	~		|

food supply shock=
	PULSE(1, 0)*0.25
	~	
	~		|

inflation without food=
	a0*"inflation wo food t-1"+a1*("imports inflation t-1"-equlibrium real exchange rate depreciation\
		)+(1-a0-a1)*inflation expectations
+a3*"GDP gap t-1"
	~	
	~		|

nominal interest rate=
	nominal interest rate gap+long term nominal interest rate
	~	
	~		|

food supply shock switch=
	0
	~	
	~		|

mon policy shock time=
	1
	~	
	~		|

Perceived Present Condition gap=
	total quarterly inflation-Perceived Present Condition
	~	
	~		|

"expected inflation t+k"=
	"expected inflation t+1"
	~	
	~		|

"inflation target t+k"=
	0.03-(STEP(0.01, 1))*switch shock inflation target
	~	
	~		|

switch shock inflation target=
	0
	~	
	~		|

Time Horizon for Reference Condition=
	0.25
	~	
	~		|

Change in Reference Condition=
	(Perceived Present Condition-Reference Condition)/Time Horizon for Reference Condition
	~	
	~		|

Change in Trend=
	Trend gap/Time to Perceive Trend
	~	
	~		|

Trend gap=
	Indicated Trend-Perceived Trend
	~	
	~		|

"expected inflation t+1"=
	expected inflation
	~	
	~		|

long term nominal interest rate=
	long term real interest rate+inflation without food annualized
	~	
	~		|

real interest rate=
	nominal interest rate-inflation without food annualized
	~	
	~		|

inflation expectations=
	a4*"total inflation annualized t-1"+(1-a4)*"expected inflation t+1"
	~	
	~		|

Change in PPC=
	Perceived Present Condition gap/Time to Perceive Present Condition
	~	
	~		|

Indicated Trend=
	((Perceived Present Condition-Reference Condition)/Reference Condition)/Time Horizon for Reference Condition
	~	
	~		|

Time to Perceive Present Condition=
	0.25
	~	
	~		|

"chg imports inflation t-1"=
	(imports inflation-"imports inflation t-1")/TIME STEP
	~	
	~		|

Perceived Present Condition= INTEG (
	Change in PPC,
		0.03)
	~	
	~		|

"real interest rate gap t-1"= INTEG (
	(real interest rate gap-"real interest rate gap t-1")/TIME STEP,
		0)
	~	
	~		|

expected inflation= INTEG (
	chg in expected inflation,
		0.03)
	~	
	~		|

Reference Condition= INTEG (
	Change in Reference Condition,
		0.03)
	~	
	~		|

Time to Perceive Trend=
	0.25
	~	
	~		|

chg in expected inflation=
	expected inflation*Perceived Trend
	~	
	~		|

Perceived Trend= INTEG (
	Change in Trend,
		0)
	~	
	~		|

"GDP gap t-1"= INTEG (
	"chg GDP gap t-1",
		0)
	~	
	~		|

real exchange rate gap=
	(1-f0)*"real exchange rate gap t-1"+f0*(real exchange rate depreciation-equlibrium real exchange rate depreciation\
		)
	~	
	~		|

"real exchange rate gap t-1"= INTEG (
	"chg real exchange rate gap t-1",
		0)
	~	
	~		|

"chg real exchange rate gap t-1"=
	(real exchange rate gap-"real exchange rate gap t-1")/TIME STEP
	~	
	~		|

GDP gap=
	d0*"GDP gap t-1"-d1*"real interest rate gap t-1"+d2*"real exchange rate gap t-1"
	~	
	~		|

imports inflation=
	b0*"imports inflation t-1"+(1-b0)*(nominal depreciation+foreign inflation)
	~	
	~		|

"imports inflation t-1"= INTEG (
	"chg imports inflation t-1",
		0.09)
	~	
	~		|

"chg GDP gap t-1"=
	(GDP gap-"GDP gap t-1")/TIME STEP
	~	
	~		|

"policy interest rate t-1"= INTEG (
	"chg policy interest rate t-1",
		0.06)
	~	
	~		|

nominal interest rate gap=
	g0*"nominal interest rate gap t-1"+g1*policy interest rate gap+g2*"policy interest rate gap t-1"
	~	
	~		|

"nominal interest rate gap t-1"= INTEG (
	"chg nominal interest rate gap t-1",
		0)
	~	
	~		|

policy interest rate gap=
	policy interest rate-long term policy interest rate
	~	
	~		|

"policy interest rate gap t-1"= INTEG (
	"chg policy interest rate gap t-1",
		policy interest rate gap)
	~	
	~		|

"chg policy interest rate gap t-1"=
	(policy interest rate gap-"policy interest rate gap t-1")/TIME STEP
	~	
	~		|

"chg nominal interest rate gap t-1"=
	(nominal interest rate gap-"nominal interest rate gap t-1")/TIME STEP
	~	
	~		|

"chg policy interest rate t-1"=
	(policy interest rate-"policy interest rate t-1")/TIME STEP
	~	
	~		|

real exchange rate depreciation=
	nominal depreciation+foreign inflation-inflation without food
	~	
	~		|

long term policy interest rate=
	long term nominal interest rate-constant c
	~	
	~		|

long term real interest rate=
	0.06
	~	
	~		|

a4=
	0.5
	~	
	~		|

real interest rate gap=
	real interest rate-long term real interest rate
	~	
	~		|

c0=
	1-c1-c2
	~	
	~		|

"total inflation annualized t-1"= INTEG (
	total inflation annualized-"total inflation annualized t-1",
		0.03)
	~	
	~		|

f0=
	0.25
	~	
	~		|

"inflation wo food t-3"= INTEG (
	"inflation wo food t-2"-"inflation wo food t-3",
		0.03)
	~	
	~		|

inflation without food annualized=
	(inflation without food+"inflation wo food t-1"+"inflation wo food t-2"+"inflation wo food t-3"\
		)/4
	~	
	~		|

"inflation wo food t-1"= INTEG (
	inflation without food-"inflation wo food t-1",
		0.03)
	~	
	~		|

"inflation wo food t-2"= INTEG (
	"inflation wo food t-1"-"inflation wo food t-2",
		0.03)
	~	
	~		|

"food inflation t-2"= INTEG (
	"food inflation t-1"-"food inflation t-2",
		0.03)
	~	
	~		|

"food inflation t-3"= INTEG (
	"food inflation t-2"-"food inflation t-3",
		0.03)
	~	
	~		|

food inflation annualized=
	(food inflation+"food inflation t-1"+"food inflation t-2"+"food inflation t-3")/4
	~	
	~		|

"food inflation t-1"= INTEG (
	food inflation-"food inflation t-1",
		0.03)
	~	
	~		|

a0=
	0.55
	~	
	~		|

a1=
	0.045
	~	
	~		|

a3=
	0.25
	~	
	~		|

b0=
	0.7
	~	
	~		|

c1=
	0.1388
	~	
	~		|

c2=
	0.024
	~	
	~		|

c3=
	0.093
	~	
	~		|

constant c=
	0.03
	~	
	~		|

d0=
	0.9
	~	
	~		|

d1=
	0.15
	~	
	~		|

d2=
	0.01875
	~	
	~		|

expected depreciation=
	nominal interest rate-foreign interest rate-risk premium
	~	
	~		|

e0=
	0.7
	~	
	~		|

e1=
	2.5
	~	
	~		|

e2=
	0.8
	~	
	~		|

inflation weighting factor=
	0.7
	~	
	~		|

g0=
	0.3
	~	
	~		|

g1=
	0.68
	~	
	~		|

g2=
	0.032
	~	
	~		|

gamma0=
	0.1
	~	
	~		|

foreign inflation=
	0.03
	~	
	~		|

total quarterly inflation=
	inflation weighting factor*inflation without food+(1-inflation weighting factor)*food inflation
	~	
	~		~	:SUPPLEMENTARY 
	|

risk premium= INTEG (
	chg risk premium,
		0)
	~	
	~		|

long term premium risk=
	0
	~	
	~		|

foreign interest rate=
	0.03
	~	
	~		|

equlibrium real exchange rate depreciation=
	0.06
	~	
	~		|

chg risk premium=
	(gamma0-1)*risk premium+(1-gamma0)*long term premium risk
	~	
	~		|

********************************************************
	.Control
********************************************************~
		Simulation Control Parameters
	|

FINAL TIME  = 15
	~	Year
	~	The final time for the simulation.
	|

INITIAL TIME  = 0
	~	Year
	~	The initial time for the simulation.
	|

SAVEPER  = 
        TIME STEP
	~	Year [0,?]
	~	The frequency with which output is stored.
	|

TIME STEP  = 0.25
	~	Year [0,?]
	~	The time step for the simulation.
	|

\\\---/// Sketch information - do not modify anything except names
V300  Do not put anything below this section - it will be ignored
*Model Structure
$192-192-192,0,Times New Roman|12||0-0-0|0-0-0|0-0-255|-1--1--1|-1--1--1|120,120,75
10,1,inflation without food,360,336,64,22,8,3,0,0,0,0,0,0
10,2,imports inflation,153,578,35,22,8,3,0,0,0,0,0,0
10,3,equlibrium real exchange rate depreciation,525,313,65,33,8,3,0,0,0,0,0,0
10,4,GDP gap,712,393,38,12,8,3,0,0,0,0,0,0
10,5,foreign inflation,359,607,35,22,8,3,0,0,0,0,0,0
10,6,food inflation,662,281,56,12,8,3,0,0,0,0,0,0
10,7,total quarterly inflation,478,154,59,22,8,3,0,0,0,0,0,0
1,8,1,7,1,0,0,0,0,64,0,-1--1--1,,1|(333,224)|
1,9,6,7,1,0,0,0,0,64,0,-1--1--1,,1|(583,218)|
10,10,inflation weighting factor,235,149,68,22,8,3,0,0,0,0,0,0
1,11,10,7,1,0,0,0,0,64,0,-1--1--1,,1|(350,131)|
10,12,real interest rate,725,630,50,22,8,3,0,0,0,0,0,0
10,13,long term real interest rate,627,447,58,22,8,3,0,0,0,0,0,0
10,14,nominal interest rate,620,810,49,22,8,3,0,0,0,0,0,0
10,15,foreign interest rate,595,679,63,22,8,3,0,0,0,0,0,0
10,16,risk premium,323,735,39,20,3,3,0,0,0,0,0,0
10,17,long term premium risk,349,812,55,22,8,3,0,0,0,0,0,0
10,18,"policy interest rate t-1",539,1203,50,29,3,3,0,0,0,0,0,0
12,19,48,276,1215,10,8,0,3,0,0,-1,0,0,0
1,20,22,18,4,0,0,22,0,0,0,-1--1--1,,1|(444,1211)|
1,21,22,19,100,0,0,22,0,0,0,-1--1--1,,1|(336,1211)|
11,22,48,393,1211,7,8,34,3,0,0,1,0,0,0
10,23,"chg policy interest rate t-1",393,1239,64,22,40,3,0,0,-1,0,0,0
10,24,long term policy interest rate,510,938,68,22,8,3,0,0,0,0,0,0
10,25,long term nominal interest rate,759,944,75,22,8,3,0,0,0,0,0,0
10,26,"inflation target t+k",355,992,61,22,8,3,0,0,0,0,0,0
10,27,"nominal interest rate gap t-1",944,909,53,34,3,3,0,0,0,0,0,0
1,28,25,14,1,0,0,0,0,64,0,-1--1--1,,1|(695,877)|
10,29,a0,360,268,12,12,8,3,0,0,0,0,0,0
10,30,a1,392,272,12,12,8,3,0,0,0,0,0,0
10,31,a3,428,271,12,12,8,3,0,0,0,0,0,0
10,32,d0,715,332,12,12,8,3,0,0,0,0,0,0
10,33,d1,757,334,12,12,8,3,0,0,0,0,0,0
10,34,d2,786,357,12,12,8,3,0,0,0,0,0,0
10,35,b0,52,565,12,12,8,3,0,0,0,0,0,0
10,36,c0,693,212,12,12,8,3,0,0,0,0,0,0
10,37,c1,640,214,12,12,8,3,0,0,0,0,0,0
10,38,c2,747,222,12,12,8,3,0,0,0,0,0,0
10,39,c3,774,242,12,12,8,3,0,0,0,0,0,0
10,40,expected depreciation,473,737,53,22,8,3,0,0,0,0,0,0
1,41,15,40,1,0,0,0,0,64,0,-1--1--1,,1|(540,714)|
1,42,14,40,0,0,0,0,0,64,0,-1--1--1,,1|(552,776)|
1,43,16,40,0,0,0,0,0,64,0,-1--1--1,,1|(384,735)|
10,44,e0,438,976,12,12,8,3,0,0,0,0,0,0
10,45,e1,481,991,12,12,8,3,0,0,0,0,0,0
10,46,e2,529,999,12,12,8,3,0,0,0,0,0,0
10,47,GDP gap,650,1115,49,12,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,48,g0,1081,1102,12,12,8,3,0,0,0,0,0,0
10,49,g1,1123,1068,12,12,8,3,0,0,0,0,0,0
10,50,g2,1134,1002,12,12,8,3,0,0,0,0,0,0
10,51,constant c,345,946,41,12,8,3,0,0,0,0,0,0
12,52,48,152,730,10,8,0,3,0,0,-1,0,0,0
1,53,55,16,4,0,0,22,0,0,0,-1--1--1,,1|(257,730)|
1,54,55,52,100,0,0,22,0,0,0,-1--1--1,,1|(189,730)|
11,55,48,223,730,7,8,34,3,0,0,1,0,0,0
10,56,chg risk premium,223,759,37,22,40,3,0,0,-1,0,0,0
1,57,17,56,1,0,0,0,0,64,0,-1--1--1,,1|(261,814)|
10,58,gamma0,170,813,35,12,8,3,0,0,0,0,0,0
1,59,58,56,0,0,0,0,0,64,0,-1--1--1,,1|(186,795)|
1,60,16,56,1,0,0,0,0,64,0,-1--1--1,,1|(309,774)|
10,61,inflation expectations,176,292,72,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,62,"expected inflation t+k",328,1127,59,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,63,18,23,1,0,0,0,0,64,0,-1--1--1,,1|(462,1180)|
10,64,"policy interest rate gap t-1",894,1166,59,38,3,3,0,0,0,0,0,0
1,65,14,12,1,0,0,0,0,64,0,-1--1--1,,1|(681,727)|
10,66,real interest rate gap,594,524,50,22,8,3,0,0,0,0,0,0
1,67,13,66,1,0,0,0,0,64,0,-1--1--1,,1|(601,494)|
1,68,12,66,1,0,0,0,0,64,0,-1--1--1,,1|(678,577)|
10,69,"real interest rate gap t-1",837,540,55,33,3,3,0,0,0,0,0,0
12,70,48,705,540,10,8,0,3,0,0,-1,0,0,0
11,71,48,749,540,7,8,2,3,0,0,1,0,0,0
1,72,71,69,4,0,0,22,0,0,0,-1--1--1,,1|(769,540)|
1,73,71,70,100,0,0,22,0,0,0,-1--1--1,,1|(728,540)|
1,74,66,71,1,0,0,0,0,64,0,-1--1--1,,1|(684,498)|
10,75,real exchange rate gap,1167,591,57,22,8,3,0,0,0,0,0,0
10,76,"real exchange rate gap t-1",990,464,53,28,3,3,0,0,0,0,0,0
10,77,f0,1260,519,11,12,8,3,0,0,0,0,0,0
1,78,37,36,0,0,0,0,3,64,0,192-192-192,|12||128-128-128,1|(659,214)|
1,79,38,36,1,0,0,0,3,64,0,192-192-192,|12||128-128-128,1|(720,216)|
10,80,nominal depreciation,281,653,53,22,8,3,0,0,0,0,0,0
1,81,40,80,0,0,0,0,0,64,0,-1--1--1,,1|(383,697)|
10,82,inflation without food annualized,863,822,83,33,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,83,inflation without food,465,680,70,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,84,policy interest rate gap,735,1012,60,22,8,3,0,0,0,0,0,0
1,85,82,12,1,0,0,0,0,64,0,-1--1--1,,1|(803,718)|
1,86,25,24,1,0,0,0,0,64,0,-1--1--1,,1|(647,929)|
1,87,51,24,0,0,0,0,0,64,0,-1--1--1,,1|(407,943)|
10,88,long term real interest rate,477,880,64,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,89,88,25,1,0,0,0,0,64,0,-1--1--1,,1|(601,900)|
1,90,82,25,1,0,0,0,0,64,0,-1--1--1,,1|(850,902)|
10,91,real exchange rate depreciation,528,596,75,22,8,3,0,0,0,0,0,0
1,92,5,91,0,0,0,0,0,64,0,-1--1--1,,1|(416,603)|
1,93,80,91,1,0,0,0,0,64,0,-1--1--1,,1|(397,648)|
1,94,83,91,0,0,0,0,0,64,0,-1--1--1,,1|(491,643)|
10,95,real exchange rate depreciation,1075,662,81,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,96,equlibrium real exchange rate depreciation,1320,662,70,33,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
12,97,48,1179,902,10,8,0,3,0,0,-1,0,0,0
1,98,100,27,4,0,0,22,0,0,0,-1--1--1,,1|(1033,907)|
1,99,100,97,100,0,0,22,0,0,0,-1--1--1,,1|(1126,907)|
11,100,48,1077,907,7,8,34,3,0,0,1,0,0,0
10,101,"chg nominal interest rate gap t-1",1077,938,81,22,40,3,0,0,-1,0,0,0
10,102,nominal interest rate gap,951,1010,67,22,8,3,0,0,0,0,0,0
1,103,48,102,0,0,0,0,0,64,0,-1--1--1,,1|(1031,1067)|
1,104,49,102,0,0,0,0,0,64,0,-1--1--1,,1|(1070,1050)|
1,105,50,102,0,0,0,0,0,64,0,-1--1--1,,1|(1076,1004)|
1,106,64,102,1,0,0,0,0,64,0,-1--1--1,,1|(936,1103)|
1,107,84,102,1,0,0,0,0,64,0,-1--1--1,,1|(839,1035)|
1,108,27,102,1,0,0,0,0,64,0,-1--1--1,,1|(939,955)|
1,109,102,101,1,0,0,0,0,64,0,-1--1--1,,1|(1022,993)|
1,110,27,101,1,0,0,0,0,64,0,-1--1--1,,1|(1014,871)|
10,111,TIME STEP,1118,862,32,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,112,111,101,1,0,0,0,0,64,0,-1--1--1,,1|(1101,893)|
10,113,policy interest rate,525,1066,60,22,8,3,0,0,0,0,0,0
1,114,18,113,1,0,0,0,0,64,0,-1--1--1,,1|(502,1134)|
1,115,24,113,1,0,0,0,0,64,0,-1--1--1,,1|(575,1006)|
1,116,26,113,1,0,0,0,0,64,0,-1--1--1,,1|(422,1030)|
1,117,62,113,1,0,0,0,0,64,0,-1--1--1,,1|(420,1078)|
1,118,44,113,1,0,0,0,0,64,0,-1--1--1,,1|(468,1014)|
1,119,45,113,1,0,0,0,0,64,0,-1--1--1,,1|(493,1016)|
1,120,46,113,0,0,0,0,0,64,0,-1--1--1,,1|(528,1020)|
1,121,113,23,1,0,0,0,0,64,0,-1--1--1,,1|(434,1137)|
10,122,TIME STEP,207,1260,32,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,123,122,23,1,0,0,0,0,64,0,-1--1--1,,1|(272,1270)|
1,124,47,113,1,0,0,0,0,64,0,-1--1--1,,1|(581,1106)|
1,125,113,84,1,0,0,0,0,64,0,-1--1--1,,1|(623,1047)|
1,126,24,84,1,0,0,0,0,64,0,-1--1--1,,1|(615,960)|
12,127,48,644,1169,10,8,0,3,0,0,-1,0,0,0
1,128,130,64,4,0,0,22,0,0,0,-1--1--1,,1|(793,1169)|
1,129,130,127,100,0,0,22,0,0,0,-1--1--1,,1|(696,1169)|
11,130,48,745,1169,7,8,34,3,0,0,1,0,0,0
10,131,"chg policy interest rate gap t-1",745,1197,77,22,40,3,0,0,-1,0,0,0
1,132,84,131,1,0,0,0,0,64,0,-1--1--1,,1|(772,1107)|
1,133,64,131,1,0,0,0,0,64,0,-1--1--1,,1|(823,1236)|
10,134,TIME STEP,699,1271,32,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,135,134,131,0,0,0,0,0,64,0,-1--1--1,,1|(717,1239)|
1,136,95,75,1,0,0,0,0,64,0,-1--1--1,,1|(1112,619)|
1,137,96,75,0,0,0,0,0,64,0,-1--1--1,,1|(1238,624)|
1,138,77,75,1,0,0,0,0,64,0,-1--1--1,,1|(1241,560)|
1,139,76,75,1,0,0,0,0,64,0,-1--1--1,,1|(1057,561)|
12,140,48,1203,464,10,8,0,3,0,0,-1,0,0,0
1,141,143,76,4,0,0,22,0,0,0,-1--1--1,,1|(1084,466)|
1,142,143,140,100,0,0,22,0,0,0,-1--1--1,,1|(1166,466)|
11,143,48,1133,466,7,8,34,3,0,0,1,0,0,0
10,144,"chg real exchange rate gap t-1",1133,497,74,22,40,3,0,0,-1,0,0,0
1,145,75,144,1,0,0,0,0,64,0,-1--1--1,,1|(1096,558)|
1,146,76,144,1,0,0,0,0,64,0,-1--1--1,,1|(1054,432)|
1,147,32,4,1,0,0,0,0,64,0,-1--1--1,,1|(716,357)|
1,148,33,4,1,0,0,0,0,64,0,-1--1--1,,1|(743,360)|
1,149,34,4,1,0,0,0,0,64,0,-1--1--1,,1|(759,376)|
10,150,"GDP gap t-1",1101,378,45,32,3,3,0,0,0,0,0,0
12,151,48,855,378,10,8,0,3,0,0,-1,0,0,0
1,152,154,150,4,0,0,22,0,0,0,-1--1--1,,1|(1002,376)|
1,153,154,151,100,0,0,22,0,0,0,-1--1--1,,1|(900,376)|
11,154,48,942,376,7,8,34,3,0,0,1,0,0,0
10,155,"chg GDP gap t-1",942,406,55,22,40,3,0,0,-1,0,0,0
1,156,69,4,1,0,0,0,0,64,0,-1--1--1,,1|(744,476)|
1,157,76,4,1,0,0,0,0,64,0,-1--1--1,,1|(823,464)|
1,158,150,155,1,0,0,0,0,64,0,-1--1--1,,1|(1033,341)|
1,159,4,155,1,0,0,0,0,64,0,-1--1--1,,1|(795,409)|
1,160,150,4,1,0,0,0,0,64,0,-1--1--1,,1|(906,322)|
10,161,TIME STEP,1284,464,32,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,162,161,144,0,0,0,0,0,64,0,-1--1--1,,1|(1236,473)|
10,163,TIME STEP,1079,282,32,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,164,163,155,1,0,0,0,0,64,0,-1--1--1,,1|(964,323)|
10,165,"imports inflation t-1",138,485,53,35,3,3,0,0,0,0,0,0
12,166,48,331,480,10,8,0,3,0,0,-1,0,0,0
1,167,169,165,4,0,0,22,0,0,0,-1--1--1,,1|(236,478)|
1,168,169,166,100,0,0,22,0,0,0,-1--1--1,,1|(308,478)|
11,169,48,288,478,7,8,34,3,0,0,1,0,0,0
10,170,"chg imports inflation t-1",288,508,49,22,40,3,0,0,-1,0,0,0
1,171,165,2,1,0,0,0,0,64,0,-1--1--1,,1|(98,539)|
1,172,165,170,1,0,0,0,0,64,0,-1--1--1,,1|(214,456)|
1,173,2,170,0,0,0,0,0,64,0,-1--1--1,,1|(210,548)|
1,174,35,2,1,0,0,0,0,64,0,-1--1--1,,1|(81,577)|
1,175,5,2,1,0,0,0,0,64,0,-1--1--1,,1|(264,626)|
1,176,80,2,1,0,0,0,0,64,0,-1--1--1,,1|(200,638)|
10,177,"inflation wo food t-1",295,408,60,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,178,165,1,1,0,0,0,0,64,0,-1--1--1,,1|(246,372)|
1,179,177,1,0,0,0,0,0,64,0,-1--1--1,,1|(322,377)|
1,180,3,1,1,0,0,0,0,64,0,-1--1--1,,1|(456,345)|
1,181,61,1,1,0,0,0,0,64,0,-1--1--1,,1|(270,305)|
10,182,"GDP gap t-1",408,407,44,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,183,182,1,1,0,0,0,0,64,0,-1--1--1,,1|(382,374)|
1,184,29,1,0,0,0,0,0,64,0,-1--1--1,,1|(360,290)|
1,185,30,1,0,0,0,0,0,64,0,-1--1--1,,1|(381,293)|
1,186,31,1,0,0,0,0,0,64,0,-1--1--1,,1|(404,294)|
10,187,"food inflation t-1",499,234,60,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,188,187,6,1,0,0,0,0,64,0,-1--1--1,,1|(568,263)|
1,189,36,6,0,0,0,0,0,64,0,-1--1--1,,1|(680,241)|
1,190,37,6,0,0,0,0,0,64,0,-1--1--1,,1|(648,241)|
1,191,38,6,1,0,0,0,0,64,0,-1--1--1,,1|(722,262)|
1,192,39,6,1,0,0,0,0,64,0,-1--1--1,,1|(732,279)|
1,193,2,6,1,0,0,0,0,64,0,-1--1--1,,1|(436,512)|
1,194,3,6,1,0,0,0,0,64,0,-1--1--1,,1|(600,281)|
1,195,1,6,1,0,0,0,0,64,0,-1--1--1,,1|(520,359)|
1,196,4,6,1,0,0,0,0,64,0,-1--1--1,,1|(675,347)|
1,197,69,71,1,0,0,0,0,64,0,-1--1--1,,1|(770,565)|
10,198,TIME STEP,836,627,32,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,199,198,71,1,0,0,0,0,64,0,-1--1--1,,1|(772,603)|
10,200,TIME STEP,401,474,32,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,201,200,170,1,0,0,0,0,64,0,-1--1--1,,1|(362,518)|
10,202,switch shock inflation target,149,981,61,22,8,3,0,0,0,0,0,0
1,203,202,26,1,0,0,0,0,64,0,-1--1--1,,1|(246,1023)|
10,204,monetary policy shock,185,1066,67,22,8,3,0,0,0,0,0,0
1,205,113,204,1,0,0,0,0,64,0,-1--1--1,,1|(362,1055)|
10,206,mon policy shock time,21,1097,47,22,8,3,0,0,0,0,0,0
1,207,206,204,1,0,0,0,0,64,0,-1--1--1,,1|(82,1062)|
1,208,102,14,1,0,0,0,0,64,0,-1--1--1,,1|(787,866)|
10,209,food supply shock,964,244,49,22,8,3,0,0,0,0,0,0
10,210,food supply shock switch,872,187,54,22,8,3,0,0,0,0,0,0
1,211,210,6,1,0,0,0,0,64,0,-1--1--1,,1|(788,273)|
1,212,209,6,1,0,0,0,0,64,0,-1--1--1,,1|(814,294)|
10,213,nominal dep shock,43,639,52,22,8,3,0,0,0,0,0,0
10,214,nom dep shock switch,17,690,62,22,8,3,0,0,0,0,0,0
1,215,213,80,1,0,0,0,0,64,0,-1--1--1,,1|(139,657)|
1,216,214,80,1,0,0,0,0,64,0,-1--1--1,,1|(151,689)|
10,217,risk premium shock,-9,746,55,22,8,3,0,0,0,0,0,0
10,218,risk premium shock time,-9,822,55,22,8,3,0,0,0,0,0,0
1,219,16,217,1,0,0,0,0,64,0,-1--1--1,,1|(166,707)|
1,220,218,217,0,0,0,0,0,64,0,-1--1--1,,1|(-9,791)|
1,221,84,64,0,0,0,0,0,64,1,-1--1--1,,1|(800,1076)|
\\\---/// Sketch information - do not modify anything except names
V300  Do not put anything below this section - it will be ignored
*Annualized Inflation
$192-192-192,0,Times New Roman|12||0-0-0|0-0-0|0-0-255|-1--1--1|-1--1--1|120,120,75
10,1,inflation without food annualized,228,246,69,22,8,3,0,0,0,0,0,0
10,2,food inflation annualized,232,411,57,22,8,3,0,0,0,0,0,0
10,3,inflation without food,-90,-73,59,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,4,food inflation,-92,43,46,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,5,inflation weighting factor,246,343,87,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,6,total inflation annualized,477,345,56,22,8,3,0,0,0,0,0,0
1,7,1,6,1,0,0,0,0,64,0,-1--1--1,,1|(361,278)|
1,8,2,6,1,0,0,0,0,64,0,-1--1--1,,1|(372,411)|
1,9,5,6,1,0,0,0,0,64,0,-1--1--1,,1|(370,343)|
10,10,"inflation wo food t-1",107,-68,45,35,3,3,0,0,0,0,0,0
10,11,"inflation wo food t-2",284,-69,49,35,3,3,0,0,0,0,0,0
10,12,"inflation wo food t-3",462,-68,50,37,3,3,0,0,0,0,0,0
12,13,48,-23,-72,10,8,0,3,0,0,-1,0,0,0
11,14,48,29,-72,7,8,2,3,0,0,1,0,0,0
1,15,14,10,4,0,0,22,0,0,0,-1--1--1,,1|(49,-72)|
1,16,14,13,100,0,0,22,0,0,0,-1--1--1,,1|(4,-72)|
1,17,3,14,1,0,0,0,0,64,0,-1--1--1,,1|(4,-36)|
11,18,48,193,-68,7,8,2,3,0,0,1,0,0,0
1,19,18,11,4,0,0,22,0,0,0,-1--1--1,,1|(217,-68)|
1,20,18,10,100,0,0,22,0,0,0,-1--1--1,,1|(169,-68)|
11,21,48,371,-69,7,8,2,3,0,0,1,0,0,0
1,22,21,12,4,0,0,22,0,0,0,-1--1--1,,1|(395,-69)|
1,23,21,11,100,0,0,22,0,0,0,-1--1--1,,1|(348,-69)|
1,24,10,18,1,0,0,0,0,64,0,-1--1--1,,1|(174,-23)|
1,25,11,21,1,0,0,0,0,64,0,-1--1--1,,1|(346,-20)|
12,26,48,668,-68,10,8,0,3,0,0,-1,0,0,0
11,27,48,584,-68,7,8,2,3,0,0,1,0,0,0
1,28,27,26,4,0,0,22,0,0,0,-1--1--1,,1|(624,-68)|
1,29,27,12,100,0,0,22,0,0,0,-1--1--1,,1|(544,-68)|
1,30,12,27,1,0,0,0,0,64,0,-1--1--1,,1|(547,-26)|
10,31,"food inflation t-1",105,37,49,35,3,3,0,0,0,0,0,0
10,32,"food inflation t-2",290,33,47,30,3,3,0,0,0,0,0,0
10,33,"food inflation t-3",464,40,43,32,3,3,0,0,0,0,0,0
12,34,48,-31,37,10,8,0,3,0,0,-1,0,0,0
11,35,48,17,37,7,8,2,3,0,0,1,0,0,0
1,36,35,31,4,0,0,22,0,0,0,-1--1--1,,1|(40,37)|
1,37,35,34,100,0,0,22,0,0,0,-1--1--1,,1|(-5,37)|
11,38,48,197,39,7,8,2,3,0,0,1,0,0,0
1,39,38,32,4,0,0,22,0,0,0,-1--1--1,,1|(223,39)|
1,40,38,31,100,0,0,22,0,0,0,-1--1--1,,1|(172,39)|
11,41,48,378,39,7,8,2,3,0,0,1,0,0,0
1,42,41,33,4,0,0,22,0,0,0,-1--1--1,,1|(403,39)|
1,43,41,32,100,0,0,22,0,0,0,-1--1--1,,1|(354,39)|
12,44,48,668,37,10,8,0,3,0,0,-1,0,0,0
11,45,48,582,37,7,8,2,3,0,0,1,0,0,0
1,46,45,44,4,0,0,22,0,0,0,-1--1--1,,1|(623,37)|
1,47,45,33,100,0,0,22,0,0,0,-1--1--1,,1|(541,37)|
1,48,4,35,1,0,0,0,0,64,0,-1--1--1,,1|(-20,83)|
1,49,31,38,1,0,0,0,0,64,0,-1--1--1,,1|(132,90)|
1,50,32,41,1,0,0,0,0,64,0,-1--1--1,,1|(357,78)|
1,51,33,45,1,0,0,0,0,64,0,-1--1--1,,1|(525,91)|
10,52,inflation without food,182,161,59,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,53,"inflation wo food t-1",11,187,57,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,54,"inflation wo food t-2",-74,261,57,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,55,food inflation,249,513,46,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,56,"food inflation t-1",74,510,62,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,57,"food inflation t-2",-57,469,62,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,58,"food inflation t-3",22,358,62,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,59,53,1,0,0,0,0,0,64,0,-1--1--1,,1|(105,212)|
1,60,52,1,0,0,0,0,0,64,0,-1--1--1,,1|(201,197)|
1,61,54,1,0,0,0,0,0,64,0,-1--1--1,,1|(64,254)|
1,62,55,2,0,0,0,0,0,64,0,-1--1--1,,1|(241,468)|
1,63,56,2,0,0,0,0,0,64,0,-1--1--1,,1|(146,464)|
1,64,57,2,0,0,0,0,0,64,0,-1--1--1,,1|(83,440)|
1,65,58,2,0,0,0,0,0,64,0,-1--1--1,,1|(122,382)|
10,66,"inflation wo food t-3",55,295,57,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,67,66,1,1,0,0,0,0,64,0,-1--1--1,,1|(128,285)|
10,68,"total inflation annualized t-1",767,343,56,53,3,3,0,0,0,0,0,0
12,69,48,567,341,10,8,0,3,0,0,-1,0,0,0
11,70,48,644,341,7,8,2,3,0,0,1,0,0,0
1,71,70,68,4,0,0,22,0,0,0,-1--1--1,,1|(681,341)|
1,72,70,69,100,0,0,22,0,0,0,-1--1--1,,1|(607,341)|
1,73,6,70,1,0,0,0,0,64,0,-1--1--1,,1|(575,383)|
12,74,48,966,342,10,8,0,3,0,0,-1,0,0,0
11,75,48,890,341,7,8,2,3,0,0,1,0,0,0
1,76,75,74,4,0,0,22,0,0,0,-1--1--1,,1|(926,341)|
1,77,75,68,100,0,0,22,0,0,0,-1--1--1,,1|(853,341)|
1,78,68,75,1,0,0,0,0,64,0,-1--1--1,,1|(851,400)|
\\\---/// Sketch information - do not modify anything except names
V300  Do not put anything below this section - it will be ignored
*Inflation Expectations
$192-192-192,0,Times New Roman|12||0-0-0|0-0-0|0-0-255|-1--1--1|-1--1--1|120,120,75
10,1,"expected inflation t+1",425,36,52,22,8,3,0,0,0,0,0,0
10,2,"expected inflation t+k",631,38,51,22,8,3,0,0,0,0,0,0
10,3,inflation expectations,473,422,52,22,8,3,0,0,0,0,0,0
10,4,a4,432,344,12,12,8,3,0,0,0,0,0,0
10,5,"total inflation annualized t-1",274,367,87,33,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,6,"expected inflation t+1",253,454,57,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,7,4,3,1,0,0,0,0,64,0,-1--1--1,,1|(437,369)|
1,8,5,3,1,0,0,0,0,64,0,-1--1--1,,1|(383,388)|
1,9,6,3,1,0,0,0,0,64,0,-1--1--1,,1|(350,448)|
10,10,expected inflation,169,37,43,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,11,10,1,1,0,0,0,0,64,0,-1--1--1,,1|(294,40)|
1,12,1,2,0,0,0,0,0,64,0,-1--1--1,,1|(521,36)|
\\\---/// Sketch information - do not modify anything except names
V300  Do not put anything below this section - it will be ignored
*TREND
$192-192-192,0,Times New Roman|12||0-0-0|0-0-0|0-0-255|-1--1--1|-1--1--1|120,120,75
10,1,Perceived Present Condition,353,356,58,35,3,3,0,0,0,0,0,0
12,2,48,50,345,10,8,0,3,0,0,-1,0,0,0
1,3,5,1,4,0,0,22,0,0,0,-1--1--1,,1|(241,345)|
1,4,5,2,100,0,0,22,0,0,0,-1--1--1,,1|(115,345)|
11,5,48,179,345,8,11,34,3,0,0,1,0,0,0
10,6,Change in PPC,179,370,42,22,40,3,0,0,-1,0,0,0
10,7,Time to Perceive Present Condition,91,280,74,22,8,3,0,0,0,0,0,0
1,8,7,6,1,0,0,0,0,64,0,-1--1--1,,1|(139,320)|
10,9,Indicated Trend,458,202,39,22,8,3,0,0,0,0,0,0
10,10,Time Horizon for Reference Condition,270,192,86,22,8,3,0,0,0,0,0,0
10,11,Reference Condition,356,42,56,32,3,3,0,0,0,0,0,0
12,12,48,53,45,10,8,0,3,0,0,-1,0,0,0
1,13,15,11,4,0,0,22,0,0,0,-1--1--1,,1|(245,45)|
1,14,15,12,100,0,0,22,0,0,0,-1--1--1,,1|(118,45)|
11,15,48,182,45,8,11,34,3,0,0,1,0,0,0
10,16,Change in Reference Condition,182,70,86,22,40,3,0,0,-1,0,0,0
1,17,1,16,1,0,0,0,0,64,0,-1--1--1,,1|(171,196)|
1,18,10,16,1,0,0,0,0,64,0,-1--1--1,,1|(206,125)|
1,19,10,9,1,0,0,0,0,64,0,-1--1--1,,1|(378,230)|
1,20,11,9,1,0,0,0,0,64,0,-1--1--1,,1|(444,117)|
1,21,11,16,1,0,0,0,0,64,0,-1--1--1,,1|(281,104)|
1,22,1,9,1,0,0,0,0,64,0,-1--1--1,,1|(437,276)|
10,23,Perceived Trend,730,201,53,26,3,3,0,0,0,0,0,0
12,24,48,528,205,10,8,0,3,0,0,-1,0,0,0
1,25,27,23,4,0,0,22,0,0,0,-1--1--1,,1|(647,205)|
1,26,27,24,100,0,0,22,0,0,0,-1--1--1,,1|(569,205)|
11,27,48,609,205,8,11,34,3,0,0,1,0,0,0
10,28,Change in Trend,609,240,42,22,40,3,0,0,-1,0,0,0
10,29,Time to Perceive Trend,591,116,65,22,8,3,0,0,0,0,0,0
1,30,29,28,1,0,0,0,0,64,0,-1--1--1,,1|(578,173)|
10,31,expected inflation,799,364,53,34,3,3,0,0,0,0,0,0
12,32,48,530,370,10,8,0,3,0,0,-1,0,0,0
1,33,35,31,4,0,0,22,0,0,0,-1--1--1,,1|(695,370)|
1,34,35,32,100,0,0,22,0,0,0,-1--1--1,,1|(584,370)|
11,35,48,637,370,8,11,34,3,0,0,1,0,0,0
10,36,chg in expected inflation,637,406,65,22,40,3,0,0,-1,0,0,0
1,37,23,36,1,0,0,0,0,64,0,-1--1--1,,1|(715,297)|
1,38,31,36,1,0,0,0,0,64,0,-1--1--1,,1|(746,444)|
10,39,Trend gap,580,314,42,12,8,3,0,0,0,0,0,0
1,40,9,39,1,0,0,0,0,64,0,-1--1--1,,1|(492,269)|
1,41,23,39,1,0,0,0,0,64,0,-1--1--1,,1|(662,276)|
1,42,39,28,0,0,0,0,0,64,0,-1--1--1,,1|(589,288)|
10,43,Perceived Present Condition gap,218,446,75,22,8,3,0,0,0,0,0,0
1,44,1,43,1,0,0,0,0,64,0,-1--1--1,,1|(289,415)|
1,45,43,6,1,0,0,0,0,64,0,-1--1--1,,1|(184,412)|
10,46,total quarterly inflation,337,562,71,29,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
1,47,46,43,1,0,0,0,0,64,0,-1--1--1,,1|(255,496)|
\\\---/// Sketch information - do not modify anything except names
V300  Do not put anything below this section - it will be ignored
*Corrected Data for Graphs
$192-192-192,0,Times New Roman|12||0-0-0|0-0-0|0-0-255|-1--1--1|-1--1--1|120,120,75
10,1,imports inflation,150,101,41,22,8,2,0,3,-1,0,0,0,128-128-128,0-0-0,|12||128-128-128
10,2,imports inflation corrected,341,101,69,22,8,3,0,0,0,0,0,0
1,3,1,2,0,0,0,0,0,64,0,-1--1--1,,1|(224,101)|
///---\\\
:GRAPH Inflation
:TITLE Inflation
:SCALE
:VAR total quarterly inflation
:Y-MIN 0.0275
:Y-MAX 0.0305
:VAR inflation without food
:VAR food inflation

:GRAPH Depreciation
:TITLE Depreciation
:SCALE
:VAR imports inflation corrected
:Y-MIN 0.05
:Y-MAX 0.075
:VAR nominal depreciation
:VAR real exchange rate depreciation

:GRAPH GDP_and_Real_Interest_Rate_Gap
:TITLE GDP & Real Interest Rate Gap
:SCALE
:VAR GDP gap
:Y-MIN -0.01
:Y-MAX 0.015
:VAR real interest rate gap

:GRAPH Interest_Rates
:TITLE Interest Rates
:SCALE
:VAR policy interest rate
:Y-MIN 0.05
:Y-MAX 0.075
:VAR real interest rate

:GRAPH Inflation_-_food_shock
:TITLE Inflation - food shock
:SCALE
:VAR total quarterly inflation
:Y-MIN -0.15
:Y-MAX 0.25
:VAR inflation without food
:VAR food inflation

:GRAPH Interest_Rates_-_premium_shock
:TITLE Interest Rates - premium shock
:SCALE
:VAR policy interest rate
:Y-MIN 0.054
:Y-MAX 0.0605
:VAR real interest rate

:GRAPH Inflation_-_dep_shock
:TITLE Inflation - dep shock
:SCALE
:VAR total quarterly inflation
:Y-MIN 0.0299
:Y-MAX 0.0302
:VAR inflation without food
:VAR food inflation

:GRAPH Interest_Rates_-_dep_shock
:TITLE Interest Rates - dep shock
:SCALE
:VAR policy interest rate
:Y-MIN 0.0599
:Y-MAX 0.0605
:VAR real interest rate

:GRAPH Inflation_-_premium_shoc
:TITLE Inflation - premium shock
:SCALE
:VAR total quarterly inflation
:Y-MIN 0.0285
:Y-MAX 0.0305
:VAR inflation without food
:VAR food inflation
:L<%^E!@
1:premium shock.vdf
1:nom dep shock.vdf
1:food inflation shock.vdf
1:monetary policy shock.vdf
9:premium shock
22:$,Dollar,Dollars,$s
22:Hour,Hours
22:Month,Months
22:Person,People,Persons
22:Unit,Units
22:Week,Weeks
22:Year,Years
22:Day,Days
11:Pronóstico inflación v4b.voc
12:Pronóstico inflación v4b.vpd
13:base data
15:1,0,0,0,0,0
19:75,0
27:2,
4:Time
5:a1
24:0
25:15
26:15