I am trying to stimate a model for the colombian economy. I’ve been following a paper from BIS. On page 14 you can find some long-term relations that I guess works as initial values. However, I’m not sure how to introduce data, for instance I don’t know if data should be in levels or as percentage of gdp as it is in page 14. In page 27 you can find information about data.
colombia bis.pdf (1.2 MB)