CEMLA Course: DSGE Models for Central Banks
March 17 - 20, 2026
Face-to-face format
This course offers a rigorous and applied introduction to Dynamic Stochastic General Equilibrium (DSGE) modeling for policy analysis and forecasting in small open economies. Aimed at analysts and economists in central banks, it combines economic theory with hands-on implementation using MATLAB, Dynare, and modern version-control tools. Participants develop a baseline small open-economy DSGE model, learn to derive and calibrate steady states, and analyze model dynamics through impulse responses and policy simulations within inflation-targeting monetary frameworks.
The course then advances to model extensions relevant for policy work, including nominal and real rigidities, monetary policy rules, estimation methods (SMM, MLE, and Bayesian techniques), forecasting, and shock decomposition. Through an applied case study and a guided final project, participants gain end-to-end experience in building, estimating, validating, and interpreting DSGE models for their own institutional settings. The program concludes with a forward-looking discussion on recent developments in DSGE modeling, with a particular focus on TANK and HANK frameworks and their implications for monetary and fiscal policy analysis.
Óscar Iván Ávila Montealegre
Research Economist at the Central Bank of Colombia. He holds a Ph.D. in Economics from the University of Rochester, where he also earned his M.A., and degrees in Economics and Finance from Universidad del Rosario. His research focuses on international macroeconomics and trade, with recent work examining the effects of carbon tariffs, labor informality, and macroeconomic policies in emerging economies. His publications have appeared in journals such as the Journal of International Economics, IMF Economic Review, and the Review of Public Economics. He has also contributed to several policy reports for the Central Bank of Colombia on topics including the minimum wage, labor informality, and health sector financing.
Fredy Castañeda Valdés
Economist with an emphasis on economic policy, specialized in the development and application of macroeconomic models for the analysis of fiscal and monetary policies. Experienced in building DSGE, semi-structural, and econometric models aimed at simulating and forecasting macroeconomic variables, as well as in designing tools for public policy evaluation. Has participated in projects at the Banco de la República of Colombia and the Ministry of Finance focused on the analysis and formulation of macroeconomic scenarios, and in teaching courses on dynamic macroeconomics, fiscal theory, and New Keynesian models. Proficient in Matlab (Dynare and IRIS), R Studio, Stata, E-Views, and LaTeX, with additional training in monetary policy analysis and macroeconomic forecasting certified by the IMF. The profile is distinguished by analytical rigor, technical expertise, and the ability to integrate economic theory with public policy practice.
Juan Andrés Rincón Galvis
Economist with a master’s degree in economics from Universidad de los Andes. He has over four years of experience at Banco de la República of Colombia, where he currently serves as a specialized professional in the Department of Macroeconomic Models. His work focuses on the development and operation of structural forecasting models and evaluation tools to support monetary policy decision-making. His research interests include distributive macroeconomics, heterogeneous agent models, business cycles determinants and macroeconomic policy. He has a strong background in DSGE and econometric modeling, is proficient in statistical and programming packages, and has a deep interest in teaching, with experience as a lecturer and graduate assistant in advanced economics courses at leading Colombian universities.
Venue Information
CEMLA is located in Durango 54, Col. Roma, Cuauhtémoc, C.P. 06700 Ciudad de México, México; near downtown Mexico City.
Mexico City is located near the center of the country, at an average altitude of 2,300 meters above sea level, bordering the State of Mexico and the state of Morelos. The capital is connected by land to multiple destinations.
Time Zone
Mexico has a time difference with Greenwich Mean Time of -6 hours throughout its territory.
Weather
In Mexico City, the wet season is warm and overcast and the dry season is comfortable and partly cloudy. Throughout the year, the temperature usually ranges from 6°C to 26°C and is rarely below 3°C or above 30°C.
The warm season lasts for 2.5 months, from March 22 to June 8, with an average daily temperature above 20°C. The hottest month of the year in Mexico City is May, with an average high of 27°C and low of 13°C.
The cool season lasts for 2.5 months, from November 19 to February 3, with an average daily high temperature below 22°C. The coldest month of the year in Mexico City is January, with an average low of 6°C and high of 22°C.
Visa Information
All participants are responsible for all Passport and visa formalities, and if needed, to comply with health regulations.
Citizens of certain countries require a visa to enter Mexico. In the following link you will find a list of citizenships which require visas: Countries that require visas.
Exceptions apply if you have a visa or if you are a permanent resident of the United States, Canada or Europe. If you are a citizen of a country requiring a visa, please contact the closest Mexican consulate at: Mexican consulates.
If you require an invitation letter in order to obtain the visa, please email Olivia Fuentes (ofuentes@cemla.org) specifying your current affiliation and title of the paper that you will be presenting.
Currency and Exchange Rate
Official currency: Mexican peso (MXN).
For the updated exchange rate click here.
You will be able to make currency exchanges at exchange houses and in some bank offices. It is recommended to exchange money at the airport since exchange houses and banks near CEMLA and the suggested hotels are closed on weekends, and close early during the week (around 16:00 hrs). Usually, ATMs are available 24 hours. You may draw cash using international debit and credit cards with worldwide brands, like Visa, Mastercard, Visa Electron and Dinners. For more information, please visit (Banco de México) here.
Electricity Service
Energy: 127 volts AC at 60 cycles (127V AC, 60 Hz). Two flat-pin plugs and some with grounding.
Transportation
The Benito Juárez International Airport in Mexico City is located 13 kilometers from the Downtown. It has two terminals which are identified by Terminal 1 and Terminal 2 and both are connected by aerotrain and free bus transportation. For more information, you may find the airport website here.
When arriving to Mexico City, transportation from the airport to hotels can be done by transportation apps (such as Uber, Cabify, Didi and Lyft, among others), or taxi. For taxi transportation it is important to select a taxi company inside the airport (there are different options to select from once you exit customs and immigration), pay the cashier inside the airport and ask for the cab in the corresponding exit. The Mexico City International Airport (AICM) offers spaces or boarding areas for the use of authorized cabs accredited by the Ministry of Communications and Transportation (SCT) and regulated by the Airport, for more information on authorized cabs click here.
For transportation in Mexico City, we recommend participants to use transportation apps or taxi service taken from “SITIO” stands. We recommend that participants avoid taking taxis from the street. SITIO stands can be found in several locations and phone numbers to call for taxis can be obtained in the hotels.
CEMLA will not provide transportation services.
Accommodation
The following table shows CEMLA’s recommended hotels, the rates available to events participants and hotel contact information. Booking hotel is the visitors’ responsibility. Consider that hotels usually request a credit card to guarantee the reservation. For any of the booking options, remember to add 3.5% ISH tax and 16% VAT.
To receive the corporate rate in the recommended hotels you must specify the name of CEMLA. Any change of rates is the responsibility of each hotel. Even though some bookings can be made online we recommend contacting the hotel directly to make sure the group rate is given.
Recommended Hotels
Hotel
Rates
Reservation information
Stanza
Av. Álvaro Obregón 13, Roma Nte., Cuauhtémoc, 06700 Ciudad de México, CDMX
(3-minute car trip, 6-minute walk, 500m to CEMLA)
Ordinary rate per night:
$ 139.44 USD
CEMLA corporate rate:
$ 89.44 USD
Phone: +52 55 5080 0900
Four Points by Sheraton
Av. Álvaro Obregón 38, C.U. Benito Juárez, Cuauhtémoc, 06700 Ciudad de México, CDMX
(4-minute car trip, 6-minute walk, 500 m to CEMLA)
Ordinary rate per night:
$ 300.15 USD
CEMLA corporate rate:
$ 128.46 USD
Includes:
wi-fi, gym
Phone: +52 55 1085 9502
Royal Reforma
Amberes 78, Juárez, Cuauhtémoc, 06600 Ciudad de México, CDMX
(12-minute car trip, 13-minute walk, 1 km to CEMLA)
Ordinary rate per night:
$ 155.56 USD
CEMLA corporate rate:
$ 86.33 USD
Includes:
breakfast buffet, wi-fi, sauna (upon request), gym, pool
Phone: +52 55 9149 3000
BENIDORM
Frontera 217, Roma Nte. Cuauhtémoc, 06700 Ciudad de México, CDMX
(8-minute car trip, 15-minute walk, 1.1 km to CEMLA)
Ordinary rate per night:
$ 252.78 USD
CEMLA corporate rate:
$ 88.61 USD
Includes:
wi-fi, gym
Phone: +52 55 5265 0800
Marriot Reforma
Paseo de la Reforma 276, Juárez, Cuauhtémoc, 06600 Ciudad de México, CDMX
(15-minute car trip, 17-minute walk, 1.3 km to CEMLA)
Ordinary rate per night:
$ 419.01 USD
CEMLA corporate rate:
$ 228.11 USD
Includes:
breakfast buffet, fitness center, wi-fi in business center
Phone: +52 55 1102 7030
Sheraton Mexico City María Isabel
Paseo de la Reforma 325, Cuauhtémoc, 06500 Ciudad de México, CDMX
(15-minute car trip, 21-minute walk, 1.6 km to CEMLA)
Ordinary rate per night:
Variable according to demand, for more information visit this site
CEMLA corporate rate:
15% off the public rate
Includes:
fitness center
Phone: +52 55 5242 5555
Map
Visit Mexico
Mexico City is a unique visitor destination offering a wide range of attractions combining historic and modern-day life in a vibrant and friendly atmosphere. Take a day to visit the pre-Hispanic ruins of Teotihuacan, or visit the Centro Histórico and marvel at its rich architecture form the Catedral and Plaza del Zócalo to Palacio de Bellas Artes, visit world-class museums, or spend the day at some of the modern-day bustling neighborhoods and enjoy a fine dining experience at some of the world’s top-rated restaurants. For more information visit: Official Mexico City Visitors' Guide | Guía oficial para turistas de la CDMX Mexico City.
Dinning
Mexico City offers a wide variety of restaurants most of them located in the tourist areas of Polanco, Roma and Condesa near the Conference Venue.
Sightseeing/Day trips
If you are planning to stay an extra day or two in Mexico City, we recommend taking a day to visit the Centro Histórico, Coyoacán, Reforma Avenue, Colonia Roma, Xochimilco, and Chapultepec.
A day trip to Teotihuacan to see the pyramids can be arranged with the hotel concierge.
Mexico City offers some world class museums including the Anthropology Museum, the Museo Soumaya, and the Interactive Museum of Economics.