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This paper studies whether the geographical separation of markets constitutes a factor that helps explain the dynamics of agricultural prices. To do this, we employ a highly disaggregated dataset for Colombia that consists of weekly observations on wholesale prices for 18 agricultural products…
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We introduce a dispatch model of Colombia's independent system operator (XM) in order to study the relative merits of self-commitment vs. centralized unit comment. We capitalize on the transition that took place in 2009 from self-unit commitment to centralize unit commitment and use data from…
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In this paper we survey prominent theories that have shaped the literature on sterilized foreign exchange interventions. We identify three main strands of literature: 1) that which advocates the use of sterilized interventions; 2) that which deems sterilized interventions futile; and 3) that which…
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Abstract
The business cycle is the cycle in the output gap and also in a stationary measure of trend output. Both the output gap and trend output are driven by joint trend-cycle shocks. The model is a univariate trend-cycle decomposition with hysteresis in trend output that enables the estimation…
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In this paper the evolution in the average height of Colombians from 1910 to 1984 is analyzed. The anthropometric evidence reveals a sustained increase in the standard of biological welfare during this period. A database with more than 8.000.000 observations from the national citizenship card…
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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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Over the years, Banco de la República, the Central Bank of Colombia (BR), has structured a long-term cultural project that contributes to managing the nation's cultural heritage, promotes access to knowledge, and helps consolidate the sense of citizenship. It is through two great lines of work—…
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Transparency is fundamental to accountability on the part of independent central banks. Because they have been granted greater independence, the transparency of these institutions is seen as a mechanism that offers society the ability to assess whether a central bank's actions are consistent with…
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The upcoming auction of the program for accumulation of international reserves through put options will take place on the 31st of October, amounting to USD 400 million. The options will be availble between the 1st and 30th of November of 2018.
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Banco de la República informs that:
The upcoming auction of the program for accumulation of international reserves through Put Options will take place on 3 December 2018, amounting to USD 400 million. The options will be in force from 4 December 4 to 28 December 2018.
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Abstract
Education in Colombia and Latin America is characterized by significant gaps in the quality of education as measured by standardized test scores. This paper assesses the impact of a Colombian program called SaberEs, which strengthens preparation for standardized…
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The Colombian tax system has multiple allowances and deductions but also supports a high degree of evasion. This means that the statutory or nominal rates, established by law, are an imprecise indicator of the true tax burden on taxpayers, whether they are consumers, individuals, or legal entities…
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This paper characterizes analytically the adjustment of an open economy with a stock collateral constraint to fundamental and nonfundamental shocks. In the model, external borrowing is limited by the value of physical capital. Three results are established: (1) Adjustment to external shocks is…
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General Objective The objective of this course is to provide the attendees with a high-level academic space, to study in depth advanced topics in macroeconomics, microeconomics, and econometrics. Moreover, it aims to promote the transmission of knowledge from those attending the course to…
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The new member of the Board of Directors studied economics at Universidad de los Andes and holds a PhD in Economy from the University of Illinois Urbana-Champaign. Between 1993 and 1997, Mr. Carrasquilla was the Deputy Technical Governor at Banco de la República.
Alberto Carrasquilla has…
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On August 2, 2021, the Board of Governors of the International Monetary Fund (IMF) approved a general allocation of Special Drawing Rights (SDR) for SDR 456 billion (equivalent to USD 650 billion). This allocation strengthens the international liquidity of the Fund’s 190 member countries by…
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This study presents an alternative way of estimating credit transition matrices using a hazard function model. The model is useful both for testing the validity of the Markovian assumption, frequently made in credit rating applications, and also for estimating transition matrices conditioning on…
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Abstract
Cash is still widely used in Colombia, even among merchants that accept payment cards. Indeed, 60% of these merchants use dissuasive strategies to make their clients pay with cash. This shows that merchant service costs (MSC) for cards are not optimal in the sense of the Tourist Test. We…
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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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We assess the effect of the homicide rate, individual´s perception of security in their neighborhood of residence, and of the effect of their having been victimized, on life satisfaction. We find a negative effect of the homicide rate on life satisfaction for the subsample of individuals living in…
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This document explores an alternative strategic asset allocation framework for foreign exchange reserves, whose main purpose is to maximize the risk-adjusted returns maintaining the objectives of liquidity and safety of a foreign reserves’ portfolio. The overall portfolio can be fragmented…
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