Colombia consistently exhibits one of the lowest levels of productivity in Latin America in relative terms compared to developed countries. Between 1951 and 2015, Colombia's total factor productivity is, on average, just a little more than half that of the United States. This immense gap in…
Bejarano-Rojas, Jesús Antonio
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- Publicación |Este documento evalúa el Proyecto de Acto Legislativo aprobado en su sexto debate, el cual busca aumentar los recursos transferidos a las regiones a través del Sistema General de Participaciones (SGP). Desde una perspectiva histórica, el sistema de transferencias a los territorios se fortaleció con…
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The macroeconomic consequences of the recent plunge in international oil prices pose a challenge to an inflation targeting strategy in small, open economies that export this commodity.
Monetary policy implications for an oil-exporting economy of lower long-run international oil prices
Publicación |The sudden collapse of oil prices poses a challenge to inflation targeting central banks in oil exporting economies. This paper illustrates that challenge and conducts a quantitative assessment of the impact of permanent changes in oil prices in a small and open economy, in which oil represents…
