Bogotá, Colombia

Some evidence of smooth transition Some evidence of smooth transitíons nonlinearity in Colombian inflation

The Colombian Political Constitution and Articles 13 and 14 of Law 31 of 1992 sets forth that Banco de la República (the “Bank”), as the central bank of Colombia, is the administrator of the foreign reserves of the Republic of Colombia and also the fiscal agent of the Government of Colombia.

Abstract: We measure the inflation-unemployment tradeoff associated with monetary easing and tightening, during booms and recessions, using a novel nonlinear Proxy-SVAR approach. We find evidence of significant nonlinearities for the U.S. economy (1973:M1 - 2019:M6): stimulating…

Estimating credibility in Colombia's exchange rate target zone Estimating credibility in Colombia´s exchange rate target zone

Some univariate time series properties of output Some univariate time series properties of output

This study uses a panel-data framework to identify the determinants of the spread over US Treasuries of emerging market sovereign issues as well as of the creditworthiness of the issuers, where the latter is represented by the Institutional Investor’s creditworthiness index. We use a sample of…

In this paper we discuss cost and profit efficiency for a sample of financial institutions on the Colombian financial market in the period 1989-2003, using stochastic frontier efficiency analysis. During the period, the cost efficient frontier deteriorates, but profit efficient frontier is…

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…

Sudden stops seem to create the perfect environment for disinflation, especially when central banks defend the exchange rate by increasing interest rates. We propose a variation of the output gap model that incorporates the sudden stop shock. The use of the model in policy analysis shows that…

The World Bank has proposed an alternative hedging instrument to be offered by the FRECH, instead of the collar-swap currently available. The suggested derivative corresponds to a European Cap option for the real interest rate, which could give greater flexibility to the hedging mechanism,…

Political economists have traditionally been indifferent to the communicative construction of money and central banking in the public sphere. It does not matter to them whether monetary affairs are rendered as a rational game over the preservation of the value of the currency or, for example, as…

The effects of capital destruction are endogenized in a neoclassical growth model where the economy can optimally allocate part of its labor force to defend capital from being destroyed. The purpose is to explain the optimal allocation of the labor force between productive and deterrence…

Resumen:

Expositor: 

Klaus Schmidt-Hebbel

From Hyperination to Stable Prices: Argentina's Evidence on Menu Cost Models

Fecha: julio 07 de julio de 2011

Hora: 10:30 a.m.

Lugar: Banco de la República, carrera 7 # 14-78,…