Bogotá, Colombia

Capital controls and intervention in the foreign exchange market are two controversial policy options that many countries have adopted in the past in order to influence the exchange rate and moderate capital flows. Colombia has a long record in the use of these policies with mixed results and…

The aim of this paper is to explore firms wage adjustment practices in the Colombian formal labor market; specifically, the timing and frequency of wage increases, as well as the link between wage and price changes. To this end, we use an ad hoc survey of 1,305 small, medium and large firms…

Abstract: In this paper, we develop a scalable micro-macro modeling framework that integrates linear multivariate time series models with nonlinear panel models to investigate to what extent oil supply shocks affect household inflation expectations in the Euro area in a…

The Impact of Transportation Infrastructure on the Colombian Economy 1905-1990: An Historical and Econometric Approach. The Impact of Transportation Infrastructure on the Colombian Economy 1905-1990: An Historical and Econometric Approach

Abstract: Desentrañamos empíricamente los efectos de corto y mediano plazo de los movimientos del tipo de cambio sobre la inversión de las empresas no financieras en Colombia entre 2005 y 2019. Encontramos que una depreciación estructural del peso afecta negativamente la…

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This paper examines the role of exchange rates in determining the short-and-long-run trade balance behavior for Colombia. Conventional wisdom says that a nominal devaluation improves the trade balance. This conjecture is rooted in the Bickerdike- Robinson-Metzler (BRM) and Marshall-Lerner (ML)…

Dutch disease and banana exports in the Dutch disease and banana exports in the Colombian caribbean, 1910 - 1950      Resumen In 1994, the seven departaments of the Colombian Caribbean had a population of about 7.2 million, representing 21% of the conuntry's…

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

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

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

Historically, when an economy emerges from recession, employment grows with, or soon after, the resumption of GDP growth. However, following the two most recent recessions in the United States, employment growth has lagged the recovery in GDP by several quarters, a phenomenon thathas been termed…

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…

Abstract: This paper examines the causal effects of inflation targeting on inflation levels using the synthetic control method. It provides a comprehensive analysis by estimating the impact of inflation targeting on the consumer price index for each country that adopted the…

Abstract: Some studies have expressed concern that the Gaussian-inverse Wishart–Haar prior typically employed in estimating sign-identified VAR models may be unintentionally informative about the prior for the structural responses. We discuss what features to look for in this…

Abstract: Private credit, often associated with unsecured lending, has experienced remarkable growth in recent years. We use U.S. loan-level data to show that total outstanding amounts of secured direct loans now surpass unsecured direct loans. Loans are more likely to be…

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…