Working Papers on Economics
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- Publicación |When weather shocks are persistent --As in the extreme scenario-- they generate more lasting inflationary pressures that justify more restrictive monetary policy responses, albeit with higher costs in terms of economic activity.
- Publicación |The results highlight the usefulness of combining machine learning techniques with alternative sources of information to generate timely forecasts that are comparable to those of the market.
- Publicación |Abstract
- Publicación |Abstract
We study the financial and real effects of a wealth tax reform in Colombia that included a large share of small and medium-sized enterprises (SMEs) as new taxpayers. The tax was introduced in response to a severe weather shock that affected several regions of the country. We use a unique…
- Publicación |Abstract
- Publicación |The financial soundness of Central Banks (CBs) may be a necessary condition for achieving their objectives. Banco de la República (the Central Bank of Colombia) has a legal framework that grants it administrative, equity, and technical autonomy, as well as mechanisms that help preserve its capital…
- Publicación |"This document illustrates how changes in the risk composition of the portfolio amplified the transmission of monetary policy to average loan interest rates throughout the credit cycle and demonstrates the value of disaggregated data for understanding the macro-financial conditions of the economy."
- Publicación |The increase in the cost of training apprentices from 75% to 100% of the national minimum wage in 2014 caused significant cuts in demand. The estimated effect ranges between -0.092 and -0.104 apprentices per establishment, which translates to demand cuts between 74.4% and 83.2%. The implicit…
- Publicación |The research is relevant in the current context, given the interest of some central banks in exploring CBDCs as one of the possible alternatives to the digitalization of payments.
- Publicación |The pass-through of the VAT rate change is much less than proportional and highly heterogeneous.
- Publicación |Se evidencia que los bancos con alta exposición a inversionistas pasivos muestran una mayor sensibilidad a factores globales y tienden a ajustar más sus balances cuando se acercan a límites regulatorios de exposición extranjera.
- Publicación |Considering the recent decline in the birth rate, the beginning of the decline in the labor force in Colombia would occur between 2043 and 2045.
- Publicación |Estimates indicate a positive relationship between the duration of drought periods and the total credit granted and the number of beneficiaries at the municipal level. This relationship holds for credits whose debtors report high levels of assets or have the backing of a public guarantee fund.
- Publicación |Banco de la República (the Central Bank of Colombia) implemented pilot surveys and, in 2023, conducted a nationally representative survey of the adult population. This revealed important data, such as that 95% of Colombians have heard of the Bank, but only 44.6% identify it as responsible for…
- Publicación |Climate shocks increase land sales, leading to greater land fragmentation, especially among small farms. This increases the number of farmers in municipalities affected by the shocks, with a predominance of smaller farms.
- Publicación |The necessary effort to stabilize inflation is greater when credibility is low, requiring the implementation of stricter policies than usual to achieve the same inflation targets.
- Publicación |Natural disasters affect both the level and volatility of sovereign risk premiums in emerging economies, whereas stock market only experience changes in volatility.
- Publicación |Access to formal credit has a positive relationship with the growth and formalization of microbusinesses. Those led by women are associated with higher probabilities of formalization and better growth indicators when accessing formal credit, compared to those led by men.
- Publicación |Gender gaps in academic performance limit educational and professional opportunities for women, perpetuating social and economic inequalities. It is crucial to implement inclusive and targeted public policies that reduce these disparities and promote greater opportunities for women in the future.
- Publicación |The impact of the COVID-19 pandemic on mental health underscores the need for early intervention strategies, especially for vulnerable groups such as young people, the elderly, and women, to mitigate the increase in mental and behavioral disorders in Colombia.
