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I build a general equilibrium, financial accelerator model that incorporates an explicit technology for the intermediary sector. A credit multiplier emerges because of a borrowing constraint that is a function of asset prices, internal funds and lending rates. With this financial friction I show…

General Conclusion on the Evaluation of the Internal Control SystemAre all components operating together in an integrated manner?

Budget execution is measured based on the reprogrammed budget, which includes the additions and adjustments and transfers authorized and approved in accordance with the Bank's Budgetary Regime.

This document includes the goals, objectives, and performance indicators of the investment projects contained in Banco de la República’s (the Central Bank of Colombia) medium-term expenditure framework.

By virtue of its administrative and financial autonomy, Banco de la República (the Central Bank of Colombia) has its own independent patrimony and is subject to its legal framework, contemplated in Articles 371 to 373 of the Political Constitution, Law 31 of 1992 and its Bylaws, issued by Decree…

This document includes the goals, objectives, and performance indicators of the investment projects contained in Banco de la República’s (the Central Bank of Colombia) medium-term expenditure framework.

Budget execution is measured based on the reprogrammed budget, which includes the additions and adjustments and transfers authorized and approved in accordance with the Bank's Budgetary Regime.

The primary objective of this paper is to examine the role of the exchange rate in determining short-and-long-run trade balance behavior for Colombia in a model which includes money and income. That is, the aim is to examine whether the trade balance ¡is affected by the exchange rate and whether…

"In compliance with the Basic Legal Circular 029 of 2014, of the Office of the Financial Superintendent of Colombia, and other regulations that amend, add to, or complement it, Banco de la República (the Central Bank of Colombia) established within the Bank the Risk Management System for Money…

Colombia has traditionally been regarded as a success story in terms of economic growth and stability. According to Figure 1A, this reputation is based on the macroeconomic performance between the 1930s and 1970s, characterized by increasing GDP growth rates combined with a reduction in volatility…

This paper provides evidence of positive externalities in human capital that help to explain divergences in development worldwide. We estimate the supply and demand for human capital using a five-year panel involving 60 countries, covering the period 1980-2000, and found that there exists positive…

Can frictionless small open economy models driven solely by technology shocks account for business cycles in developing countries? We do not find evidence of it. We build a DSGE model that jointly includes a variety of real perturbations in addition to technology shocks, such as procyclical fiscal…

This article first explores the cyclical dynamics of remittances, and then, analyzes the macroeconomic impact of remittances and the monetary policy implications. In this endeavor, we use the case of the Philippines, one of the countries where remittances are substantial. A dynamic structural…

This paper explores whether the agglomeration of human capital leads to social employment advantages in urban labor markets of Colombia. It compares employment opportunities in urban areas where the level of education differs while controlling for plausible confounders using census data for 1993…

In the first episode, we invited the Governor of Banco de la República (the Central Bank of Colombia), Leonardo Villar, who explains the economic situation of the country, the dollar, and the increase in prices that impact Colombian households (only in Spanish).  

Juan José Ospina, Chief Officer for Monetary Policy and Economic Information at Banco de la República (the Central Bank of Colombia), talks about the recent Monetary Policy Report. Where is inflation headed in 2024? What will happen to GDP and to interest rates?

En este episodio Ana María Prieto, directora del Departamento de Sistemas de Pagos, explica el funcionamiento de Bre-B y cómo simplificará la manera de enviar y recibir dinero entre cuentas de entidades financieras.

The former director of the National Administrative Department of Statistics (DANE in Spanish), Juan Daniel Oviedo, explains what inflation is, who is most affected by high prices, and what the medium- and long-term outlook is (only in Spanish).