Servicios
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This paper examines whether central banks in Latin America have implemented conventional inflation targeting (IT) prescriptions, with a focus on foreign exchange intervention and official reserves accumulation policies. To this end, the paper reviews the experiences of Brazil, Chile, Colombia, and…
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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 fear…
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The informal sector is an extensive phenomenon in developing countries. While some of its implications have drawn considerable attention in the literature, one relatively unexplored aspect has to do with the saving patterns of workers and firms and how these might influence aggregate savings and…
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Since: 1998 | Until: 2002 | Periodicity: Quarterly
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Since: 2000 | Periodicity: Quarterly
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Since: 2014 | Periodicity: Quarterly
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Since: 1999 | Until: 2015 | Frequency: Annual
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Informes Especiales de Estabilidad Financiera (only in Spanish, Special Financial Stability Reports)Since: 2012 | Periodicity: Semesterly
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We study endogenous growth within a model with occupational choice in which innovators produce ideas, within an asymmetric information framework. Each innovator has private knowledge of their production costs. Developers offer innovators non-linear contract schemes that affect both the number of…
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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 a…
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From: 2022
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The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.
ABSTRACT
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General ObjectiveIt is an interactive space that promotes education and spreads out central banking topics. It aims to allow its visitors to learn through games about subjects related to money, inflation, the economic system, and monetary policy, as well as Banco de la República’s (the Central Bank…
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The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors
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Banks and other credit institutions are key players in the transmission of monetary policy, especially in emerging market economies, where the responses of deposit and loan interest rates to shifts in policy rates are among the most important channels. This pass-through depends on the conditions…
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Presented during Session 5: Independence of Central Banks: Design and Implementation.
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Speech read in the seminar “La Expansión Internacional de los Conglomerados Financieros” organized by the International Monetary Fund and Banco de la Republica de Colombia, Bogotá
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ABSTRACTTwo FX policy issues are discussed based on the recent Colombian experience. First, the increased participation of foreign investors in local bond markets since 2014 induced a reassessment of international reserve adequacy. We present the resulting LCR-type methodology to evaluate adequacy…
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The upcoming auction of the program for the accumulation of international reserves through PUT options will be held on 1 April 2019, in the amount of USD 400 million. The options will be in force between 2 and 30 April 2019.
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