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After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the…

Programa Lunes 14 de enero 9:00 - 10:30 AM. Lavan Mahadeva - Bank of England Tema: Inflation Trageting in the United Kingdom: What does it mean for the Central Bank For

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…

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…

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…

Since: 1998 | Until: 2002 | Periodicity: Quarterly

Since: 2000 | Periodicity: Quarterly

Since: 2014 | Periodicity: Quarterly

Since: 1999 | Until: 2015 | Frequency: Annual

Since: 2012 | Periodicity: Semesterly

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…

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…

From: 2022

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  

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…

   

   

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  

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…

 

Presented during Session 5: Independence of Central Banks: Design and Implementation.

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