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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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AbstractConditional Cash transfer (CCT) programs have been shown to have positive effects on a variety of outcomes including education, consumption and health visits, amongst others. We estimate the long-run impacts of the urban version of Familias en Acción, the Colombian CCT program on crime,…
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We use experimental data of a training program in 2005 in Colombia. We find that even up to ten years ahead, the JeA program had a positive and significant effect on the probability to work in the formal sector, and to work for a large firm. Applicants in the treatment group also contributed more…
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This is the fourth edition of a publication by the Governor of the Central Bank of Colombia, addressed to citizens, analysts, and domestic and foreign investors interested in learning about the most recent events in the Colombian economy and their implications for monetary policy decision-making.…
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Luisa Fernanda is an economist with an undergraduate degree from the Universidad de los Andes and a master's degree in economic policy from Boston University (United States). She has worked in the public sector, particularly in the field of macroeconomics. Prior to her appointment as Financial…
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This paper presents a DSGE model with banks that face moral hazard in management. Banks receive demand deposits and fund investment projects. Banks are subject to potential withdrawals by depositors which may force them into early liquidation of their investments. The likelihood of this happening…
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Presented during the 2021 Spring Meetings of the International Monetary Fund and the World Bank Group:
HSBC - IMF Spring Sessions (April 6th)
Goldman Sachs Emerging Markets Conference Spring 2021 (April 9th)
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In the past decade the Colombian Economic Authorities undertook a series of measures that reduced the structural fiscal deficit, decreased the Government currency mismatch and deepened the local fixed-rate public bond market. This paper presents some evidence suggesting that these improvements had…
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AbstractThe objectives of the study are, first, to build homogeneous and consistent series of macroeconomic savings and investment and their balances for the economy and institutional sectors of Colombia for the period 1975-2021. Second, describe the economic context in which they were observed,…
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Presentation made at the XP Investimentos 13th Summit in parallel with the IMF/World Bank Spring Meetings. April 19th 2022.
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Expositor:
Klaus Schmidt-Hebbel
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Abstract
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Banco de la República (the Central Bank of Colombia) and the Network of Researchers in Economics of the Central Bank provide a Macroeconomics and Central Banking Online Course focused on transmitting and strengthening Colombian people’s knowledge of these subjects. It is a virtual program of open…
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AbstractWhen agents' information is imperfect and dispersed, existing measures of macroeconomic uncertainty based on the forecast error variance have two distinct drivers: the variance of the economic shock and the variance of the information dispersion. The former driver increases uncertainty and…
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AbstractPortfolio diversification is as important to debt management as it is to asset management. In this paper, we focus on diversification of sovereign debt issuance through greater reliance on inflation-indexed bonds for a representative emerging economy, Colombia. Using an arbitrage-free…
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Abstract: This paper proposes a Vector Autoregression augmented with nonlinear factors that are modeled nonparametrically using regression trees. There are four main advantages of our model. First, modeling potential nonlinearities nonparametrically lessens the risk of mis-specification. Second,…
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Abstract: Martellini and Menzio (JPE, 2020) argue that in a search-theoretical model with constant improvements in the search technology, a balanced growth path (BGP) exists if firm-worker matches are inspection goods and the quality of matches follow a Pareto distribution. On such a BGP, declining…
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We argue that international lenders take into account that taxes (or subsidies) affect borrowers’ available income for debt repayments. Using an endowment-economy model, we show that by incorporating this fact into the analysis of
financial crises from the pecuniary externality perspective, ex-…
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Information related to the Bank's economic, legal, and/or cultural programmes, including information on the Luis Angel Arango Library, and the Gold Museum can be sent to you by means of registering with an e-mail listing provided by the Banco de la República’s website.
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The Constitution and Act 31 of 1992 establish that the highest governing body of the Central Bank of Colombia is its Board of Directors,which is responsible for the management and implementation of the Bank's duties..
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This document contains: i) the 2020 management report on the Bank’s leading projects and on investment budget allocation, with the respective management indicator, and ii) the Action Plan for 2021.
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This document contains: i) the 2022 Management of Banco de la República’s (the Central Bank of Colombia, Banrep) main projects and the distribution of the investment budget with its respective management indicator; and ii) the Action Plan for the year 2023.For more information, see other…
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This document contains: i) the 2023 Management of Banco de la República’s (the Central Bank of Colombia, Banrep) main projects and the distribution of the investment budget with its respective management indicator; and ii) the Action Plan for the year 2024.For more information, see other…
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This document contains: i) the 2024 Management of Banco de la República’s (the Central Bank of Colombia, Banrep) main projects and the distribution of the investment budget with its respective management indicator; and ii) the Action Plan for the year 2025.For more information, see other…
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