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See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

Banco de la República makes an effort to reinforce its communications on monetary policy and to consolidate relations with investors and market analysts.  The objective, regarding this, is to have a better understanding of how these agents perceive the Colombian economy, as well as to improve…

Fluctuations in commodity prices are an important driver of business cycles in small emerging market economies (EMEs). We document how these fluctuations correlate strongly with the business cycle in EMEs. We then embed a commodity sector into a multi-country EMEs business cycle model where…

A basic theoretical of a small open economy within the framework of intertemporal maximization is used to analyze the effects of nominal export shocks. The model helps in explaining the close relationship that is found between export shocks and short run fluctuations of domestic savings in the…

   

We implement a modified version of DebtRank, a measure of systemic impact inspired in feedback centrality, to recursively measure the contagion effects caused by the default of a selected financial institution. In our case contagion is a liquidity issue, measured as the decrease in financial…

Many central banks that have opted for monetary autonomy have also been reluctant to relinquish control over the value of their currencies. As a result, they have operated through both interest rate and foreign exchange interventions.  However, in the context of the monetary trilemma, both…

Whenever the monetary authority meets to make interest rate decisions, two key questions need to be answered: Where is the economy at? and Where is the economy headed? Answering these questions is no easy task. On the one hand, the lag in statistical information makes it difficult to have a…

Following a request from the Centro de Apoyo a la Investigación Económica (Center for Economic Research Support) (CAIE), the Web of Science confirmed the acceptance and indexing of 16 books published by Banco de la República and submitted to the Book Citation Index starting in the second half of…

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.  

The recovery in total employment observed since mid-2020 came to a halt in the early months of 2020, largely because of the waves of Covid-19 contagion, which involved self-care responses on the part of individuals, as well the implementation of isolation measures in several cities to lessen…

This paper analyzes the economic rationale for adopting parametric pension reforms and  reforms broadening the coverage of public health care in Colombia during 1993–2008. Parametric pension reforms have focused on increasing the retirement age and moderating  replacement rates. The…

‘Determinantes socioeconómicos y convergencia espacial del bienestar biológico: El caso de la estatura en Colombia 1920-1990’ Enfoque: la estatura promedio de una población ha sido utilizada en la historia económica como un indicador de calidad de vida y crecimiento económico. La estatura…

This paper considers an overlapping generations model in which capital investment is financed in a credit market with adverse selection. Lenders’ inability to commit ex-ante not to bailout ex-post, together with a wealthy position of entrepreneurs gives rise to the soft budget constraint syndrome,…

Conference on China, Hong Kong Monetary Research Institute, January 10 and 11 2013.

Participation notes for the Colloquium in honor of Prof. José Manuel González-Páramo, organized by the European Central Bank.Frankfurt.

Some evidence of smooth transition Some evidence of smooth transitíons nonlinearity in Colombian inflation

Presented at Chatham House City Series 2010 Conference.

XLV Meeting of Central Bank Governors of the American Continent organized by CEMLA. Bank of Canada, Ottawa.

his paper surveys some facts relevant for the understanding of the Colombian experience with public finance and debt since 1923. The stylized facts are classified in three groups as follows: first, facts associated with the dependence of the economy on the external sector; second, facts which…

Some univariate time series properties of output Some univariate time series properties of output

We study the determinants of sovereign default risk for a group of 23 OECD countries using quarterly data spanning the period between 2000:Q1 and 2016:Q3. Applying the recently developed panel dynamic heterogeneous common correlated effects estimator of Chudik and Pesaran [2015] our study innovates…