Servicios
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Transmission mechanisms and inflation targeting: the case of Colombias desinflation
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To evaluate whether transparency is beneficial, it is usual to assume that the central bank may choose one of two options, opacity versus truthful communication. However, the monetary policymaker may have incentives to misrepresent private information so as to reduce economic volatility by…
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Abstract
In this paper, a global production frontier is estimated using stochastic frontier models to assess the contribution of transport infrastructure to countries’ performance. We find that the role of infrastructure is underestimated under the exogeneity assumption indicating that handling…
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Banco de la República's Financial Stability Report of the first semester of 2021 showed that during the first six months of 2020 (in a recessionary context derived from the global pandemic) total commercial credit from Colombian financial institutions to firms increased significantly. This…
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A threefold analysis of commodity prices is carried out to observe their long-run behaviour, their short-run properties and the main determinants. According to the evidence, the Prebisch-Singer hypothesis does not seem to be a property of most prices. The cycles of commodity prices are asymmetric…
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Address: Cr. 8a. No. 23-08, Claustro de San Agustín - Tunja
Phone: (098) 742 2311
Fax: (098) 742 3149
Email: abelloda@banrep.gov.co
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The 2019 Manuel Ramírez Gómez National Academic Competition in Economics (CANE) and the National Forum on Economics and Finance for 2019 and 2020, organized by the Universidad del Rosario, awarded prizes to 24 students from various universities for their initiatives to promote an exchange of…
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Abstract
The objectives of this paper are to analyze for Colombia if there is a relationship between the public saving-investment imbalance and the external imbalance with annual data from 1970 to 2019 and, if there is one, evaluate what causes what and estimate the impact of a disturbance of…
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The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la Republica or its Board of Directors.
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We set a dynamic stochastic model for the interbank daily market for funds in Colombia. The framework features exogenous reserve requirements and requirement period, competitive trading among heterogeneous commercial banks, daily open market operations held by the Central Bank (auctions and window…
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We set a dynamic stochastic model for the interbank daily market forfunds in Colombia. The framework features exogenous reserve requirements and requirement period, competitive trading among heterogeneouscommercial banks, daily open market operations held by the Central Bank(auctions and window…
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In this paper we study exchange rate effects due to shifts in the portfolio composition of the Colombian financial sector during 2003-2014. We first provide a theoretical understanding of the channel's transmission mechanism by modeling how the banking sector optimally allocates its portfolio…
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We study the relation between oil prices and stock market returns for a set of six countries, including important oil consumers and demanders. We study interconnectedness between oil and stock markets and characterize the dynamics of transmission and reception between them. We test for Granger…
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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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One of the principal issues of Colombian macroeconomic policy in the 1990s has been the deterioration of private savings (Figure 1). The decline in the private saving rate was usually related to consumers real expenditure, which grew by an average of 3.9% in the period 1991-1993, compared to 1.9%…
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‘Analisis del Indice de Confianza del Consumidor en Colombia: Un FAVAR estructural’Enfoque: el Índice de Confianza del Consumidor (ICC) es un instrumento ampliamente usado en el análisis económico debido a su mayor oportunidad de publicación respecto a los indicadores económicos observados, y a su…
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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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Unemployment rate and the real wage behavior: a neoclassical hint for the Colombian labor market adjustment Unemployment rate and the real wage behavior:
a neoclassical hint for Colombian labor market adjustment
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Slides delivered at Foro Mundial de Eempleo y Prosperidad, organized by Colsubsidio and Acoset in May 2012
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Historical data series
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During what has been challenging time for Latin American countries and for their most vulnerable population, due to the impact of the Covid-19 pandemic, María Paula Gutiérrez Hurtado, a college student, won the "Ideas for the Future" Prize for 2021 with an essay that highlights the need for…
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