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This article presents a reconstruction of the history of Colombia’s central bank’s (Banco de la Republica) monetary policy between 1990 and 2010, during which explicit inflation targeting was adopted by October of 2000. To do so we developed a theoretical modified Taylor rule with interest rate…
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Levels of interest rates below historical norms may have enhanced financial instability in both developed and in developing economies during the 2000´s. The risk-taking channel of monetary transmission policy is a recent theory that explains the interaction between risk perceptions of the financial…
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Canadian financial institutions played an important role in the development of financial markets within Colombia’s urban centers. Specifically, insurance companies such as Manufacturers Life Insurance Company and Life Assurance Company of Canada were crucial in the expansion of the insurance…
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In 2011, the international economic environment was characterized by a high degree of uncertainty brought about by the problems of public or private debt in many of the industrialized countries. The financial conditions in the euro zone deteriorated significantly in the last quarter of the year and…
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Global economy continued to recover in the fourth quarter of 2013, thanks to the added momentum in the developed economies, especially the United States. In the euro area, the economic indicators pointed to low, but positive economic growth. Growth in the major emerging countries of Asia and Latin…
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In this paper, we study the empirical relationship between credit funding sources and the financial vulnerability of the Colombian banking system. We propose a statistical model to measure and predict banking fragility episodes associated with credit funding sources classified into retail deposits…
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Using a stylized model in which output is measured with error, we derive the optimal policy response to the demand shock signal and to changes in the measurement error volatility from two different perspectives: the minimization of the expected loss (from which we derive the ‘standard’ policy) and…
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Essays on Economic Policy (ESPE in Spanish) - The Balassa-Samuelson Hypothesis and Elderly MigrationAbstract
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Presentation titled "Has Monetary Policy Changed? How the Crisis Shifted the Ground under Central Banks", delivered during the Seminar of the EEP Journal (Essays on Economic Policy), organized by Banco de la República at the Events Center of Biblioteca Luis Ángel Arango in Bogotá, Colombia.
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Presentation titled "How does macroprudential regulation change bank credit supply?", delivered during the Seminar of the EEP Journal (Essays on Economic Policy), organized by Banco de la República at the Events Center of Biblioteca Luis Ángel Arango in Bogotá, Colombia.
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Presentation titled "On the Design of Public Institutions: Evidence from Financial Supervision", delivered during the Seminar of the EEP Journal (Essays on Economic Policy), organized by Banco de la República at the Events Center of Biblioteca Luis Ángel Arango in Bogotá, Colombia.
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The price of Brent crude oil remained relatively stable between early 2011 and the first half of 2014, averaging USD 110 per barrel (bl).
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For central banks that have adopted an inflation targeting strategy, measuring and understanding inflation expectations are important tasks when designing monetary policy, because they influence the dynamics of price increases in a number of ways.
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Presentación del Informe de Política Monetaria realizada en Bogotá, a cargo de José Darío Uribe.
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OBJECTIVESMonetary policy in Colombia is based on inflation targeting, which is intended primarily to keep inflation low and to ensure stable growth in output near its long-term trend. Accordingly, the objectives of monetary policy combine the goal
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