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Presentation titled "Determinants and effects of fiscal stabilization: New evidence from Time-Varying Estimates", delivered during the Seminar of the EEP Journal (Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty), organized by Banco de la República at the Events…

Presentation titled "Efficiency and economic growth in Latin America: The case of Colombia", delivered during the Seminar of the EEP Journal (Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty), organized by Banco de la República at the Events Center of Biblioteca Luis…

Presentation titled "Fiscal policy and the cycle in Latin America: the role of financing conditions and fiscal rules", delivered during the Seminar of the EEP Journal (Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty), organized by Banco de la República at the Events…

Presentation titled "Nonlinear fiscal multipliers for public expenditure and taxes in Colombia", delivered during the Seminar of the EEP Journal (Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty), organized by Banco de la República at the Events Center of…

Presentation titled "On the Importance of Policy Coordination", delivered during the Seminar of the EEP Journal (Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty), organized by Banco de la República at the Events Center of Biblioteca Luis Ángel Arango in Bogotá,…

Presentation titled "Public savings and the effectiveness of Sterilized Foreign Exchange Intervention", delivered during the Seminar of the EEP Journal (Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty), organized by Banco de la República at the Events Center of…

Presentation titled "What is the fiscal stress in Euro Area? Evidence from a joint monetary-fiscal structural model", delivered during the Seminar of the EEP Journal (Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty), organized by Banco de la República at the Events…

The analysis of credit institutions between August 2016 and February 2017 showed  a  lower  real  growth  of  the  loan  portfolio,  mainly  explained  by commercial loan-portfolio dynamics. The quality and non-performing loan indexes featured…

The Board of Directors of the Central Bank of Colombia, as established in Article 5° of Act 31 of 1992, submitted its second report of the year to the Congress of Colombia. The report analyzes the international economic environment, the performance of the Colombian economy so far in 2017, and the…

One of the main characteristics of the Colombian economy has been the persistence of the current account deficit in the balance of payments. Thus, in the 2000-2016 period, the average annual deficit was 2.5% of the gross domestic product (GDP) thereby presenting a growth trend that culminated in…

The Inflation Targeting Scheme in Colombia   OBJECTIVES

The job market is one of the channels through which macroeconomic dynamics influence the welfare of the population. Therefore, it must be considered in any analysis of the effects of monetary policy. Within this dimension, a useful measure is the labor market gap, which is…

The Macroeconomic Models Department at Banco de la República has been working on medium- and long-term forecasts for inflation and economic growth during the last six years. In doing so, its main forecasting tool has been a dynamic stochastic general equilibrium model that is…

The Inflation Targeting Scheme in Colombia   OBJECTIVES

The Board of Directors of the Central Bank of Colombia submitted its first report of the year to the Congress of Colombia. The report analyzes the international economic environment, the performance of the Colombian economy in 2016, and the outlook for this year. In this context, the monetary…

The Inflation Targeting Scheme in Colombia   OBJECTIVES Monetary 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…