Servicios

Since: 2003 | Periodicity: Quaterly

In Colombia, agreements are hard to reach. However, there was consensus in the National Constitutional Assembly, among the participants from different ideologies and parties, on the advisability of comprehensively reforming Banco de la República and turning it into an independent central bank. The…

Since: 1967

AbstractWe evaluate the returns to signaling occupation-specific skills using unique administrative data from a nationwide certification program in Colombia. The program certifies skills and issues three certificates: basic, intermediate, and advanced. We use regression discontinuity…

AbstractWe study the effect of macroeconomic announcements surprises on Colombian treasury bond spot rates in the medium term. For this, we employ a two-step regression approach proposed by Altavilla, Giannone and Modugno (2017), which takes into account the high frequency response to these…

The analysis shows how the demand for cash and checks from 1923 to 2023 was shaped by economic activity, inflation dynamics, the development of the financial system, technological innovation, and significant historical shocks such as wars, political instability, or the Covid-19 pandemic.

Abstract This document presents a Gaussian Affine Term Structure Model (GATSM) of the zero-coupon public debt curve issued locally by the Colombian Government, adopting the methodological approach of Hamilton and Wu (2012) to solve the problems of identification and instability in the estimation…

For 2017, it was found that most imports were destined for intermediate consumption, especially for the manufacturing and trade sectors, and that these sectors, therefore, may be the most affected by changes in non-tariff measures and the value of imported goods. 

The results are relevant for future discussions on climate policies, as they indicate that carbon taxes will be effective but probably more regressive than previously thought.

The increase in stranded asset risk, as implied by the Paris Agreement, correlates with a 46% decrease in bank credit to fossil fuel companies relative to other economic sectors.

Abstract This study aims to establish a comprehensive linkage between CO2 emissions and the composition of energy sources, economic growth, and reforestation, thereby shedding light on their intricate connections in Colombia over the period 1970-2018. First, we use different types of…

Nuestros resultados muestran que la existencia de subsidios implícitos ocasiona que los individuos prefieran estar en el actual sistema privado mientras se cotiza, pero en el público para pensionarse.

Forecast evaluation measures support the implementation of this method, and the results show a reduction in the error of inflation forecasts across various time horizons. 

Abstract Our study analyzes the impact of debt moratorium policies, possibly the oldest approach to addressing repayment problems. Using Colombian administrative data, we compare firms that narrowly met the criteria for moratoria (eligible firms could not exceed 60 days overdue on…

Models with an occasionally binding credit constraint have been used to analyze financial crises and previous literature has highlighted that the specific form of this constraint is decisive for policymaking conclusions.

Abstract This document reviews the potential macroeconomic effects of issuing a central bank digital currency (CBDC) for the use of individuals and businesses. A careful selection of the architecture, and the economic and technological design aspects of this digital form of central bank money that…

Gran parte de la población carece de las herramientas fundamentales para tomar decisiones económicas y financieras adecuadas, lo cual es crucial para mejorar su bienestar y protegerse frente a choques económicos o inflacionarios.

AbstractThis paper evaluates the fiscal and macroeconomic effects of some risks faced by the health system. These comprise changes in demographic and morbidity patterns, new medical technologies, inefficiencies in the system and the structure of the labor market. These factors represent a…

Abstract Based on monthly disaggregated Consumer Price Index (CPI) item series and macroeconomic series, we explore the advantages of forecast inflation from a disaggregated to an aggregated level by aggregating the forecasts. We compare the performance of this approach with the forecast obtained…

This document describes the Colombian healthcare system and its main responsibilities, highlighting the roles of insurance and financing, and compares it with other healthcare systems globally.

This paper empirically examines the effects of international remittances on local house prices. International remittances are one of the main drivers of capital inflows in emerging economies. We consider the salient case of Colombia. 

AbstractThis study follows a novel approach proposed by Angelico et al. (2022) using Twitter to measure inflation perception in Colombia in real time. By applying machine learning techniques, we implement two real-time indicators of inflation perception and show that both exhibit a…

AbstractWe study the behaviour of three quantitative sample surveys and a non sample inflation expectation report for Colombia. We found that expectations in Colombia; (i) are not strongly, i.e.

Nowcasting inflation is not only considered an alternative measure of observed inflation, but also a predictor, which allows for constructing inflation forecasts with better performance