Servicios
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A 1% decrease in payroll costs would increase employment in the formal sector by between 0.5% and 0.9%. This implication is specific to the Colombian context, where the minimum wage is binding for a large portion of formal sector workers, making it likely that formal labor demand drives these…
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Identifying the impact of physicians on health outcomes is a challenging task due to the nonrandom sorting between physicians, hospitals, and patients. We overcome this challenge by exploiting a Colombian government program that randomly assigned 2,126 physicians to 618 small hospitals.
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El efecto del fenómeno El Niño sobre los precios minoristas corre a través de su efecto sobre los costos mayoristas, exclusivamente, y no a través de cambios en la estructura del mercado minorista.
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AbstractWe examine the adjustment of a small, open, emerging market economy (SOEME) to an unexpected increase in the minimum wage using an extended New-Keynesian SOE model that incorporates heterogeneous households, a flexible production structure, and a minimum wage rule. We calibrate the…
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After a protracted period of financial deepening following a financial crisis at the end of the 20th century, the ratio of corporate bank loans to GDP in Colombia stagnated between 2016 and 2019.
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AbstractWe investigate the entry and exit of short-cycle higher education programs (SCPs), which last two or three years and can address local skill needs. Exploiting administrative data from Colombia, we study markets defined by geographic location and field of study. We find that…
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This document presents projections on the fiscal expenditure associated with Colpensiones and the special regimes that make up Colombia's pension system under the rules in force in 2024. Under conventional assumptions about longevity, formality, and a long-run economic growth rate of 3.3%, public…
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AbstractForeign portfolio investments can affect the Colombian exchange market mainly through the demand for hedging that investors make in the foreign exchange derivatives market, and the exchange of dollars for pesos that materializes when investing in public debt securities (TES). This…
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Abstract
This 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…
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Abstract
This paper examines the evolution of women's participation in the labor market from 1960 to 2018, shedding light on the complex factors that influence their labor opportunities. The study emphasizes the significance of the historical context in understanding these…
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Abstract
Although greenhouse gas emissions from the Latin America (LAC) region are not particularly significant, climate change is a worldwide challenge. Hence, we analyze the main factors that increase and mitigate emissions in LAC countries by emphasising the importance of preserving and…
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Colombian farmers participating in the game overvalue irrigation water, paying between 3 and 4 tokens when its real value is only 1 token. This reflects a perception of scarcity and rivalry in access to the resource.
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Climate shocks negatively affect productivity. This is due to the health problems they cause and the damage to road infrastructure, aspects that ultimately affect the economy in general and firms in particular.
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AbstractThe objective of the study is to model and determine the tax incidence of a reduction in the corporate income tax in Colombia. To meet this objective, a dynamic and stochastic general equilibrium model DSGE of a closed economy with heterogeneous households and two types of capital…
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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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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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Economic activity nowcasting (i.e. making current-period estimates) is convenient because most traditional measures of economic activity come with substantial lags. We aim at nowcasting ISE, a short-term economic activity indicator in Colombia. Inputs are ISE’s lags and a dataset of payments made…
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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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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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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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The recent drop in the country’s terms of trade had a significant impact on economic growth. This section looks at what would happen to long-term sustainable growth if that decline were to be permanent. This is particularly important when considering the Board of Directors…
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Armenia
Barranquilla
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Since: 2000
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Evidence of the causal long-term relationship between budget deficit, money growth and inflation in Colombia is analyzed in this paper, considering the standard (M1), the narrowest (M0-Base) and the broadest (M3) definitions of money supply. Using a vector error correction (VEC) model with…
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The reports of the Investment Budget and Operating Budget of Banco de la República (the Central Bank of Colombia) presented in this section correspond to the Board of Directors’ approvals as of year 2015.The Investment Budget includes the estimate of the resources necessary for the acquisition and…
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