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The opinions expressed in this document are those of the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors..
ABSTRACT
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Professional and specialized studies
Master's Degree in Development Economics. Diplôme d'Etudes Approfondies (DEA) Paris, 1982-1984. Université Paris 1 – Panthéon-Sorbonne.
Specialist in Economic Policy and Regulation. Diplôme d'Etudes Supérieurs Spécialisées D.E.S.S., Paris, 1989-1990.…
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We propose to assess the performance of k forecast procedures by exploring the distributions of forecast errors and error losses. We argue that non systematic forecast errors minimize when their distributions are symmetric and unimodal, and that forecast accuracy should be assessed through…
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Last Friday, 27 January 2023, the prominent economist Olga Lucia Acosta-Navarro formally took office as a member of the Board of Directors of Banco de la República (the Central Bank of Colombia). On the same day, she participated in her first Board of Directors meeting, the one corresponding to the…
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On Saturday, 18 February, the Zenú Gold Museum will reopen its doors with renovated spaces and a new curation that will immerse its visitors in a history of thousands of years and in the diverse forms of amphibious life that existed on the coastline and in the savannahs of the Colombian Caribbean.…
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This paper estimates an asymmetric error correction model to analyse the dynamic behaviour of the Colombian unemployment rate. We find evidence that wages above their long-run equilibrium level do increase unemployment, but wages below this level do not reduce it.
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Together with a set of not commonly reported ones, the most widely known stylized facts of high frequency Nominal Exchange Rates in Brazil, Chile, Colombia, Mexico, and Peru with respect to the US Dollar are studied and interpreted to the light of recent literature in this paper.
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Abstract
Using a novel database of historical series of revenues and expenses of different levels of government between 1923 and 2020, in this paper we describe the evolution of the vertical and horizontal imbalances between central government, states, and municipalities in Colombia. The analysis…
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Two of our platforms are scheduled to undergo maintenance from 7:30 p.m. on Wednesday, March 31 through Sunday, April 4. For this reason, you will not be able to consults economic statistical series and payment systems statistics during that period. We invite you to take the necessary steps to…
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Abstract
This paper assesses whether the expansion of online job vacancies leads to a more efficient labor market. We provide compelling evidence that the increase in online job vacancy penetration in Colombia has had an enhancing effect on the labor market's efficiency by making…
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I am very pleased to welcome you to Bogotá and to this 24th meeting of the Regional Financial Stability Group , which has been organized on this opportunity by Banco de la República (the Central Bank of Colombia) together with the Central American Monetary Council .We are honored to host…
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Banco de la República summons university students in their last semesters from professional degrees who are interested in applying to internship openings to enroll in the selection process for the first half of 2020. Through this process, outstanding students in their academic performance,…
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Operational Risk (OR) results from endogenous and exogenous risk factors, as diverse and complex to assess as human resources and technology, which may not be properly measured using traditional quantitative approaches. Engineering has faced the same challenges when designing practical…
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Optimal Commodity Price Stabilization over the Business Cycle Optimal Commodity Price Stabilization over the Business Cycle Rodrigo Suescún*
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In an open-economy model with financial constraint, Schmitt-Grohé and Uribe (2017) propose an expression for a capital control policy. From this expression, they argue that the optimal tax, i.e. the one that solves the overborrowing problem, is indeterminate when crises occur (i.e. when the…
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The unfolding of the 2007 world financial and economic crisis has highlighted the vulnerability of real economic activity to strong fluctuations in asset prices. Which is the optimal monetary policy in an economy like the Colombian that is exposed to swings in asset prices? What is the implication…
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This report concludes my mission in the Banco de la República de Colombia (BR). This mission took place in Bogotá on December 9-13, 2019. It had three main objectives:
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This paper analyzes the effect of social security and lump sum layoff payment in an economy with an informal sector and savings, where the search effort is unobserved. I characterize the optimal consumption/search/non-participant strategy assuming that workers are risk averse and that formal jobs…
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When managing international reserves, central banks generally face the problem of determining what their optimum or adequate level is. A critical review of some methodologies for calculating the optimum amount of reserves is presented in this document.
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Abstract
Do oral FX interventions (i.e. announcements made by central bank officials and economic authorities) influence the exchange rate behavior in emerging economies? Following an event study approach, we evaluate whether this type of interventions in the Colombian FX market have an…
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This page contains a general description of the structure of Banco de la República and its divisions, sections and departments.
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Since: 1990
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