Servicios
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Resumen
Low and stable inflation requires an appropriate fiscal framework aimed at stabilizing government debt. Historically, trend inflation is critically influenced by actual or perceived changes to this framework, while cost-push shocks only account for short-lasting movements in inflation.…
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Resumen:
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ResumenLatin America and the Caribbean have successfully weathered a series of shocks in the last few years. With output near potential and inflation near target in most countries, how should policies be calibrated? What are the region’s prospects and key risks? What policy challenges lie ahead?…
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See additional information in "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"
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See additional information in "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"
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See additional information in "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"
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Banco de la República makes an effort to reinforce its communications on monetary policy and to consolidate relations with investors and market analysts. The objective, regarding this, is to have a better understanding of how these agents perceive the Colombian economy, as well as to improve…
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Fluctuations in commodity prices are an important driver of business cycles in small emerging market economies (EMEs). We document how these fluctuations correlate strongly with the business cycle in EMEs. We then embed a commodity sector into a multi-country EMEs business cycle model where…
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A basic theoretical of a small open economy within the framework of intertemporal maximization is used to analyze the effects of nominal export shocks. The model helps in explaining the close relationship that is found between export shocks and short run fluctuations of domestic savings in the…
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We implement a modified version of DebtRank, a measure of systemic impact inspired in feedback centrality, to recursively measure the contagion effects caused by the default of a selected financial institution. In our case contagion is a liquidity issue, measured as the decrease in financial…
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Many central banks that have opted for monetary autonomy have also been reluctant to relinquish control over the value of their currencies. As a result, they have operated through both interest rate and foreign exchange interventions. However, in the context of the monetary trilemma, both…
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Whenever the monetary authority meets to make interest rate decisions, two key questions need to be answered: Where is the economy at? and Where is the economy headed? Answering these questions is no easy task. On the one hand, the lag in statistical information makes it difficult to have a…
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Following a request from the Centro de Apoyo a la Investigación Económica (Center for Economic Research Support) (CAIE), the Web of Science confirmed the acceptance and indexing of 16 books published by Banco de la República and submitted to the Book Citation Index starting in the second half of…
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