Servicios
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We study the relation between oil prices and stock market returns for a set of six countries, including important oil consumers and demanders. We study interconnectedness between oil and stock markets and characterize the dynamics of transmission and reception between them. We test for Granger…
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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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One of the principal issues of Colombian macroeconomic policy in the 1990s has been the deterioration of private savings (Figure 1). The decline in the private saving rate was usually related to consumers real expenditure, which grew by an average of 3.9% in the period 1991-1993, compared to 1.9%…
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‘Analisis del Indice de Confianza del Consumidor en Colombia: Un FAVAR estructural’Enfoque: el Índice de Confianza del Consumidor (ICC) es un instrumento ampliamente usado en el análisis económico debido a su mayor oportunidad de publicación respecto a los indicadores económicos observados, y a su…
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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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Unemployment rate and the real wage behavior: a neoclassical hint for the Colombian labor market adjustment Unemployment rate and the real wage behavior:
a neoclassical hint for Colombian labor market adjustment
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Slides delivered at Foro Mundial de Eempleo y Prosperidad, organized by Colsubsidio and Acoset in May 2012
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Historical data series
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Historical data series
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During what has been challenging time for Latin American countries and for their most vulnerable population, due to the impact of the Covid-19 pandemic, María Paula Gutiérrez Hurtado, a college student, won the "Ideas for the Future" Prize for 2021 with an essay that highlights the need for…
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Abstract
Modern macroeconomics focuses on the identification of the primitive exogenous forces generating business cycles. This is at odds with macroeconomic forecasts collected through surveys, which are about endogenous variables. To address this divorce, our paper uses a semi-structural…
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The document submission for applying to the 2024 Study Abroad Program is now open. Remember that this call offers two master´s degree programs: Public Administration and Public Policy. Additionally, the sponsorship for PhD in Economics, Economic Law, and young talent (music) will be maintained.The…
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The series Cuadernos de Historia Económica is a publication of Banco de la República in Cartagena. 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 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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Human health is increasingly viewed as central in economic development, both as a measure of development and as an input. Early mortality and excessive morbidity are serious constraints to economic growth. The impact of pollution on human health has recently become a focus of research in developing…
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The value added tax (VAT) exemption days policy has been used in the United States and in the European Union to encourage the consumption of goods and services that are important for lower-income households. In Colombia, after the crisis caused by the COVID-19 pandemic and to help boost the economy…
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In this study we construct volatility spillover indexes for some of the major stock market indexes in the world. We use a DCC-GARCH framework for modelling the multivariate relationships of volatility among markets. Extending the framework of Diebold and Yilmaz [2012] we compute spillover indexes…
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Abstract: The paper provides some evidence on the relevance of global uncertainty and risk aversion and the lesser importance of US interest rates for the global financial and business cycles. As framework, we use a global semi-structural model augmented with financial and trade interlinkages…
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Wage Adjustment Practices and the Link between Price and Wages: Survey Evidence from Colombian FirmsThe aim of this paper is to explore firms wage adjustment practices in the Colombian formal labor market; specifically, the timing and frequency of wage increases, as well as the link between wage and price changes. To this end, we use an ad hoc survey of 1,305 small, medium and large firms…
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The existence of wage differentials across sectors is a widely observed phenomenon. This paper provides new elements to understand inter and intra-sectoral wage differentials in Colombia by analysing a wage setting survey of 1305 firms and emphasizing the role of firm characteristics. The results…
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Alexandre Balduino Sollaci is an economist at the World Economic Outlook division at the Research Department in the IMF. He also has experience as a desk economist, where he covered real sector and fiscal issues for Vietnam and Cambodia, respectively. Before joining the IMF, he obtained his PhD in…
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Formats
Legal Daily Minimum Wage (In Colombian Pesos)
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A Statement of the Colombian Constitutional Court has mandated wage indexation on the basis of past inflation. A simple model with a wage price system, a real block, and an inflation targeting interest rule is calibrated to resemble price setting in the Colombian economy and to analyze the…
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Banco de la República (the Central Bank of Colombia) is established as a legal entity of public law and constitutional status, with administrative, patrimonial, and technical autonomy, subject to its legal framework, established in Articles 371 to 373 of the Political Constitution, Law 31 of 1992,…
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