Servicios
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This paper uses a survey on wage formation that was applied to 1,305 Colombian firms to study wage-setting decisions with respect to newly hired employees. The Colombian case is interesting, since the country´s labour market performance, especially its unemployment rate and level of informality,…
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According to Colombia’s Constitution, Banco de la República is an institution that operates independent of government. It enjoys administrative, patrimonial and technical autonomy and is subject to its own system of rules and regulations
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Abstract
Colombia is particularly affected by the El Niño Southern Oscillation (ENSO) weather fluctuations. In this context, this study explores how the adverse weather events linked to ENSO affect the inflation expectations in Colombia and how to incorporate these second-round effects into a…
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Banco de la República co-organized with the International Economic Association (IEA) and Banco de España the WEBINAR Pathways to Gender Equality in Central Banks, to be held online on May 18-19, 2022. This will be a valuable occasion to discuss about diversity and inclusion in the field of…
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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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It emphasizes its commitment to bring inflation in line with the target as the primary objective of monetary policy, according to the constitutional mandate to maintain the purchasing power of the Colombian peso and to help improve the well-being of the population.
It analyzes different economic…
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We study the existence and international migration of housing market bubbles, using quarterly information of twenty OECD countries for the period comprised between 1970 and 2015. We find that housing bubbles are present in all the countries included in our sample. Multiple bubbles are found in all…
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Central banks generally target multiple objectives while having at least the same number of monetary instruments. However, some instruments can be inadvertently collinear, leading to indeterminacy and identification failures. Paradoxically, most empirical studies have shied away from this…
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The Board of Directors has seven members: the Minister of Finance and Public Credit (CV only in Spanish), the Governor of the Central Bank, and five full-time Board Members, who exclusively represent the general interest of the Nation [See: Political Constitution, Art. 372; Law 31 of 1992, Art.28;…
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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 balance sheet is a snapshot that portraits the financial position of a firm at a specific point of time. Under the reasonable assumption that the financial position of a firm is unique and representative, we use a basic artificial neural network pattern recognition method on Colombian banks’…
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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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Is the failure of natural resource abundance to achieve better economic outcomes due to limited nancial development or scal policy short-termism? I answer this question in a precautionary savings model where both resource revenues and asset returns are uncertain. Calibrating for Colombia, I nd…
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A low and stable inflation rate improves the well being of the population. This is manifested in various ways:
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Why justice is unresponsive to crime: Why justice is un responsive to crime: The case of cocine in Colombia
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Imagine a country whose inflation rate has recently surpassed 300% a year, and during some months even surpassed the 50% level that was estabilished as a benchmark for the definition of Phillip Cagan's classic study on the subject. This rapid inflation led to a devaluation of the local currency of…
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By the end of the 1990s, inefficiency, excess supply and low service quality characterized the mass transit system of Bogotá. The average travel time to work was one hour and ten minutes, obsolete buses provided public transport, traffic generated 70 percent of air pollution and there were frequent…
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The impact of the COVID-19 pandemic on mental health underscores the need for early intervention strategies, especially for vulnerable groups such as young people, the elderly, and women, to mitigate the increase in mental and behavioral disorders in Colombia.
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Access to formal credit has a positive relationship with the growth and formalization of microbusinesses. Those led by women are associated with higher probabilities of formalization and better growth indicators when accessing formal credit, compared to those led by men.
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Gender gaps in academic performance limit educational and professional opportunities for women, perpetuating social and economic inequalities. It is crucial to implement inclusive and targeted public policies that reduce these disparities and promote greater opportunities for women in the future.
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The findings show that the output gap in Colombia fell by 20% in the second quarter of 2020 due to the pandemic, but it recovered quickly, unlike previous crises.
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AbstractWe estimate the effects of annual temperature and precipitation on rice yields in Colombia from 1987 to 2016. The analysis explores the degree of variation in response to climate changes across the country’s diverse topography. Since there are two growing seasons in Colombia, the effects of…
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