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50 Years of Job Vacancies in Colombia: The Case of Bogota, 1960-2010

This paper presents a novel monthly dataset of job vacancies in Bogota between 1960 and 2010. The dataset was constructed by counting the number of help-wanted announcements published in the most important newspaper with national circulation—namely, El Tiempo. We describe the methodology used to...

A Historical Analysis of Central Bank Independence in Latin America: The Colombian Experience, 1923-2008

This paper explores the relationship between central bank independence and inflation in Latin America, using as a case study the experience of Colombia (1923-2008). Since its creation, in 1923, Colombia’s central bank has undergone several reforms that have changed its objectives and degree of...

A Model of the Nominal and Real Exchange Rates in Colombia

A Model of the Nominal and Real Exchange in Colombia

A Model of the Nominal and Real Exchange in Colombia   Javier Gómez*

A Nonlinear Specification of Demand for Narrow Money in Colombia

A nonlinear specification of demand for cash in Colombia

A nonlinear specification of demand for cash in Colombia   By
Luis E. Arango and Andrés González(1)

A Spatio-temporal Analysis of Agricultural Prices: An Application to Colombian Data

This paper studies whether the geographical separation of markets constitutes a factor that helps explain the dynamics of agricultural prices. To do this, we employ a highly disaggregated dataset for Colombia that consists of weekly observations on wholesale prices for 18 agricultural products...

An empirical characterization of mortgage default in Colombia between 1997 and 2004

This paper examines the relationship between mortgage default decisions and relevant observable variables under the light of a random utility model. The focus of the study is the Colombian mortgage market between 1997 and 2004 using two separate data sets that are matched using simulation...

An Estimation of the Nonlinear Phillips Curve in Colombia

An Estimation Of the Nonlinear Phillips Curve in Colombia An Estimation Of the Neonlinear Phillips Curve in Colombia

Javier Gómez and Juan Manuel Julio  */

An Exchange Rate Band in Times Of Turbulence: Colombia 1991-96

Graph 1 shows a conventional PPP measure of the real exchange rate in Colombia and an index of the relative price of tradable goods in terms of non tradeable. The common conclusion is that, since 1990-92 there has been a medium term process by which the RER has appreciated by as much as 26%. The...

An Industrial Organization Analysis for the Colombian Banking System

This paper presents two versions of a spatial competition model for the banking sector. The first version, describes a framework that follows closely Salop’s spatial competition model. This version is modified in the second part by introducing the loan market and default risk probabilities for...

Asymmetric Effects of Terms of Trade Shocks on Tradable and Non-tradable Investment Rates: The Colombian Case


The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.


Bank Lending Channel of Monetary Policy: Evidence for Colombia, Using a Firms´ Panel

In this paper we find empirical evidence of bank lending channel for Colombia, using a balanced panel data of about four thousand non-financial firms. We find that increases in the interest rate, proxiing for the monetary policy instrument, lead to a reduction in the proportion of bank loans,...

Bank Lending Channel of Transmission of Monetary Policy: Does the Financial Structure of Banks Matter?

This paper tests the importance of the financial structure of banks in the bank lending channel of monetary policy transmission in Colombia, using an unbalanced panel of 51 banks for the period of 1996:4-2014:8. We find that an increase in the interbank rate (proxy of the intervention rate) has...

Bank Lending, Risk Taking, and the Transmission of Monetary Policy: New Evidence for Colombia

We study the  existence of a monetary policy transmission mechanism through banks in Colombia, using monthly banks’ balance sheet data for the period 1996:4 – 2012:12. We obtain results which are consistent with the basic postulates of the bank lending channel (and the risk-taking channel)...

Colombian liberalization and integration to world trade markets: Much ado about nothing


The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la Republica or its Board of Directors.



Commodity Booms, Dutch Disease, and Real Business Cycles in a Small Open Economy: The Case of Coffee in Colombia

Este documento propone un modelo multisectorial de crecimiento, dinámico y estocástico que integra la literatura de ciclo económico real con la de economías con sectores en bonanza y enfermedad holandesa para analizar fluctuaciones, asignación de recursos y los cambios en precios relativos en...

Credit Pro-cyclicality and Bank Balance Sheet in Colombia

The recent financial crisis has renewed the interest of economists, both at the theoretical and empirical level, in developing a better understanding of credit and its mechanisms. A rapidly growing strand of the literature views banks as facing funding restrictions that condition their borrowing...

Disinflation Costs Under Inflation Targeting in Small Open Economy

Since 1991, inflation in Colombia was reduced from 25% on average to about 6% more recently. Although this performance is in line with a long run inflation target of 3%, some analysts ask whether the Central Bank should continue disinflating. In this paper we present a dynamic stochastic general...

Downward Wage Rigidities and Other Firms’ Responses to an Economic Slowdown: Evidence from a Survey of Colombian Firms

This paper uses a wage setting survey of 1,305 Colombian firms to explore the nature and sources of wage rigidities. This is the first study of a non-European emerging economy that uses evidence from a survey of firms to analyse this topic. The survey was carried out during the first half of...

Dutch Disease and Banana Exports in the Colombian Caribbean, 1910-1950

Dutch disease and banana exports in the Dutch disease and banana exports in the Colombian caribbean, 1910 - 1950

     Resumen In 1994, the seven departaments of the Colombian Caribbean had a population of about 7.2 million, representing 21% of the conuntry's total....

Efficiency of Public Education in a Multiproduct Context: The Case of Colombian Municipalities

This paper estimates the local efficiency of the public provision of education in Colombia between 2007 and 2014. The empirical analysis relies on a multiproduct function that assesses public performance considering two types of education products: quality and enrolment. Results for Colombian...


This content has been translated into English for informational purposes. Upon any query regarding its interpretation or enforceability, the Spanish version shall be deemed official, and will prevail over the English version. The authors of specific texts such as working papers or articles select the language of publication; therefore, there might be cases in which the content may only be available in English. 

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