Monetary politics
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Tasa actual: 1,75%
Vigente a partir del 28 de septiembre de 2020
Minutas de la reunión de la Junta Directiva del Banco de la República del 29 de enero de 2021
Monetary Policy
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Current rate: 1.75%
Effective as of September 28, 2020
Banco de la República’s board votes 5-2 to hold interest rates at 1.75%
Minutes for Banco de la República's Board of Directors Meeting on January 29, 20210
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Colombia: Statement after concluding the Article IV Consultation for 2021 Faced by a pandemic that led to the largest recession on record—with vulnerable groups particularly affected—Colombia used the flexibility afforded by its policy framework to deliver a coordinated and timely response. The economy is recovering gradually, with sporadic momentum, but growth prospects remain at risk while COVID-19 and high uncertainty lingers. In the near term, policies should focus on defeating the pandemic and cementing the recovery with the monetary and fiscal policy space available. At the same time, reforms should be passed to secure sound public finances over the medium term. Tackling long-standing structural challenges to raise inclusive growth and external competitiveness remain crucial. +info |
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Colombia: Declaración al Término de la Misión sobre la Consulta del Artículo IV de 2021 En medio de una pandemia que condujo a la mayor recesión que se haya registrado—y que afectó particularmente a grupos vulnerables—Colombia hizo uso de la flexibilidad que le permite su marco de política para dar una respuesta coordinada y oportuna. La economía se está recuperando gradualmente con un impulso esporádico, aunque las perspectivas de crecimiento seguirán en riesgo mientras persistan el COVID-19 y un alto nivel de incertidumbre. En el corto plazo, las políticas deberán enfocarse en derrotar la pandemia y consolidar la recuperación dentro del espacio disponible para la política monetaria y fiscal. Conozca esta y otras conclusiones de la visita oficial (virtual) del equipo técnico del Fondo Monetario Internacional a Colombia. |
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The Luis Ángel Arango library: The BLAA, as it is known colloquially, is one of the most visited libraries in the world...
The Gold Museum in Bogotá holds the world's largest pre-Hispanic gold collection. It is a founding place for Colombian cultural identity...
Art Museums: After more than six decades of rigorous and constant collection, Banco de la República holds one of the most significant art collections in the country...
Musical activity at Banco de la República, whose action center is the emblematic Concert Hall at the Luis Ángel Arango Library, is committed to providing quality musical programming throughout all its cultural centers...
La Biblioteca Luis Ángel Arango: la BLAA, como coloquialmente se le conoce, es una de las bibliotecas más visitadas del mundo...
El Museo del Oro en Bogotá es el museo con la colección de oro prehispánico más grande del mundo y un lugar fundacional para la identidad cultural colombiana...
Museos de arte: después de más de seis décadas de coleccionismo riguroso y constante, el Banco de la República conserva una de las colecciones de arte más significativas del país...
La actividad musical del Banco de la República, que tiene su centro de acción en la emblemática Sala de Conciertos de la Biblioteca Luis Ángel Arango...
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Bogotá, Colombia
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“Tropical” Real Business Cycles? A Bayesian Exploration |
Can frictionless small open economy models driven solely by technology shocks account for business cycles in developing countries? We do not find evidence of it. We build a DSGE model that jointly includes a variety of real perturbations in addition to technology shocks, such as procyclical... |
¿How Can Macro-Prudential Policies or Frameworks for Financial Stability Be Designed to Preserve the Credibility of Monetary Policy to Keep Inflation Low? Reflections from a commodity exporting, small open economy |
High Level Conference on “Macroprudential Policies to Achieve Financial Stability,” organized by the Banco Central del Uruguay and the IMF. |
XIV Seminar of the ESPE Journal Special Edition “Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty” |
On the occasion of its fourteenth special edition, Banco de la República´s Ensayos sobre Política Económica (ESPE) journal invites you to the seminar on Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty. It will take place on the 20th of... |
Why Justice is Unresponsive to Crime: The Case of Cocaine in Colombia |
Why justice is unresponsive to crime: Why justice is un responsive to crime: The case of cocine in Colombia |
What is the fiscal stress in Euro Area? Evidence from a joint monetary-fiscal structural model |
Presentation titled "What is the fiscal stress in Euro Area? Evidence from a joint monetary-fiscal structural model", delivered during the Seminar of the EEP Journal (Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty), organized by Banco de la República at the... |
What Drives Business Cycles and International Trade in Emerging Market Economies? |
This paper investigates the role of domestic and external factors in explaining business cycle and international trade developments in fifteen emerging market economies. Results from sign-restricted VARs show that developments in real output, inflation and international trade variables are... |
Wage Indexation, Inflation Inertia, and the Cost of Disinflation |
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... |
WAGE INDEXATION, INFLATION INERTIA AND THE COST OF DISINFLATION. PAGS 67-85 |
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Wage Adjustment Practices and the Link between Price and Wages: Survey Evidence from Colombian Firms |
The 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... |
Valuing Morbidity: Acute Respiratory Illnesses in Bogotá, Colombia |
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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 the Colombian labor market adjustment Unemployment rate and the real wage behavior: |
Truthfulness of Central Bank Announcements |
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Transmission Mechanisms and Inflation Targeting: The Case of Colombia's Disinflation |
Transmission mechanisms and inflation targeting: the case of Colombias desinflation |
Trade liberalization and regional manufacturing productivity growth: some lessons from Mexico's northern border after 20 years |
Presentación realizada durante el seminario de la revista Ensayos sobre Política Económica (ESPE) "Crecimiento desbalanceado, transformaciones estructurales y difusión tecnológica" del Banco de la República en el Auditorio del... |
Too Late But Profitable:Railroads in Colombia, 1920-1950 |
Infrastructure, Society, Economics and Culture: Lessons from the History of Large Technological Systems, Universidad de los Andes, December 5, 2017 |
Timing and Duration of IT Regimes |
Presentation titled "Timing and Duration of IT Regimes", delivered during the Seminar of the EEP Journal (Essays on Economic Policy), organized by Banco de la República at the Events Center of Biblioteca Luis Ángel Arango in Bogotá, Colombia. |
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The War on Illegal Drug Production and Trafficking: An economic evaluation of Plan Colombia |
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The Use of Mathematics in Economics and its Effect over a Scholar’s Academic Career |
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The Stickiness of Colombian Consumer Prices |
The price setting behavior of Colombian retailers of goods and services was studied based on a unique dataset containing 12,052,970 individual price reports covering all items in the Colombian CPI from March 1999 to May 2008. The main results are summarized as follows: 1. Colombian consumer... |