Bogotá, Colombia

This paper studies the provision of deposit insurance without commitment. We ask whether a government has an ex post incentive to provide deposit insurance in the face of a bank-run. We find that deposit insurance will not be provided if it requires a (socially) undesirable redistribution of…

In this paper, we empirically examine the effect of inflation targeting on the exchange rate pass-through to prices in emerging countries. We use a panel VAR that allows us to use the larger data set on twenty-seven emergingcountries (fifteen inflation targeters and twelve inflation nontargeters…

Some authors have worked on the relationship between macroeconomic variables and the term structure of interest rates. In particular, theory says that the shape of the curve reveals valuable insights regarding the behavior of the macro variables such as inflation and growth expectations.…

Presentation titled "Public savings and the effectiveness of Sterilized Foreign Exchange Intervention", 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 Events Center of…

A regular meeting of the Board of Directors of Banco de la República took place in the city of Bogotá D.C. on Friday, May 26, 2017. In attendance were Mauricio Cárdenas Santamaría, Minister of Finance and Public Credit; Juan José Echavarría, Governor of the Central Bank; and Board Members…

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…

Presentation titled "On the Importance of Policy Coordination", 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 Events Center of Biblioteca Luis Ángel Arango in Bogotá,…

Presentation titled "Nonlinear fiscal multipliers for public expenditure and taxes in Colombia", 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 Events Center of…

Presentation titled "Fiscal policy and the cycle in Latin America: the role of financing conditions and fiscal rules", 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…

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…

Presentation titled "Efficiency and economic growth in Latin America: The case of Colombia", 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 Events Center of Biblioteca…

(Dockson Chair in Economics and International Relations, University of Southern California)

Presentation titled "Determinants and effects of fiscal stabilization: New evidence from Time-Varying Estimates", 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 Events…