The monetary policy of Banco de la República (the Central Bank of Colombia) aims to maintain a low and stable inflation rate in coordination with overall economic policy. To achieve this, Banrep follows an inflation targeting framework within a flexible exchange rate regime; in other words,…
Bogotá, Colombia
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The levels of the monetary policy interest rate (MPR) are periodically set after deliberation processes within the Board of Directors of Banco de la República (the Central Bank of Colombia). These discussions are informed by a detailed assessment of the performance of inflation, inflation…
- Publicación |International macroeconomic environmentThe global economy would continue to grow in 2024 at a rate slightly higher than 3.0%, according to forecasts from the International Monetary Fund (3.2%) and the Organization for Economic Cooperation and Development (3.1%).This dynamic is lower than the pre-…
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Law 2381 of 2024, “Whereby the Comprehensive Social Protection System for Old Age Disability, and Death (Sistema de Protección Social Integral para la Vejez, Invalidez y Muerte, in Spanish) of common origin is established, and other provisions are issued,” creates the Reserve Fund of the…
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The design of mechanisms for sustainable irrigation water management requires a deep understanding of the value of water to local communities. We present results from a lab-in-the-field incentivized game that sheds light on irrigation water overvaluation patterns among…
- Publicación |The increase in stranded asset risk, as implied by the Paris Agreement, correlates with a 46% decrease in bank credit to fossil fuel companies relative to other economic sectors.
- Publicación |The results are relevant for future discussions on climate policies, as they indicate that carbon taxes will be effective but probably more regressive than previously thought.
- Publicación |For 2017, it was found that most imports were destined for intermediate consumption, especially for the manufacturing and trade sectors, and that these sectors, therefore, may be the most affected by changes in non-tariff measures and the value of imported goods.
- Publicación |The analysis shows how the demand for cash and checks from 1923 to 2023 was shaped by economic activity, inflation dynamics, the development of the financial system, technological innovation, and significant historical shocks such as wars, political instability, or the Covid-19 pandemic.
- Publicación |Forecast evaluation measures support the implementation of this method, and the results show a reduction in the error of inflation forecasts across various time horizons.
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In the third quarter, headline inflation continued to decrease and is expected to continue doing so gradually to reach 3.0% by the end of 2025.
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The global economy experienced a substantial rise in infation in the aftermath of the COVID-19 pandemic and ensuing disruptions in the international supply chain, in addition to the impact on international energy prices resulting from the war between Russia and Ukraine. In emerging economies,…
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In August 2024, it was projected that family remittance income received in Colombia surpassed USD 1000 million for three consecutive months, an amount of USD 187 million above the monthly average for 2023. The sustained increase of this external income has enhanced the signifcance of this…
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Rent is the most important CPI component for Colombian households, representing approximately one-fourth of the household’s index expenditures. Price increases for this component exhibit signifcant inertia because they are indexed to the headline infation of the prior year. In turn, this…
- Publicación |The disruption in container freight rates caused a 0.4% loss in welfare in Colombia. This percentage represents a decrease in the present value of the population's consumption due to the drop in real wages and is attributable solely to the direct effects of freight rates on the goods that Colombia…
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The housing sector is one of the most relevant in terms of economic and financial stability. Understanding its behavior can prevent bubbles and busts in the economy. There are many studies about the corporate bond’s spreads, but the studies about mortgage…
- Publicación |Este documento evalúa el Proyecto de Acto Legislativo aprobado en su sexto debate, el cual busca aumentar los recursos transferidos a las regiones a través del Sistema General de Participaciones (SGP). Desde una perspectiva histórica, el sistema de transferencias a los territorios se fortaleció con…
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The global economy proved resilient during the period analyzed, although signs of a slowdown emerged towards the end of the quarter.
- Publicación |Transparency is often emphasized as a key element for central bank independence and the effectiveness of monetary policy. Between 2018 and 2019, the Central Bank of Colombia (Banco de la República) undertook a significant overhaul of its monetary decision-making process, which led to significant…
- Publicación |This paper evaluates seven output gap models for real-time estimates, based on three criteria: stability of estimations on new observations, data revisions and/or methodological changes; inflation forecasting accuracy; and potential output response to structural economic shocks.
