Working Papers on Economics

Price Behavior in an Inflationary Environment: Evidence from Supermarket Data   Price Behavior in an Inflationary Environment: Evidence from Supermarket Data

Do Local Governments Engage in Strategic Property-Tax Competition? Do Local Governments Engage in Strategic Property-Tax Competition?   by Jan K. Brueckner Department of Economics and Institute of Government and Public Affairs University of Illinois at Urbana-Champaign Champaign, IL…

EFFICIENCY GAINS FROM THE ELIMINATION OF GLOBAL RESTRICTIONS ON LABOUR MOBILITY: AN ANALYSIS USING A MULTIREGIONAL CGE MODEL   EFFICIENCY GAINS FROM THE ELIMINATION OF GLOBAL RESTRICTIONS ON LABOUR MOBILITY: AN ANALYSIS USING A MULTIREGIONAL CGE MODEL   Ana María Iregui…

This paper examines the role of exchange rates in determining the short-and-long-run trade balance behavior for Colombia. Conventional wisdom says that a nominal devaluation improves the trade balance. This conjecture is rooted in the Bickerdike- Robinson-Metzler (BRM) and Marshall-Lerner (ML)…

Optimal Commodity Price Stabilization over the Business Cycle   Optimal Commodity Price Stabilization over the Business Cycle Rodrigo Suescún*

THE COLOMBIAN BANKING CRISIS: THE COLOMBIAN BANKING CRISIS: Macroeconomic Consequences and What to Expect Andres F. Arias  */

An Estimation Of the Nonlinear Phillips Curve in Colombia An Estimation Of the Neonlinear Phillips Curve in Colombia Javier Gómez and Juan Manuel Julio  */

Bayesian Model Estimation and Selection for the Colombian Exchange Rate Bayesian Model Estimation and Selection for the Colombian Exchange Rate Norberto Rodríguez Niño  */

Transmission mechanisms and inflation targeting: the case of Colombia’s desinflation

Returns and interest rate: A nonlinear relationship in the Bogotá stock market   Returns and interest rate: A nonlinear relationship in the Bogotá stock market   Luis Eduardo Arango, Andrés González, and Carlos Esteban Posada *  Banco de la República  Summary  …

TAX EXPORTING: AN ANALYSIS USING A MULTIREGIONAL CGE MODEL   Tax Exporting: An Analysis Using a Multiregional CGE Model Ana María Iregui * Estudios Económicos Banco de la República

HOW UNCERTAÍN ARE NAIRU ESTÍMATES ÍN COLOMBÍA? HOW UNCERTAÍN ARE NAIRU ESTÍMATES ÍN COLOMBÍA?

Political economists have traditionally been indifferent to the communicative construction of money and central banking in the public sphere. It does not matter to them whether monetary affairs are rendered as a rational game over the preservation of the value of the currency or, for example, as…

General equilibrium theory was criticized for its apparent irrefutability, as seemingly implied by the Sonnenschein-Mantel-Debreu theorem.  This view was challenged by Brown and Matzkin (1996), who showed the existence of testable restrictions on the equilibrium manifold. Brown and Matzkin,…

This paper provides an empirical analysis of Colombian integration with East Asia using a Computable General Equilibrium (CGE) model, in which we assess the effects of several trade liberalization scenarios on trade flows and welfare.The results show that there is an important potential for the…

In a small macroeconomic model of the Colombian economy I investigate the problem of selecting a policy rule that is consistent with inflation targeting. I spell out the characteristics of the optimal feedback and output parameters in the rule, as well as for the optimal forecasting horizon for…

In this theoretical report, the identifiability property of a coincident index model is studied.  As a result, characterization of the identifiability conditions solves a model specification problem, which was detected in the design of an earlier index for the Colombian economy.   Key…