Working Papers on Economics
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- Publicación |Hospital productivity has declined steadily across all three complexity levels. Level 3 public hospitals (ESEs) were more resilient during the pandemic, while Level 2 hospitals suffered the greatest impact but showed a stronger recovery. Level 1 hospitals experienced the most prolonged decline with…
- Publicación |The implicit equity tax is progressive for smaller firms but regressive for larger ones.
- Publicación |Although there is a close relationship between the government’s budget and its fiscal balance, they respond to different objectives, concepts, accounting bases, and measurement methodologies, which makes their understanding, monitoring, and evaluation more difficult.
- Publicación |Regarding the impact of monetary policy on housing prices, we find that it is significant: a one-unit monetary policy surprise shock (in the index) leads to a decline in housing price growth of approximately 6 percentage points as supply elasticity decreases.
- Publicación |Market frictions and banking regulations limit the liquidity of the derivatives market, particularly affecting large firms. Foreign exchange interventions have asymmetric effects: they implicitly protect small firms under low intervention scenarios, but benefit large firms when intervention is high.
- Publicación |Microcredit plays a relevant role in reducing information asymmetries in the rural credit market, although its effects are concentrated in a small fraction of beneficiaries, posing additional challenges to broaden its reach and effectiveness. Accessing credit through microfinance institutions or…
- Publicación |Expectations about the monetary policy rate (MPR) play a key role in the transmission to deposit and credit interest rates. This process is neither immediate nor uniform across financial products.
- Publicación |Greater female labor force participation would help mitigate the challenges posed by population aging, which is one of the most pressing issues facing major economies worldwide.
- Publicación |Approach
This document presents a stress testing model designed to assess, from a forward-looking perspective, the financial vulnerability of non-financial corporations in Colombia. This tool is used by the Financial Stability Department of Banco de la República (the Central Bank…
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Fiscal policy and monetary policy are intricately connected, as government policies influence various macroeconomic variables, affecting prices and, consequently, Central Bank decisions. To elucidate this relationship, this document outlines the model employed by Banco…
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We present evidence of the minimum wage effects on labour informality rates in Colombia, where the informality is by far the most serious problem of the labour market. The working population is divided into sixteen groups depending on the age, gender, and educational level. This division…
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We provide the first comprehensive analysis of the flow-performance relation in Colombian open-end investment funds. We employ a rich dataset containing weekly information at the fund level, including balance sheets, portfolio holdings, liquidity indicators, capital…
- Publicación |"This study integrates the notions of level and dependence to assess the degree of de-anchoring of inflation expectations in Colombia."
- Publicación |The Federal Reserve's capital requirements in 2022 led to a significant contraction in short-term credit for Colombian banks, reflecting the impact of regulations in advanced economies on liquidity in emerging markets.
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The Global Financial Cycle (GFC), defined as the fluctuations in international capital flows, asset prices, and risk appetite, has garnered significant attention from the recent international finance literature, market practitioners, and policymakers. This study employs…
- Publicación |When weather shocks are persistent --As in the extreme scenario-- they generate more lasting inflationary pressures that justify more restrictive monetary policy responses, albeit with higher costs in terms of economic activity.
- Publicación |The results highlight the usefulness of combining machine learning techniques with alternative sources of information to generate timely forecasts that are comparable to those of the market.
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We study the financial and real effects of a wealth tax reform in Colombia that included a large share of small and medium-sized enterprises (SMEs) as new taxpayers. The tax was introduced in response to a severe weather shock that affected several regions of the country. We use a unique…
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