Working Papers on Economics

A Model of the Nominal and Real Exchange in Colombia A Model of the Nominal and Real Exchange in Colombia   Javier Gómez*

A nonlinear specification of demand for cash in Colombia A nonlinear specification of demand for cash in Colombia   By Luis E. Arango and Andrés González(1)

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…

We compute both seigniorage rate and  welfare cost of inflation rate in Colombia using a  Sidrauski-type model  in which preferences are separable functions of the service flows of  non-durable goods and  money holdings.  The set of the estimated parameters imply…

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

The Impact of Transportation Infrastructure on the Colombian Economy 1905-1990: An Historical and Econometric Approach. The Impact of Transportation Infrastructure on the Colombian Economy 1905-1990: An Historical and Econometric Approach

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?

The study of the asymmetric behavior of macroeconomic variables over the business cycles phases has had a long tradition in economics. In this work we find evidence in favor of the hypothesis of having a STAR-type nonlinear asymmetric behavior of the economic activity, over the last two decades,…

I build a general equilibrium, financial accelerator model that incorporates an explicit technology for the intermediary sector. A credit multiplier emerges because of a borrowing constraint that is a function of asset prices, internal funds and lending rates. With this financial friction I show…

Sudden stops seem to create the perfect environment for disinflation, especially when central banks defend the exchange rate by increasing interest rates. We propose a variation of the output gap model that incorporates the sudden stop shock. The use of the model in policy analysis shows that…