Servicios
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Unemployment rate and the real wage behavior: a neoclassical hint for the Colombian labor market adjustment Unemployment rate and the real wage behavior:
a neoclassical hint for Colombian labor market adjustment
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Slides delivered at Foro Mundial de Eempleo y Prosperidad, organized by Colsubsidio and Acoset in May 2012
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Historical data series
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During what has been challenging time for Latin American countries and for their most vulnerable population, due to the impact of the Covid-19 pandemic, María Paula Gutiérrez Hurtado, a college student, won the "Ideas for the Future" Prize for 2021 with an essay that highlights the need for…
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Abstract
Modern macroeconomics focuses on the identification of the primitive exogenous forces generating business cycles. This is at odds with macroeconomic forecasts collected through surveys, which are about endogenous variables. To address this divorce, our paper uses a semi-structural…
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The document submission for applying to the 2024 Study Abroad Program is now open. Remember that this call offers two master´s degree programs: Public Administration and Public Policy. Additionally, the sponsorship for PhD in Economics, Economic Law, and young talent (music) will be maintained.The…
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ASTRACT
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ABSTRACT
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Banco de la República (the Central Bank of Colombia) announces that, as of 10 January 2025, the company Transbank has been providing cash exchange services through a cash window operating at the following locations and opening hours:
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Human health is increasingly viewed as central in economic development, both as a measure of development and as an input. Early mortality and excessive morbidity are serious constraints to economic growth. The impact of pollution on human health has recently become a focus of research in developing…
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Carlos Quicazán, Financial Stability Department Director of Banco de la República (the Central Bank of Colombia), presented the Financial Stability Report for the first half of 2025 on Wednesday, June 11.The analysis presented in this edition of the Report concludes that the Colombian financial…
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In this study we construct volatility spillover indexes for some of the major stock market indexes in the world. We use a DCC-GARCH framework for modelling the multivariate relationships of volatility among markets. Extending the framework of Diebold and Yilmaz [2012] we compute spillover indexes…
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Abstract: The paper provides some evidence on the relevance of global uncertainty and risk aversion and the lesser importance of US interest rates for the global financial and business cycles. As framework, we use a global semi-structural model augmented with financial and trade interlinkages…
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Wage Adjustment Practices and the Link between Price and Wages: Survey Evidence from Colombian FirmsThe aim of this paper is to explore firms wage adjustment practices in the Colombian formal labor market; specifically, the timing and frequency of wage increases, as well as the link between wage and price changes. To this end, we use an ad hoc survey of 1,305 small, medium and large firms…
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The existence of wage differentials across sectors is a widely observed phenomenon. This paper provides new elements to understand inter and intra-sectoral wage differentials in Colombia by analysing a wage setting survey of 1305 firms and emphasizing the role of firm characteristics. The results…
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Formats
Legal Daily Minimum Wage (In Colombian Pesos)
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A Statement of the Colombian Constitutional Court has mandated wage indexation on the basis of past inflation. A simple model with a wage price system, a real block, and an inflation targeting interest rule is calibrated to resemble price setting in the Colombian economy and to analyze the…
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Banco de la República (the Central Bank of Colombia) is established as a legal entity of public law and constitutional status, with administrative, patrimonial, and technical autonomy, subject to its legal framework, established in Articles 371 to 373 of the Political Constitution, Law 31 of 1992,…
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This paper uses a survey on wage formation that was applied to 1,305 Colombian firms to study wage-setting decisions with respect to newly hired employees. The Colombian case is interesting, since the country´s labour market performance, especially its unemployment rate and level of informality,…
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Remarks by the Governor of Banco de la República (the Central Bank of Colombia) during the carbon neutrality certification ceremony:“I would like to thank Bureau Veritas for being here at this event and for awarding the certifications to Banco de la República, particularly the one corresponding to…
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Candidates with academic backgrounds in Social Sciences, Humanities, Arts, or Education are encouraged to apply. Professional experience in cultural management, community engagement, and digital content development is required. Familiarity with the regional cultural context and skills in content…
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Professional training in Literary Studies, History, Geography, or Anthropology. Experience is required in library collections and services, management of bibliographic resources (both physical and electronic), content development, and research in educational and/or cultural settings.If you are a…
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According to Colombia’s Constitution, Banco de la República is an institution that operates independent of government. It enjoys administrative, patrimonial and technical autonomy and is subject to its own system of rules and regulations
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Abstract
Colombia is particularly affected by the El Niño Southern Oscillation (ENSO) weather fluctuations. In this context, this study explores how the adverse weather events linked to ENSO affect the inflation expectations in Colombia and how to incorporate these second-round effects into a…
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