Servicios
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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 with degrees in Chemical Engineering, Environmental Engineering, Process Engineering, Industrial Engineering, Mechanical Engineering, Environmental Management, Economics, Electrical Engineering, or related fields.If you are a person with a disability and wish to participate, please…
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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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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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The interest rate on government bonds depends on the policy interest rate set by Banco de la República for short-term, risk-free operations, on the policy rate that bond investors expect in the future, and on the risk premium they require to cover the risks of long-term operations inherent to…
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This risk premium depends on several factors, one of which is the strength of the government’s finances. If investors perceive the government’s financial situation as solid, the risk premium will be lower; if, on the contrary, they perceive that the government’s debt and fiscal deficit are rising…
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An inflation-targeting framework means that Banco de la República makes decisions regarding the policy interest rate to ensure that inflation approaches the target and the economy operates at a sustainable pace over time.
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When inflation is high, money quickly loses its value; this means that a household can buy fewer basic goods such as food with the same amount of money. When inflation is both high and volatile, it becomes difficult to finance long-term projects, such as those required to expand companies’…
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The interest rate on government bonds and their risk premium component have risen, while the policy interest rate has decreased or remained unchanged. Given this, the recent increase in the 10-year government bond interest rate is related to the risk premium for the risk of these bonds, due to the…
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The policy interest rate influences financial market rates, thereby impacting the exchange rate, consumption, investment, and inflation expectations. When demand exceeds supply, the Bank raises the rate to control inflation, encourage saving, reduce credit, and stabilize the exchange rate.
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The inflation target is the quantitative objective set by Banco de la República to fulfill its constitutional mandate of preserving the purchasing power of money through low and stable inflation. The Bank sets a target to keep inflation close to that level and to guide its decisions regarding the…
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Colombia’s inflation target is 3.0%. It has been set at this level since 2009 and it is the same in countries such as Chile, Mexico, Brazil, Costa Rica, China, Hungary, the Philippines, and Georgia. It is also very close to the targets of Australia, Indonesia, Iceland, Malaysia, Poland, and Romania…
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The policy interest rate is Banco de la República’s main monetary policy instrument. The Bank raises, lowers, or maintains it with the aim of achieving the annual inflation target, which, in Colombia, has been set at 3.0% since 2010.
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We study the existence and international migration of housing market bubbles, using quarterly information of twenty OECD countries for the period comprised between 1970 and 2015. We find that housing bubbles are present in all the countries included in our sample. Multiple bubbles are found in all…
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