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Central banks generally target multiple objectives while having at least the same number of monetary instruments. However, some instruments can be inadvertently collinear, leading to indeterminacy and identification failures. Paradoxically, most empirical studies have shied away from this…

The Board of Directors has seven members: the Minister of Finance and Public Credit, the Governor of the Central Bank, and five full-time Board Members, who exclusively represent the general interest of the Nation [See: Political Constitution, Art. 372; Law 31 of 1992, Art.28; and Decree 2520 of…

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. 

The balance sheet is a snapshot that portraits the financial position of a firm at a specific point of time. Under the reasonable assumption that the financial position of a firm is unique and representative, we use a basic artificial neural network pattern recognition method on Colombian banks’…

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. 

Is the failure of natural resource abundance to achieve better economic outcomes due to limited nancial development or scal policy short-termism? I answer this question in a precautionary savings model where both resource revenues and asset returns are uncertain. Calibrating for Colombia, I nd…

Because the gap between observed inflation and the target is higher in Colombia than in other countries in the region.Because the gap between inflation expectations and the target is higher in Colombia than in other countries in the region.Once inflation gets to a low and stable level, the policy…

Why justice is unresponsive to crime: Why justice is un responsive to crime: The case of cocine in Colombia

Imagine a country whose inflation rate has recently surpassed 300% a year, and during some months even surpassed the 50% level that was estabilished as a benchmark for the definition of Phillip Cagan's classic study on the subject. This rapid inflation led to a devaluation of the local currency of…

On October 23, the awards ceremony for the 15th National Academic Economics Competition (CANE in Spanish) took place. This academic initiative, organized by the Student Council of the School of Economics at Universidad del Rosario, aims to promote academic exchange and enhance economic knowledge…

By the end of the 1990s, inefficiency, excess supply and low service quality characterized the mass transit system of Bogotá. The average travel time to work was one hour and ten minutes, obsolete buses provided public transport, traffic generated 70 percent of air pollution and there were frequent…

The impact of the COVID-19 pandemic on mental health underscores the need for early intervention strategies, especially for vulnerable groups such as young people, the elderly, and women, to mitigate the increase in mental and behavioral disorders in Colombia.

Access to formal credit has a positive relationship with the growth and formalization of microbusinesses. Those led by women are associated with higher probabilities of formalization and better growth indicators when accessing formal credit, compared to those led by men.

Gender gaps in academic performance limit educational and professional opportunities for women, perpetuating social and economic inequalities. It is crucial to implement inclusive and targeted public policies that reduce these disparities and promote greater opportunities for women in the future.

The findings show that the output gap in Colombia fell by 20% in the second quarter of 2020 due to the pandemic, but it recovered quickly, unlike previous crises.

AbstractWe estimate the effects of annual temperature and precipitation on rice yields in Colombia from 1987 to 2016. The analysis explores the degree of variation in response to climate changes across the country’s diverse topography. Since there are two growing seasons in Colombia, the effects of…

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.  

"This study integrates the notions of level and dependence to assess the degree of de-anchoring of inflation expectations in Colombia." 

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. 

AbstractThe 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 a Dynamic…

Abstract

AbstractFiscal 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 de la República’s…

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. 

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.