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Monetary policy is a key component of a country’s macroeconomic policy. It includes a set of actions through which the central Bank seeks to achieve specific objectives, such as a low and stable inflation that preserves the purchasing power of money and contributes to maintaining sustainable…
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When Banco de la República’s (the Central Bank of Colombia) Board of Directors makes a decision on the level of the benchmark interest rate, ordinary people may ask: does it really affect me? or how does this rate control inflation? Although the answers to such questions may seem complicated, they…
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In order to explain the second objective of Banco de la República’s (the Central Bank of Colombia) monetary policy (“[…] and to ensure that the economy can grow at the maximum level of its capabilities”), in the last Economic-knowledge1 edition, we provided a simple explanation of the Gross…
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In the previous edition of Economic-knowledge we defined inflation as the generalized and sustained increase in the prices of the most representative goods and services of household consumption in a country. Moreover, we analyzed each of its components to understand its meaning.
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In the two previous editions of Economic-knowledge inflation was defined as the generalized and sustained increase in prices of the most representative goods and services consumed by a country's households. It was also explained that its causes might be due to factors related to demand or supply of…
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In this paper we show the importance of subject of degree in explaining the gender wage gap in Colombia. In order to minimize the influence of gender differences in experience, promotions, and job changes on the wage gap, we focus on college graduates who have a formal job and who have been in the…
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Abstract This paper describes the recent behavior of some indicators of the Colombian educational system considering the effect of the pandemic. In addition, the impact of a pilot alternation plan, executed between September and December 2020, on the results of the Saber 11 test, which was…
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RESUMEN NO TÉCNICO‘La efectividad de la intervención cambiaria y la influencia de la incertidumbre sobre la tasa de cambio’
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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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In this paper we discuss cost and profit efficiency for a sample of financial institutions on the Colombian financial market in the period 1989-2003, using stochastic frontier efficiency analysis. During the period, the cost efficient frontier deteriorates, but profit efficient frontier is…
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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 opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la Republica or its Board of Directors.
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The Colombian economy and financial system have coped reasonably well with the effects of the global financial crisis. Hence, "unconventional" policy measures have not been at the center of the policy decisions and discussions. Nominal short term interest rates have remained the main monetary…
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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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We carry out a reading analysis that consists of two elements. First, we observe the coherence between monetary policy actions and press releases. In this case, we found that inflation and growth are significant themes in the adoption of the policy measures between September 2004 and March 2016.…
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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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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 Estudios…
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This paper estimates the local efficiency of the public provision of education in Colombia between 2007 and 2014. The empirical analysis relies on a multiproduct function that assesses public performance considering two types of education products: quality and enrolment. Results for Colombian…
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In a small macroeconomic model of the Colombian economy I investigate the problem of selecting a policy rule that is consistent with inflation targeting. I spell out the characteristics of the optimal feedback and output parameters in the rule, as well as for the optimal forecasting horizon for…
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First developed by Markowitz (1952), the mean-variance framework is the most widespread theoretical approximation to the portfolio problem. Nevertheless, successful application in the investment community has been limited. Assumptions such as normality of returns and a static correlation matrix…
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The Eighth high-Level Political Dialog between the Eurosystem and Latin American Central Banks took place on 28 and 29 November in Cartagena de Indias. The meeting was organized jointly by the European Central Bank, Banco de España, and Banco de la República de Colombia, which hosted the meeting.
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The Electronic Trading System (Sistema Electrónico de Negociación-SEN), hereinafter SEN or THE SYSTEM, is the trading and registration system for securities transactions managed by Banco de la República (the Central Bank of Colombia), through which Agents may enter intospot or forward transactions…
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An empirical model of the pass-through of international to domestic food inflation is proposed. The inflation rates and exchange rates of China and India are found to be significant in explaining imported food inflation in Colombia, 10,000 miles away. Notwithstanding the recent increase in…
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Abstract
According to the World Migration Report 2020, the number of international migrants increased from 84 million in 1970 to 272 million in 2019, accounting for 3.5% of the world’s population. This paper investigates the aggregated effect of emigration on the tax revenue of sending countries…
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