Servicios
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This role began to be formalized with Decree 756 of 1951, which granted the Bank the power to establish special quotas for development credit to different sectors of the economy. Later, in 1963, the Monetary Board assumed responsibility for defining the rediscount funds, their sources of financing…
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Bogotá
(Bogotá D.C., Cundinamarca)
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Bogotá
(Bogotá D.C., Cundinamarca)
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Bogotá(only in Spanish) (Bogotá D.C., Cundinamarca)
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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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This paper uses discrete-choice models to quantify the role of consumer socioeconomic characteristics, payment instrument attributes, and transaction features on the probability of using cash, debit card, or credit card at the point-of-sale. We use the Bank of Canada 2009 Method of Payment Survey,…
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Banco de la República’s policy interest rate, both observed and expected, has declined or remained stable since the beginning of 2024. In contrast, the interest rate on government bonds and the additional risk premium have increased during the same period.
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The Bank compares both observed and expected inflation with the target and assesses the current and projected state of economic activity. If inflation (observed or expected) is above the target because economic spending exceeds productive capacity, the Bank must raise the policy interest rate so…
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The real interest rate is calculated by subtracting inflation (observed or expected) from the policy interest rate. When observed inflation is subtracted, it reflects current purchasing power, and when expected inflation is subtracted, it reflects future purchasing power.
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Paper presented al the "Investor Seminar at the time of the IMF/World Bank Annual Meetings 2009", for the panel "Emerging Markets in the Context of the End of the Global Recession", organized by JPMorgan.
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AbstractFrom an analysis that is neither accounting nor financial but economic, Rincón-Castro and Delgado-Rojas (2017) calculate for Colombia the average effective rates of taxation on consumption and the factors of production labor and capital, for the period between 1994 and 2016.…
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This paper evaluates the role of rural infrastructure on the performance of some agricultural crops in Colombia. The study utilizes geo-referenced cross sectional data of four crops, coffee, rice, beans and plantains, collected for the majority of municipalities. Using genetic matching models, we…
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HOW UNCERTAÍN ARE NAIRU ESTÍMATES ÍN COLOMBÍA? HOW UNCERTAÍN ARE NAIRU ESTÍMATES ÍN COLOMBÍA?
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We provide evidence of private returns to education and of externalities which jointly render social returns to education in Colombia. The spillover is generated by the share of college-educated workers within the working-age population. Thus, the higher this share in the cities, the higher the…
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This paper provides evidence of positive externalities in human capital that help to explain divergences in development worldwide. We estimate the supply and demand for human capital using a five-year panel involving 60 countries and covering the period 1980-2000, and found that there exist…
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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 use hazard models to study the determinants of housing price bubbles’ duration. We answer two related questions: i). Does prolonged domestic monetary policy easing increase the duration of housing price bubbles? And, ii). Does prolonged monetary policy easing in the US influences housing bubbles…
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In this theoretical report, the identifiability property of a coincident index model is studied. As a result, characterization of the identifiability conditions solves a model specification problem, which was detected in the design of an earlier index for the Colombian economy. Key…
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This article analyzes identification problems that may arise while linearizing and solving DSGE models. A criterion is proposed to determine whether or not a set of parameters is partially identifiable, in the sense of Canova and Sala (2009), based on the computation of a basis for the null space…
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Structural VAR and Structural VEC models were estimated for Chile and Colombia, aiming at identifying fiscal policy shocks in both countries between 1990 and 2005. The impulse responses obtained allow the calculation of a peso-for-peso ($/$) effect on output of a shock to public spending and to the…
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