Servicios
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This paper uses the first wave of the Colombian Longitudinal Survey (ELCA) to analyze the relationship between individual health status and labor force participation. The empirical modeling strategy accounts for the presence of potential endogeneity between these two variables.
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The World Bank has proposed an alternative hedging instrument to be offered by the FRECH, instead of the collar-swap currently available. The suggested derivative corresponds to a European Cap option for the real interest rate, which could give greater flexibility to the hedging mechanism, allowing…
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Profession:Economist
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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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Abstract
Small family farms account for 72 percent of the farms in the world. Most of these farms, in developing countries, face labor productivity gaps. One of the strategies to increase agricultural productivity focuses on implementing technical assistance programs. Using agriculture…
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Abstract
This paper estimates the marginal treatment effect of informality on wages for Brazil at the individual level using regional data on labor inspectors for identification. The results show that there is significant essential heterogeneity among otherwise identical workers that lead them to…
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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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1. Important Developments in 2006Mr. José Darío Uribe highlighted three important developments with respect to the Colombian economy during 2006:
Annual consumer inflation was 4.48% at December, which is on target with the objective set by the Board of Directors of Banco de la República.
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Inflation
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In this essay, the Colombian experience with internal and external debt since the end of the war up to 1970, is discussed. Following a common thread of previous essays, that experience is commented in the international context. The document highlights important similarities and contrasts…
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Although Colombia was not directly involved, the economic consequences of World War II had a clear influence on the macroeconomic policies applied in the country during the international conflict, and in the first few years that followed. This essay attempts to explore the role of internal public…
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This database was built as part of the celebration of the 100th anniversary of Banco de la República (the Central Bank of Colombia). It compiles historical information from various Colombian economic series, based on the compilation published by the Bank in 1997, complemented with data from sources…
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HPI - For the three major colombian cities - Index 1990 =100, Annual Data Series and Quarterly Data Series
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This paper investigates the possible responses of an inflation-targeting monetary policy in the face of asset price deviations from fundamental values.
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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 average interest rates of the 90-day CDTs (DTFs) closely track the behavior of Banco de la República’s benchmark rate, indicating a direct and stable relationship between the two over the period analyzed. However, the interest rate on home purchase loans (mortgage rate) has followed a different…
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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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An independent central bank focuses on the macroeconomic stability objectives set out in the legislation without interference from the government’s short-term objectives. Independence also enhances the Bank’s credibility by enabling society to expect a stable macroeconomic environment in the future…
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Like Colombia, countries such as Mexico, Brazil, Peru, and Chile also raised interest rates in response to the spike in inflation. All countries were able to reduce their policy rates once inflation began to ease; however, Mexico, Peru, and Chile continued easing, followed by a period of…
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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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