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A regular meeting of the Board of Directors of Banco de la República took place in the city of Bogotá D.C. on Wednesday, June 24, 2015. In attendance were Mauricio Cárdenas Santamaría, Minister of Finance and Public Credit, José Darío Uribe Escobar, Governor of the Central Bank, and Board Members…

A regular meeting of the Board of Directors of Banco of the República took place in the city of Bogotá D.C. on February 20, 2015. In attendance were Mauricio Cárdenas Santamaría, Minister of Finance and Public Credit, José Darío Uribe Escobar, Governor of the Central Bank, and Board Members Carlos…

A regular meeting of the Board of Directors of Banco of the República took place in the city of Bogotá D.C. on Friday, May 22, 2015.

A regular meeting of the Board of Directors of Banco of the República took place in the city of Bogotá D.C. on Friday, April 24, 2015. In attendance were Mauricio Cárdenas Santamaría, Minister of Finance and Public Credit, José Darío Uribe Escobar, Governor of the Central Bank, and Board Members…

A regular meeting of the Board of Directors of Banco of the República took place in the city of Bogotá D.C. on Friday, March 20, 2015. In attendance were Mauricio Cárdenas Santamaría, Minister of Finance and Public Credit, José Darío Uribe Escobar, Governor of the Central Bank, and Board Members…

A regular meeting of the Board of Directors of Banco de la República took place in the city of Bogotá D.C. on Monday, 29 January 2018. In attendance were Mauricio Cárdenas Santamaría, Minister of Finance and Public Credit; Juan José Echavarría, Governor of the Central Bank; and Board Members…

A regular meeting of the Board of Directors of Banco de la República took place in the city of Bogotá D.C. on Tuesday, March 20, 2018. In attendance were Mauricio Cárdenas Santamaría, Minister of Finance and Public Credit; Juan José Echavarría, Governor of the Central Bank; and Board…

A regular meeting of the Board of Directors of Banco de la República took place in the city of Bogotá D.C. on Friday, 20 December 2019. In attendance were Alberto Carrasquilla Barrera, Minister of Finance and Public Credit; Juan José Echavarría, Governor of the Central Bank; and Board Members…

The ordinary meeting of the Board of Directors of Banco de la República took place on 31 January 2020 in Bogotá D.C. In attendance were the Minister of Finance and Public Credit, Alberto Carrasquilla Barrera, the Governor of the Central Bank, Juan José Echavarría Soto, and Board Members Gerardo…

In August, headline inflation stood at 0.7%, above that expected by the technical staff and the market analysts (0.5%). Annual headline inflation came in at 11.4% and core inflation (excluding food and regulated items) at 9.9%. Although both inflation measures continued on a downward trajectory,…

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. 

Los tres canales principales por los que se transmite la política monetaria, según la literatura económica, son: la tasa de interés, el crédito y el tipo de cambio; reconocemos que la importancia relativa y la efectividad de estos canales pueden variar según el contexto económico y las…

Con la historia de los Habitantes de la Isla de Yap, hacemos una analogía al patrón oro del siglo XIX. En ese entonces había un “banco de la moneda” que inventariaba y guardaba las monedas más pesadas. De la misma forma que el oro tenía una representación en billetes, las monedas de piedra tenían…

A dynamic linear model for data revisions and delays is proposed. This model extends Jacobs & Van Norden's [13] in two ways. First, the "true" data series is observable up to a fixed period of time M. And second, preliminary figures might be biased estimates of the true series. Otherwise, the…

  This paper contains a nonlinear, nonstationary autoregressive model whose intercept changes deterministically over time. The intercept is a flexible function of time, and its construction bears some resemblance to neural network models. A modeling technique, modified from one for single…

Abstract Assessing the dynamics of risk premium measures and its relationship with macroeconomic fundamentals is important for both macroeconomic policymakers and market practitioners. This paper analyzes the main determinants of CDS in Latin-America at different tenures, focusing on their…

At the end of 2021, the labor market showed signs of a sluggish recovery, at a notably slower pace than economic activity. With seasonally adjusted figures from the household survey, job creation in the national aggregate saw a pause in October and November, due largely to a downturn in employment…

   

Monetary neutrality in the colombian Monetary neutrality in the Colombian real exchange rate

This work analyzes the relationship between real interest rates and commodity prices. According to Frankel’s hypothesis (1986-2006): “low real interest rates lead to high real commodity prices”. However, some empirical evidence suggests that commodity prices can predict monetary policy. In this way…

Presented during the Panel: Macroeconomic View on Colombia in London of the 6th version of Colombia InsideOut.   Hosts : Bolsa de Valores de Colombia (BVC) and Depósito Centralizado de Valores (Deceval)

Abstract Portfolio flows are an important source of funding for both private and public agents in emerging market economies. In this paper, we study the influence of changes in domestic and US monetary policy rates on portfolio inflows in an emerging market economy and discriminate among fixed…

The role of the exchange rate and the exchange rate regime in the monetary policy decision-making process in Colombia is described. The rationale for the intervention of the Central Bank in the FX market is explained and the experience in this regard is reviewed. Special attention is given to the…

Notas de la Presentación Reuniones Anuales del Banco Interamericano de Desarrollo (BID) Medellín, marzo 29 de 2009