Servicios
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Presented during “The Shadow of Neo-Protectionism and Coping with the Challenges of the Normalization Process” (Reinventing Bretton Woods Committee/Bank of Indonesia/UBS).
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Presented at FLAR-CAF XIII Annual Conference
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Banco de la República (the Central Bank of Colombia) main instrument to achieve the inflation target is the monetary policy interest rate. Decisions on the level of this interest rate consider the analysis of the current situation of the economy (prices, output, and employment, among others), its…
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If theory-consistent models can ever hope to forecast well and to be useful for policy, they have to relate to data which though rich in information is uncertain, unbalanced and sometimes forecasts from external sources about the future path of other variables. One example from many is…
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Presented at 9th High Level Conference on the International Monetary System.
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Monetary policy implications for an oil-exporting economy of lower long-run international oil pricesThe sudden collapse of oil prices poses a challenge to inflation targeting central banks in oil exporting economies. This paper illustrates that challenge and conducts a quantitative assessment of the impact of permanent changes in oil prices in a small and open economy, in which oil represents an…
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Monetary policy should continuously assess the state of the economy, as well as its future developments and prospects over the next four to eight quarterly terms. It is during this time span that changes in interest-rate intervention rates have their effect on other interest rates and have…
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Working paper for a meeting with the Governor of Banco de la República, the Finance Minister of Colombia and members of the Trade Council.
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Translation available since: 2015 | Periodicity: Quarterly
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Inflation would peak in March and start to gradually decline as of the second quarter of 2023, bringing inflation back to the 3% target over the next two years.
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Inflation continued to decline but remains above the 3% target. Economic activity is gradually recovering, with strong momentum observed in the first quarter of the year. The current benchmark rate remains consistent with inflation’s convergence to the target over the next two years and a gradual…
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As per its constitutional mandate, Banco de la República must ensure that the purchasing power of the currency is maintained in coordination with the general economic policy1.
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Inflation continues to fall, but it is above the 3% target, and it is projected to continue falling until it reaches it in 2025. Economic growth is low, but it would recover, and by 2025, economic activity would reach a path that can be sustained over time without causing unwanted changes in…
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While inflation fell significantly in 2024, it continues above the 3% target. However, monetary policy measures and corrections in particular factors that exert upward price pressures have helped direct inflation toward the objective. Economic activity continues to recover and is expected to…
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During the second quarter, headline inflation remained stable, while core inflation (the measure of inflation that excludes temporary movements in the prices of food and regulated items) continued to decline. The aggregate effects of monetary policy, together with low exchange rate pressures, would…
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Inflation continues to decline, although it is still above the 3% target. Monetary policy measures and correcting factors that pushed prices up are helping inflation to continue approaching the target. Economic activity is recovering to a sustainable level, unemployment has decreased, and the…
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Macroeconomic Summary
Recent data on economic activity, inflation and the job market suggest their trends have been in line with the technical staff's assessment of the state of the economy and how it is expected to evolve, characterized by a slump in demand and the persistence of ample surplus…
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Macroeconomic summary
The Colombian economy sustained numerous shocks in the second quarter, primarily related to costs and supply. The majority of these shocks were unanticipated or proved more persistent than expected, interrupting the recovery in economic activity observed at the beginning of…
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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 studies the performance, in terms of volatility and welfare, of different monetary policy rules in an economy with two market frictions. We consider a financial friction that highlights the credit channel as the monetary transmission mechanism and a labor friction, that considerably…
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M1 (excluding Central National Government entities)
M3 (excluding Central National Government entities)
Net domestic credit to the public sector
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M1 (excluding Central National Government entities)
M3 (excluding Central National Government entities)
Net domestic credit to the public sector
Gross domestic credit to the private sector
Net foreign assets
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What are financial infrastructures?Financial infrastructure or financial market infrastructures (FMI) enable the clearing, settlement, and recording of financial transactions (payments, securities, derivatives, and other financial assets) between participating entities.They include:
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