Servicios
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AbstractUsing a novel database of historical series of revenues and expenses of different levels of government between 1923 and 2020, in this paper we describe the evolution of the vertical and horizontal imbalances between central government, states, and municipalities in Colombia. The analysis…
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Two of our platforms are scheduled to undergo maintenance from 7:30 p.m. on Wednesday, March 31 through Sunday, April 4. For this reason, you will not be able to consults economic statistical series and payment systems statistics during that period. We invite you to take the necessary steps to…
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Abstract
This paper assesses whether the expansion of online job vacancies leads to a more efficient labor market. We provide compelling evidence that the increase in online job vacancy penetration in Colombia has had an enhancing effect on the labor market's efficiency by making…
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El Banco de la República y la Red de Investigadores de Economía lanzan el ‘Curso de Banca Central 2025’. Está dirigido a estudiantes de Economía, la inscripción es gratuita y el objetivo es profundizar conceptos macroeconómicos y de política monetaria, con enfoque en el análisis y la aplicación…
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El Banco de la República lanza la decimotercera versión de su Concurso Nacional de Ensayo Corto “De la banca escolar a la banca central” e invita a los estudiantes de los grados 9. °, 10. °, 11. ° y 12. ° a participar. Para ello, deberán conformar equipos de tres a cinco estudiantes bajo la…
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The Colombian Political Constitution and Article 14 of Law 31 of 1992 of the Republic of Colombia sets forth that the central bank of Colombia, Banco de la República (the “Bank” or “BdlR”), is the administrator of the foreign reserves of the Republic of Colombia, which administration shall be made…
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I am very pleased to welcome you to Bogotá and to this 24th meeting of the Regional Financial Stability Group , which has been organized on this opportunity by Banco de la República (the Central Bank of Colombia) together with the Central American Monetary Council .We are honored to host…
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Banco de la República summons university students in their last semesters from professional degrees who are interested in applying to internship openings to enroll in the selection process for the first half of 2020. Through this process, outstanding students in their academic performance,…
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Operational Risk (OR) results from endogenous and exogenous risk factors, as diverse and complex to assess as human resources and technology, which may not be properly measured using traditional quantitative approaches. Engineering has faced the same challenges when designing practical…
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Optimal Commodity Price Stabilization over the Business Cycle Optimal Commodity Price Stabilization over the Business Cycle Rodrigo Suescún*
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In an open-economy model with financial constraint, Schmitt-Grohé and Uribe (2017) propose an expression for a capital control policy. From this expression, they argue that the optimal tax, i.e. the one that solves the overborrowing problem, is indeterminate when crises occur (i.e. when the…
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The unfolding of the 2007 world financial and economic crisis has highlighted the vulnerability of real economic activity to strong fluctuations in asset prices. Which is the optimal monetary policy in an economy like the Colombian that is exposed to swings in asset prices? What is the implication…
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This report concludes my mission in the Banco de la República de Colombia (BR). This mission took place in Bogotá on December 9-13, 2019. It had three main objectives:
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This paper analyzes the effect of social security and lump sum layoff payment in an economy with an informal sector and savings, where the search effort is unobserved. I characterize the optimal consumption/search/non-participant strategy assuming that workers are risk averse and that formal jobs…
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When managing international reserves, central banks generally face the problem of determining what their optimum or adequate level is. A critical review of some methodologies for calculating the optimum amount of reserves is presented in this document.
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Abstract
Do oral FX interventions (i.e. announcements made by central bank officials and economic authorities) influence the exchange rate behavior in emerging economies? Following an event study approach, we evaluate whether this type of interventions in the Colombian FX market have an…
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This page contains a general description of the structure of Banco de la República and its divisions, sections and departments.
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Since: 1990
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In this paper two new measures of the Colombian output gap and the real neutral interest rate are proposed. Instead of relying only on statistical filters, the proposed measures use semi-structural New-Keynesian models, adapted for a small open economy. The output gap measures presented are in line…
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Output Gap Estimation, Estimation Uncertainty and its Effect on Policy Rules Output Gap Estimation, Estimation Uncertainty and its Effect on Policy Rules
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Format
Outstanding OMO (Daily Monetary Expansion and Contraction)
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We study the separation of ownership and control for an average of 140 listed non-financial Corporations in Colombia during the 1996-2002 period. Breaking the sample according to their listing status and economic activity, voting rights are greater than cash flow rights because of the presence of…
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