Publications

This paper analyses the behavior of household consumption in Colombia during Covid-19 post pandemic. Initially, it introduces a regional comparison emphasizing in the severity of lockdown and the government fiscal responses. Then, it describes the dynamics of the main consumption…

We use Long Short Term Memory (LSTM) neural networks, a deep learning technique, to forecast Colombian headline inflation one year ahead through two approaches. The first one uses only information from the target variable, while the second one incorporates additional information from…

We bring together the largest meta-analysis ever conducted in the macroeconomic literature to investigate the effects of central bank credibility on monetary policy. With nearly 1,200 surveyed effects, we first confirm that: (i) conventional policy significantly affects inflation and…

Notes by the Governor of Banco de la República (the Central Bank of Colombia), Leonardo Villar-Gómez, at the launching of the reissuing of the 1986 Chenery Employment Mission Report, “Misión de empleo. Informe final, julio 1986”.

Above all, the reissuing of the 1986 Chenery mission report…

Colombia saw a drop in investment as a result of the COVID-19 shock, which resulted in a negative gap in the second quarter of 2020 of -2.8% of the GDP. In the context of the region, Peru was hardest hit, while countries such as Mexico, Chile, and Brazil suffered minor setbacks. The…

Education in Colombia and Latin America is characterized by significant gaps in the quality of education as measured by standardized test scores. This  paper assesses the impact of a Colombian program called SaberEs, which strengthens preparation for standardized…

(Bogotá, D. C.; Cundinamarca)

A vast amount of literature in Colombia has studied differentials in working conditions and income inequalities. Empirical results have shown that inequalities in the country have been persistent. Disparities in the health conditions of individuals have received less attention in a…

Over the past 30 years, monetary and macroprudential policy in Colombia evolved towards the pursuit of a low and credible inflation target and a stable financial system. The protracted inflation that began in the early seventies was defeated at the turn of the century with the help of…

The burden of Non-Communicable Diseases (NCDs) is expected to increase due to the aging of the population and risk factors from unhealthy lifestyle habits. This paper aims to analyze how the evolution of NCDs (e.g., Cancer, Diabetes, Cardiovascular Disease, Chronic Respiratory Disease,…

This study evaluates the financing mechanisms of the healthcare system, differentiating between resources of fiscal, parafiscal, and other origins used primarily to cover the costs of the contributory and subsidized health regimes. In recent years, the sector has faced financial and…

In this paper, we analyze the tail-dependence structure of credit default swaps (CDS) and the global financial cycle for a group of eleven emerging markets. Using a Copula-CoVaR model, we provide evidence that there is a significant taildependence between variables related with the…

We provide an overview of the primary structural features of the labor market in Colombia and survey the margins of adjustment of the market during the pandemic. Given the decline of real wages amid the post-pandemic inflationary surge, mainly due to the formal wage rigidity in the…

In this paper we extend the economic model used in Parra et al. (2020) to incorporate two significant groups that were not included in the original analysis: people who are retired with pension equivalent to the minimum wage and those who do not fulfill pension requirements and therefore…

The business cycle is the cycle in the output gap and also in a stationary measure of trend output. Both the output gap and trend output are driven by joint trend-cycle shocks. The model is a univariate trend-cycle decomposition with hysteresis in trend output that enables the…

We develop a methodology that recovers an estimate of the average stock of vacancies using the information on aggregated hires. We show that our prediction of the vacancy stock is unbiased, and it captures well the level and the dynamics of the United States job opening positions…

A vast amount of literature in Colombia has studied differentials in working conditions and income inequalities. Empirical results have shown that inequalities in the country have been persistent. Disparities in the health conditions of individuals have received less attention in a…

The growth of the Colombian economy in 2022 (7.5%) was considerably higher than that of its Latin American peers and more than doubled the world’s growth average. Such a vigorous expansion over a GDP that had already exceeded its pre-pandemic level, growing by 11.0% in 2021, was a…

Assessing the effects of U.S. monetary policies on portfolio flows is important for policymakers as they could pose risks to the effectiveness of domestic monetary policy. This paper analyzes the effects of the Global Financial Cycle (GFC) and Federal Reserve (Fed) unconventional…