Publications

Artículo publicado en: Ensayos sobre Política Económica, vol. 30, núm. 68, pp. 274-295, junio, 2012

Artículo publicado en: Agribusiness, vol. 29, num. 4, pp. 497-508, 2013. doi: 10.1002/agr.21319.

Artículo publicado en: Donghyun Park (ed.), Sovereign Asset Management for a Post-Crisis World, Central Banking Publications, 2011.

Artículo publicado en: Lecturas de Economía, núm. 76, p. 17-53, enero-junio 2012.

Based on the counting of Help-wanted advertisements in print newspapers, we present national vacancy indexes and vacancy rates for Colombia. These series will allow tackling a myriad of questions related to the functioning of the labor markets in emerging economies, where such datasets were not…

In this paper we study the structural determinants of differentials in unemployment rates and labour markets’ performance for colombian cities.

This paper explores whether the agglomeration of human capital leads to social employment advantages in urban labor markets of Colombia. It compares employment opportunities in urban areas where the level of education differs while controlling for plausible confounders using census data for 1993…

Colombia has experienced a secular increase in the labor participation of urban women, going from nearly 47% in 1984 to 65% in 2006. We decompose the evolution of participation into changes in the composition of the population and changes in the participation rates by groups (defined according…

This document analyzes the macroeconomic effects of a boom in a small-open economy’s natural-resource sector. We study the effects of this shock on the most important macroeconomic variables, the resource reallocation across sectors and on welfare under alternative fiscal rules. We employ a DSGE…

Presentación del Informe de Política Monetaria realizada en Bogotá, a cargo de José Darío Uribe.

Presented in New York.

Presented during Session 5: Independence of Central Banks: Design and Implementation.

Using a three-equation New Keynesian model we find that incorporating an escape clause (EC) into Forward Guidance (FG) is welfare improving as it allows the monetary authority to avoid cases in which the cost of reduced flexibility is too high. The EC provides the central bank with another…

A maximum likelihood method for estimating the power-law exponent verifies that the positive and negative tails of the Colombian stock market index (IGBC) and the Colombian peso exchange rate (TRM) approximate a scale-free distribution, whereas none of the heavy tails of a local sovereign…

Presented at Chatham House City Series 2010 Conference.

Presented at the Seminar on Inflation Targeting organized by the Centre for Central Banking Studies of the Bank of England at Columbia University.

To complement a number of studies done in Colombia, based largely on figures from institutional balance sheets, Banco de la Republica has conducted three surveys to date on the credit situation in Colombia. The aim is to collect qualitative information that can be used to determine how financial…

Central banks have achieved positive results for inflation during the last two decades. At the same time, their concern for financial stability has increased, particularly after the late nineties, when they experienced the high costs that come with financial crisis.1 Moreover, it now seems clear…

As Freixas and Rochet (1997) mention, in perfect competition the optimal choice for banks is determined by the point where intermediation margins are equal to operating costs. In this scenario, market equilibrium is not affected by a bank’s actions. In contrast, when a bank has market power, it…