Working Papers on Economics

We examine the effect of single‐sex classes on the pass rates, grades, and course choices of students in a coeducational university. We randomly assign students to all‐female, all‐male, and coed classes and, therefore, get around the selection issues present in other studies on single‐sex…

A basic theoretical of a small open economy within the framework of intertemporal maximization is used to analyze the effects of nominal export shocks. The model helps in explaining the close relationship that is found between export shocks and short run fluctuations of domestic savings in the…

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 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…

The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la Republica or its Board of Directors.

The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.

‘Respuesta agregada y sectorial de Colombia a choques en precios del petróleo: una aproximación SVAR y de proyecciones locales’

Enfoque: la investigación ‘Respuesta agregada y sectorial de Colombia a choques en precios del petróleo: una aproximación SVAR y…

The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.

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…

The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.

The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.