Bogotá, Colombia

Sudden stops seem to create the perfect environment for disinflation, especially when central banks defend the exchange rate by increasing interest rates. We propose a variation of the output gap model that incorporates the sudden stop shock. The use of the model in policy analysis shows that…

In this paper the evolution in the average height of Colombians from 1910 to 1984 is analyzed. The anthropometric evidence reveals a sustained increase in the standard of biological welfare during this period.  A database with more than 8.000.000 observations from the national citizenship…

In this paper we discuss cost and profit efficiency for a sample of financial institutions on the Colombian financial market in the period 1989-2003, using stochastic frontier efficiency analysis. During the period, the cost efficient frontier deteriorates, but profit efficient frontier is…

This study uses a panel-data framework to identify the determinants of the spread over US Treasuries of emerging market sovereign issues as well as of the creditworthiness of the issuers, where the latter is represented by the Institutional Investor’s creditworthiness index. We use a sample of…

Some univariate time series properties of output Some univariate time series properties of output

Estimating credibility in Colombia's exchange rate target zone Estimating credibility in Colombia´s exchange rate target zone

Some evidence of smooth transition Some evidence of smooth transitíons nonlinearity in Colombian inflation

This paper explores the theoretical linkages between poverty traps, economic inequality in a two sector overlapping generations model under perfect competition in which barriers to skilled educational attainment and delinquent incentives interact. We find that the existence of a poverty trap…

This paper considers an overlapping generations model in which capital investment is financed in a credit market with adverse selection. Lenders’ inability to commit ex-ante not to bailout ex-post, together with a wealthy position of entrepreneurs gives rise to the soft budget constraint…

We study the earnings gap against indigenous and afro-descendants, separately, and use the non-parametric decomposition approach proposed by Ñopo (2008) to understand the role of observable characteristics and historical legacies in explaining it. The earnings gap against indigenous workers is…

We use a yearly dataset of plant level investment in Colombian firms during the  period 1997 to 2007, to assess the impact of a tax incentive for firms that invest in fixed assets implemented in 2004. We find that there is a positive and statistically significant correlation between the…

This paper looks at the effects of income from international migration on household behavior in the 

Documento en:

…

This paper analyzes the economic rationale for adopting parametric pension reforms and  reforms broadening the coverage of public health care in Colombia during 1993–2008. Parametric pension reforms have focused on increasing the retirement age and moderating  replacement rates. The…