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  • Asymmetric Interest Rate Transmission in an Inflation Targeting Framework: The Case of Colombia

    Publicación |

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

  • Effects of the central bank’s communications in Colombia. A content analysis

    Publicación |

    We carry out a reading analysis that consists of two elements. First, we observe the coherence between monetary policy actions and press releases. In this case, we found that inflation and growth are significant themes in the adoption of the policy measures between September 2004 and March 2016…

  • On the Social Value of Banks

    Publicación |

    I compare the utility of individuals in an economy with and without banks.  To make the comparison interesting, the economy without banks has cashin-advance money that the individuals use for consumption and for precautionary (emergency) purposes and that firms use to pay their wage bill.…