Documento de trabajo

This paper identifies Okun´s law in Colombia between 1984 and 2016 using a Vector Error Correction Model (VECM) as there is evidence of a long-term relationship between the unemployment rate and the GDP. Results suggest that after a one percent increase in GDP, the unemployment rate is reduced…

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.

El Borrador de Economía titulado ‘Efectos asimétricos de choques de términos de intercambio sobre la inversión transable y no transable: El caso colombiano’, analiza las consecuencias para Colombia del fuerte choque de términos de intercambio que ha enfrentado el país desde mediados del 2014,…

Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva. Los autores son los únicos responsables por errores de contenido.

RESUMEN NO TÉCNICO

‘Retornos de la capacitación para el trabajo en Colombia: evidencia basada en la Encuesta Social Longitudinal’

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.

Las opiniones contenidas en el presente documento son responsabilidad exclusiva del autor y no comprometen al Banco de la República ni a su Junta Directiva.

Las opiniones contenidas en el presente documento son responsabilidad exclusiva del autor y no comprometen al Banco de la República ni a su Junta Directiva.

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…

This study uses two different econometric frameworks to study exchange rate pass-through to import, producer and consumer prices in Colombia. Both frameworks are based on vector autoregressive (VAR) models, the first using an unrestricted VAR model, and the second using the Johansen framework of…

This paper studies the performance, in terms of volatility and welfare, of different monetary policy rules in an economy with two market frictions. We consider a financial friction that highlights the credit channel as the monetary transmission mechanism and a labor friction, that considerably…

This paper studies the dynamic response of a few key macroeconomic variables to each one of three exogenous shocks: monetary, government spending and technological shocks. By using a cash in advance model with two market frictions, one in the intermediation of loanable funds, and one in the…

This paper investigates the effect of sovereign risk on the stochastic rational expectations equilibrium of a real business cycle small open economy. The market is imperfect because the sovereign cannot commit to repay its outstanding debt and chooses to default when it is optimal to do so. The…

In this paper I consider the following problem: there is a collection of exogenously given socially feasible sets, and for each one of them, each one of a group of individuals chooses from an individually feasible set. The fact that the product of the individually feasible sets is larger than…

General equilibrium theory was criticized for its apparent irrefutability, as seemingly implied by the Sonnenschein-Mantel-Debreu theorem.  This view was challenged by Brown and Matzkin (1996), who showed the existence of testable restrictions on the equilibrium manifold. Brown and Matzkin…

This paper provides an empirical analysis of Colombian integration with East Asia using a Computable General Equilibrium (CGE) model, in which we assess the effects of several trade liberalization scenarios on trade flows and welfare.The results show that there is an important potential for the…

In a small macroeconomic model of the Colombian economy I investigate the problem of selecting a policy rule that is consistent with inflation targeting. I spell out the characteristics of the optimal feedback and output parameters in the rule, as well as for the optimal forecasting horizon for…

In this theoretical report, the identifiability property of a coincident index model is studied.  As a result, characterization of the identifiability conditions solves a model specification problem, which was detected in the design of an earlier index for the Colombian economy.   Key…