Seminario virtual, organizado por Bogotá

We document that capital has flowed from equal to unequal countries since the 1990s. Differences in private savings between equal and unequal countries drive the flows. This empirical regularity holds across advanced economies. We develop a...

En nuestro Webinar conocerá las alternativas que ofrece el Sistema de Información Cambiaria para gestionar la representación de manera ágil y sencilla, y podrá resolver sus dudas. 

Resumen

We present new empirical evidence on the use of capital controls on outflows (CCOs) in times of economic crisis, and develop an associated theory. Our evidence indicates that episodes of CCO implementation coincide with macroeconomic and financial stress. Accordingly,...

Our study provides a comprehensive analysis of the effects of a debt moratorium policy that suspends payments during stress episodes. We offer theoretical predictions based on demand and supply elasticities, which suggest that non-stressed firms will experience a rise...

Low and stable inflation requires an appropriate fiscal framework aimed at stabilizing government debt. Historically, trend inflation is critically influenced by actual or perceived changes to this framework, while cost-push shocks only account for short-lasting...

The issue of economic inequality began to receive increased attention after the global financial crisis. During that period, the increase in unemployment, the heterogeneous evolution of house and stock prices, and the fall in interest rates all affected households in...

We study the effect of the upsurge of natural resources income from the commodity price boom of the 2000s on the functional distribution of income. To do so, we build a general equilibrium model of Dutch disease that characterizes how natural resource windfalls affect...

En la investigación se aborda la necesidad de unir dos enfoques en el estudio de la economía: el de los economistas del comercio que se centran en relaciones insumo-producto, pero no consideran los ajustes dinámicos y los macroeconomistas que utilizan modelos de...

Estudiamos la resiliencia de los bancos a crisis macroeconómicas en un contexto de regulaciones microprudenciales laxas: Colombia durante la crisis de los 1980s. Múltiples bancos se quebraron durante esta crisis debido a prácticas que sustrajeron recursos de los bancos...

We identify and study three key channels that shape how inflation affects wealth inequality: (i) the traditional Fisher channel through which inflation redistributes from lenders to borrowers; (ii) a nominal labour income channel through...

Portfolio diversification is as important to debt management as it is to asset management. In this paper, we focus on diversification of sovereign debt issuance through greater reliance on inflation-indexed bonds for a representative emerging...

When agents' information is imperfect and dispersed, existing measures of macroeconomic uncertainty based on the forecast error variance have two distinct drivers: the variance of the economic shock and the variance of the information dispersion. The former...

Using confidential credit registry data, merged with firm tax records in Chile, we evaluate the macroeconomic consequences of relationship lending. We find that longer relationships between banks and firms give firms access to more credit at...

This work integrates two strands of the international literature on the area of the labor market and the dynamics of the production factors share in the value-added. These issues apply to the Colombian industry at the establishment level. In...

Current practice to measure inflation for monetary policy uses the average annual inflation rate. When inflation changes fast, whether increasing or decreasing, the annual average rate is biased towards data from too far in the past and conveys...

A novel method for the joint estimation and identification of conventional and anticipated monetary policy shocks is introduced. The presence of an anticipated shock, such as forward guidance, renders the model...

El Better Policy Project y el Banco de la República serán los anfitriones del 25º Taller de Modelización Macroeconómica en Bancos Centrales (CBMMW por su sigla en inglés). Los talleres CBMMW se iniciaron en el Banco de la Reserva de Nueva Zelanda en 1998 después de haber desarrollado un sistema...