We compute the world-wide efficiency gains from the elimination of global restrictions on labour mobility using a multiregional CGE model. A distinctive feature of our analysis is the introduction of a segmented labour market, as two types of labour are considered: skilled and unskilled....

This paper investigates whether developed countries export taxes to developing countries, contributing to the deterioration of their terms of trade and welfare; that is to what extent the distribution of gains from trade is being affected not by existing tariffs in developed countries, which are...

El período 1994-2001 correspondió al de un ciclo de la economía colombiana, especialmente intenso sobretodo en lo que se refiere a la magnitud de la depresión ocurrida entre 1998 y 2001. En el presente documento se describe la construcción y el uso de un modelo de equilibrio general...

This paper presents the construction of a tailor-made Macro Computable General Equilibrium Model for the Colombian economy that satisfies Banco de la República's macroeconomic programming and forecasting interests. Using information on the national accounts divulged by the National Statistics...

Este artículo se ocupa de la conveniencia de una regla fiscal de balance estructural paraColombia. En primer lugar (sección A) se examina el papel y la racionalidad de las reglasfiscales y se estudia el tema de su diseño. La sección (B) está dedicada al examen de laregla fiscal Chilena y...

We study the determinants of sovereign default risk in Colombia by focusing on different time spans of risk which are indicated by yield spreads of government bonds with different maturities. Cointegration regressions are performed to analyze whether the drivers of short-run default risk are...

This document presents a dynamic stochastic general equilibrium model with rule of thumb (Non-Ricardian) agents and both nominal price and wage rigidities. The model follows closely that of Galí et al. (2004) and expands it to include a second way form of heterogeneity (besides the...

This paper presents a methodology to estimate the intraday liquidity that systemically important entities (SIE) need to fulfill all its obligations in a timely fashion, when a simulated failure-to-pay from its main liquidity supplier by discretionary concepts of payment occurs. Using the Bank of...

En este artículo se propone un método numérico para la calibración de un modelode equilibrio general dinámico y estocástico (DSGE). Esencialmente, éste consisteen utilizar un algoritmo híbrido de optimización, primero para encontrar un estadoestacionario del modelo, y luego para...

Defining whether a financial institution is systemically important (or not) is challenging due to (i) the inevitability of combining complex importance criteria such as institutions´ size, connectedness and substitutability; (ii) the ambiguity of what an appropriate threshold for those criteria...