In this paper we set up a small open economy model with financial frictions, following Curdia and Woodford (2010)’s model. Unlike other results in the literature such as Curdia and Woodford (2010), McCulley and Ramin (2008) and Taylor (2008), we find that optimal monetary policy should not...

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...

As a result of the most recent global financial crisis literature has embraced size, connectedness and substitutability as key indicators for financial institutions´ systemic importance. Despite the intuitiveness of these concepts, identifying systemic important institutions remain a...

This document presents an enhanced and condensed version of preceding proposals for identifying systemically important financial institutions in Colombia. Three systemic importance metrics are implemented: (i) money market net exposures network hub centrality; (ii) large-value payment system...

En este artículo se realiza una revisión de los modelos de supervisión frecuentementeusados y las características que estos deben cumplir para alcanzar niveles óptimos deregulación y supervisión. Adicionalmente, se revisan las ventajas que surgen al involucraral banco central en dicho...

En este documento se utiliza la metodología FAVAR (factor augmented VAR) para evaluar el impacto de variaciones no esperadas en cuatro variables internacionales: las tasas de interés de corto plazo, el riesgo, el precio real del petróleo, el café y el carbón, y la actividad económica...

Este artículo estudia el mecanismo de transmisión de la política monetaria a través delos salarios reales y la oferta de trabajo. El trade-off inflación producto depende de lacalificación de los trabajadores y de la elasticidad de la oferta de trabajo al salario real.Se plantea un modelo...

During the period 2000-2004 central banks sustained a generalized reduction in their staff, which was accompanied, in most cases, with significant increases in staff costs. This could obey to an enhanced interest of central banks in focusing on their core functions. In fact, central banks have...

This paper examines trends in banknote printing during the period 2000-2005 for a crosssectionof 56 central banks. Because of the high increase in the demand for currency inrecent years, central banks have implemented new strategies to increase efficiency in theproduction of banknotes. Some 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...