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The international cycle and Colombian monetary policy
Mahadeva, Lavan; Pineda, Javier Gómez - BANCO DE LA REPÚBLICA - 2009
financial sector, external gains are channelledinto nontradable spending through credit expansions. This creates large …
Persistent link: https://www.econbiz.de/10005597638
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Monetary policy implications for an oil-exporting economy of lower long-run international oil prices
Hamann, Franz; Bejarano, Jesús; Rodríguez, Diego - BANCO DE LA REPÚBLICA - 2015
The sudden collapse of oil prices poses a challenge to inflation targeting central banks in oil exporting economies. This paper illustrates that challenge and conducts a quantitative assessment of the impact of permanent changes in oil prices in a small and open economy, in which oil represents...
Persistent link: https://www.econbiz.de/10011195737
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Constant-Interest-Rate Projections and Its Indicator Properties
Bustamante, Christian; Rojas, Luis E. - BANCO DE LA REPÚBLICA - 2012
This paper propose indicator variables for the implementation of monetary policy in an inflation targeting regime. Using constant interest rate projections, the notion of a target-compatible interest rate is presented. This variable allows to extract some characteristics that the expected future...
Persistent link: https://www.econbiz.de/10010763697
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La crisis reciente de Estados Unidos (2007-2008): redescubriendo la importancia del mercado de "fondos prestables"
Posada, Carlos Esteban; Jorge Andrés Tamayo C. - BANCO DE LA REPÚBLICA - 2009
La "sabiduría convencional" afirma que los temas de crecimiento económico se entienden con modelos clásicos, y los de corto plazo (ciclos, etc.) con los keynesianos (o neo-keynesianos). Y, en efecto, la rigidez de precios (de productos o factores) es una característica de la explicación...
Persistent link: https://www.econbiz.de/10005597650
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An Early Warning Model for Predicting Credit Booms using Macroeconomic Aggregates
Guarín, Alexander; González, Andrés; Skandalis, Daphné - BANCO DE LA REPÚBLICA - 2012
In this paper, we propose an alternative methodology to determine the existence of credit booms, which is a complex and … other than the credit growth rate contain valuable information to predict credit boom episodes. Our econometric method is … used to estimate and predict the probability of being in a credit boom. We run empirical exercises on quarterly data for …
Persistent link: https://www.econbiz.de/10010763677
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Asset Price Bubbles and Monetary Policy in a Small Open Economy
López, Martha - BANCO DE LA REPÚBLICA - 2014
In this paper we expanded the closed economy model by Bernanke and Gertler (1999) in order to account for the macroeconomic effects of an asset price bubble in the context of a small open economy model. During the nineties emerging market economies opened their financial accounts to foreign...
Persistent link: https://www.econbiz.de/10010885940
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House Prices and Monetary Policy in Colombia
Piñeros, Martha López - BANCO DE LA REPÚBLICA - 2006
model with frictions in credit market and bubbles in housing prices. We show that monetary policy is less efficient when it …
Persistent link: https://www.econbiz.de/10005768153
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Inflation Targeting in Colombia, 2002-2012
Hamann, Franz; Hofstetter, Marc; Urrutia, Miguel - BANCO DE LA REPÚBLICA - 2014
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10010828188
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Policy Analysis Tool Applied to Colombian Needs: PATACON Model Description
González, Andrés; Mahadeva, Lavan; Prada, Juan D.; … - BANCO DE LA REPÚBLICA - 2011
In this document we lay out the microeconomic foundations of a dynamic stochastic general equilibrium model designed to forecast and to advice monetary policy authorities in Colombia. The model is called Policy Analysis Tool Applied to Colombian Needs (PATACON). In companion documents we present...
Persistent link: https://www.econbiz.de/10009021356
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Financial Intermediation and Monetary Policy in a Small Open Economy
Sarmiento, Juan David Prada - BANCO DE LA REPÚBLICA - 2008
This paper analyses the role of a costly financial system in the transmission of monetarypolicy. The new-keynesian model for a small open economy is extended with asimple financial system based in Hamann and Oviedo (2006). The presence of the financialintermediation naturally allows the...
Persistent link: https://www.econbiz.de/10005262738