En el presente artículo se realiza una aproximación del pass-through de largo plazo de la tasade cambio nominal al índice de precios al consumidor (IPC) para Colombia durante el período1994 - 2005 siguiendo de cerca la propuesta de Campa y Goldberg (2006). En ella se tienen encuenta algunas...

La innovación tecnológica es reconocida como uno de los factores determinantes del crecimiento económico. La innovación en variedades, en calidad y la disminución de costos resultante de la misma son variables que explican el crecimiento económico de acuerdo con modelos seminales como los...

The history of economic recessions has shown that every deep downturn has been accompanied by disruptions in the ?financial sector. Paradoxically, up until the ?financial world crisis of 2007-2009, little attention was given to macroeconomic and ?financial interdependence. And, in spite of a...

We identify interbank (i.e. non-collateralized) loans from the Colombian large-value payment system by implementing Furfine’s method. After identifying interbank loans from transactional data we obtain the interbank rates and claims without relying on financial institutions’ reported data....

Asset prices have recently become a common topic in economic debate. Nevertheless, much time has been spent in determining if they effectively exhibit a bubble component, and not in examining whether asset prices affectively contain relevant information concerning future market developments....

El presente trabajo ilustra cómo los altos niveles de deuda pública, a través de los riesgos de mercado, pueden convertirse en una restricción para la ejecución de la política monetaria. Dependiendo de donde se financie el sector público, un nivel grande de deuda pública se refleja en...

The Colombian economy experienced several shocks in the past ten years. The permanent fall of inflation, the adoption of inflation targeting (IT) and a financial crisis altered the transmission mechanism of monetary policy. Low inflation and IT reduced inflation persistence and contributed to...

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...

En este trabajo se utiliza un modelo FAVAR (factor-augmented vector autoregression) con el fin de examinar el papel que las condiciones financieras de los bancos, reflejadas en información recopilada a nivel individual, tienen en la transmisión de la política monetaria. El tipo de modelo...

Levels of interest rates below historical norms may have enhanced financial instability in developed and developing economies during the 2000's. The risk taking channel of monetary policy transmission is a recent theory that explains the interaction between risk perceptions of the financial...