Este documento analiza la riqueza en vivienda como un canal de trasmisión de lapolítica monetaria en Colombia, a partir de la evidencia de un modelo deEquilibrio general dinámico y estocástico calibrado para la economía colombiana.La medición del efecto riqueza para Colombia arrojó como...

In this paper, I estimate the demand for housing in Bogotá, modeling electricity consumption explicitly to take into account the crossed subsidies included in Colombian utility rates. I use household level data on housing prices, observable dwelling attributes, and demographic variables to...

Using data from Medellín, second largest city in Colombia, we asses in this paper how a set of neighborhood characteristics determines wages and labor supply for workers in the city. We use GIS data to construct measures of the quality of environments where workers live. This paper focuses in...

We use hedonic price models to estimate the value households are willing to pay to avoidviolent crime in the city of Bogotá. We find that households living in the highestsocioeconomic level (stratum 6) pay up to 7.2% of their house values in order to preventaverage homicide rates from...

We use data of neighborhoods of Bogotá to assess the causal relation between their adolescent fertility and their homicide rates. We find that neighborhoods with high adolescent fertility rates, and that have low secondary enrollment and high crime rates at the moment the children of their teen...

En este trabajo evaluamos como la calidad del vecindario afecta resultados laborales de una muestra aleatoria de individuos en la ciudad de Medellín. El trabajo profundiza el análisis para el caso de las mujeres, cuyo estatus en el mercado laboral (participación, horas laboradas y...

As a natural extension to León and Vivas (2010) and León and Reveiz (2010) this paper briefly describes the Cholesky method for simulating Geometric Brownian Motion processes with long-term dependence, also referred as Fractional Geometric Brownian Motion (FBM). Results show that this method...

This document explores the predictive power of the yield curves in Latin America (Colombia, Mexico, Peru and Chile) taking into account the factors set by the specifications of Nelson & Siegel and Svensson. Several forecasting methodologies are contrasted: an autoregressive model, a vector...

The most recent financial crisis unveiled that liquidity risk is far more important and intricate than regulation have conceived. The shift from bank-based to market-based financial systems and from Deferred Net Systems to liquidity-demanding Real-Time Gross Settlement of payments explains some...

El objetivo de este documento es evaluar el impacto de la política monetaria, sobre elconsumo de los hogares colombianos, a través del efecto que ésta tiene sobre la tasa deinterés. Para esto, se utiliza un modelo que combina elementos de la hipótesis del ingresopermanente y del ciclo de...