Showing 1 - 10 of 54
We embed a small open economy model for Colombia into the global risk model of Gómez-Pineda, Guillaume, and Tanyeri (2014). The small open economy model is estimated by Bayesian methods and used for analysis and projections. The model enable us to give a consistent treatment of shocks to global...
Persistent link: https://www.econbiz.de/10011106023
En este artículo estudiamos la estimación de un nivel de equilibrio de la cuenta corriente de la balanza de pagos de Colombia y sus posibles implicaciones para el desalineamiento de la tasa de cambio real. Se siguen dos metodologías alternativas para la estimación. Primero, se realiza una...
Persistent link: https://www.econbiz.de/10009371397
countercyclical monetary policy responses. A virtuous circle is created in which the volatility present in a flexible exchange rate …
Persistent link: https://www.econbiz.de/10009021357
This paper analyzes the evolution and impact of capital flows in Colombia over the pastfive years. An examination of the nature and composition of the capital flows indicatesthat to large extent they have originated in foreign direct investment, especially in theoil and mining sectors. The...
Persistent link: https://www.econbiz.de/10005196680
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
discretionary) on foreign exchange returns and volatility in four inflation targeting economies in Latin America. The distribution … used to estimate the impact of intervention (and macro surprises) on exchange rate returns and exchange rate volatility as …
Persistent link: https://www.econbiz.de/10010946011
Empleando un modelo de equilibrio general dinámico y estocástico para una economía pequeña y abierta con imperfecciones y rigideces en el sector no transable calibrado para Colombia, se estudia la conveniencia de que la autoridad monetaria fije como medida de inflación objetivo en su...
Persistent link: https://www.econbiz.de/10005466430
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
La reciente crisis financiera internacional volvió a dar relevancia a la formación de ciertos desbalances macroeconómicos que pueden aumentar las vulnerabilidades de una economía frente a choques adversos. En el caso de las economías emergentes, flujos elevados de capital podrían exacerbar...
Persistent link: https://www.econbiz.de/10010763636
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...
Persistent link: https://www.econbiz.de/10010763674