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The international cycle and Colombian monetary policy
Mahadeva, Lavan; Pineda, Javier Gómez - Banco de la Republica de Colombia
The objective of this paper is to analyze how international cycles affect the real GDP cycle and so monetary policy decisions in Colombia. We estimate that cycles in world GDP, export prices and capital inflows are strongly associated with the Colombian business cycle both on impact and even...
Persistent link: https://www.econbiz.de/10005650576
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Financial Intermediation and Monetary Policy in a Small Open Economy
Sarmiento, Juan David Prada - Banco de la Republica de Colombia
This paper analyses the role of a costly financial system in the transmission of monetary policy. The new-keynesian model for a small open economy is extended with a simple financial system based in Hamann and Oviedo (2006). The presence of the financial intermediation naturally allows the...
Persistent link: https://www.econbiz.de/10005274454
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La crisis reciente de Estados Unidos (2007-2008): redescubriendo la importancia del mercado de "fondos prestables"
Carlos Esteban Posada P.; Jorge Andrés Tamayo C. … - Banco de la Republica de Colombia
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/10005035869
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Regulación y supervisión: La otra cara de la política monetaria
Cano, Carlos Gustavo - Banco de la Republica de Colombia
La mayoría de los primeros bancos centrales que surgieron en el planeta ejercía ciertas formas incipientes de regulación y supervisión de los bancos comerciales. Posteriormente, algunos países optaron por depositar esa responsabilidad en agencias gubernamentales especializadas, entre ellos...
Persistent link: https://www.econbiz.de/10005274448
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Constant-Interest-Rate Projections and Its Indicator Properties
Bustamante, Christian; Rojas, Luis E. - Banco de la Republica de Colombia - 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/10010543167
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A Historical Analysis of Central Bank Independence in Latin America: The Colombian Experience, 1923-2008
Meisel, Adolfo; Barón, Juan D. - Banco de la Republica de Colombia
This paper explores the relationship between central bank independence and inflation in Latin America, using as a case … study the experience of Colombia (1923-2008). Since its creation, in 1923, Colombia’s central bank has undergone several …-dominated Monetary Board, in charge of monetary policy, and the central bank, which carried them out. In the early 1990s, the bank …
Persistent link: https://www.econbiz.de/10005014560
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Output Gap in Colombia: An Eclectic Approach
Cobo, Adolfo L. - Banco de la Republica de Colombia
In an economy conducted under an Inflation Targeting regime, the output gap becomes one of the most important variables to guide monetary policy. Defined as the difference between observed and potential or non-inflationary output, the gap is a measure of the state of aggregate demand and,...
Persistent link: https://www.econbiz.de/10005489406
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La estimación de la brecha del producto en Colombia
Torres, Jose Luis - Banco de la Republica de Colombia
La brecha del producto es una variable clave para la política monetaria bajo el régimen de inflación objetivo. Dada la incertidumbre sobre esta medida, los equipos de inflación de los Bancos Centrales monitorean regularmente un conjunto amplio de indicadores y de estimaciones, que dan luces...
Persistent link: https://www.econbiz.de/10005274388
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La estimación de un indicador de brecha del producto a partir de encuestas y datos reales
Norberto Rodríguez N.; José Luis Torres T.; Andrés … - Banco de la Republica de Colombia
Una estimación adecuada de la brecha del producto es un requisito indispensable para la conducción de la política monetaria bajo el régimen de inflación objetivo. Por esta razón, en la literatura y al interior del Banco de la República, se trabaja con una gran variedad de mediciones a...
Persistent link: https://www.econbiz.de/10005113906
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An Early Warning Model for Predicting Credit Booms using Macroeconomic Aggregates
Guarín, Alexander; González, Andrés; Skandalis, Daphné - Banco de la Republica de Colombia - 2012
In this paper, we propose an alternative methodology to determine the existence of credit booms, which is a complex and crucial issue for policymakers. In particular, we exploit the Mendoza and Terrones (2008)’s idea that macroeconomic aggregates other than the credit growth rate contain...
Persistent link: https://www.econbiz.de/10010559933