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Macroeconomic Effects of Structural Fiscal Policy Changes in Colombia

Vargas, Hernando; González, Andrés; Lozano, Ignacio - Banco de la Republica de Colombia - 2012

In the past decade the Colombian Economic Authorities undertook a series of measures that reduced the structural fiscal deficit, decreased the Government currency mismatch and deepened the local fixed-rate public bond market. This paper presents some evidence suggesting that these improvements...

Persistent link: https://www.econbiz.de/10010543170

Dominancia Fiscal versus Dominancia Monetaria: Evidencia para Colombia, 1990-2007

Lozano, Ignacio; Herrera, Magaly - Banco de la Republica de Colombia

Bajo un régimen No-Ricardiano o de dominancia fiscal, el banco central pierde autonomía en el control de la inflación, especialmente en circunstancias de insostenibilidad de las finanzas públicas. En este trabajo se evalúa la presencia de un régimen de esta naturaleza en la economía...

Persistent link: https://www.econbiz.de/10005783905

Fiscal Policy Throughout the Cycle: The Colombian Experience

Lozano, Ignacio; Toro, Jorge - Banco de la Republica de Colombia

This paper reviews the relationship between the business cycle and public finances in Colombia. The evidence shows that cyclical movements in output systematically affect the situation of public finances. Hence, the distinction between the cyclical and permanent (i.e. structural) components of...

Persistent link: https://www.econbiz.de/10005274378

IDENTIFYING FISCAL POLICY SHOCKS IN CHILE AND COLOMBIA

Restrepo, Jorge E.; Rincón, Hernán - Banco de la Republica de Colombia

Structural VAR and Structural VEC models were estimated for Chile and Colombia, aiming at identifying fiscal policy shocks in both countries between 1990 and 2005. The impulse responses obtained allow the calculation of a pesofor- peso ($/$) effect on output of a shock to public spending and to...

Persistent link: https://www.econbiz.de/10005113931

Política monetaria para la coyuntura y el mediano plazo: observaciones y conjeturas

Posada, Carlos Esteban; Arango, Luis Eduardo - Banco de la Republica de Colombia

Recientemente se han escuchado voces que se pronuncian en uno y otro sentido en relación con las acciones que debería adoptar la autoridad monetaria de Colombia en esta coyuntura, dados los eventos ocurridos. Este documento tiene como propósito interpretar algunos hechos y concluir que, en...

Persistent link: https://www.econbiz.de/10005650620

Interest Rate Setting and the Colombian Monetary Transmission Mechanism

Amaya, Carlos Andrés - Banco de la Republica de Colombia

This paper is concerned with interest rate setting by commercial banks and how the transmission of monetary policy is re°ected in these rates. For this purpose we study the case of the Colombian banking industry for the period 1996-2004. Using microdata, the Certi¯cate of Deposit(CD) market...

Persistent link: https://www.econbiz.de/10005650548

The Effect of Monetary Policy on Commodity Prices: Disentangling the Evidence for Individual Prices

Cabrales, Carolina Arteaga; Castro, Joan Camilo Granados; … - Banco de la Republica de Colombia - 2011

In this paper we study the effect of monetary policy shocks on commodity prices. While most of the literature has found that expansionary shocks have a positive effect on aggregate price indices, we study the effect on individual prices of a sample of four commodities. This set of commodity...

Persistent link: https://www.econbiz.de/10009404551

Assessing Inflationary Pressures in Colombia

Vargas, Hernando; González, Andrés; González, Eliana; … - Banco de la Republica de Colombia

" shocks and core inflation indicators sent diverging signals about the transmission of those shocks to macroeconomic inflation … state of the economy. Regarding the second episode, an evaluation of core inflation indicators according to standard … pressures should not rely only on one or few core inflation indicators, since some signals could be picked by some measures and …

Persistent link: https://www.econbiz.de/10005783896

Monetary Policy and Commodity Prices: an endogenous analysis using an SVAR approach

Flórez, Luz Adriana - Banco de la Republica de Colombia

This work analyzes the relationship between real interest rates and commodity prices. According to Frankel’s hypothesis (1986-2006): "low real interest rates lead to high real commodity prices". However, some empirical evidence suggests that commodity prices can predict monetary policy. In...

Persistent link: https://www.econbiz.de/10008542684

POLÍTICA MONETARIA Y CAMBIARIA Y ESTABILIDAD DEL TIPO DE CAMBIO EN ALGUNOS PAÍSES EMERGENTES: Hungría, Chile, China, Perú y Brasil

Alonso, Gloria; Esguerra, Pilar; Flórez, Luz Adriana; … - Banco de la Republica de Colombia

Este documento resume las principales conclusiones del ejercicio realizado con el objetivo de analizar la forma cómo algunos países emergentes, con diversos esquemas de política monetaria, manejan su política cambiaria. La pregunta que suscitó este análisis fue: ¿Cómo han logrado los...

Persistent link: https://www.econbiz.de/10005035892

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