The Central Bank uses press releases after board meetings for at least three purposes: first, to justify policy measures based on the economic situation; second, to provide some forward guidance signals to agents; and third, to supply some further (latent) information to the markets. This...

We studied the foreign exchange risk premium in the Colombian market for the USD/COP exchange rate. Likewise most literature, we consider the existence of the risk premium, as we assessed the problem considering future contracts prices and spot prices at four different times of the morning....

The official estimation for the term structure model in Colombia is based on the Nelson and Siegel (1987) development which is widely accepted and used. This estimation is based on the curve fitting with available data, only for one day ahead, making difficult to estimate the future zero-coupon...