We estimate a non-parametrical Capital Asset Pricing Model (CAPM) and find strong evidence rejecting the classical linear CAPM. Furthermore, we find inconsistent linear betas for a series of stocks in the Colombian stock exchange (BVC), supporting the hypothesis of a better and consistent...

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...

Levels of interest rates below historical norms may have enhanced financial instability in developed and developing economies during the 2000's. The risk taking channel of monetary policy transmission is a recent theory that explains the interaction between risk perceptions of the financial...

In this paper we show the importance of subject of degree in explaining the gender wage gap in Colombia. In order to minimize the influence of gender differences in experience, promotions, and job changes on the wage gap, we focus on college graduates who have a formal job and who have been in...

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...

This document presents a dynamic stochastic general equilibrium model with rule of thumb (Non-Ricardian) agents and both nominal price and wage rigidities. The model follows closely that of Galí et al. (2004) and expands it to include a second way form of heterogeneity (besides the...

La evidencia muestra que la oferta y el precio del trabajo calificado relativo al trabajo no calificado han cambiado significativamente en los últimos decenios en Colombia. Los resultados sugieren que Colombia ha experimentado un cambio tecnológico sesgado hacia trabajadores universitarios....

Este documento presenta las principales tendencias en las plantas de personal, salarios y funciones de 63 bancos centrales, para el período 2000-2009. Se profundiza en el análisis de algunas funciones que realizan los bancos centrales como la supervisión del sistema financiero, la operación...

This paper derives a link between the forecasts of professional forecasters and a DSGE model. I show that the forecasts of a professional forecaster can be incorporated to the state space representation of the model by allowing the measurement error of the forecast and the structural shocks to...

En este trabajo se cuantifica el impacto macroeconómico del beneficio tributario al capital establecido en Colombia en el 2003, en el contexto de un modelo de equilibrio general dinámico de previsión perfecta con oferta de trabajo endógena. Los ejercicios de calibración indican que hay...