Recent research

Borradores de Economia Wednesday, 27 May 2026

Public Debt, Fiscal Deficit Expectations, and Their Transmission to the Cyclical Component of Long-…

José Vicente Romero-Chamorro; Hernando Vargas-…

Deteriorations in public debt and in the expected fiscal deficit generate statistically significant increases in the cyclical component of the…

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Borradores de Economia Tuesday, 26 May 2026

Short vs Medium-Run: Exchange Rate Movements, Investment and the Currency Composition of Balance…

Juan Camilo Medellín-Martínez; Sergio Restrepo…

https://doi.org/10.32468/be.1354

In contexts of sustained depreciation, firms face a trade-off between investing and engaging in financial hedging, suggesting the need for policies…

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Borradores de Economia Wednesday, 20 May 2026

Materials prices, market power, and the rise in processed food inflation in emerging markets:…

Jorge Florez-Acosta; Margarita María Gáfaro-…

https://doi.org/10.32468/be.1353

Increases in commodity prices are partially passed through to final processed food prices. A 1% increase in commodity prices raises producer prices…

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Borradores de Economia Monday, 11 May 2026

Complementary Evidence on Colombia’s Business Cycle: A Perspective from the Growth Cycle Approach

Diego Vásquez-Escobar;

https://doi.org/10.32468/be.1352

Since the late 1970s, the Colombian economy has experienced nine slowdown episodes. Three coincided with classical GDP recessions. Five of the…

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Borradores de Economia Thursday, 7 May 2026

Trade in services in Colombia, 1994-2024: A descriptive analysis

Sandra Isabel Salamanca-Gil; Enrique Montes-Uribe…

https://doi.org/10.32468/be.1351

Despite the growth of modern services, Colombia’s foreign trade remains concentrated in traditional services. This poses challenges for diversifying…

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Borradores de Economia Wednesday, 1 April 2026

Uncertainty and the Power of Monetary Policy in Colombia

Daniel Esteban Osorio-Rodríguez;

https://doi.org/10.32468/be.1350

Banco de la República has a highly effective instrument in the policy rate to achieve its objectives. However, uncertainty reduces that effectiveness…

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Banco de la República conducts economic research on macroeconomics, central banking, and empirical economics issues that support the policy decisions of its Board of Directors and contribute to the understanding of the Colombian economy. The results of the investigations are disclosed through the Bank's own publications and publications in internationally recognized academic journals.