El comentario de Javier Fernández acerca de la relación entre la teoría económica y la investigación aplicada presenta varios puntos interesantes y didácticos. Sin embargo, el ejemplo "astronómico" con el cual los ilustra es una desafortunada interpretación del artículo de Gómez y...

The purpose of this paper is to analize the links between central bank independence and foreign exchange policies, in the light of the recent experience of the major Latin American countries. To that end, the paper stars with a brief review of the literature on the subject. The second section on...

We study the relationship between US and Colombian sovereign debt interest rates between 2004 and 2013. We also evaluate the response of the Colombian long-term bond yield and other asset prices to shocks to the US long-term Treasury rate. Two empirical exercises are performed. First, we use a...

Policymakers worldwide are drawing key lessons from recent debates on the role of fiscal policy in the recovery of advanced economies. Interestingly, in the late 1990s, facing the collapse of their economies, many emerging market economies addressed some of the focal issues currently discussed,...

En este artículo se analizan tres tipos de modelos para determinar cuándo, en un esquema de inflación objetivo, el banco central (BC) debe utilizar los encajes como una herramienta de política monetaria óptima. En todos los casos, el BC busca minimizar una función objetivo que consta de...

Se analizan tres tipos de modelos para determinar cuándo, bajo un esquema de inflación objetivo, el Banco Central (BC) debe utilizar los encajes como una herramienta de política monetaria óptima. En todos los casos el BC busca minimizar una función objetivo que consta de las desviaciones de...

We study the relationship between US and Colombian sovereign debt interest rates. We also evaluate the response of the Colombian long-term bond yield and other asset prices to shocks to the US long-term Treasury rate. Two empirical exercises are performed. First, we use a moving window linear...

We study the relationship between US and Colombian sovereign debt interest rates. We also evaluate the response of the Colombian long-term bond yield and other asset prices to shocks to the US long-term Treasury rate. Two empirical exercises are performed. First, we use a moving window linear...