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...

At the end of the last decade, real activity in Colombia underwent the sharpest recession it had suffered in the last fifty years. With the aim to explain this phenomenon, we are postulating a non-triangular structural VAR model to describe the dynamics of output, prices, unemployment and wages...