Recent Submissions
Open Access
Macroeconomic and Fiscal Effects of Increased Efficiency in Medicine Procurement: A General Equilibrium Analysis of the Colombian Health System
Ávila-Montealegre, Oscar; Bauhoff, Sebastian; Botero, Jesús; Giles Álvarez, Laura; León-Moncada, Santiago; Larrahondo, Cristhian; Lozano-Espitia, Luis Ignacio; Melo-Becerra, Ligia Alba; Ortiz-Hoyos, José Luis; Rodríguez-Ávila, Jesús; Banco de la República - Colombia
This study analyzes the macroeconomic and fiscal effects of greater efficiency in medicines procurement in Colombia, using both static (computable) and dynamic general equilibrium models. The findings indicate that implementing an efficient drug procurement policy could reduce the total health system spending, with potential savings of up to 8.4% in the short term and up to 10.8% in the long term. These savings could be reinvested within the health system, allocated to other sectors, or used to reduce tax burden on capital, consumption, or social contributions. The latter option would increase production by up to 1.1%, investment by 1.7% and consumption by 0.8%. Potential measures to achieve such efficiency gains include promoting and purchasing generic drugs, conducting joint procurement, and implementing price regulation.
Documentos de Trabajo RIEC - No. 110, 2025-01-15
Open Access
Mitos y realidades de la política monetaria
(Banco de la República) Villamizar-Villegas, Mauricio; Taboada-Arango, Bibiana
Libro RIEC , 2024-11-22
Open Access
Descripción, antecedentes y riesgo fiscal y macroeconómico del Proyecto de Acto Legislativo que modifica el Sistema General de Participaciones (SGP) *
Ospina-Tejeiro, Juan José; Bejarano, Jesús; Herrera-Rojas, Andrés Nicolás; Quintero-Jácome, Manuela; López-Valenzuela, David Camilo; Ramos-Forero, Jorge Enrique; Zapata-Álvarez, Steven; Banco de la República - Colombia
Documentos de Trabajo RIEC - No. 109, 2024-12-02
Open Access
Signaling Specific Skills and the Labor Market of College Graduates
Busso, Matias; Montaño, Sebastián; Muñoz-Morales, Juan
We use census-like data and a regression discontinuity design to study the labor market impacts of a signal provided by a government-sponsored award given to top-performing students on a nationwide college exit exam in Colombia. Students who can signal their high level of specific skills earn seven to ten percent more than identical students lacking such a signal. The signal allows workers to find jobs in more productive firms and sectors that better use their skills. The positive returns persist for up to five years. The signal favors workers from less advantaged groups who enter the market with weaker signals.
Documentos de Trabajo RIEC - No. 108, 2023-09-13
Open Access
The monetary and macroprudential policy framework in Colombia in the last 30 years: the lessons learnt and the challenges for the future
Gomez-Pineda, Javier Guillermo; Murcia, Andrés; Cabrera-Rodríguez, Wilmar Alexander; Vargas-Herrera, Hernando; Villar-Gómez, Leonardo; Banco de la República - Colombia
Over the past 30 years, monetary and macroprudential policy in Colombia evolved towards the pursuit of a low and credible inflation target and a stable financial system. The protracted inflation that began in the early seventies was defeated at the turn of the century with the help of the new framework for monetary policy formulation, inflation targeting. In the field of macroprudential policy, the financial crisis of the late nineties led to important institutional developments in the formulation and coordination of macroprudential policy, as well as in the assessment of systemic risk. Along with these developments, important lessons have been learnt. One is that, to preserve macroeconomic stability, the price stability objective must be complemented with the financial stability objective, as well as with macroprudential policy. Another lesson is that the new institutional framework for monetary policy formulation helped Banco de la República overcome 25 years of inflation, then called moderate inflation. The challenges for the future include to continue preserving price and financial stability, strengthening the role of the Banco de la República in macroprudential policy, and to continue strengthening the channels of international coordination and cooperation in macroprudential policy.
Documentos de Trabajo RIEC - No. 107, 2023-07-04