Jair N. Ojeda-Joya's website

General information

Last Update: May 21st, 2019


Ph.D. Economics, Boston University, 2010.

M.A. Economics, Universidad Nacional de Colombia, (Colombia's National University), 2003.

B.A. Economics, Universidad Nacional de Colombia, (Colombia's National University), 2000.


Carrera 7 # 14-78, Piso 11

Research Unit,

Banco de la República (Colombia's Central Bank)

Bogota D.C., Colombia

Email1: jojedajo@banrep.gov.co

Email2: jnojeda2010@gmail.com

Research Interests: International Finance, Open-Economy Macroeconomics, Financial Stability

Publications in peer-reviewed journals:

Ojeda-Joya, J. and O. Guzman, (2019). "The Size of Fiscal Multipliers and the Stance of Monetary Policy in Developing Economies," Contemporary Economic Policy, In Press. Link.

Ojeda-Joya, J., and G. Sarmiento, (2018). "Sovereign Risk and the Real Exchange Rate: A Non-Linear Approach," International Economics, 156: 1-14. Link

Gomez-González, J., J. Ojeda-Joya, J. Franco and J. Torres. (2017). “Asset-Price Bubbles, Existence, Persistence and Migration,” South African Journal of Economics, 85(1), pp. 52-67. Link

Amador-Torres, J., Gómez González, J., Ojeda-Joya, J., Jaulin-Mendez, O. & Tenjo-Galarza, F., (2016). "Mind the Gap: Computing Finance-Neutral Output Gaps in Latin-American Economies," Economic Systems, 40(3), pp. 444-452. Link.

Ojeda-Joya, J., J. Parra, and C. Vargas. (2016). “Fiscal Rules as a Response to Commodity Shocks: A Welfare Analysis of the Colombian Scenario,” Economic Modelling, vol. 52(PB), pages 859-866. Link

Gomez-Gonzalez, J., J. Ojeda-Joya, C. Rey, and N. Sicard. (2015). “Testing for Bubbles in the Colombian Housing Market: A New Approach,” Desarrollo y Sociedad, 75, pp. 197-222

Reyes, N., J. E. Gómez-González and J. Ojeda-Joya, (2015). “Bank Lending, Risk Taking and the Transmission of Monetary Policy: New Evidence for an Emerging Economy,” Macroeconomics and Finance in Emerging Market Economies, 8 (1-2), pp. 67-80

Ojeda-Joya, J. and Gómez-González, J. E. (2014). "The Term Structure of Sovereign Default Risk in Colombia and its Determinants," Comparative Economic Studies, 56(4): 657-675

Gómez, J., J. Ojeda-Joya, F. Tenjo and H. Zarate. (2014). “Testing for Causality between Credit and Real Business Cycles in the Frequency Domain: An Illustration”, Applied Economics Letters, 21(10): 697-701.

Arteaga, C., J. Granados and J. Ojeda-Joya. (2013). “The Behavior of the Real Exchange Rate in Colombia: Is it Explained by Fundamentals?,” Ensayos sobre Politica Económica, 72, pp. 1-18. (In Spanish).

Arteaga, C., J. Granados and J. Ojeda-Joya. (2013). “Determinants of the International Price of Commoditites,” Ensayos sobre Politica Economica, 71, pp. 85-107. (In Spanish)

Ojeda-Joya, J. and J. Torres (2012). "The Net Foreign Asset Position in the Long Run and the Equilibirum Real Exchange Rate in Colombia," Lecturas de Economía, 77, July – December 2012, pp. 9-52. (In Spanish).

Montes, E., O. Rubio and J. Ojeda-Joya (2004). "External Debt, Investment and Growth in Colombia, 1970-2002", Revista del Banco de la Republica, iss. 916, February 2004, pp. 22 - 65. Bogota, Colombia. (In Spanish).

Arevalo, J. and J. Ojeda-Joya. (2004). "Moral Hazard and Contracts: Some Experimental Evidence". Revista de Economia Institucional, vol. 6(10), pp. 47-69. (In Spanish).

Cardenas, E. and J. Ojeda-Joya. (2002). "New Institutional Economics and Implementation Theory". Revista de Economia Institucional, vol. 4(6), pp. 153-169. (In Spanish).

Chapters in peer-reviewed books:

Ojeda-Joya, J., J. Parra, and C. Vargas. (2013). “Boom at the Mining-Energy Sector in Colombia: Macroeconomic Effects and Fiscal Policy Responses,” In: Rincón H. y A. Velasco (eds). “Capital Flows and Terms of Trade: Perspectives, Macroeconomic and Policy Impacts in Emerging Countries”, Banco de la Republica, Deputy Governor’s Office. (In Spanish). Link

Working Papers:

Ojeda-Joya, J. (2019). "Current Account Deterioration Episodes in Colombia: External, Cyclical and Structural Factors", Borradores de Economía 1061, Banco de la República de Colombia. (In Spanish). Link

Gamboa-Arbeláez, J., J. Gómez-González, J. Hirs-Garzón, A. Meisel-Roca, and J. Ojeda-Joya, (2016). "Banco de la Republica’s Program for Doctorate Studies and the Formation of Human Capital on Economics in Colombia," Borradores de Economía 973, Banco de la República de Colombia. (In Spanish). Link

Gomez-Gonzalez, J., A. M. Kutan, J. Ojeda-Joya, and M. Ortiz, (2016). "The Bank Lending Channel of Monetary Policy: Does the Financial Structure of Banks Matter?" Borradores de Economía 953, Banco de la República de Colombia. Link

Ojeda-Joya, J., O. Jaulin-Mendez, and J. Bustos-Pelaez, (2015). “The Interdependence between Commodity-Price and GDP Cycles: A Frequency Domain Approach,” Borradores de Economía, No. 913, Banco de la República. Link

Ojeda-Joya, J. (2014). “A Consumption-based Approach to Exchange Rate Predictability,” Borradores de Economía, No. 857, Banco de la República. Link

Arteaga, C., J. Granados and J. Ojeda-Joya. (2011). "The Effect of Monetary Policy on Commodity Prices: Disentangling the Evidence for Individual Prices," Borradores de Economía, No. 685, Banco de la República.

Arteaga, C., R. Luna and J. Ojeda-Joya. (2011). "Current Account Norms and the Equilibrium Real Exchange Rate in Colombia," Borradores de Economía, No. 681, Banco de la República. (In Spanish).

Jaimes D. and J. Ojeda-Joya. (2010). "Taylor Rules and Out-of-Sample Exchange Rate Predictability in Latin America", Borradores de Economía, No. 619, Banco de la República. (In Spanish).

Ojeda-Joya, Jair. (2009). "Purchasing Power Parity and Breaking Trend Functions in the Real Exchange Rate,"Borradores de Economía, No. 564, Banco de la República

Work in Progress

"Monetary Policy and Fiscal Multipliers in Colombia: A Counterfactual Analysis" with O. Guzman

"Supply Shocks, Policy Responses and Graduation from Procyclicality" with J. A. Ocampo and Andres Diaz

"Spatial Integration and Transaction Costs in the Main Colombian Agricultural Markets" with M. Gafaro and P. Poveda

“Public Debt Thresholds, Self-Discipline and Sustainability” with Cristhian Larrahondo