General information

This page was updated on December 29th, 2023

 Education

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.

Address:

Carrera 7 # 14-78, Piso 11

Economic Studies Division,

Banco de la República (Colombia's Central Bank)

Bogota D.C., Colombia

Email1: jojedajo@banrep.gov.co 

Email2: jnojeda2010@gmail.com

Research Interests:  International Macroeconomics, International Finance, Monetary Policy, Fiscal Policy, Macroeconomics effects of Climate Change

Publications in peer-reviewed journals:

Stellian, R., J. Danna-Buitrago, and J. Ojeda-Joya, (2023). “Time Stationarity, Shape and Ordinal Ranking Bias of RCA Indexes: A New Set of Measures,” Review of World Economics, In Press, Link 

Sarmiento-Paipilla, M., N. Cardozo-Alvarado, F. Gamboa-Estrada, J. Gómez-Pineda, C. León-Rincón, J. Miguélez-Márquez, and J. Ojeda-Joya, (2023). "Global Financial Cycle, Capital Flows and Policy Responses," Revista ESPE - Ensayos sobre Política Económica, Banco de la República de Colombia, issue 104, pages 1-55, March. (In Spanish). Link 

Ojeda-Joya, J., and J. V. Romero, (2023), "Global Uncertainty Shocks and Exchange-Rate Expectations in Latin America," Economic Modelling,  120: 106185. Link

Ojeda-Joya J., and O. Guzmán, (2022). "Monetary Policy and Fiscal Multipliers in Colombia: A Counterfactual Analysis", Cuadernos de Economía, National University of Colombia, 41 (87), 609-650 . (In Spanish). Link

Ocampo, J. A. and J. Ojeda-Joya, (2022). "Supply Shocks and Monetary Policy Responses in Emerging Economies," Latin American Journal of Central Banking, 3(4): 100071, CEMLA, Link

Bernal-Ramírez, J., J. Ojeda-Joya, C. Agudelo-Rivera, F. Clavijo-Ramírez, C. Durana-Ángel, C. Granger-Castaño, D. Osorio-Rodríguez, D. Parra-Amado, J. Pulido, J. Ramos-Forero, D. Rodríguez-Novoa, A. Sánchez-Jabba and J. Toro-Córdoba, (2022). "The Macroeconomic Impact of Climate Change in Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, issue 102, pages 1-62, July. (In Spanish). Link  Blog Video

Gomez-Gonzalez, J., A. M. Kutan, J. Ojeda-Joya, and M. Ortiz, (2021). " Does the Financial Structure of Banks Influence the Bank Lending Channel of Monetary Policy? Evidence from Colombia", International Journal of Emerging Markets, 16(4): 765-785.  Link

Ojeda-Joya, J., O. Jaulin-Mendez, and J. Bustos-Pelaez, (2019). “The Interdependence between Commodity-Price and GDP Cycles: A Frequency Domain Approach,” Atlantic Economic Journal, 47(3): 275-292. Link  Best Paper Award

Ojeda-Joya, J. and O. Guzman, (2019). "The Size of Fiscal Multipliers and the Stance of Monetary Policy in Developing Economies," Contemporary Economic Policy, 37(4): 621-640. Link   blog 

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. Link 

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. Link

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. Link

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.  Link 

 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). Link

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). Link

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).  Link

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: 

Basco, S., and J. Ojeda-Joya (2023). “House Prices and International Remittances: Evidence from Colombia,” 11th Annual Conference 2023 – Uneven Growth Prospects, BCC Programme, Graduate Institute, Geneva, Switzerland. Link

Ojeda-Joya, J., (2022). "A Counterfactual Analysis of the Effects of Climate Change on the Natural Interest Rate," IHEID Working Papers 10-2022, Economics Section, The Graduate Institute of International Studies. Link

Gáfaro, M., J. Ojeda-Joya and A. Poveda-Olarte, (2020). "Supply and Transactions Costs in Food Markets of Colombian Cities," Borradores de Economia 1128, Banco de la Republica de Colombia. (In Spanish) Link 

Ojeda-Joya, J. (2019). “A Consumption-based Approach to Exchange Rate Predictability,” MPRA Paper 94231, University Library of Munich, Germany. Link 

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

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.  Link

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).  Link

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).  Link 

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  

Research in Progress and Available for Presentation:

• “Public Debt Thresholds and Fiscal Sustainability in Developing Economies” 

• “The Response of Capital Flows to the Global Financial Cycle: The Role of Macroprudential Policies in Emerging Economies” with M. Sarmiento and J. Gómez-Pineda.

• “Weather Anomalies and Revealed Comparative Advantage in Emerging Economies,” with R. Stellian

Curriculum Vitae.

Blog on the Macroeconomics of Climate Change