Willian Bejarano

The nonlinear effects of interbank market frictions on monetary policy transmission mechanism

Email: willian.bejaranovillalba@vuw.ac.nz

Willian Bejarano is interested in Time Series and DSGE models to address empirical questions in Macroeconomics, Monetary Economics, and Banking. Currently, Willian's research agenda focuses on examining how interbank market frictions alter the transmission mechanism of monetary policy.

As an employee of the Central Bank of Paraguay, Willian brings extensive experience in modeling and implementing monetary policy, having held various roles since 2008. From 2020 to 2022, he served as the Chief of the Structural Models Division, where he utilized DSGE models to forecast inflation and other macroeconomic variables. Before that, he was Chief of the Macroeconomic Programming Division from 2014 to 2020, where he contributed to enhancing the implementation of inflation targeting in Paraguay.

In addition to his responsibilities at the Central Bank, Willian has taught graduate courses in Macroeconomic Theory II (Instituto Desarrollo, 2018), Economic Development (Catholic University of Asuncion "UCA", 2014-2019), Microeconomics (UCA, 2014-2015) and Financial Management and Financial Analysis (Universidad San Carlos, 2015-2021). Furthermore, he also contributed to undergraduate education by teaching Applied Econometrics and Introduction to Econometrics at UCA from 2019 to 2021.

Willian was awarded PhD scholarships from his home country, Paraguay, funded by BECAL and the Central Bank.

Qualifications

Master of Arts in Economics, Duke University. Durham, North Carolina, U.S. 2010-2011

Bachelor of Economics, Catholic University of Asuncion "UCA" (Summa Cum Laude). Asuncion, Paraguay. 2004-2008

Research interests

Macroeconomics, Monetary Economics, Banking, Times Series, DSGE models.

Publications

Working papers

Bejarano, W., Biedermann, G., Rojas, B., Ruiz Diaz, V., Velazquez, C. (2012). The Measurement of Liquidity and Optimal Monetary Policy Response in a Financial Market in Development: The Case of Paraguay (Central Bank of Paraguay’s Working Papers).

Available: https://repositorio.bcp.gov.py/handle/123456789/125

Book chapter

Open Economy: International movement of goods, services and capital. Ch. 5 in Understanding the Paraguayan economy. Centro de Investigaciones Económicas (ed). ISBN 978-9974-8523-2-7. In Spanish.

Available: https://entenderlaeconomiapy.org/

Others

Bejarano, W., Biedermann, G., Legal, D., Ruiz Diaz, V., Ortiz, G. (2021). Fiscal Policy through a semi-structural model (Central Bank of Paraguay’s Macro bulletins). In Spanish.

Available: https://repositorio.bcp.gov.py/handle/123456789/182

Barreto. A., Bejarano, W., Biedermann, G., Colman, H., Cuevas, G., Feschenko, E., Insfran, H., Mora, M., Rojas, B., Ruiz Diaz, V., Yunis, C. (2013). Monetary Policy in Paraguay: inflation targeting, a new framework. (Central Bank of Paraguay’s Manuals and methodologies). In Spanish.

Available: https://repositorio.bcp.gov.py/handle/123456789/159