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Employment, Unemployment and Real Wage: An analysis of the Labor Market in Medellín City (1995-2006)

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  • Carlos Andrés Cano Gamboa

    ()

  • Adriana María Ochoa Yepes

    ()
    (Universidad EAFIT)

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    Abstract

    The purpose of this article is to estimate a model determining the behavior of the variables of the labor market in order to ascertain the dynamics of transitory employment and real wage in Medellín and Valle de Aburrá between 1995 and 2006. The labor market was characterized by means of the neoclassical model of the labor market with simultaneous equations. It was found that people would be willing to accept a job at any income level and that the sensitivity of wages and employment with respect to output tends to increase in the long run.

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    Bibliographic Info

    Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

    Volume (Year): (2008)
    Issue (Month): 69 (Julio-Diciembre)
    Pages: 115-139

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    Handle: RePEc:lde:journl:y:2008:i:69:p:115-139

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    Web page: http://economia.udea.edu.co
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    Postal: Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.

    Related research

    Keywords: Urban labor market; real wage; cost of capital; simultaneous equations;

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