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Efectos macroeconómicos del salario mínimo en Colombia

Author

Listed:
  • Luis E. Arango
  • Oscar Iván Ávila–Montealegre
  • Leonardo Bonilla-Mejía
  • Jesús Alonso Botero–García
  • Edgar Caicedo-García
  • Eleonora Dávalos–Álvarez
  • Luz A. Flórez
  • Javier G. Gómez-Pineda
  • Anderson Grajales-Olarte
  • Alexander Guarin
  • Franz Hamann
  • Didier Hermida
  • Juan Manuel Julio-Román
  • Francisco Lasso-Valderrama
  • Nicolás Martínez–Cortés
  • Juan C. Méndez-Vizcaíno
  • Leonardo Fabio Morales
  • Juan J. Ospina-Tejeiro
  • Karen Lorena Pulido–Mahecha
  • Mario A. Ramos-Veloza
  • Carmiña O. Vargas

Abstract

Utilizando enfoques de equilibrio parcial y equilibrio general, se estudian a fondo los efectos del salario mínimo en la macroeconomía colombiana. Con el primer enfoque, se analizan efectos en variables del mercado laboral, distribución de ingresos, desigualdad, pobreza monetaria de las familias, precios e inflación. Con el enfoque de equilibrio general se estudian los efectos en consumo, bienestar, producción, inversión, inflación y cuentas fiscales del gobierno. Según la evidencia, el salario mínimo tiene efectos negativos en casi todas las variables estudiadas, no permite un funcionamiento fluido del mercado laboral y no está cumpliendo con sus objetivos de contribuir a reducir la desigualdad y la pobreza. Se sugiere el rediseño de la implementación del salario mínimo en Colombia y de la forma como estamos capacitando nuestra mano de obra para elevar su productividad, de suerte que podamos llevar el salario mínimo en relación con el salario mediano de la economía, hoy en el 90%, a un nivel similar al de los países de la OECD, cercano al 50%. ABSTRACT: Using partial equilibrium and general equilibrium approaches, the effects of the minimum wage on the Colombian macroeconomy are thoroughly studied. With the first approach, the article analyzes the effects on variables of the labor market, income distribution, inequality, monetary poverty of families, prices, and inflation. With the general equilibrium approach, we study the effects on consumption, welfare, production, investment, inflation, and government fiscal accounts. According to the evidence, the minimum wage has negative effects on almost all the variables studied, it does not allow a fluid functioning of the labor market, and it is not fulfilling its objectives of contributing to reducing inequality and poverty. The redesign of the implementation of the minimum wage in Colombia and the way in which we are training our workforce to raise its productivity is suggested, so that we can bring the minimum wage in relation to the median wage of the economy, nowadays about 90 %, at a level similar to that of the OECD countries, close to 50%.

Suggested Citation

  • Luis E. Arango & Oscar Iván Ávila–Montealegre & Leonardo Bonilla-Mejía & Jesús Alonso Botero–García & Edgar Caicedo-García & Eleonora Dávalos–Álvarez & Luz A. Flórez & Javier G. Gómez-Pineda & Anderso, 2022. "Efectos macroeconómicos del salario mínimo en Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, issue 103, pages 1-117, September.
  • Handle: RePEc:bdr:ensayo:y:2022:i:103:p:1-117
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    Keywords

    Salario mínimo; empleo; informalidad laboral; desempleo; distribución; pobreza; desigualdad; inflación; bienestar; consumo; producción; déficit fiscal; minimum wage; employment; labor informality; unemployment; distribution; poverty; inequality; inflation; welfare; production; consumption; fiscal deficit.;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E26 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Informal Economy; Underground Economy
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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