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


  • Carlos Andrés Cano Gamboa


  • Adriana María Ochoa Yepes

    () (Universidad EAFIT)


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.

Suggested Citation

  • Carlos Andrés Cano Gamboa & Adriana María Ochoa Yepes, 2008. "Employment, Unemployment and Real Wage: An analysis of the Labor Market in Medellín City (1995-2006)," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 69, pages 115-139, Julio-Dic.
  • Handle: RePEc:lde:journl:y:2008:i:69:p:115-139

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

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • L0 - Industrial Organization - - General


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