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La política monetaria y la Corte Constitucional: el caso del salario mínimo

  • Marc Hofstetter

    ()

    (Universidad de los Andes)

In 1999 the Colombian Constitutional Court ruled that annual minimum wage increases should not be lower than the inflation of the previous year. This article explores the impact of this decision on the effectiveness of monetary policy, and shows that the obligation to adjust the salary to past inflation leads monetary policy to have more effect on real activity and generates more persistent inflation.

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File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/mhofstetter14.pdf
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Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

Volume (Year): 8 (2006)
Issue (Month): 14 (January-June)
Pages: 105-124

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Handle: RePEc:rei:ecoins:v:8:y:2006:i:14:p:105-124
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  1. N. Gregory Mankiw & Ricardo Reis, 2001. "Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve," Harvard Institute of Economic Research Working Papers 1922, Harvard - Institute of Economic Research.
  2. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-54, April.
  3. Hofstetter, Marc, 2008. "Disinflations in Latin America and the Caribbean: A free lunch?," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 327-345, March.
  4. Laurence Ball, 1990. "Credible Disinflation with Staggered Price Setting," NBER Working Papers 3555, National Bureau of Economic Research, Inc.
  5. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
  6. Carlos A.Arango & Angélica Pachón, . "Minimum Wages in Colombia: Holding the Middle With a Bite on the Poor," Borradores de Economia 280, Banco de la Republica de Colombia.
  7. William Maloney & Jairo Mendez, 2004. "Measuring the Impact of Minimum Wages. Evidence from Latin America," NBER Chapters, in: Law and Employment: Lessons from Latin America and the Caribbean, pages 109-130 National Bureau of Economic Research, Inc.
  8. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," Working papers 427, Massachusetts Institute of Technology (MIT), Department of Economics.
  9. N. Gregory Mankiw, 1994. "Monetary Policy," NBER Books, National Bureau of Economic Research, Inc, number greg94-1, August.
  10. Laurence Ball, 1999. "Aggregate demand and Long-Run Unemployment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(2), pages 189-252.
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