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The Time-Varying Long-Run Unemployment Rate: The Colombian Case

  • Luis Eduardo Arango

    ()

  • Carlos Esteban Posada

    ()

The long-run component of the Colombian unemployment rate is estimated for the last twenty years. According to the results, the main determinants of the permanent component of the unemployment rate are the real hourly wage, the non-wage labor costs and the rate of capital accumulation. Given the statistical properties of the variables, a cointegration approach was adopted.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 389.

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Handle: RePEc:bdr:borrec:389
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  1. Edmund S. Phelps, 1968. "Money-Wage Dynamics and Labor-Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 76, pages 678.
  2. Luis Arango & Carlos Posada, 2002. "Unemployment rate and the real wage behaviour: a neoclassical hint for the Colombian labour market adjustment," Applied Economics Letters, Taylor & Francis Journals, vol. 9(7), pages 425-428.
  3. Arturo Estrella & Frederic S. Mishkin, 2000. "Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty," NBER Working Papers 6518, National Bureau of Economic Research, Inc.
  4. Luis Eduardo Arango & Carlos Esteban Posada, . "Unemployment Rate and the Real Wage Behavoir: A Neoclassical Hint for the Colombian Labor Market Adjustment," Borradores de Economia 180, Banco de la Republica de Colombia.
  5. Laurence Ball & N. Gregory Mankiw, 2002. "The NAIRU in Theory and Practice," Journal of Economic Perspectives, American Economic Association, vol. 16(4), pages 115-136, Fall.
  6. Jesús Antonio Bejarano Rojas, 2005. "Estimación Estructural Y Análisis De La Curva De Phillips Neokeynesiana Para Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
  7. Ana María Iregui & Jesús Otero, 2002. "On The Dynamics Of Unemployment In A Developing Economy: Colombia," BORRADORES DE ECONOMIA 003298, BANCO DE LA REPÚBLICA.
  8. Luis Eduardo Arango & IREGUI, Ana María & MELO, Luis F., 2006. "Recent macroeconomic performance in colombia: what went wrong?," REVISTA DE ECONOMÍA DEL ROSARIO, UNIVERSIDAD DEL ROSARIO.
  9. Douglas Staiger & James H. Stock & Mark W. Watson, 1996. "How Precise are Estimates of the Natural Rate of Unemployment?," NBER Working Papers 5477, National Bureau of Economic Research, Inc.
  10. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November.
  11. Carl E. Walsh, 1998. "The natural rate, NAIRU, and monetary policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue sep18.
  12. Francisco Javier LASSO VALDERRAMA, 2002. "Nueva metodología de Encuesta de hogares. ¿Más o menos desempleados?," ARCHIVOS DE ECONOMÍA 003282, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
  13. Juan Manuel Julio, . "How Uncertain are NAIRU Estimates in Colombia," Borradores de Economia 184, Banco de la Republica de Colombia.
  14. Franco Modigliani & Lucas Papademos, 1975. "Targets for Monetary Policy in the Coming Year," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 6(1), pages 141-166.
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