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La elasticidad de Frisch y la transmisión de la política monetaria en Colombia

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  • Juan David Prada Sarmiento

    ()

  • Luis Eduardo Rojas Dueñas

    ()

Abstract

Este artículo estudia el mecanismo de transmisión de la política monetaria a través de los salarios reales y la oferta de trabajo. El trade-off inflación producto depende de la calificación de los trabajadores y de la elasticidad de la oferta de trabajo al salario real. Se plantea un modelo teórico simple que incorpora la segmentación entre trabajadores calificados y no calificados y las restricciones en el acceso al sistema financiero. Utilizando el método generalizado de momentos se estima la elasticidad de Frisch de la oferta de trabajo. Se construyeron series de salarios representativos y de horas ofrecidas al mercado, utilizando una aproximación diferente a la encontrada en la literatura en general, que utiliza el número de horas trabajadas. La estimación puntual arrojó una elasticidad de Frisch de 0,31 y una elasticidad de sustitución intertemporal de 0,42. La oferta laboral es inelástica en Colombia, generando que los costos en términos de producción de la estabilización de precios sean importantes.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 555.

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Handle: RePEc:bdr:borrec:555
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Keywords: Elasticidad de Frisch; oferta laboral; política monetaria; Colombia. Classification JEL: E24; E50; J22.;

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Find related papers by 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
  • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
  • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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Cited by:

  1. Luis Eduardo Arango & Wilmar Cabrera & Esteban Gómez & Juan Carlos Mendoza, 2013. "Tasa de interés de largo plazo, interés técnico y pasivo pensional," BORRADORES DE ECONOMIA 011101, BANCO DE LA REPÚBLICA.
  2. Andrés González & Sergio Ocampo & Diego Rodríguez & Norberto Rodríguez, 2011. "Asimetrías del empleo y el producto, una aproximación de equilibrio general," BORRADORES DE ECONOMIA 008890, BANCO DE LA REPÚBLICA.
  3. Paula Andrea Beltrán-Saavedra, 2015. "Precio del petróleo y el ajuste de las tasas de interés en las economías emergentes," Borradores de Economia 901, Banco de la Republica de Colombia.
  4. Paula Andrea Beltrán-Saavedra, 2015. "Precio del petróleo y el ajuste de las tasas de interés en las economías emergentes," BORRADORES DE ECONOMIA 013619, BANCO DE LA REPÚBLICA.

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