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Política Monetaria Y La Corte Constitucional: El Caso Del Salario Mínimo

Listed author(s):
  • Marc Hofstetter

    ()

En 1999 la Corte Constitucional determinó que los incrementos en el salario mínimo no debían hacerse por debajo de la inflación pasada. En este artículo exploramos el impacto de esta decisión sobre la efectividad de la política monetaria. En el marco de un modelo macroeconómico sencillo, se muestra que obligar a los agentes a ajustar el salario teniendo en cuenta los precios pasados, implica que la política monetaria tiene un mayor efecto sobre la actividad real y genera una persistencia más alta de la inflación. Estos resultados se cumplen aun bajo los supuestos clásicos más tradicionales: expectativas racionales, perfecta credibilidad y ajustes sincronizados de los precios.

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File URL: http://economia.uniandes.edu.co/publicaciones/d2005-36.pdf
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Paper provided by UNIVERSIDAD DE LOS ANDES-CEDE in its series DOCUMENTOS CEDE with number 003338.

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Length: 24
Date of creation: 25 Jun 2005
Handle: RePEc:col:000089:003338
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  1. Marcelo Neri & Gustavo Gonzaga & José Márcio Camargo, 1998. "Efeitos informais do salário mínimo e pobreza," Textos para discussão 393, Department of Economics PUC-Rio (Brazil).
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  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, 1994. "What Determines the Sacrifice Ratio?," NBER Chapters,in: Monetary Policy, pages 155-193 National Bureau of Economic Research, Inc.
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  6. 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.
  7. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," NBER Chapters,in: NBER Macroeconomics Annual 1986, Volume 1, pages 15-90 National Bureau of Economic Research, Inc.
  8. Ball, Laurence, 1994. "Credible Disinflation with Staggered Price-Setting," American Economic Review, American Economic Association, vol. 84(1), pages 282-289, March.
  9. 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 241-254, April.
  10. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
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  12. Carlos Arango & Angélica Pachón, 2004. "Minimum Wages in Colombia: Holding the Middle with a Bite," BORRADORES DE ECONOMIA 003224, BANCO DE LA REPÚBLICA.
  13. Lawrence Huiyan Zhang, 2001. "Sacrifice Ratios with Long-Lived Effects," Economics Working Paper Archive 446, The Johns Hopkins University,Department of Economics.
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