We provide an overview of the primary structural features of the labor market in Colombia and survey the margins of adjustment of the market during the pandemic. Given the decline of real wages amid the post-pandemic inflationary surge, mainly due to the formal wage rigidity in the…
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We provide evidence of the negative effect of the minimum wage on labor market flows, such as job creation, job destruction, hiring, and separations in Colombia. Depicting firms' minimum wage (MW) compliance cost, we find evidence of an adverse effect of increases on MW compliance cost…
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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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Unemployment rate and the real wage behavior: a neoclassical hint for the Colombian labor market adjustment Unemployment rate and the real wage behavior: a neoclassical hint for Colombian labor market adjustment
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A Statement of the Colombian Constitutional Court has mandated wage indexation on the basis of past inflation. A simple model with a wage price system, a real block, and an inflation targeting interest rule is calibrated to resemble price setting in the Colombian economy and to analyze the…
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This paper uses a wage setting survey of 1,305 Colombian firms to explore the nature and sources of wage rigidities. This is the first study of a non-European emerging economy that uses evidence from a survey of firms to analyse this topic. The survey was carried out during the first half of…
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The existence of wage differentials across sectors is a widely observed phenomenon. This paper provides new elements to understand inter and intra-sectoral wage differentials in Colombia by analysing a wage setting survey of 1305 firms and emphasizing the role of firm characteristics. The…
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This paper uses a survey on wage formation that was applied to 1,305 Colombian firms to study wage-setting decisions with respect to newly hired employees. The Colombian case is interesting, since the countrys labour market performance, especially its unemployment rate and level of informality…
Wage Adjustment Practices and the Link between Price and Wages: Survey Evidence from Colombian Firms
Publicación |The aim of this paper is to explore firms wage adjustment practices in the Colombian formal labor market; specifically, the timing and frequency of wage increases, as well as the link between wage and price changes. To this end, we use an ad hoc survey of 1,305 small, medium and large firms…