Unemployment

Using partial equilibrium and general equilibrium approaches, the effects of the minimum wage on the Colombian macroeconomy are thoroughly studied. With the first approach, the article analyzes the effects on variables of the labor market, income distribution, inequality, monetary…

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. 

The opinions expressed in this document are those of the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors..

The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.

This paper proposes new monthly estimates for the non-accelerating inflation rate of unemployment (NAIRU) and the output gap for Colombia. These rely on a New Keynesian small open economy model following González et al (2013), augmented by an Okun’s Law equation. The resulting output gap closely…

In this paper we explore one of the oldest labour market phenomena documented in the literature: the added worker effect, which refers to the labour supply response of secondary workers to main earners´ job losses. To do so we take advantage of the panel data survey conducted by a Colombian…

In this paper, we compute standard measures of fluidity for the Colombian urban labor market: worker and job reallocation rates and the excess of worker reallocation over job reallocation. We analyze the period between the second semester of 2008 and the second semester of 2014, finding evidence…

This work uses readily accessible data about the stocks of unemployed workers, labor force and duration of unemployment to measure the job finding and separation rates for Colombia from 1984 to 2014. It also evaluates the relative contribution of these rates to the fluctuations of unemployment…

Based on the counting of Help-wanted advertisements in print newspapers, we present national vacancy indexes and vacancy rates for Colombia. These series will allow tackling a myriad of questions related to the functioning of the labor markets in emerging economies, where such datasets were not…

We assess the effects of the Colombian Unemployment Subsidy (US) program on future labor participation, unemployment, formality, school attendance and earnings of its beneficiaries, on household earnings and school attendance of the household members, and on weight and height of their children…

This paper presents a novel monthly dataset of job vacancies in Bogota between 1960 and 2010. The dataset was constructed by counting the number of help-wanted announcements published in the most important newspaper with national circulation—namely, El Tiempo. We describe the methodology used to…

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

This paper estimates an asymmetric error correction model to analyse the dynamic behaviour of the Colombian unemployment rate. We find evidence that wages above their long-run equilibrium level do increase unemployment, but wages below this level do not reduce it.

At the end of the last decade, the real activity in Colombia underwent the sharpest recession of the last fifty years. We postulate a non-triangular structural VAR model (Amisano and Giannini, 1997) to describe the dynamics of output, prices, unemployment and wages during the last two decades.…