This Box quantifies the potential effects of a real increase in the minimum wage on a set of macroeconomic variables when the increment exceeds the sum of inflation and labor productivity growth by 17.2 percentage points (pp), as the one established for 2026. The analysis is conducted by…
Ávila-Montealegre, Oscar Iván
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- Publicación |Labor informality, through its interaction with wage rigidities, productivity differences, and household financial constraints, acts as a powerful amplifier of macroeconomic volatility in consumption and investment, despite its traditional role as an employment stabilizer in emerging economies.
- Publicación |Reducing the discrimination-based pay gap by 50% is associated with a potential 8% increase in Colombia's GDP in the long run. These results depend on the substitutability between men and women in the labor market and can be smaller if closing the pay gap implies a policy effort that must be…
- Publicación |Looking ahead, monitoring financial stability, macroeconomic (dis)equilibria, and the space for active economic policy—with inflation close to the target and sustainable public finances—are necessary conditions to successfully face future adverse shocks.
- Publicación |“… the costs of informality are higher: workers have limited social protection, businesses are less productive, and the state has reduced capacity to collect taxes and provide public goods. This leads to inefficient allocation of resources, which negatively impacts the country's economic growth.”
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- Publicación |Approach
Since the enactment of Law 100 of 1993, the health care system in Colombia has undergone significant transformations that have resulted in improvements in health indicators, expanded coverage, and financial protection for the population.
- Publicación |Approach
At the end of each year, Colombia follows a negotiation protocol that leads to an increase in the minimum wage either by agreement between the parties or, in the absence of such agreement, by government decision. Despite evidence of its adverse effects on the labor market (formal…
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Essays on Economic Policy (ESPE in Spanish) - The Balassa-Samuelson Hypothesis and Elderly Migration
Publicación |Abstract
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Global economy continued to recover in the fourth quarter of 2013, thanks to the added momentum in the developed economies, especially the United States. In the euro area, the economic indicators pointed to low, but positive economic growth. Growth in the major emerging countries of Asia and…
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External demand during the first half of 2013 was somewhat weaker than expected. In the United States, our largest trading partner, the increase in private spending is being offset partly by fiscal consolidation, which has led to a slight decline in the forecast for that country’s growth. The…
