This study updates the 4GM model used by Banco de la República (the Central Bank of Colombia) for monetary policy analysis. The update explicitly incorporates labor‑market dynamics, including the evolution of the unemployment rate and wages. The aim is to capture how…
Ramos-Veloza, Mario Andrés
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- Publicación |Approach
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Este recuadro cuantifica los efectos potenciales del incremento real del salario mínimo sobre un conjunto de variables macroeconómicas, cuando dicho aumento supera la suma de la inflación y el crecimiento de la productividad laboral, en una magnitud de 17,2 puntos porcentuales (pp), como el…
- Publicación |Greater female labor force participation would help mitigate the challenges posed by population aging, which is one of the most pressing issues facing major economies worldwide.
- 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.”
- 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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This paper identifies Okun´s law in Colombia between 1984 and 2016 using a Vector Error Correction Model (VECM) as there is evidence of a long-term relationship between the unemployment rate and the GDP. Results suggest that after a one percent increase in GDP, the unemployment rate is reduced…
