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The Time-Varying Long-Run Unemployment Rate: The Colombian Case

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Author Info
Luis Eduardo Arango ()
Carlos Esteban Posada ()

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Abstract

The long-run component of the Colombian unemployment rate is estimated for the last twenty years. According to the results, the main determinants of the permanent component of the unemployment rate are the real hourly wage, the non-wage labor costs and the rate of capital accumulation. Given the statistical properties of the variables, a cointegration approach was adopted.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 389.

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Handle: RePEc:bdr:borrec:389

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Related research
Keywords: Unemployment rate; labor costs; capital accumulation; cointegration;

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Find related papers by JEL classification:
J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Private Pensions
J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
J60 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - General
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. ARANGO, Luis Eduardo & IREGUI, Ana María & MELO, Luis F., 2006. "Recent macroeconomic performance in colombia: what went wrong?," REVISTA DE ECONOMÍA DEL ROSARIO, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
  2. Laurence Ball & N. Gregory Mankiw, 2002. "The NAIRU in Theory and Practice," Harvard Institute of Economic Research Working Papers 1963, Harvard - Institute of Economic Research. [Downloadable!]
    Other versions:
  3. Luis Eduardo Arango & Carlos Esteban Posada, 2001. "Unemployment Rate And The Real Wage Behavior: A Neoclassical Hint For The Colombian Labor Market Adjustment," BORRADORES DE ECONOMIA 003736, BANCO DE LA REPÚBLICA. [Downloadable!]
    Other versions:
  4. Edmund S. Phelps, 1968. "Money-Wage Dynamics and Labor-Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 76, pages 678. [Downloadable!] (restricted)
  5. Juan Manuel Julio, . "How Uncertain are NAIRU Estimates in Colombia," Borradores de Economia 184, Banco de la Republica de Colombia. [Downloadable!]
    Other versions:
  6. Franco Modigliani & Lucas Papademos, 1975. "Targets for Monetary Policy in the Coming Year," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 6(1975-1), pages 141-166. [Downloadable!]
  7. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November. [Downloadable!] (restricted)
  8. Ana María Iregui & Jesús Otero, 2003. "On the dynamics of unemployment in a developing economy: Colombia," Applied Economics Letters, Taylor and Francis Journals, vol. 10(14), pages 895-898, November. [Downloadable!] (restricted)
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  9. Carl E. Walsh, 1998. "The natural rate, NAIRU, and monetary policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue Sep 18. [Downloadable!]
  10. Arturo Estrella & Frederic Mishkin, 1998. "Rethinking the role of NAIRU in monetary policy: implications of model formulation and uncertainty," Research Paper 9806, Federal Reserve Bank of New York. [Downloadable!]
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  11. Douglas O. Staiger & James H. Stock & Mark W. Watson, 1997. "How Precise Are Estimates of the Natural Rate of Unemployment?," NBER Chapters, in: Reducing Inflation: Motivation and Strategy, pages 195-246 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
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