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Recent Macroeconomic Performance in Colombia
Luis Eduardo Arango-Thomas
Ana Maria Iregui
Luis Melo
其他書名
What Went Wrong?
出版
SSRN
, 2006
URL
http://books.google.com.hk/books?id=2FLezwEACAAJ&hl=&source=gbs_api
註釋
At the end of the last decade, real activity in Colombia underwent the sharpest recession it had suffered in the last fifty years. With the aim to explain this phenomenon, we are postulating a non-triangular structural VAR model to describe the dynamics of output, prices, unemployment and wages during the last two decades. Evidence suggests that, in the long run, monetary policy has been neutral in regard to both output and unemployment while the main reasons for the increase in the latter have been the way in which wages have been determined (because of backward-formed expectations) and the increase in non-wage labour costs.
