Recent behavior of output, unemployment, wages and prices in Colombia: What went wrong?

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Arango-Thomas, Luis Eduardo; Iregui-Bohórquez, Ana María; Melo-Velandia, Luis Fernando
Banco de la República
C40 - Econometric and Statistical Methods: Special Topics: General; E24 - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; Structural VAR; Unemployment; Monetary policy; Wages; Expectations; Política monetaria -- Colombia; Desempleo -- Colombia; Precios y salarios -- Colombia; C40 - Métodos econométricos y estadísticos: temas especiales: Generalidades; E24 - Empleo; Desempleo; Salarios; Distribución intergeneracional de ingresos; Capital humano agregado; Productividad del trabajo agregada
paper description
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