Recent Behavior of Output, Unemployment, Wages and Prices in Colombia: What went wrong?

Borradores de Economia
Number: 
249
Published: 
Classification JEL: 
E24, C40
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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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