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

Borradores de Economia
Number: 
389
Published: 
Classification JEL: 
J32, J23, J60, E24, C32
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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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 th