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

Borradores de Economia
Número: 
249
Publicado: 
Clasificación JEL: 
E24, C40
Palabras clave: 
Structural VAR, Unemployment, Monetary policy, wages
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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