Abstract There is abundant empirical evidence showing that asymmetric price adjustments exist in ... more Abstract There is abundant empirical evidence showing that asymmetric price adjustments exist in a wide variety of markets. Prices tend to rise faster when costs rise, relative to the rate at which prices drop when costs fall. This paper argues that a common knowledge ...
In 1999 the Colombian Constitutional Court ruled that annual minimum wage increases should not be... more In 1999 the Colombian Constitutional Court ruled that annual minimum wage increases should not be lower than the inflation of the previous year. This article explores the impact of this decision on the effectiveness of monetary policy, and shows that the obligation to adjust the salary to past inflation leads monetary policy to have more effect on real activity and
Este estudio construye nuevas series de tasas de desempleo para Latinoamérica y el Caribe y estud... more Este estudio construye nuevas series de tasas de desempleo para Latinoamérica y el Caribe y estudia sus determinantes. Al comparar diferentes países encontramos que el desempleo está influenciado por el tamaño de la población rural y que los efectos de las regulaciones gubernamentales son generalmente débiles. También examinamos aumentos prolongados y persistentes del desempleo en el tiempo y encontramos que
Abstract There is abundant empirical evidence showing that asymmetric price adjustments exist in ... more Abstract There is abundant empirical evidence showing that asymmetric price adjustments exist in a wide variety of markets. Prices tend to rise faster when costs rise, relative to the rate at which prices drop when costs fall. This paper argues that a common knowledge ...
In 1999 the Colombian Constitutional Court ruled that annual minimum wage increases should not be... more In 1999 the Colombian Constitutional Court ruled that annual minimum wage increases should not be lower than the inflation of the previous year. This article explores the impact of this decision on the effectiveness of monetary policy, and shows that the obligation to adjust the salary to past inflation leads monetary policy to have more effect on real activity and
Este estudio construye nuevas series de tasas de desempleo para Latinoamérica y el Caribe y estud... more Este estudio construye nuevas series de tasas de desempleo para Latinoamérica y el Caribe y estudia sus determinantes. Al comparar diferentes países encontramos que el desempleo está influenciado por el tamaño de la población rural y que los efectos de las regulaciones gubernamentales son generalmente débiles. También examinamos aumentos prolongados y persistentes del desempleo en el tiempo y encontramos que
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