Colombia consistently exhibits one of the lowest levels of productivity in Latin America in relative terms compared to developed countries. Between 1951 and 2015, Colombia's total factor productivity is, on average, just a little more than half that of the United States. This immense gap in…
Hamann-Salcedo, Franz
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Journal Essays on Economic Policy (ESPE) - Fiscal policy and macroeconomic stabilization in Colombia
Publicación |This docum
- Publicación |The necessary effort to stabilize inflation is greater when credibility is low, requiring the implementation of stricter policies than usual to achieve the same inflation targets.
- Publicación |“… the costs of informality are higher: workers have limited social protection, businesses are less productive, and the state has reduced capacity to collect taxes and provide public goods. This leads to inefficient allocation of resources, which negatively impacts the country's economic growth.”
- Publicación |Approach
At the end of each year, Colombia follows a negotiation protocol that leads to an increase in the minimum wage either by agreement between the parties or, in the absence of such agreement, by government decision. Despite evidence of its adverse effects on the labor market (formal…
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The macroeconomic consequences of the recent plunge in international oil prices pose a challenge to an inflation targeting strategy in small, open economies that export this commodity.
