On the use of wage curves in empirical economic equilibrium models. Review and computational introduction
This article evaluates the sensitivity of counterfactual results provided by a general equilibrium model to changes in the wage-unemployment sensitivity, using a wage curve. It specifies, calibrates, and simulates a small economy model with imperfect substitution between the components of the added...
| Autor Principal: | Segura Ortiz, Juan Carlos |
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| Formato: | info:eu-repo/semantics/article |
| Idioma: | spa |
| Publicado: |
Universidad de La Salle. Revistas. Equidad & Desarrollo.
2016
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| Materias: | |
| Acceso en línea: |
http://revistas.lasalle.edu.co/index.php/ed/article/view/3695 |
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| Sumario: |
This article evaluates the sensitivity of counterfactual results provided by a general equilibrium model to changes in the wage-unemployment sensitivity, using a wage curve. It specifies, calibrates, and simulates a small economy model with imperfect substitution between the components of the added value. The model includes a government that finances its spending with taxes and makes transfers to a representative consumer. It is not an empty labor market, at least not in a Walrasian sense, so there is unemployment in the base equilibrium. Different counterfactual configurations are studied for this economy, given certain changes in the parameter sensitivity of the wage curve. |
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