Abstract

CANO, Carlos Andrés  and  OCHOA, Adriana María. Employment, Unemployment and Real Wage: An analysis of the Labor Market in Medellín City (1995-2006). Lect. Econ. [online]. 2008, n.69, pp.115-139. ISSN 0120-2596.

The purpose of this article is to estimate a model determining the behavior of the variables of the labor market in order to ascertain the dynamics of transitory employment and real wage in Medellín and Valle de Aburrá between 1995 and 2006. The labor market was characterized by means of the neoclassical model of the labor market with simultaneous equations. It was found that people would be willing to accept a job at any income level and that the sensitivity of wages and employment with respect to output tends to increase in the long run.

Keywords : Urban labor market; real wage; cost of capital; simultaneous equations.

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