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GONZALEZ, Andrés; OCAMPO, Sergio; RODRIGUEZ, Diego  and  RODRIGUEZ, Norberto. ASYMMETRIES OF THE EMPLOYMENT-OUTPUT RELATION, A GENERAL EQUILIBRIUM APPROACH. Ens. polit. econ. [online]. 2012, vol.30, n.68, pp.216-273. ISSN 0120-4483.

In contrast to the existing evidence for developed economies such as the U.S., the empirical evidence for Colombia shows both positive and negative relationships between output growth and employment. This paper uses VAR models to approach the explanations of this phenomenon, as well as a Dynamic Stochastic General Equilibrium model for a small open economy that endogenously incorporates equilibrium unemployment and workforce changes. The results obtained using quarterly data for Colombia are consistent using both methodologies; the correlation between output and employment was found to be conditional to the driving force of the economy. We found, in particular, that technology shocks induce a negative correlation between employment and production, while nontechnological shocks induce the opposite correlation.

Keywords : Labor market; structural VAR; DSGE; open economy; monetary policy.

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