<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-2596</journal-id>
<journal-title><![CDATA[Lecturas de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Lect. Econ.]]></abbrev-journal-title>
<issn>0120-2596</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Antioquia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-25962024000300271</article-id>
<article-id pub-id-type="doi">10.17533/udea.le.n102a352317</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The Dilemma between Price Stabilization and Full Employment in Colombian Economic Policy: Some Contributions to the Debate]]></article-title>
<article-title xml:lang="es"><![CDATA[El dilema entre la estabilización de precios y el pleno empleo en la política económica colombiana: algunos aportes al debate]]></article-title>
<article-title xml:lang="fr"><![CDATA[Le dilemme entre la stabilisation des prix et le plein emploi dans la politique économique colombienne : quelques contributions au débat]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hidalgo Villota]]></surname>
<given-names><![CDATA[Mario Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Nariño Department of Economics Government and Public Policies Research Group]]></institution>
<addr-line><![CDATA[Pasto ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<numero>102</numero>
<fpage>271</fpage>
<lpage>301</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-25962024000300271&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-25962024000300271&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-25962024000300271&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This article contributes theoretical and empirical elements to the debate on the supposed supremacy of the inflation targeting strategy in Colombia to ensure the maintenance of the purchasing power of the currency. In the fulfillment of this constitutional mandate, Banco de la República is held responsible for the lower economic growth and, consequently, for the loss of employment. Based on the analysis of Colombia&#8217;s system of national accounts and DANE labor statistics, as well as the databases of the Center for Growth and Development of the University of Groningen (Netherlands) and the World Penn Table 10.0, empirical evidence is provided in favor of the thesis that premature deindustrialization, together with the boom in trade and services and the effects of accelerated trade liberalization in 1990, have reduced the economy&#8217;s capacity to generate more jobs. The unemployment sacrifice ratio calculated for Colombia indicates that the stabilization measures have been successful, as inflation was reduced by one percentage point, reducing unemployment by 0.12%. This coefficient represents the cost in percentage points of additional unemployment for each percentage point reduction in inflation.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este artículo aporta elementos teóricos y empíricos al debate de la supuesta supremacía de la estrategia de inflación objetivo en Colombia para velar por el mantenimiento de la capacidad adquisitiva de la moneda. En el cumplimiento de este mandato constitucional, al Banco de la República se le responsabiliza del menor crecimiento económico y, en consecuencia, de la pérdida de empleo. A partir del análisis del sistema de cuentas nacionales de Colombia y las estadísticas laborales del DANE, así como de las bases de datos del Centro de Crecimiento y Desarrollo de la Universidad de Groningen (Países Bajos) y la World Penn Table 10.01, se aporta evidencia empírica a favor de la tesis de que la desindustrialización prematura junto con el auge del comercio y los servicios y los efectos de la liberalización comercial acelerada en 1990, han reducido la capacidad de la economía para generar más trabajo. El coeficiente de sacrificio de desempleo calculado para Colombia indica que las medidas de estabilización han sido exitosas: al reducirse la inflación en un punto porcentual, el desempleo disminuyó en 0,12%. Este coeficiente representa el costo en puntos porcentuales de desempleo adicional por cada punto porcentual de reducción de la inflación.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé: Cet article apporte des éléments théoriques et empiriques au débat sur la suprématie supposée de la stratégie de ciblage de l&#8217;inflation en Colombie pour assurer le maintien du pouvoir d&#8217;achat de la monnaie. Dans l&#8217;accomplissement de ce mandat constitutionnel, Banco de la República est tenue pour responsable de la faible croissance économique et, par conséquent, de la perte d&#8217;emplois. Sur la base de l&#8217;analyse du système de comptabilité nationale de la Colombie et des statistiques du travail DANE, ainsi que des bases de données du Centre pour la croissance et le développement de l&#8217;Université de Groningue (Pays-Bas) et du World Penn Table 10.0, des preuves empiriques sont fournies en faveur de la thèse selon laquelle la désindustrialisation prématurée, associée à l&#8217;essor du commerce et des services et aux effets de la libéralisation accélérée du commerce en 1990, ont réduit la capacité de l&#8217;économie à créer plus d&#8217;emplois. Le taux de chômage calculé pour la Colombie indique que les mesures de stabilisation ont été couronnées de succès, l&#8217;inflation ayant été réduite d&#8217;un point de pourcentage, réduisant le chômage de 0,12%. Ce coefficient représente le coût en points de pourcentage du chômage supplémentaire pour chaque point de pourcentage de réduction de l&#8217;inflation.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[policy coordination]]></kwd>
<kwd lng="en"><![CDATA[stabilization]]></kwd>
<kwd lng="en"><![CDATA[inflation]]></kwd>
<kwd lng="en"><![CDATA[full employment]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="es"><![CDATA[coordinación de políticas]]></kwd>
<kwd lng="es"><![CDATA[estabilización]]></kwd>
<kwd lng="es"><![CDATA[inflación]]></kwd>
<kwd lng="es"><![CDATA[pleno empleo]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="fr"><![CDATA[coordination des politiques]]></kwd>
<kwd lng="fr"><![CDATA[stabilisation]]></kwd>
<kwd lng="fr"><![CDATA[inflation]]></kwd>
<kwd lng="fr"><![CDATA[plein emploi]]></kwd>
<kwd lng="fr"><![CDATA[politique monétaire]]></kwd>
</kwd-group>
</article-meta>
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