Mining and Energy Boom, Dutch Disease and Informality in Colombia: a DSGE Approach

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dc.contributor.authorBallesteros, Carlos
dc.contributor.eafitauthorcballes4@eafit.edu.co
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.accessioned2016-08-08T14:13:57Z
dc.date.available2016-08-08T14:13:57Z
dc.date.issued2016-08-01
dc.description.abstractThe paper develops a Dynamic Stochastic General Equilibrium (DSGE) model, which assesses the macroeconomic and labor market effects derived from simulating a positive shock to the stochastic component of the mining-energy sector productivity. Calibrating the model for the Colombian economy, this shock generates a whole increase in formal wages and a raise in tax revenues, expanding total consumption of the household members. These facts increase non-tradable goods prices relative to tradable goods prices, then real exchange rate decreases (appreciation) and occurs a displacement of productive resources from the tradable (manufacturing) sector to the non-tradable sector, followed by an increase in formal GDP and formal job gains. This situation makes the formal sector to absorb workers from the informal sector through the non-tradable formal subsector, which causes informal GDP to go down. As a consequence, in the net consumption falls for informal workers, which leads some members of the household not to offer their labor force in the informal sector but instead they prefer to keep unemployed. Therefore, the final result on the labor market is a decrease in the number of informal workers, of which a part are in the formal sector and the rest are unemployed.eng
dc.identifier.jelE0
dc.identifier.jelE1
dc.identifier.jelE2
dc.identifier.jelE3
dc.identifier.urihttp://hdl.handle.net/10784/9018
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordMining and energy boomspa
dc.subject.keyworddutch diseasespa
dc.subject.keywordformal and informal sectorsspa
dc.subject.keywordunemploymentspa
dc.subject.keywordDSGE modelspa
dc.titleMining and Energy Boom, Dutch Disease and Informality in Colombia: a DSGE Approacheng
dc.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

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