2001-06-182001-06-182001-06-182001-06-18https://repositorio.banrep.gov.co/handle/20.500.12134/5198The Colombian urban unemployment rate grew dramatically over the last six years. At the same time the real wage also had a sharp increase. The empirical evidence supports the hypothesis that an exogenous increase in the real wage was a cause of the unemployment growth. The long-run elasticity suggests that one percent increase of the real wage index increases unemployment rate something between 0.7 and 1.0 percent. Therefore it seems necessary that real wage comes back to its equilibrium path for the reduction of the unemployment rate to the natural level.PDFspaOpen AccessWorking PaperJ30 - Wages, Compensation, and Labor Costs: GeneralE24 - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor ProductivityUnemploymentWageNeoclassicaLabor market adjustmentDesempleo -- ColombiaSalarios -- ColombiaMercado laboral -- ColombiaAcceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0J30 - Salarios, remuneraciones y costes laborales: GeneralidadesE24 - Empleo; Desempleo; Salarios; Distribución intergeneracional de ingresos; Capital humano agregado; Productividad del trabajo agregadaLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.https://hdl.handle.net/20.500.12134/5198