Arango, Luis Eduardo; Iregui, Ana María; Melo, Luis … - Banco de la Republica de Colombia
At the end of the last decade, the real activity in Colombia underwent the sharpest recession of the last fifty years …, unemployment and wages during the last two decades. The evidence suggests that, in the long-run, monetary policy has been neutral … to both output and unemployment while the main reasons for the increase in the latter have been the lack of credibility …