Arango, Luis Eduardo; Iregui, Ana María; Melo, Luis … - Banco de la Republica de Colombia
, 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 … of monetary policy, the way in which wages are set and the increase in non-wage labor costs. …
