Impacto del salario mínimo y otros factores económicos en el desempleo en Colombia: un estudio empírico del período 1993-2021

Abstract

The research aims to establish the impact that the minimum wage and other economic factors have on unemployment in Colombia during the period 1993-2021, through the specification of an econometric model using ordinary least squares (OLS). The study presents an econometric model that yields excellent results in terms of the individual and joint significance of the variables, demonstrating that the minimum wage is indeed related to the unemployment rate in Colombia during the observed period, which exhibits cyclic effects in the periods of 1993-2000, 2001-2015, and 2016-2021, both positive and negative. Additionally, a linear relationship is discovered between gross fixed capital formation and the unemployment rate, revealing that gross fixed capital formation is an economic factor that, if increased, can combat unemployment in the country.