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NAIRU and Informality in the Mexican Labor Market

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dc.contributor.eventThe Economics of Informality Conference 2018spa
dc.creatorAlcaraz, Carlo
dc.creatorAguilar, Ana María
dc.creatorCarlo Alcaraz, Claudia Ramírez
dc.creatorRodríguez-Pérez, Cid
dc.date.accessioned2018-08-03T15:14:26Z
dc.date.available2018-08-03T15:14:26Z
dc.date.created2018-05-28
dc.date.issued2018
dc.description.abstractThe Non-Accelerating Inflation Rate of Unemployment (NAIRU) is an essential indicator for the reading of the economic cycle. However, estimation of this rateis complexsince it is not directly observable. Insome emerging economies, such as Mexico, the presence of a sizeable number of informal workers imposes an additional challenge when estimating and interpreting the NAIRU. The informal sector has the wage flexibility needed to incorporate the majority of the individuals that cannot find a job in the formal labor market. As a result, the unemployment rate in Mexicois low since it only includes frictional employment and a fraction of the cyclical unemployment. To address this issue, in this paper we propose a new measure of NAIRU that includes informality in the labor market as an indicator of labor underutilization. Weestimate the NAIRU over time using both the traditional unemployment rate (NAIRU-trad) and the rate that takes into account both unemployment and informal labor(NAIRU-inf). We find that both measures of NAIRU and their corresponding labor market slack follow a similar pattern overtime. The slack in the labor market estimated with the indicator that includes informality (slack-inf) could be a valuable alternative variable to the traditional measure of slack (slack-trad) given the presence of a significantinformal sector in Mexico. We conclude that this new indicator of slack could become a useful tool for monetary policy in countries with a sizeable informal sector and a relatively low unemployment level.eng
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.48713/10336_18250
dc.identifier.urihttp://repository.urosario.edu.co/handle/10336/18250
dc.language.isoeng
dc.publisher.otherUniversidad del Rosario. Facultad de Economíaspa
dc.rightsAtribución-NoComercial-CompartirIgual 2.5 Colombiaspa
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto Completo)spa
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/2.5/co/
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subjectTasa de desempleo no aceleradora de la inflaciónspa
dc.subjectTasa de desempleospa
dc.subjectPolítica monetariaspa
dc.subjectInformalidadspa
dc.subjectMéxicospa
dc.subject.ddcEconomía laboral
dc.subject.keywordNon-Accelerating Inflation Rate of Unemployment (NARU)eng
dc.subject.keywordUnemployment rateeng
dc.subject.keywordMonetary policyeng
dc.subject.keywordInformalityeng
dc.subject.keywordMexicoeng
dc.subject.lembDesempleo e inflaciónspa
dc.subject.lembPolítica monetariaspa
dc.titleNAIRU and Informality in the Mexican Labor Marketspa
dc.typeconferenceObjecteng
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaDocumento de conferenciaspa
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The Economics of Informality Conference 2018