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ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND UNEMPLOYMENT IN THE PANDEMIC: THE CASE OF COLOMBIA
This research paper focuses on a preliminary analysis of the Phillips curve in the Colombian economy, with special emphasis on its validity during the pandemic period. For this purpose, a first economic modeling is proposed to examine the interaction between the key variables of the Phillips curve in the national context, such as inflation and unemployment. The main objective of the paper is to evaluate whether the traditional relationship between inflation and unemployment, which underlies the Phillips curve, is maintained or altered in a period of high economic stress such as the pandemic. Through this initial modeling, we seek to offer a clearer view of the behavior of these variables in Colombia and to provide a basis for future studies that delve deeper into this relationship. The conclusions presented in the paper are not definitive, but constitute initial reflections that seek to open the discussion on the applicability of the Phillips curve in crisis contexts such as the one experienced.
