RiSE helps Colombian policy makers better allocate scarce resources.
Professor Juan C. Duque (RiSE); Alejandro Betancourt (RiSE); and Christian Posso (Central Bank of Colombia), developed a new interactive tool for Colombia economy that allows the visualization of the impact on the global economy that results from a demand shock of 1.000 million Colombian pesos (COP) in a given industry.
The interindustry relationships are represented as a graph where each node symbolizes an economic industry, and the links between nodes represent the most important interindustry relationships according to the algorithm for industry clusters identification devised by Duque and Rey (2008).
The impacts are measured in several ways:
Output multiplier: Measures (in thousand of COP) the change in the gross output of the global economy when there is a one thousand COP’s worth change of final demand for a given industry.
Employment: Measures (in number of jobs) the change in the total employment of the global economy when there is a one thousand COP’s worth change of final demand for a given industry. The total number of employments can be disaggregated into the following categories:
Salaried non-qualified
Salaried qualified
Non-salaried non-qualified
Non-Salaried qualified
Payrolls: Measures (in thousand of COP) the changes in the payroll payments of the local economy when there is a one thousand COP’s worth change of final demand for a given industry.
The tool also specifies which part of the new generated employments is due to direct effects, and which part is due to indirect effects.
Click here to see the tool or here to see related publications on this topic.
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