Macroeconomic Time Series Affecting the Minimum and Average Wages of V4 Countries

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dc.contributor.authorMeixnerová, Lucie
dc.contributor.authorKrajňák, Michal
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2020-11-25T08:54:53Z
dc.date.available2020-11-25T08:54:53Z
dc.description.abstractThe study deals with the evaluation of the impact of macroeconomic indicators such as gross domestic product, unemployment, the implicit tax rate on labour and the consumer price index on the minimum and average wages in the countries of the Visegrad Four. The set of input analysed data is obtained from databases of national statistical offices, the Organisation for Economic Cooperation and Development and Eurostat. Since the minimum wage is influenced by state intervention, it is an intervention in the market mechanism and its costs are borne primarily by employers, it is an important indicator in assessing the impacts in the payroll field. Employers have a direct impact on the level of the average wage. From the results of derived VAR models, it cannot be argued that short-term relations in selected countries show the same regularities. However, common characteristics can be found between macroeconomic indicators and minimum and average wage. The results of the article show that if the endogenous variable is the minimum wage, there are no significant dependencies between the above-mentioned indicators. Each of the analysed countries has its own instrument for regulating the minimum wage independent of macroeconomic factors, which has been confirmed. If an average wage indicator is an endogenous variable, this variable has both a positive and negative impact on the remaining indicators analysed. The implicit tax rate on labour was evaluated as the most statistically significant indicator affecting the average wage. The results of the testing between the minimum or average wage and the macroeconomic indicators in the sense of Granger causality confirmed the fact that the development of selected macroeconomic indicators contributes to an increase in the accuracy of the forecast of the evolution of the average wage in the examined countries.en
dc.formattext
dc.identifier.doi10.15240/tul/001/2020-4-001
dc.identifier.eissn2336-5604
dc.identifier.issn1212-3609
dc.identifier.urihttps://dspace.tul.cz/handle/15240/158170
dc.language.isoen
dc.publisherTechnická Univerzita v Libercics
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisher.abbreviationTUL
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dc.relation.ispartofEkonomie a Managementcs
dc.relation.ispartofEconomics and Managementen
dc.relation.isrefereedtrue
dc.rightsCC BY-NC
dc.subjectaverage wageen
dc.subjectminimal wageen
dc.subjectimplicit tax rateen
dc.subject.classificationC20
dc.subject.classificationC50
dc.subject.classificationH24
dc.subject.classificationJ31
dc.subject.classificationM21
dc.titleMacroeconomic Time Series Affecting the Minimum and Average Wages of V4 Countriesen
dc.typeArticleen
local.accessopen
local.citation.epage22
local.citation.spage4
local.facultyFaculty of Economics
local.filenameEM_4_2020_1
local.fulltextyes
local.relation.abbreviationE+Mcs
local.relation.abbreviationE&Men
local.relation.issue4
local.relation.volume23
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