Models of the minimum wage impact upon employment, wages and prices: the Romanian case

Authors:
Madalina Ecaterina Andreica;Larisa Aparaschivei;Amalia Cristescu;Nicolae Cataniciu
Affiliations:
National Scientific Research Institute for Labor and Social Protection, Bucharest, Romania;National Scientific Research Institute for Labor and Social Protection, Bucharest, Romania;National Scientific Research Institute for Labor and Social Protection, Bucharest, Romania;National Scientific Research Institute for Labor and Social Protection, Bucharest, Romania
Venue:
MCBE'10/MCBC'10 Proceedings of the 11th WSEAS international conference on mathematics and computers in business and economics and 11th WSEAS international conference on Biology and chemistry
Year:
2010

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Abstract

This paper focuses on modeling the impact of the national minimum wage upon the average gross wage, employment rate and prices in Romania, during the period q1 1999 - q4 2009. The tools and models that were used consist of a system equation model and a VAR model. Based on the results we are confident that both models can be reliable when modeling the minimum wage impact for the case of Romania.