Politica salarială şi creşterea economică în România. Abordare econometrică

Elena Pelinescu

Theoretical and Applied Economics, 2013, vol. XX, issue Special II, 300-311

Abstract: Wage policy analysis correlated with the impact of various shocks on salary increase is an important subject for Romanian economy, on its way to shorten the differences between local and EU income levels. For highlighting the relationships between average gross wage and other macroeconomic variables (unemployment rate, labour productivity and economic growth) we used the VAR method, building a multivariate VAR model. The model has as variables gross wage increase, growth of GDP deflator, unemployment rate BIM, Ron/Euro exchange rate, discount rate, minimum wage increase index and labour productivity growth rate, computed as the ratio between GDP and occupied workforce in the economy. Multiple regression results showed a positive link between GDP growth and gross wage growth index and the connection between this one and the increase of minimum wage is according to the theory. It was also highlighted the negative relationship between gross wage growth and unemployment rate growth BIM. Analysis done via the shock response functions indicates that a shock on inflation level and labour productivity has a persistent positive effect on the gross wage growth across the economy.

Keywords: income policy; economic growth; unemployment; multiple regressions; VAR. (search for similar items in EconPapers)
Date: 2013
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