Kvantifikácia vplyvu zmien a zdrojov hospodárskeho rastu na elasticitu trhu práce v krajinách Európskej únie
Quantification of Effect of Changes and Sources of Economic Growth on Labour Market Elasticity in EU Countries
Monika Daňová and
Ivana Kravčáková Vozárová
Politická ekonomie, 2021, vol. 2021, issue 6, 669-688
The aim of the paper is to verify the sensitivity of national labour markets to economic growth while respecting its sources and different growth trends. We monitored the change in employment caused by economic growth in the set of EU27 member states in the period 2000-2019. The sensitivity of the labour market was quantified by finding the values of the elasticity coefficient. To obtain it, we used a relation to calculate the point elasticity as well as a logarithmic linear regression model compiled for each member state. The differences in the response of the labour market were identified by comparing the values of the indicator. To determine the factors of employment changes, partial analyses were performed by dividing the evaluated period into sections, especially into periods of growth and decline. As a result, it was possible to identify the impact of economic development trends on the elasticity of the labour market. At the same time, subsets (groups of countries) were created based on similarity of labour productivity levels and employment rates. The results of the analyses indicated that the labour market in all cases responded to changes in economic performance in a short period of time, while the strength of the influence is also affected by the stability of economic development.
Keywords: Labour market; employment; economic growth; employment elasticity; labour productivity (search for similar items in EconPapers)
JEL-codes: C01 E24 F43 J40 R11 (search for similar items in EconPapers)
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