The effects of minimum wage on unemployment for OECD countries: a dynamic fixed effects panel threshold model perspective

María del Carmen Ramos-Herrera

Economic Research-Ekonomska Istraživanja, 2023, vol. 36, issue 3, 2217880

Abstract: The purpose of this paper is to shed new light on the incidence of the minimum wage on the unemployment rate on 33 OECD countries during 1980–2020 period applying a dynamic fixed effects panel threshold model. Controlling for the usual macroeconomic and demographic factors, the best model estimates a minimum wage threshold of 9.1667. Specifically, the higher the minimum wage the lower the unemployment rate, however the marginal effect is larger above the threshold value. A single-threshold model is identified for 25–74, secondary and long-term unemployment. The possibility of a double-threshold model is rule out for all the unemployment indicators.

Date: 2023
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DOI: 10.1080/1331677X.2023.2217880

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