NL repository
menu
검색
Library
Browse
Communities & Collections
By Date
Authors
Titles
Subject
My Repository
My Account
Receive email updates
Edit Profile
DSpace at EWHA
사회과학대학
경제학전공
Journal papers
View : 498 Download: 0
Macroeconomic impacts of increasing the minimum wage: The case of Korea
Title
Macroeconomic impacts of increasing the minimum wage: The case of Korea
Authors
Seok B.H.
;
You H.M.
Ewha Authors
석병훈
SCOPUS Author ID
석병훈
Issue Date
2022
Journal Title
Economic Modelling
ISSN
0264-9993
Citation
Economic Modelling vol. 113
Keywords
Korea
;
Macroeconomic impacts
;
Minimum wage
;
Search and matching
Publisher
Elsevier B.V.
Indexed
SSCI; SCOPUS
Document Type
Article
Abstract
In the late 2010s, the Korean government substantially increased the minimum wage to help low-income workers and stimulate the economy. This study quantifies the long-run effect of increasing the minimum wage on major macroeconomic variables in Korea by using a large-firm search and matching model. Results indicate that increasing the minimum wage reduces employment, primarily among workers with low productivity. However, the average labor productivity for employed workers increases, thereby facilitating firms to increase capital investment. The latter effect is not substantially large to dominate the former effect. The results imply that increasing the real minimum wage by 15%, as in 2018, eventually reduces the total employment and gross output by 3.5% and 1.0%, respectively. © 2022 Elsevier B.V.
DOI
10.1016/j.econmod.2022.105880
Appears in Collections:
사회과학대학
>
경제학전공
>
Journal papers
Files in This Item:
There are no files associated with this item.
Export
RIS (EndNote)
XLS (Excel)
XML
Show full item record
Find@EWHA
트윗하기
BROWSE
Communities & Collections
By Date
Authors
Titles
Subject