Impact of Wage Increase and Estimation of Phillips´ Curve in Czech Republic

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Publikace nespadá pod Filozofickou fakultu, ale pod Pedagogickou fakultu. Oficiální stránka publikace je na webu muni.cz.
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MARINIČ Peter

Rok publikování 2022
Druh Článek ve sborníku
Konference Hradec Economic Days Vol. 12(1)
Fakulta / Pracoviště MU

Pedagogická fakulta

Citace
www Conference proceedings
Doi http://dx.doi.org/10.36689/uhk/hed/2022-01-052
Klíčová slova unemployment; inflation; wages; consumption; Phillips’ curve
Popis The paper deals with the influence of wage growth on selected economic indicators in the condition of the Czech Republic. The estimate of the Phillips' curve in the conditions of the Czech Republic is constructed as a first step of the analysis, both for the original version, including the link between the change in wages and the unemployment rate, and in a modified form, examining the relationship between inflation and unemployment. The analyzed data show that the relationship between inflation and unemployment rate for the Czech Republic in the period 2005 to 2021 is not such significant (R2 = 0.245), however, there is a stronger link between wage change and unemployment rate (R2 = 0.495). Furthermore, the link between wage growth and consumption of households is examined, as it is referred to as a factor accelerating inflation rate. The data suggest that changes in consumption of households can be explained by 42.7% through wage changes. Thus, the results suggest that wage growth in the conditions of the Czech Republic was related to the low unemployment rate and is partly reflected in the growth of consumption of households, but the link to the accelerating inflation rate is missing.
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