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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]

Author

Listed:
  • Monika Daňová
  • Ivana Kravčáková Vozárová

Abstract

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.

Suggested Citation

  • Monika Daňová & Ivana Kravčáková Vozárová, 2021. "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 Ela," Politická ekonomie, Prague University of Economics and Business, vol. 2021(6), pages 669-688.
    • Handle: RePEc:prg:jnlpol:v:2021:y:2021:i:6:id:1334:p:669-688
    DOI: 10.18267/j.polek.1334
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    References listed on IDEAS

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    1. Lavinia Stefania TOTAN & Barbu Bogdan POPESCU & Silvia Elena CRISTACHE, 2013. "The Impact Of Unemployment On Economic Growth In Romania, During The Crisis," Romanian Statistical Review, Romanian Statistical Review, vol. 61(6), pages 32-40, July.
    2. Davide Furceri & João Tovar Jalles & Prakash Loungani, 2020. "On the Determinants of the Okun’s Law: New Evidence from Time-Varying Estimates," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(4), pages 661-700, December.
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      More about this item

      Keywords

      Labour market; employment; economic growth; employment elasticity; labour productivity;
      All these keywords.

      JEL classification:

      • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
      • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
      • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
      • J40 - Labor and Demographic Economics - - Particular Labor Markets - - - General
      • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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