• Journal of Labour Economics
• /
• v.25 no.2
• /
• pp.1-32
• /
• 2002

This paper investigates how real wages adjust to regional and cyclical shocks in the Korean labor market. Major findings are as follows. First, like most longitudinal studies in this literature, we find that real wages are strongly procyclical and more procyclical for men than for women. Second, consistent with the theory prediction of efficiency wages, both permanent and transitory components of real wages are negatively correlated with the local unemployment rate. Third, when overall and local unemployment rates compete in a wage equation (our preferred specification), current wages are dominantly affected by the overall rate, and the effect of the local rate is rather small. This rejects the Blanchflower and Oswald's hypothesis that wages are primarily determined by local labor market conditions. Finally, no lagged effects on wages are detected in the overall or local unemployment rate.

• Journal of Labour Economics
• /
• v.26 no.3
• /
• pp.77-114
• /
• 2003

Analyses of the special data sets constructed from the National Longitudinal Survey of Youth and the Panel Study of Income Dynamics reveal that, compared with an annual wage measure, survey week wages are significantly counter-cyclically biased due to selecting workers with strong labor market attachment. We also find that survey week wages are more counter-cyclically biased in high-wage industries than in low-wage industries, that is, inter-industry gaps of survey week wages are counter-cyclically biased. Unlike existing longitudinal studies, the current study concludes that real wages are much more procyclical in high-wage industries than in low-wage industries, which is attributed to our adoption of annual wages that is less subject to the selectivity bias. Our finding is consistent with the empirical regularity that real wages are much more procyclical for men than for women, as men are overrepresented in industries with greater real wage procyclicalities. Overall, current results do not support the predictions of segmented labor market theories for the cyclicality of real wages.

• Journal of Labour Economics
• /
• v.37 no.2
• /
• pp.1-47
• /
• 2014

Longitudinal analysis of individual wage data received from the Korea Labor and Income Panel Survey (KLIPS) for the 1998-2012 period reveals that nominal wage reductions are prevailing among job stayers. It is also found that the probability of nominal wage cut is higher in the period of lower inflation or higher unemployment, and affected by various individual or group characteristics. Additional analysis of two establishment-based average wage series and the KLIPS shows that real wages are substantially procyclical, which is attributed to the strong procyclicality of nominal wages rather than countercyclicality of inflation. Current findings defy wage-rigidity-based explanations of unemployment fluctuations or models that predict wage rigidity, inlcluding segmented labor market hypotheses.

• Journal of Labour Economics
• /
• v.37 no.3
• /
• pp.75-99
• /
• 2014

This study analyzes the initial effect of meister high school policy on labor market by DID based on the fact that most of the meister high schools that had its first graduates in 2013 were not newly established but assigned by government. We estimated employment and real hourly wages as quantitative measures and intent to remain in labor market as qualitative one. The results shows that, the meister high school policy increased the employment rate but didn't do real hourly wages and intent to remain. Therefore, meister high school policy can be assessed to be successful in short-term only in quantitative aspects. The study has its contribution as the first study of estimating the net effect of the policy.

• Journal of Korea Society of Digital Industry and Information Management
• /
• v.14 no.2
• /
• pp.1-9
• /
• 2018

Currently, the record of part-timer is mainly written in handwriting or using excel work schedule, paper work recorder, and time attendance program using POS program. And, work table, commute records, paycheck are managed separately. Time-attendance information is not linked and is managed separately, and payment of wages is often not done accurately. And, it is difficult to pay the wages because it is not able to accurately grasp the state of attendance of part-timer. Therefore, it is necessary to have a transparent wage and work management system based on the trust between the owner and the part-timer. In this paper, we design a system that can perform real-time commute check using beacon, transparent wage management, wage calculation by automatic calculation, and smooth communication between owner and the part-timer. We have also implemented a store management mobile application using Android Studio 2.3, Eclipse, Android 5.1 and Beacon devices in a MySQL environment.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.7
• /
• pp.275-283
• /
• 2021

Globalization has greatly contributed to an increased need for improvement of human capital, and particularly in the development of the real estate and construction sector. Since the political and economic reforms in 1986, Vietnam has experienced a strong economic performance. The real estate and construction sector is one of the fastest growing industries in Vietnam, accounting for approximately 7.6% of GDP in Vietnam. The aim of this study is to identify critical factors influencing the satisfaction of employees to their working place. The sample data collected was from 265 employees, managers and staff in real estate and construction companies in Vietnam. After revising the missing data, and the errors, 240 valid respondents are selected. In addition, the analysis also employs SPSS software by discussing descriptive statistics, Cronbach's alpha test, exploratory factor analysis (EFA), and regression analysis. Our empirical findings show that a company offering greater wages can positively affect the satisfaction of employees to their working place in the real estate and construction sector. In addition, a firm with a superior working relationship and working environment has a positive and statistically significant impact on the satisfaction of employees to their working place.

• Proceedings of the Technology Innovation Conference
• /
• 2004.02a
• /
• pp.83-107
• /
• 2004

This study investigates how and through which channels R&D activities influences the national economy, using a macro-econometric model. The macro-econometric model in this study includes 24 behavioral equations and 25 identities and was estimated using the annual data. From a simulation analysis, it is shown that the R&D investment has a permanent effect on real variables; lowering prices, wages and interest rates, and increasing potential and real GDP in the long run. It is noted that the national account was recalculated to avoid double-counting in estimation of R&D stocks.

• The Journal of Industrial Distribution & Business
• /
• v.9 no.3
• /
• pp.19-29
• /
• 2018

Purpose - This study empirically analyses the changes in unemployment rates to understand push factors of generating wage pressure and how it affects the aggregate demand in Korea and the United States. We use a structural macroeconomic model which is centered on the labor market and simultaneously explains the natural rate of unemployment and deviations. Research design, data and methodology - We attempt to empirically analyse the unemployment rates through two countries to analyse the economic effects of real wages and aggregate demand between 2000 and 2016. We introduce having estimated the whole model that the growth of unemployment into the part caused by each of these factors. Results - The results of this study show that in the long run, there is not only a natural level of employment but also a natural level of real demand are positively related. in the short run, demand can vary from bring about changes in employment by means of price or wage surprises. Conclusions - The pressure of demand in the labor market shows up strongly in both countries. The estimated labor-demand equation are consistent with this framework and generally have well defined real wage and demand effects.

• Korean Journal of Social Welfare Studies
• /
• v.42 no.4
• /
• pp.137-163
• /
• 2011

The objective of this study is to examine the trend of real earnings for TANF leavers. Using administrative data in Wisconsin, this study tracks the 1998 TANF leavers over 7 years. Based on the cyclicality of real wage hypothesis, this study finds: First, although the average real quarterly earnings of TANF leavers have remained stable since their exits, there are substantial labor mobility among TANF leavers. Second, the panel data analysis shows that the real earnings of TANF leavers are significantly associated with local labor market conditions, which supports the hypothesis on the cyclicality of real wages. This study has policy implications that labor market conditions matter for the economic well-being of TANF leavers and the labor demand policies are needed for the economic security of TANF leavers after the exit.

• Journal of Labour Economics
• /
• v.25 no.2
• /
• pp.33-78
• /
• 2002

This study analyzes effects of the proposed reduction of legal working hours in Korea in which base wage is unchanged with working hours reduction. The theoretical analysis shows that a reduction of legal working hours would result in less than equal size reduction of actual working hours, and increase in wages. On the other hand, the effects on employment is ambiguous depending on the substitution effect and scale effect. An empirical analysis based on macro-economic model simulation supports the theoretical conjecture. It has been found that with the reduction of legal working hours, real wages and consumption increase while actual working hours decreases about half of the legal hours reduction. In addition, the immediate and outright imposition of legal hours reduction on all sectors of the economy is found to create a cost push inflation and reduce GDP, investment, and employment. This negative effects are lessened as the reduction of legal hours is gradually made and/or some measures to absorb the cost shock such as abolition of paid monthly leave are employed together.