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초록

We analyze the effect of the minimum wage on employment using time series data forr groups of individuals most affected by the minimum wage: young males (18 to 24 years old), young females (18 to 22 years old), old males (60 years and older) and old females (60 years and older). Our findings are as follows. First, a unit root test says that the variables like minimum wages and employments are non-stationary variables and they have cointegrational relations each other. It says that in this case, VEC is more suitable than OLS or VAR. Second, an increase of the minimum wage is found to have a weak but persistently negative effect on employment.

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