MINIMUM WAGES AND TEEN’S UNEMPLOYMENT RATES

Kwang Woo (Ken) Park, Minnesota State University, Minnesota, U.S.A.
Amadou Cisse, Minnesota State University, Minnesota, U.S.A.

Published in

JOURNAL OF INTERNATIONAL BUSINESS AND ECONOMICS
Volume 19, Issue 3, p5-12, October 2019

ABSTRACT

There have been a lot of arguments on the real effect of minimum wages on teenagers, non-educated and low-skilled workers. Even though minimum wages should be used as a factor increasing the economic well-beings of low-skilled workers, many of the recent studies showed that a substantial portion of low-skilled worker’s jobs are negatively affected by the increase in minimum wage. In this sense, this paper attempt to identify the real effects of changes in minimum wages on low-skilled workers by looking into 50 U.S. states panel data. The empirical findings show that an increase in teenagers’ unemployment is caused by a minimum wage hike.

Keywords

Minimum Wages, Unemployment Rates, Teen’s Unemployment Rates, Error Correction Model (ECM), Pooled Autoregressive Distribution Lag (ARDL)


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