No abstract

The aim of the paper is to analyse the development and the level of cost inflation pressures originating from the labour market in terms of the different levels of the Czech Republic. At first, we will mention several definitions of unit labour costs and the reasons for their examination and monitoring. Then we will select the concept of the nominal and real unit wage costs and data for the macro-level and mezzo-level in the Czech Republic. It is also evaluated the development of real unit wage costs indicator on individual levels of the Czech Republic and extent the wage inflation potential on them. Finally, we localize the first clues about the negative impact of wages on prices on the mezzo-level, which can be used for creating the prediction of the national economy in the near future.

This paper is focused on economic cycle on the labor market in the entire national economy of the Czech Republic and in particular in the construction industry of Czechia. Authors use indicators of price level development. Analysis applies methods of the Hodrick–Prescott filter, Kalman filter and Stochastic trend to improve the informative value and credibility of reached conclusions. Phases of economic cycle on the labor market can be verified by comparison with the actual development of unemployment and gross domestic product. Special attention is given to unstable periods on the labor market, and we focus on determining reasons for their existence, their duration and manifestation.The analysis revealed negative gaps in the period of economic transformation but there were periods with positive unemployment gaps in the years 2007 and 2008 too.We used the development in the last period to predict the development in the near future. This ad hoc estimate is compared with model estimate made on an extended time series up to the end of the year 2018.

In this paper we analyze the effect of minimum wage change on selected labour market indicators such as duration of employment, hours worked, unemployment by education or profession or long-term unemployment. Our research is based on Eurostat and OECD data for V4 countries. The hypothesis discussed is whether the effect of minimum wage increase is positive or negative and we discuss the issue of economic regulation more generally. The output values of the regressions coefficients of all the V4 countries showed that the effects are more positive than negative. Mapping the overall intensity of effects of the minimum wage on selected indicator of the labour market in the Czech Republic and Hungary indicated a low sensitivity. The effects were very weak in Slovakia and Poland. The results of the analysis complied with the results of the domestic and international research in 13 cases and the results were different in 6 cases. Slightly more often they confirmed more positive effects of the minimum wage on selected indicators of the labour market than negative effects.

The article provides an analysis of the development of NAIRU and the economic cycle in the labour market at the level of the economy and in selected sectors in the Czech Republic and Slovakia. The analysis focuses on estimation of the time-varying NAIRU with the use of the method of the stochastic trend. The difference between the estimated NAIRU values and the real unemployment rates is used for characterisation of the economic cycle in the labour market. The estimated phases of the cycle are compared with the development of the basic real economy indicators. Unstable periods on the labour market in the economy and in selected sectors of the two countries are localised. The identified leading indicators are used for prediction of the development in the following period.