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Minimum wage in economic context
 Kratochvíl, Martin ; Durdisová, Jaroslava (advisor) ; Krebs, Vojtěch (referee)
The thesis analyzes how minimum wage influences unemployment in the Czech Republic. Firstly, the economic theory is researched and the conclusion is that the Czech labour market is very similar to a monopsony market due to the low mobility of the workforce and the low rate of immigration. Another result is that the level of wages in developed economies does not depend on the productivity of the workforce anymore, so minimum wage laws have psychological impacts rather than economical. The following part of this thesis is dedicated to the comparison of labour market indicators between european countries. The last chapter investigates the main hypothesis with a dataset from the Czech Republic between 1993-2014 using the econometric model. A 1% increase of real minimum wage resulted in a 0.01% increase in the general unemployment rate and a 0.1% increase of unemployment among the young population. But if the minimum wage will be raised during the times of real GDP growth, influence on unemployment will be eliminated.
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