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Minimum wage laws have become one of the most debated state interventions in the economy, being considered by many specialists as a very efficient tool used to correct certain labour market failures. The aim of this paper is to explore the relationship between minimum wage and employment dynamics, with a special focus on some vulnerable categories recognized in the literature (young people, female workers, the elderly, etc.). Thus, we analysed the relation between the dynamics of minimum wages and that of employment in 22 EU countries, panel data (1999–2016). The results suggest a negative impact of the minimum wage on total employment and on sensitive categories (youth, female workers, the elderly). The long-running negative impact holds for all but one group (55–64 years). The models were tested for random and fixed effects and the results were correspondingly adjusted with country and time and random and fixed effects. Cointegration tests and the tests using lagged minimum wage also confirm a robust relationship between the dynamics of the minimum wage and that of employment over time. Our findings are consistent with many previous studies and confirm the recommendations to prudently use this public policy tool.
Cristian Valeriu Paun; Radu Nechita; Alexandru Patruti; Mihai Vladimir Topan. The Impact of the Minimum Wage on Employment: An EU Panel Data Analysis. Sustainability 2021, 13, 9359 .
AMA StyleCristian Valeriu Paun, Radu Nechita, Alexandru Patruti, Mihai Vladimir Topan. The Impact of the Minimum Wage on Employment: An EU Panel Data Analysis. Sustainability. 2021; 13 (16):9359.
Chicago/Turabian StyleCristian Valeriu Paun; Radu Nechita; Alexandru Patruti; Mihai Vladimir Topan. 2021. "The Impact of the Minimum Wage on Employment: An EU Panel Data Analysis." Sustainability 13, no. 16: 9359.
The European Union (EU) remains one of the leading-edge jurisdictions on the planet in legislating and enforcing the circular economy, a token of its forthright environmental awareness. Still, given that the level of economic development across the EU member states is heterogenous, this concern, however generous it may be, looks too beyond “their” means and too ahead of “its” times. What the European policymakers seem to disregard is that top-down institutional constructions, as is the case with the EU’s overambitious environmental legislation, can end up in severe distortions. Imposing/importing an institutionalized arrangement without due preparation may fuel resistance to (even positive) change, as the biases it engenders translate into considerable costs and selective benefits. The present article attempts a novel approach within the literature, where the failure to achieve recycling targets is usually considered the fault of private businesses. Instead, our study explains suboptimal environmental results by the institutionalization of spiraling governmental interventions in markets, meant to make the arbitrarily set recycling/reuse targets artificially viable. Subject to EU rules, Romania’s packaging waste recycling market is a textbook case in revealing this outcome predicted by economic theory, as our statistical data suggest. The conclusion is that it is equally perilous to neglect the calibration of legislative targets according to institutional and economic development as it is to reject environmental claims based on their costs.
Octavian-Dragomir Jora; Alexandru Pătruți; Mihaela Iacob; Delia-Raluca Șancariuc. “Squaring the Circle”—The Disregarded Institutional Theory and the Distorted Practice of Packaging Waste Recycling in Romania. Sustainability 2020, 12, 9440 .
AMA StyleOctavian-Dragomir Jora, Alexandru Pătruți, Mihaela Iacob, Delia-Raluca Șancariuc. “Squaring the Circle”—The Disregarded Institutional Theory and the Distorted Practice of Packaging Waste Recycling in Romania. Sustainability. 2020; 12 (22):9440.
Chicago/Turabian StyleOctavian-Dragomir Jora; Alexandru Pătruți; Mihaela Iacob; Delia-Raluca Șancariuc. 2020. "“Squaring the Circle”—The Disregarded Institutional Theory and the Distorted Practice of Packaging Waste Recycling in Romania." Sustainability 12, no. 22: 9440.
Alexandru Patruti. Why the Keynes-Hayek Macro Debate Cannot be won by either Side. HISTORY OF ECONOMIC THOUGHT AND POLICY 2019, 113 -125.
AMA StyleAlexandru Patruti. Why the Keynes-Hayek Macro Debate Cannot be won by either Side. HISTORY OF ECONOMIC THOUGHT AND POLICY. 2019; (2):113-125.
Chicago/Turabian StyleAlexandru Patruti. 2019. "Why the Keynes-Hayek Macro Debate Cannot be won by either Side." HISTORY OF ECONOMIC THOUGHT AND POLICY , no. 2: 113-125.
The Central bank independence was viewed in the last decades as an essential prerequisite for ensuring good monetary policies. However, the global crisis of 2009 has shown that this concept was of little practical importance. The European Central Bank, which was built as one of the most independent central banks in the world, and the Federal Reserve System, a not so independent central bank from the point of view of legal independence, reacted in almost the same manner to the looming crises. Both of them used unconventional monetary policies, for which there was little theoretical support, to safeguard their economies. Quantitative easing, forward guidance and negative interest rate are now considered common instruments in the monetary authority’s arsenal. Moreover, central banks now have an extended goal, i.e. to provide financial stability. This means that they are expected to take action to prevent future economic crises by using monetary policy as a counter-cycle instrument. Given this important modification regarding the expected actions which must come from the monetary authorities, we argue that central bank independence becomes irrelevant in times of economic downturn, when they will use whatever means necessary to ensure financial stability. Political short run need will surpass long run stability as a priority for monetary decision makers.
Mădălina Doroftei; Alexandru Pătruți. Central Bank Independence and economic crises: how both the fed and ECB managed to rely on unconventional monetary policies. Proceedings of the International Conference on Business Excellence 2018, 12, 335 -348.
AMA StyleMădălina Doroftei, Alexandru Pătruți. Central Bank Independence and economic crises: how both the fed and ECB managed to rely on unconventional monetary policies. Proceedings of the International Conference on Business Excellence. 2018; 12 (1):335-348.
Chicago/Turabian StyleMădălina Doroftei; Alexandru Pătruți. 2018. "Central Bank Independence and economic crises: how both the fed and ECB managed to rely on unconventional monetary policies." Proceedings of the International Conference on Business Excellence 12, no. 1: 335-348.
Alexandru Patruti. The Effects of Hoarding on Economic Growth from the Perspective of Capital Theory. Procedia Economics and Finance 2015, 20, 494 -502.
AMA StyleAlexandru Patruti. The Effects of Hoarding on Economic Growth from the Perspective of Capital Theory. Procedia Economics and Finance. 2015; 20 ():494-502.
Chicago/Turabian StyleAlexandru Patruti. 2015. "The Effects of Hoarding on Economic Growth from the Perspective of Capital Theory." Procedia Economics and Finance 20, no. : 494-502.
Alexandru Pătruti; Mihai Vladimir Topan. Time Preference, Growth and Civilization: Economic Insights into the Workings of Society. Economics & Sociology 2012, 5, 45 -56.
AMA StyleAlexandru Pătruti, Mihai Vladimir Topan. Time Preference, Growth and Civilization: Economic Insights into the Workings of Society. Economics & Sociology. 2012; 5 (2):45-56.
Chicago/Turabian StyleAlexandru Pătruti; Mihai Vladimir Topan. 2012. "Time Preference, Growth and Civilization: Economic Insights into the Workings of Society." Economics & Sociology 5, no. 2: 45-56.