A Panel Data Analysis of the Connection between Employee Remuneration, Productivity and Minimum Wage in Romania

摘要

In this paper we present the results of a panel data analysis of the impact of productivity and minimum wage upon employee remuneration. We used a fixed effect regression model with Driscoll and Kraay standard errors to account for the possible problem of heteroskedastic and autocorrelated error structure. The main conclusion is that in the studied period the Romanian economy was characterized by a strong correlation between productivity and remuneration, which indicates the economic efficiency.